Document:

Indemnification Agmt., 06/02/2003, between Exult and John A. Adams

 Exhibit 10.31.4 
  
 INDEMNIFICATION AGREEMENT 
  
 This Indemnification Agreement is made as of June 2, 2003 (the “Effective Date”), by and between Exult, Inc., a Delaware corporation (the
“Company”), and John A. Adams (“Indemnitee”), an officer of the Company. 
  
 The Company desires to attract and retain the services of highly qualified individuals, such as Indemnitee, to serve as officers of the Company and to
indemnify them to the maximum protection permitted by law. 
  
 Therefore, the Company and Indemnitee hereby agree as follows: 
  
 1. DEFINITIONS. The following terms, as used herein, have the following meaning: 
  
 1.1 “Affiliate” means, with respect to any Person, any other Person that, directly or indirectly, controls, is controlled by, or is under
common control with such Person or any Affiliate of such Person. Without limiting the foregoing, (i) an Affiliate of any corporation includes any officer, director or owner of 10% or more of the voting power or equity interests of such corporation,
or (ii) an Affiliate of any individual includes any partner or immediate family member of such individual or the estate of such individual, and (iii) an Affiliate of any partnership, limited liability company, trust or joint venture includes any
partner, member, trustee or co-venturer of such partnership, limited liability company, trust or joint venture, or any beneficiary or owner having 10% or more interest in the equity, property or profits or 10% or more of the voting power of such
partnership, trust or joint venture. 
  
 1.2
“Agreement” means this Indemnification Agreement, as the same may be amended from time to time hereafter. 
  
 1.3 “Change in Control” means, and will be deemed to have occurred if: 
  
 (A) Any person, entity or group within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934,
as amended (the “Exchange Act”) other than a GAP Person, any employee benefit plan of the Company or its subsidiaries that acquires beneficial ownership of voting securities of the Company, or any underwriter or underwriting
syndicate acquiring shares of the Company’s stock in connection with a public offering thereof becomes the beneficial owner (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of fifty percent (50%) or more of either the then
outstanding shares of common stock of the Company or the combined voting power or economic rights of the outstanding equity securities of the Company entitled to vote generally in the election of directors. For these purposes, a “GAP
Person” means General Atlantic Partners LLC and its affiliates owning stock of the Company on the Effective Date and their successors that are passive investment vehicles (collectively “Founding Investors”), provided that none of them
will be a GAP Person at any time after the Founding Investors cease to own in the aggregate at least 30% of either the then outstanding shares of common stock or the combined voting power of the Company’s then outstanding securities entitled to
vote generally in the election of directors; or 

 (B) Individuals who, as of the Effective Date, constitute the Board of the Company (the
“Incumbent Board of Directors”) cease for any reason to constitute at least a majority of the Board of the Company, provided that any individual who becomes a director after the Effective Date whose election, or nomination for
election by stockholders, is approved by a vote of at least a majority of the directors then constituting the Incumbent Board of Directors shall be considered to be a member of the Incumbent Board of Directors unless that individual was nominated or
elected by any person, entity or group (as defined above) (other than any GAP Person or any employee benefit plan of the Company or its subsidiaries that acquires beneficial ownership of voting securities of the Company) having the power to
exercise, through beneficial ownership, voting agreement and/or proxy, thirty percent (30%) or more of either the outstanding shares of common stock of the Company or the combined voting power of the outstanding securities of the Company entitled to
vote generally in the election of directors, in which case that individual shall not be considered to be a member of the Incumbent Board of Directors unless such individual’s election or nomination for election by the Company’s
stockholders is approved by a vote of at least two-thirds of the directors then constituting the Incumbent Board of Directors. 
  
 1.4 “Person” means any individual, partnership, limited liability company, corporation, joint venture, trust, estate, or other entity.

  
 1.5 “Reviewing Party” means any person or
persons appointed by the Company or its board of directors to review the appropriateness of any provision of indemnity to Indemnitee. 
  
 1.6 “Subsidiary” of an entity means any other entity of which more than 50% of the voting power and/or equity interest is owned, directly
or indirectly, by such first entity. 
  
 2.
INDEMNIFICATION. 
  
 2.1 Third Party Proceedings. The
Company shall indemnify Indemnitee if Indemnitee is or was a party or witness or other participant in, or is threatened to be made a party or witness or other participant in, any threatened, pending or completed action, suit or proceeding, whether
civil, criminal, administrative or investigative (other than action by or in the right of the Company or any Subsidiary of the Company) by reason of the fact that Indemnitee is or was a director, officer, employee or agent of the Company or any
Subsidiary of the Company, or by reason of the fact that Indemnitee is or was serving at the request of the Company or any Subsidiary of the Company as a director, officer, employee or agent of another Person, and/or by reason of any action or
inaction on the part of Indemnitee while acting in Indemnitee’s capacity as a director, officer, trustee, employee or agent of the Company or any Subsidiary of the Company or any other Person, including any employee benefit plan of the Company
or any Subsidiary, at the request of the Company or any Subsidiary of the Company, against expenses actually and reasonably incurred by Indemnitee (including without limitation attorneys’ and experts’ fees and costs), and all liabilities,
losses, judgments, fines, penalties, and taxes actually incurred by Indemnitee, and amounts paid in settlement (if such settlement is approved in advance by the Company, which approval shall not be unreasonably withheld) by Indemnitee, in connection
with such action, suit, proceeding, settlement, or adjudication or appeal thereof, if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best 
  

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interests of the Company (or, in the case of actions or omissions involving an employee benefit plan of the Company or any of its Subsidiaries, in the best
interests of the participants and beneficiaries of such plan), and, with respect to any criminal action or proceeding, had no reasonable cause to believe Indemnitee’s conduct was unlawful. 
  
 2.2 Proceedings by or in the Right of the Company. The Company shall
indemnify Indemnitee if Indemnitee is or was a party or witness or other participant in, or is threatened to be made a party or witness or other participant in, any threatened, pending or completed action, suit or proceeding, whether civil,
criminal, administrative, or investigative, by or in the right of the Company or any Subsidiary to procure a judgment in its favor by reason of the fact that Indemnitee is or was a director, officer, employee or agent of the Company or any
Subsidiary of the Company, or by reason of the fact that Indemnitee is or was serving at the request of the Company or any Subsidiary of the Company as a director, officer, trustee, employee or agent of another Person, including any employee benefit
plan of the Company or any Subsidiary, and/or by reason of any action or inaction on the part of Indemnitee while acting in Indemnitee’s capacity as a director or an officer, trustee, employee or agent of the Company or a Subsidiary of the
Company or any other Person at the request of the Company or any Subsidiary of the Company, against all expenses (including without limitation attorneys’ and experts’ fees and costs), actually and reasonably incurred by Indemnitee in
connection with the defense or settlement of such action, suit, proceeding, if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Company and its stockholders.

  
 2.3 Advancement of Expenses. The Company shall, at
Indemnitee’s discretion, pay directly or advance to Indemnitee all expenses incurred by Indemnitee in connection with (a) the investigation, defense, settlement or appeal of any action, suit or proceeding referenced in Section 2.1 or
2.2 hereof or for which Indemnitee is entitled to indemnity under the Company’s certificate of incorporation or bylaws or applicable law; (b) any action brought by Indemnitee for indemnification or payment of expenses by the Company
under this Agreement or the Company’s Certificate of Incorporation or bylaws or applicable law; or (c) recovery under any directors’ and officers’ liability insurance policies maintained by the Company, regardless of whether
Indemnitee is ultimately determined to be entitled to such indemnification, advance expense payment, or insurance recovery, as the case may be. Indemnitee hereby undertakes to repay such amounts advanced only if, and to the extent that, it shall
ultimately be determined that Indemnitee is not entitled to be indemnified by the Company as authorized hereby or that such indemnification is not otherwise permitted by applicable law. The advances to be made hereunder shall be paid by the Company
to Indemnitee within ten (10) days following delivery of a written request therefor by Indemnitee to the Company. 
  
 2.4 Mandatory Payment of Expenses. Notwithstanding anything in this Agreement to the contrary, to the extent that Indemnitee has been successful on
the merits or otherwise in defense of any action, suit or proceeding referred to in Section 2.1 or 2.2 or the defense of any claim, issue or matter therein, including without limitation dismissal without prejudice, the Company shall
indemnify Indemnitee against expenses (including without limitation attorneys’ and experts’ fees and costs) actually and reasonably incurred by Indemnitee in connection therewith. 
  

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 2.5 Enforcing the Agreement. If Indemnitee properly makes a claim for indemnification or an
advance of expenses which is payable pursuant to the terms of this Agreement, and that claim is not paid by the Company, or on its behalf, within ten days after a written claim has been received by the Company, the Indemnitee may at any time
thereafter bring an action against the Company to recover the unpaid amount of the claim and if successful in whole or in part, the Indemnitee shall be entitled to be paid also all expenses actually and reasonably incurred in connection with
prosecuting such claim. 
  
 2.6 Subrogation. In the event
of payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of the Indemnitee, who shall execute all papers required and shall do everything that may be necessary to secure such
rights, including the execution of such documents necessary to enable the Company effectively to bring suit to enforce such rights. 
  
 3. EXPENSES; INDEMNIFICATION PROCEDURE. 
  
 3.1 Notice/Cooperation by Indemnitee. Indemnitee shall, as a condition precedent to Indemnitee’s right to be indemnified under this Agreement,
give the Company notice in the manner set forth in Section 7.2 as soon as practicable of any claim made against Indemnitee for which indemnification will or would reasonably be expected to be sought under this Agreement. In addition,
Indemnitee shall give the Company such information and cooperation (not involving direct expenditures or payments by Indemnitee) as it may reasonably require and as shall be within Indemnitee’s reasonable ability to provide. 
  
 3.2 Notice to Insurers. At the time of the receipt of a notice of a
claim pursuant to Section 3.1 hereof, the Company shall give prompt notice of such action, suit or proceeding to any insurers under applicable policies of insurance in accordance with the procedures set forth in the respective policies. The
Company shall thereafter take all necessary or desirable actions to cause such insurers to pay, on behalf of the Indemnitee, all amounts payable as a result of such proceeding in accordance with the terms of such policies. 
  
 3.3 Selection of Counsel. If the Company is obligated hereunder to pay
the expenses of any proceeding against Indemnitee, the Company shall be entitled to assume the defense of such proceeding, with counsel approved by Indemnitee in Indemnitee’s discretion, upon the delivery to Indemnitee of written notice of its
election so to do. After delivery of such notice, approval of such counsel by Indemnitee and the retention of such counsel by the Company, the Company will not be liable to Indemnitee under this Agreement for any fees of any separate counsel
subsequently incurred by Indemnitee with respect to the same proceeding, except that if (i) the employment of separate counsel by Indemnitee has been previously authorized by the Company, (ii) Indemnitee shall have reasonably concluded that there
may be a conflict of interest between the Company and Indemnitee in the conduct of any such defense, or (iii) the Company shall not, in fact, have employed counsel to assume the defense of such proceeding, then the fees and expenses of
Indemnitee’s counsel shall be at the expense of the Company (subject to the provisions of this Agreement). Nothing herein will prohibit Indemnitee from engaging separate counsel at Indemnitee’s expense. 
  

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 3.4 Burden of Proof. In connection with any determination, by a Reviewing Party or otherwise, as
to whether Indemnitee is entitled to be indemnified hereunder the burden of proof shall be on the Company to establish that Indemnitee is not so entitled. 
  
 3.5 No Presumptions. The termination of any action, suit or proceeding by judgment, order, settlement, conviction, or upon a plea of nolo
contendere or its equivalent shall not, of itself, create a presumption that Indemnitee did not act in good faith and in a manner which Indemnitee reasonably believed to be in the best interests of the Company or that Indemnitee had reasonable
cause to believe that Indemnitee’s conduct was unlawful. In addition, neither the failure of the Reviewing Party to have made a determination as to whether Indemnitee has met any particular standard of conduct or had any particular belief, nor
an actual determination by a Reviewing Party that Indemnitee has not met such standard of conduct or did not have such belief, prior to the commencement of legal proceedings by Indemnitee to secure a judicial determination that Indemnitee should be
indemnified under applicable law shall be a defense to Indemnitee’s claim or create a presumption that Indemnitee has not met any particular standard of conduct or did not have any particular belief. 
  
 4. ADDITIONAL INDEMNIFICATION RIGHTS; SCOPE; NON-EXCLUSIVITY.

  
 4.1 Application. This Agreement shall be deemed
applicable to all actual or alleged actions or omissions by Indemnitee during any and all periods of time (whether before or after the date hereof) that Indemnitee was, is, or shall be serving as a director, officer, employee or agent of the Company
or a Subsidiary of the Company or, at the request of the Company or a Subsidiary of the Company as a director, officer, trustee, employee or agent of another Person. 
  
 4.2 Scope. The Company shall indemnify Indemnitee to the fullest extent permitted by law, notwithstanding that such
indemnification is not specifically authorized by the other provisions of this Agreement, the Company’s certificate of incorporation, the Company’s bylaws or by statute. In the event of any changes, after the date of this Agreement, in any
applicable law, statute, or rule which expand the right of a Delaware corporation to indemnify a director or officer, such changes shall be within the purview of Indemnitee’s rights and the Company’s obligations under this Agreement. In
the event of any change in any applicable law, statute, or rule which narrows the right of a Delaware corporation to indemnify a director or officer, such changes, except to the extent otherwise required by such law, statute or rule to be applied to
this Agreement, shall have no effect on this Agreement or the parties’ rights and obligations hereunder. 
  
 4.3 Non-Exclusivity. The indemnification provided by this Agreement shall be in addition to any other rights Indemnitee may have under the
Company’s certificate of incorporation, its bylaws, any agreement, any vote of stockholders or disinterested directors, applicable law, or otherwise. The indemnification provided under this Agreement shall continue as to Indemnitee for actions
or omissions occurring while serving in an indemnified capacity even though Indemnitee may have ceased to serve in such capacity, or may have ceased to be employed, at the time of any action, suit or other covered proceeding. 
  

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 4.4 Legal Limits. Notwithstanding anything herein to the contrary, Indemnitee is not entitled
pursuant to this Agreement to any indemnity or payment of expenses not permitted under applicable law, and the Company shall comply with all procedures required under applicable law to determine the permissibility under applicable law of payments to
Indemnitee hereunder. 
  
 4.5 Partial Indemnification. If
Indemnitee is entitled under this Agreement only to partial indemnification, but not to the total amount of expenses, liabilities, losses, judgments, fines, and amounts paid in settlement, the Company shall nevertheless indemnify Indemnitee for that
portion to which Indemnitee is entitled. 
  
 4.6 Period of
Limitations. No legal action shall be brought and no cause of action shall be asserted by or in the right of the Company against Indemnitee, Indemnitee’s spouse, heirs, executors or personal or legal representatives after the expiration of
two years from the date of accrual of such cause of action, and any claim or cause of action of the Company shall be extinguished and deemed released unless asserted by the timely filing of a legal action within such two-year period; provided,
however, that if any shorter period of limitations is otherwise applicable to any such cause of action such shorter period shall govern. 
  
 4.7 Change in Control. If there is a Change in Control of the Company (other than a Change in Control which has been approved by a majority of the
Company’s Board of Directors who were directors immediately prior to such Change in Control) then with respect to all matters thereafter arising concerning the rights of Indemnitee to payments under this Agreement or the Company’s
certificate of incorporation or bylaws or applicable law, the Company shall seek legal advice and any determination whether indemnification is proper in the circumstances only from, and any Reviewing Party shall only be, legal counsel that has not
provided services to Indemnitee or the Company or the Company’s successor or any Affiliate of any of them within the previous two years, selected by Indemnitee and approved by the Company or the Company’s successor (which approval shall
not be unreasonably withheld). Such counsel, among other things, shall render its written opinion to the Company and Indemnitee as to whether and to what extent the Indemnitee would be permitted to be indemnified under applicable law. The Company
agrees to pay the reasonable fees of the legal counsel referred to above and to indemnify fully such counsel against any and all expenses (including attorneys’ fees), claims, liabilities and damages arising out of or relating to this Agreement
or its engagement pursuant hereto. 
  
 4.8 Related
Indemnification. If any Subsidiary or Affiliate of the Company is obligated to indemnify Indemnitee for any of the reasons or in any of the capacities described in Section 2.1 or 2.2, pursuant to an indemnification agreement, or such
entity’s certificate of incorporation or bylaws or similar charter documents, or applicable law, the Company will be jointly and severally liable with such Subsidiary or Affiliate to perform all such indemnity obligations of such Subsidiary or
Affiliate. 
  
 5. LIABILITY INSURANCE. The Company shall,
from time to time, make a good faith determination whether or not it is practicable for the Company to obtain and maintain a policy or policies of insurance providing directors and officers with coverage for losses from errors or omissions, and to
insure the Company’s performance of its indemnification obligations 
  

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under this Agreement. Among other considerations, the Company will weigh the costs of obtaining such insurance coverage against the protection afforded by
such coverage. In all such policies of liability insurance, Indemnitee shall be named as an insured and covered in such a manner as to provide Indemnitee the same rights and benefits as are accorded to the most favorably insured of the
Company’s directors and officers. Notwithstanding the foregoing, the Company shall have no obligation to obtain or maintain such insurance if the Company determines in good faith that such insurance is not reasonably available, if the premium
costs for such insurance are disproportionate to the amount of coverage provided, if the coverage provided by such insurance is limited by exclusions so as to provide an insufficient benefit, or if Indemnitee is covered by similar insurance
maintained by a parent or Subsidiary of the Company. 
  
 6.
EXCEPTIONS. Notwithstanding anything to the contrary in this Agreement, the Company shall not be obligated pursuant to the terms of this Agreement for the following: 
  
 (a) Claims Initiated by Indemnitee. To indemnify or advance expenses to Indemnitee with respect to proceedings or
claims initiated or brought voluntarily by Indemnitee and not by way of defense, counterclaim or crossclaim, other than a proceeding or claim described in Section 2.3(b) or Section 2.5, unless said proceedings or claims were authorized by the board
of directors of the Company. 
  
 (b) Improper Personal
Benefit. To indemnify Indemnitee against liability for any transactions from which Indemnitee, or any Affiliate of Indemnitee, derived an improper personal benefit, including, but not limited to, self-dealing or usurpation of a corporate
opportunity. 
  
 (c) Dishonesty. To indemnify Indemnitee if
a judgment or other final adjudication adverse to Indemnitee establishes that Indemnitee committed acts of deliberate dishonesty, fraud, or illegality, which acts were material to the cause of action so adjudicated. 
  
 (d) Insured Claims; Paid Claims. To indemnify Indemnitee for expenses
or liabilities of any type whatsoever (including but not limited to, judgments, fines, ERISA excise taxes or penalties, and amounts paid in settlement) which have been paid directly to Indemnitee (i) by an insurance carrier under a policy of
liability insurance maintained by the Company, or (ii) otherwise by any other means. 
  
 (e) Claims Under Section 16(b). To indemnify Indemnitee for an accounting of profits from the purchase and sale of securities within the meaning of Section 16(b) of the Securities Exchange Act of 1934, as
amended, or any similar successor statute. 
  
 7.
MISCELLANEOUS. 
  
 7.1 Successors and Assigns. This
Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and their respective successors and assigns, including without limitation any direct or indirect successor by purchase, merger, consolidation, or
otherwise to all or substantially all of the business and/or assets the Company, spouses, heirs, executors, legal representatives and assigns. Notwithstanding the foregoing, the Indemnitee shall have no right or power to voluntarily assign or
transfer any rights granted to 
  

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Indemnitee, or obligations imposed upon the Company, by or pursuant to this Agreement. Further, the rights of the Indemnitee hereunder shall in no event
accrue to the benefit of, or be enforceable by, any judgment creditor or other involuntary transferee (other than heirs) of the Indemnitee. 
  
 7.2 Notice. All notices, requests, demands and other communications under this Agreement shall be in writing and shall be deemed duly given (a) if
mailed by domestic certified or registered mail with postage prepaid, properly addressed to the parties at the addresses set forth below, or to such other address as may be furnished in writing to Indemnitee by the Company or to the Company by
Indemnitee, as the case may be, on the third business day after the date postmarked, or (b) otherwise notice shall be deemed received when such notice is actually received by the party to whom it is directed. 
  

	 If to Indemnitee:
	  	 To the address set forth below the

	 	  	 signature line of Indemnitee on the

	 	  	 signature page hereof.

		
	 If to Company:
	  	 Exult, Inc.

	 	  	 121 Innovation Drive, Suite 200

	 	  	 Irvine, CA 92612

	 	  	 Attention: Legal Department

  
 7.3 Choice of
Law. This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Delaware, as applied to contracts made and to be performed in Delaware without giving effect to conflicts of laws principles.

  
 7.4 Severability. The provisions of this Agreement
shall be severable. If this Agreement or any portion hereof shall be invalidated or held unenforceable in any respect on any ground by any court of competent jurisdiction, the Company shall nevertheless indemnify Indemnitee to the full extent
permitted by any applicable portion of this Agreement that shall not have been invalidated or held unenforceable, and the balance of this Agreement not so invalidated in that jurisdiction, and this entire Agreement in other jurisdictions in which no
part of this Agreement has been invalidated or held unenforceable, shall be enforceable in accordance with its terms. 
  
 7.5 Amendments, Etc. No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by both of the parties
hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not similar) nor shall such waiver constitute a continuing waiver. 
  
 7.6 Arbitration. 
  
 (a) (i) Any controversy or claim arising out of or relating to this
Agreement shall be solely and finally settled by arbitration in Delaware, administered by the American Arbitration Association (the “AAA”) in accordance with its Commercial Arbitration Rules as then in effect (the
“Rules”), except to the extent such Rules vary from the following 
  

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provisions. Notwithstanding the previous sentence, the parties hereto may seek provisional remedies in courts of appropriate jurisdiction and such request
shall not be deemed a waiver of the right to compel arbitration of a dispute hereunder. 
  
 (ii) If any controversy or claim arising out of or relating to this Agreement also arises out of or relates to the employment of Indemnitee by the Company or any of its Subsidiaries or Affiliates, the provisions of
this Agreement governing dispute resolution shall govern resolution of such controversy or claim. 
  
 (iii) The arbitration shall be conducted by one independent and impartial arbitrator, appointed by the AAA; provided however, if the claim and any
counterclaim, in the aggregate, together with other arbitrations that are consolidated pursuant to subpart (c) below, exceed Five Hundred Thousand Dollars ($500,000) (the “Threshold”), exclusive of interest and
attorneys’ fees, the dispute shall be heard and determined by three (3) arbitrators as provided herein (such arbitrator or arbitrators are hereinafter referred to as the “Arbitrator”). If three (3) Arbitrators are to be
appointed, each party shall select one person to act as Arbitrator (with all parties adverse to the Company in a consolidated arbitration proceeding constituting a single party for this purpose) and the two (2) selected shall select a third
arbitrator within ten (10) days of their appointment. If the Arbitrators selected by the parties are unable or fail to agree upon the third arbitrator within such time, the third arbitrator shall be selected by the AAA. Each arbitrator shall be a
practicing attorney or a retired or former judge with at least twenty (20) years experience with and knowledge of corporate and business law and transactions. 
  

(b) Once the Arbitrator is selected, the Arbitrator shall schedule a pre-hearing conference to reach agreement on procedural and scheduling matters,
arrange for the exchange of information, obtain stipulations and attempt to narrow the issues. Unless the Arbitrator determines at the pre-hearing conference or within five days thereafter that the interests of equity require other discovery rules,
(i) each party may serve a maximum of one set of no more than twenty (20) requests for production of documents and one set of ten (10) interrogatories (without subparts) upon the other parties; and depose a maximum of three (3) witnesses; (ii) all
objections to discovery are reserved for the arbitration hearing except for objections based on privilege and proprietary or confidential information; (iii) the responses to the document demand, the documents to be produced thereunder, and the
responses to the interrogatories shall be delivered to the propounding party twenty (20) days after receipt by the responding party of such document demand or interrogatory; (iv) each deposition shall be taken on reasonable notice to the deponent,
and must be concluded within four (4) hours; and (v) all depositions must be taken within forty-five (45) days following the pre-hearing conference. Any party deposing an opponent’s expert must pay the expert’s fee for attending the
deposition. All discovery disputes shall be decided by the Arbitrator. 
  
 (c) Any arbitration can be consolidated with one or more arbitrations involving other parties if more than one such arbitration is commenced and any party thereto reasonably contends that two or more arbitrations are substantially related
and that the issues should be heard in one proceeding. The Arbitrator selected in the first-filed of such proceedings shall determine whether, in the interests of justice and efficiency, the proceedings should be consolidated before that Arbitrator.

  

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 (d) The Arbitrator’s award shall be in writing, signed by the Arbitrator and shall contain a concise
statement regarding the reasons for the disposition of any claim. The judgment of the award rendered by the Arbitrator may be entered in any court having jurisdiction thereof. 
  
 (e) To the extent permissible under applicable law, the award of the Arbitrator shall be final. It is the intent of the
parties that the arbitration provisions hereof be enforced to the fullest extent permitted by applicable law. 
  
 7.7 Counterparts. This Agreement may be executed in counterparts, each of which shall constitute an original and all of which together shall
constitute one and the same instrument. 
  
 IN WITNESS WHEREOF,
the parties hereby have executed this Agreement as of the date first above written. 
  

	Exult, Inc.	 	 	 	 Indemnitee

					
	By:	 	  

	 	 	 	By:	 	  

	 	 	 James C. Madden, V
	 	 	 	 	 	 John A. Adams

	 	 	 CEO
	 	 	 	 	 	 
				
	 	 	 	 	 	 	 Address:

	 	 	 	 	 	 	  

	 	 	 	 	 	 	  

	 	 	 	 	 	 	  

  

 10Restricted Stock Agmt., 06/02/2003, between Exult and John A. Adams

 Exhibit 10.31.5 
  
 RESTRICTED STOCK AGREEMENT 
  
 This Restricted Stock Agreement (this “Agreement”) is made as of June 2, 2003 by Exult, Inc., a Delaware corporation
(“Exult”) and John A. Adams (“Executive”) to effect an award of restricted stock by Exult to Executive on the terms and conditions set forth below, as contemplated by and in connection with that certain Employment
Agreement between Exult and Executive of even date herewith (the “Employment Agreement”). 
  
 1. Grant of Restricted Stock. As of the date hereof, subject to the terms, conditions and restrictions set forth herein, Exult shall grant and
issue to Executive One Hundred Fifty Thousand (150,000) shares of Exult’s common stock (the “Granted Stock”). As a condition to this grant, Executive is required to pay to Exult $.0001 by cash or check for each share of Granted
Stock (the “Acquisition Consideration”). 
  
 2. Governing Plan. The Granted Stock shall be granted pursuant to and (except as specifically set forth herein) subject in all respects to the applicable provisions of Exult’s 2000 Equity Incentive Plan or its successor plan
(the “Plan”), which are incorporated herein by reference. Terms not otherwise defined in this Agreement have the meanings ascribed to them in the Plan. 
  
 3. Restrictions on the Granted Stock. 
  
 (a) No Transfer. The shares of Granted Stock (including any shares received by Executive with respect to shares of
Granted Stock as a result of stock dividends, stock splits or any other form of recapitalization or a similar transaction affecting Exult’s securities without receipt of consideration) may not be sold, assigned, transferred, pledged,
hypothecated or otherwise disposed of, alienated or encumbered unless and until they vest pursuant to Section 3(b) and any additional requirements or restrictions contained in this Agreement have been satisfied, terminated or expressly waived
by Exult in writing. 
  
 (b) Vesting. Subject to Section
3(c) and Section 5(d), the restrictions imposed under Section 3(a) will be removed from 37,500 shares of the Granted Stock on June 1, 2004, and the restrictions imposed under Section 3(a) will be removed from the remaining
shares of Granted Stock at the rate of 3,125 shares per month on the 1st day of each of the 36 consecutive calendar months beginning June, 2004, such that the restrictions imposed under Section 3(a) have been removed from all of the Granted
Stock as of June 1, 2007. Removal of the restrictions imposed under Section 3(a) from particular shares of Granted Stock is also referred to as “vesting” of those shares and shares from which the restrictions have been removed are
referred to as “vested.” However, if the conditions to vesting for any shares set forth in Section 5(d) are not met by the scheduled vesting date, then vesting of those shares shall be deferred and will not occur and such shares
will remain subject to all restrictions hereunder for up to 90 days following the scheduled vesting date, unless and until all conditions to vesting of those shares are met (a “Section 5(d) Deferral”). This 90-day period will
be extended by one day for each day (if any) beginning on the first day of such 90-day period that Executive is unable, due to restrictions imposed by Exult, to sell a sufficient number of those shares to pay income tax accruing as a result of
vesting of the Granted Stock. If all conditions to vesting have not been 

 
met by the end of the Section 5(d) Deferral, as it may be extended pursuant to this Section 3(b), then the shares to which those conditions applied
will be cancelled and Executive shall have no rights to or in respect of cancelled shares except the right to receive the Acquisition Consideration in respect thereof. No cancellation shall occur during any Section 5(d) Deferral, and Executive shall
have the right at any time during any Section 5(d) Deferral to cause vesting to occur by meeting the conditions in Section 5(d). 
  
 (c) Cancellation of Granted Stock. Notwithstanding Section 3(b), but subject to any acceleration of vesting of some or all of the Granted Stock
that may be required pursuant to the Severance Agreement of even date herewith between Executive and Exult (the “Severance Agreement”) or the Stock Option Addendum of even date herewith between Executive and Exult (the
“Addendum”), and subject to any other separate written agreement between Exult and Executive providing for vesting of Granted Stock in connection with termination of Executive’s employment, if any Cancellation Event has occurred, then
vesting of any shares of Granted Stock scheduled to vest on or after the time that Cancellation Event occurred will cease and unvested shares will be cancelled. If any Cancellation Event occurs and shares of Granted Stock are cancelled, then Exult
shall be obligated to pay to Executive the Acquisition Consideration per share previously received from Executive in respect of all shares of Granted Stock that are cancelled. Executive shall have no rights to or in respect of cancelled shares of
Granted Stock, except the right to receive the Acquisition Consideration in respect thereof. For these purposes, a “Cancellation Event” means, and shall be deemed to occur upon the happening of, any of the following events or
circumstances: 
  
 (i) Executive ceases to be
employed by Exult or its successor for any reason, including without limitation resignation by Executive with or without good reason, or termination of employment by Exult or its successor with or without cause; or 
  
 (ii) Executive suffers a Permanent Disability or dies.

  
 4. Voting and Other Rights. During the period prior to
vesting, except as otherwise provided herein, Executive will have all of the rights of a stockholder with respect to all of the Granted Stock, including without limitation the right to vote such Granted Stock and the right to receive all dividends
or other distributions with respect to such Granted Stock. In connection with the payment of such dividends or other distributions, Exult will be entitled to deduct from any amounts otherwise payable by Exult to Executive (including without
limitation salary or other compensation) any taxes or other amounts required by any governmental authority to be withheld and paid over to such authority for Executive’s account. 
  
 5. Certification, Escrow and Delivery of Shares. 
  
 (a) Certificates. Each certificate representing any unvested portion of the Granted Stock will be endorsed with a
legend substantially as set forth below, as well as such other legends as Exult may deem appropriate to comply with applicable laws and regulations: 
  

 2 

 The securities evidenced by this certificate are subject to certain limitations on transfer and other
restrictions as set forth in that certain Restricted Stock Agreement, dated as of June 2, 2003, between Exult and the holder of such securities and Exult’s 2000 Equity Incentive Plan (copies of which are available for inspection at the offices
of Exult). 
  
 (b) Escrow. With respect to each unvested
share of Granted Stock (including any shares received by Executive with respect to shares of Granted Stock that have not yet vested as a result of stock dividends, stock splits or any other form of recapitalization or a similar transaction affecting
Exult’s securities without receipt of consideration), the Secretary of Exult, or such other escrow holder as the Secretary may appoint, will retain physical custody of the certificate representing such share until such share vests. 

  
 (c) Delivery of Certificates. As soon as practicable
after the vesting of any Granted Stock, but subject to Section 5(d), Exult will release the certificate(s) representing such vested Granted Stock to Executive; provided that if other still unvested shares of Granted Stock are also
represented by the same stock certificate as vested shares, then such certificate will be retired and new certificates representing the vested and unvested portions of the Granted Stock will be issued in place of the existing certificate. The
certificate representing the vested Granted Stock will be delivered to Executive and the certificate representing the still unvested shares of Granted Stock will be retained by the escrow holder. 
  
 (d) Conditions to Vesting and Delivery of Certificates. At the time
for vesting of any shares, and as a condition to vesting and release of the certificates representing vested shares to Executive, Executive must (i) pay to Exult, by cash or check, an amount sufficient to satisfy any taxes or other amounts required
by any governmental authority to be withheld and paid over to such authority as a result of vesting or otherwise make arrangements satisfactory to Exult in its discretion for the payment of such amounts, including if Exult elects through offset of
any other amounts otherwise payable by Exult to Executive (including without limitation salary or other compensation), or through irrevocable instructions to the broker selling vested shares to remit directly to Exult from the sales proceeds thereof
an amount sufficient to pay any required withholding or reimburse Exult for payment thereof; and (ii) if requested by Exult, make appropriate representations in a form satisfactory to Exult that such Granted Stock will not be sold other than (A)
pursuant to an effective registration statement under the Securities Act of 1933, as amended, or an applicable exemption from the registration requirements of such Act; (B) in compliance with all applicable state securities laws and regulations; and
(C) in compliance with all terms and conditions of the Plan. 
  
 6. Additional Agreements. 
  
 (a) Tax
Matters. The Granted Stock is subject to appropriate income tax withholding and other deductions required by applicable laws or regulations, and Executive and his successors will be responsible for all income and other taxes payable as a result
of grant or vesting of the Granted Stock or otherwise in connection with this Agreement. Exult is not required to provide any gross-up or other tax assistance. Executive understands that Executive may make an election pursuant to Section 83(b) of
the Internal Revenue Code (the “Code”) within thirty (30) days after the date Executive acquired the Granted Stock hereunder, or 
  

 3 

 
comparable provisions of any state tax law, to include in Executive’s gross income the fair market value (as of the date of acquisition) of the Granted
Stock. Executive may make such an election only if, prior to making any such election, Executive (a) notifies Exult of Executive’s intention to make such election, by delivering to Exult a copy of the fully-executed Section 83(b)
Election Form attached hereto as Exhibit A, and (b) pays to Exult an amount sufficient to satisfy any taxes or other amounts required by any governmental authority to be withheld or paid over to such authority for Executive’s account, or
otherwise makes arrangements satisfactory to Exult for the payment of such amounts through withholding or otherwise. Executive understands that if Executive does not make a proper and timely Section 83(b) election, generally under Section 83 of the
Code, at the time the forfeiture restrictions applicable to the Granted Stock lapse, Executive will recognize ordinary income and be taxed in an amount equal to the fair market value (as of the date the forfeiture restrictions lapse) of the Granted
Stock less the Acquisition Consideration paid for the Granted Stock. For this purpose, the term “forfeiture restrictions” includes the right of Exult to acquire the Granted Stock pursuant to its rights under Section 3 of this
Agreement. Executive acknowledges that it is Executive’s sole responsibility, and not Exult’s, to file a timely election under Section 83(b), even if Executive requests Exult or its representative to make this filing on Executive’s
behalf. Executive is relying solely on Executive’s advisors with respect to the decision as to whether or not to file a Section 83(b) election. 
  
 (b) Independent Advice; No Representations. Executive acknowledges that (i) he was free to use professional advisors of his choice in connection
with this Agreement has received advice from his professional advisors in connection with this Agreement, understands its meaning and import, and is entering into this Agreement freely and without coercion or duress; and (ii) he has not received and
is not relying upon any advice, representations or assurances made by or on behalf of Exult or any Exult Affiliate or any employee of or counsel to Exult regarding any tax or other effects or implications of the Granted Stock or other matters
contemplated by this Agreement. 
  
 (c) Value of Granted
Stock. No representations or promises are made to Executive regarding the value of the Granted Stock or Exult’s business prospects. Executive acknowledges that information about investment in Exult stock, including financial information and
related risks, is contained in Exult’s SEC reports on Form 10-Q and Form 10-K, which have been made available from Exult’s Human Resources department for Executive’s review at any time before Executive’s acceptance of this
Agreement or at any time during Executive’s employment. Further, Executive understands that Exult does not provide tax or investment advice and acknowledges Exult’s recommendation that Executive consult with independent specialists
regarding such matters. Sale or other transfer of Exult stock may be limited by and subject to Exult policies as well as applicable securities laws and regulations. 
  
 (d) Plan Clawback Provision. Nothing in this Agreement or the Employment Agreement or any of the other agreements
referenced in Section 10(c) of the Employment Agreement will limit Exult’s rights pursuant to Section 4.14 of the Plan. Without limiting the foregoing, payment of the Acquisition Consideration, delivery of certificates representing vested
Granted Stock, and other procedural, mechanical and administrative steps under this Agreement 
  

 4 

 
will not be considered to be any “exercise, payment or delivery” as referenced in item (ii) in the first sentence Section 4.14 of the Plan.

  
 (e) Merger, Consolidation or Reorganization. In the
event of a Reorganization of Exult in which holders of shares of Common Stock of Exult are entitled to receive in respect of such shares any additional shares or new or different shares or securities, cash or other consideration (including, without
limitation, a different number of shares of Common Stock) (“Exchange Consideration”), then Executive will be entitled to receive a proportionate share of the Exchange Consideration in exchange for any Granted Stock that is then
still owned by Executive and not cancelled; provided, that any Exchange Consideration issued to Executive in respect of unvested Granted Shares will be subject to the same restrictions and vesting provisions that were applicable to the Granted Stock
in exchange for which the Exchange Consideration was issued. 
  
 (f) No Right to Continued Employment. This Agreement does not confer upon Executive any right to continue as an employee of Exult or its affiliate or to any particular employment tenure, nor does it limit in any way the right of
Exult or its affiliate to terminate Executive’s services to Exult or its affiliate at any time, with or without cause. 
  
 7. General. 
  
 (a) Successors and Assigns. This Agreement is personal in its nature and Executive may not assign or transfer his rights under this Agreement.

  
 (b) Notices. Any notices, demands or other
communications required or desired to be given by any party shall be in writing and shall be validly given to another party if served either personally or if deposited in the United States mail, certified or registered, postage prepaid, return
receipt requested. If such notice, demand or other communication shall be served personally, service shall be conclusively deemed made at the time of such personal service. If such notice, demand or other communication is given by mail, such notice
shall be conclusively deemed given forty-eight (48) hours after the deposit thereof in the United States mail addressed to the party to whom such notice, demand or other communication is to be given as hereinafter set forth: 
  

	 To Exult:
	    	 Exult, Inc.

	 	    	 121 Innovation Drive, Suite 200

	 	    	 Irvine, California 92612

	 	    	 Attention: Chief Executive Officer

		
	 With a copy to:
	    	 General Counsel

  
 To Executive: At his
address of record as maintained in Exult’s employment files 
  
 Any party
may change its address for the purpose of receiving notices, demands and other communications by providing written notice to the other party in the manner described in this paragraph. 
  

 5 

 (c) Entire Agreement. Except as this Agreement may expressly provide otherwise, this Agreement,
the Severance Agreement, the Addendum and the Plan constitute the entire agreement and understanding of Exult and Executive with respect to the subject matter hereof and thereof, and supersede all prior written or verbal agreements and
understandings between Executive and Exult relating to such subject matter. This Agreement may only be amended by written instrument signed by Executive and an authorized officer of Exult. 
  
 (d) Governing Law; Severability. This Agreement will be
construed and interpreted under the laws of the State of California applicable to agreements executed and to be wholly performed within the State of California. If any provision of this Agreement as applied to any party or to any circumstance is
adjudged by a court of competent jurisdiction to be void or unenforceable for any reason, the invalidity of that provision shall in no way affect (to the maximum extent permissible by law) the application of such provision under circumstances
different from those adjudicated by the court, the application of any other provision of this Agreement, or the enforceability or invalidity of this Agreement as a whole. If any provision of this Agreement becomes or is deemed invalid, illegal or
unenforceable in any jurisdiction by reason of the scope, extent or duration of its coverage, then such provision shall be deemed amended to the extent necessary to conform to applicable law so as to be valid and enforceable or, if such provision
cannot be so amended without materially altering the intention of the parties, then such provision will be stricken and the remainder of this Agreement shall continue in full force and effect. 
  
 (e) Remedies. All rights and remedies provided pursuant to this
Agreement or by law shall be cumulative, and no such right or remedy shall be exclusive of any other. A party may pursue any one or more rights or remedies hereunder or may seek damages or specific performance in the event of another party’s
breach hereunder or may pursue any other remedy by law or equity, whether or not stated in this Agreement. 
  
 (f) Arbitration. Any and all disputes and claims between Executive and Exult that arise out of this Agreement shall be resolved through
final and binding arbitration. Any demand for arbitration must be made within 365 days of the date on which the dispute first arose (unless a longer period of time is required by law), or it will be deemed waived by both parties. Binding arbitration
will be conducted in Orange County, California in accordance with the rules and regulations of the American Arbitration Association. Executive understands and agrees that the arbitration shall be instead of any civil litigation and that this means
that Executive is waiving his right to a jury trial as to such claims. The parties further understand and agree that the arbitrator’s decision shall be final and binding to the fullest extent permitted by law and enforceable by any court having
jurisdiction. Exult shall pay the arbitrator’s compensation and any fees for the arbitration, unless the arbitrator directs otherwise in the award, or unless the law where the arbitration occurs provides otherwise. The prevailing party in any
arbitration conducted pursuant to this Section 7(f), and any appeal therefrom or related thereto, or any litigation between Executive and Exult related to this Agreement that occurs notwithstanding this arbitration provision (all of the
foregoing being referred to as “Proceedings”), shall be entitled to recover from the non-prevailing party all reasonable attorneys’ costs and fees incurred by the prevailing party in the Proceedings. The identity of the
prevailing party in any Proceeding will 
  

 6 

 
be determined by the arbitrator or other trier of fact or tribunal in the Proceeding as the party most nearly achieving the result sought, although the
arbitrator or other trier of fact or tribunal may decide in any Proceeding that there is no prevailing party if, on the basis of all of the facts and circumstances, the interests of justice so require. In addition, Exult shall propose a reasonable
set of rules to guide any Proceedings. Such rules shall be designed to lead to a prompt and just result without undue delay or expense, but will not be unduly prejudicial to either party. If Executive agrees to such proposed rules and guidelines,
Exult will pay on Executive’s behalf or advance to Executive all of Executive’s reasonable attorneys’ fees and costs incurred in the Proceedings. Executive’s acceptance of such payments or advances will constitute
Executive’s agreement to reimburse Exult therefor if Exult is found by the arbitrator or other trier of fact or tribunal to be the prevailing party in the Proceeding. 
  
 (g) Interpretation. Headings herein are for convenience of reference only, do not constitute a part of this
Agreement, and will not affect the meaning or interpretation of this Agreement. References herein to Sections are references to the referenced Section hereof, unless otherwise specified. 
  
 (h) Waivers; Amendments. The waiver by either party of a breach of any provision of this Agreement shall not operate
or be construed as a waiver of any later breach of that provision. This Agreement may be modified only by written agreement signed by Executive and Exult. 
  
 (i) Counterparts. This Agreement may be executed in more than one counterpart, each of which shall be deemed an original, but all of which
together shall constitute but one and the same instrument. Facsimile or photographic copies of originally signed copies of this Agreement will be deemed to be originals. 
  

	 EXULT, INC.
	 	 	 	  

	By:	 	  

	 	 	 	 John A. Adams

	 Name:
	 	  

	 	 	 	 
	 Title:
	 	  

	 	 	 	 

  

 7 

 EXHIBIT A 
 to Restricted Stock Grant 
 ELECTION TO INCLUDE VALUE OF RESTRICTED PROPERTY 
 IN GROSS INCOME IN YEAR OF TRANSFER 
 INTERNAL REVENUE CODE § 83(b) 
  
 The
undersigned hereby elects pursuant to Section 83(b) of the Internal Revenue Code with respect to the property described below, and supplies the following information in accordance with the regulations promulgated thereunder: 
  
 1. Name, address and taxpayer identification number of the undersigned:

	__________
	__________
	__________
	
	 Taxpayer I.D.
No.:                

  
 2. Description of property with
respect to which the election is being made: 
                      shares of Common Stock of Exult, Inc., a Delaware corporation (the “Company”) 
  
 3. Date on which property was transferred:
                             
  
 4. Taxable year to which this election relates:
                         
  

5. Nature of the restrictions to which the property is subject: 
 If the taxpayer’s service as a                      of Exult terminates for any reason before the Common Stock vests, Exult will
repurchase the Common Stock from the taxpayer at $.0001 per share. The Common Stock vests according to the following schedule:
                                        
         
  
 The Common Stock is
non-transferable in the taxpayer’s hands, by virtue of language to that effect stamped on the stock certificate. 
  
 6. Fair market value of the property: 
 The fair market value at
the time of transfer (determined without regard to any restrictions other than restrictions that by their terms will never lapse) of the property with respect to which this election is being made is
$             per share. 
  
 7. Amount paid for the property: 
 The amount paid by the taxpayer for said property is $.0001 per share.

  
 8. Furnishing statement to employer: 
 A copy of this statement has been furnished to
                     
  

			
	 Date:             
	 	 	 	 _______________________

	 	 	 	 	 Signature

			
	 	 	 	 	 _______________________

	 	 	 	 	 Printed Name

  
  

 This election must be filed with the Internal Revenue Service Center with which taxpayer files his or her Federal
income tax returns and must be made within thirty (30) days after the execution date of the Restricted Stock Grant. This filing should be made by registered or certified mail, return receipt requested. The taxpayer must retain two (2) copies of the
completed form for filing with his or her Federal and state tax returns for the current tax year and an additional copy for his or her records. 
  

 9

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