Document:

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                                                                    Exhibit 10.8
                                                                    ------------

                             TAX SHARING AGREEMENT
                             ---------------------

     THIS TAX SHARING AGREEMENT (this "Agreement") dated effective as of July 1,
2000, by and among Marshall & Ilsley Corporation ("M&I"), a Wisconsin
corporation, each M&I Affiliate (as defined below), Metavante Corporation
("Metavante"), a Wisconsin corporation and currently a direct, wholly owned
subsidiary of M&I, and each Metavante Affiliate (as defined below) is entered
into in connection with the Distribution (as defined below).

                                   RECITALS
                                   --------

     WHEREAS, as of the date hereof, M&I and its direct and indirect domestic
subsidiaries are members of an Affiliated Group (as defined below), of which M&I
is the common parent corporation;

     WHEREAS, as set forth in the General Assignment and Assumption Agreement
dated as of July 1, 2000 (the "Assignment and Assumption Agreement"), and
subject to the terms and conditions thereof, M&I has transferred and assigned to
Metavante substantially all of the assets and liabilities currently associated
with the Metavante Business (as defined below) and the stock or similar
interests currently held by M&I in subsidiaries and other entities that conduct
such business (the "Transfer");

     WHEREAS, M&I and Metavante currently contemplate that, following the
Transfer, Metavante will make an initial public offering (the "IPO") of
Metavante common stock that will reduce M&I's ownership of Metavante on a fully
diluted basis to not less than eighty and one-tenth percent (80.1%);

     WHEREAS, M&I intends, sometime after the IPO, to distribute all of its
shares of Metavante common stock to M&I shareholders on a pro rata basis (the
"Distribution");

     WHEREAS, the Transfer and the Distribution are intended to qualify as a
tax-free reorganization and distribution under sections 368(a)(1)(D) and 355 of
the Code; and

     WHEREAS, in contemplation of the Distribution pursuant to which Metavante
and its direct and indirect domestic subsidiaries will cease to be members of
the M&I Group (as defined below) the parties hereto have determined to enter
into this Agreement, setting forth their agreement with respect to certain tax
matters.

                                   AGREEMENT
                                   ---------

     NOW, THEREFORE, in consideration of the mutual covenants and agreements
contained herein, M&I, for itself and on behalf of its affiliates as of the
Transfer Date and its future affiliates (other than Metavante and its
affiliates), and Metavante, for itself and on behalf of its affiliates as of the
Transfer Date and its future affiliates, hereby agree as follows:

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Section 1.  Definitions.

     As used in this Agreement, capitalized terms shall have the following
meanings (such meanings to be equally applicable to both the singular and the
plural forms of the terms defined):

     "Affiliated Group" means an affiliated group of corporations within the
meaning of section 1504(a)(1) of the Code that files a Consolidated Return.

     "After Tax Amount" means any additional amount necessary to reflect the
hypothetical Tax consequences of the receipt or accrual of any payment required
to be made under this Agreement (including the receipt or payment of an
additional amount or amounts hereunder and the effect of the deductions
available for interest paid or accrued and for Taxes such as state and local
income Taxes), determined by using the highest marginal corporate Tax rate (or
rates, in the case of an item that affects more than one Tax) for the relevant
taxable period (or portion thereof).

     "Assignment and Assumption Agreement" has the meaning set forth in the
Recitals.

     "Audit" includes any audit, assessment of Taxes, other examination by any
Taxing Authority, proceeding, or appeal of such a proceeding relating to Taxes,
whether administrative or judicial, including proceedings relating to competent
authority determinations.

     "Code" means the Internal Revenue Code of 1986, as amended.

     "Combined Return" means any Tax Return, other than with respect to federal
Income Taxes, filed on a consolidated, combined (including nexus combination,
worldwide combination, domestic combination, line of business combination or any
other form of combination) or unitary basis wherein Metavante or one or more
Metavante Affiliates join in the filing of such Tax Return (for any taxable
period or portion thereof) with M&I or one or more M&I Affiliates.

     "Consolidated Return" means any Tax Return with respect to federal Income
Taxes filed on a consolidated basis wherein Metavante or one or more Metavante
Affiliates join in the filing of such Tax Return (for any taxable period or
portion thereof) with M&I or one or more M&I Affiliates.

     "Distribution" has the meaning set forth in the Recitals.

     "Distribution Date" means the close of business on the date which the
Distribution is effected.

     "Distribution Taxes" means any Taxes imposed on M&I or any M&I Affiliate
resulting from, or arising in connection with, the failure of the Distribution
to be tax-free to such party under the Code (including, without limitation, any
Tax resulting from the failure of the Distribution to qualify under section 355
and section 368(a)(1)(D) of the Code or the application of section 355(d) or
section 355(e) of the Code to the Distribution) or corresponding provisions of
the laws of any other jurisdictions. Each Tax referred to in the immediately
preceding

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sentence shall be determined using the highest marginal corporate Income Tax
rate for the relevant taxable period (or portion thereof).

     "Estimated Tax Installment Date" means the estimated Tax installment due
dates prescribed in section 6655(c) of the Code and any other date on which an
installment of Taxes is required to be made.

     "Filing Party" has the meaning set forth in Section 8.01.

     "Final Determination" shall mean the final resolution of liability for any
Tax for any taxable period, by or as a result of: (i) a final and unappealable
decision, judgment, decree or other order by any court of competent
jurisdiction; (ii) a final settlement with the IRS, a closing agreement or
accepted offer in compromise under Code sections 7121 or 7122, or a comparable
agreement under the laws of other jurisdictions, which resolves the entire Tax
liability for any taxable period; (iii) any allowance of a refund or credit in
respect of an overpayment of Tax, but only after the expiration of all periods
during which such refund may be recovered by the jurisdiction imposing the Tax;
or (iv) any other final disposition, including by reason of the expiration of
the applicable statute of limitations.

     "Income Tax" shall mean any federal, state, local or foreign Tax determined
by reference to income, net worth, gross receipts or capital, or any such Taxes
imposed in lieu of such Tax.

     "Independent Firm" has the meaning set forth in Section 9.03.

     "Initial Ruling" means any private letter ruling issued by the IRS in
connection with the Distribution in response to M&I's request for such a letter
ruling.

     "Interim Period" means a taxable period beginning on or after the Transfer
Date but on or before the Distribution Date.

     "IPO" has the meaning set forth in the Recitals.

     "IRS" means the United States Internal Revenue Service or any successor
thereto, including, but not limited to, its agents, representatives, and
attorneys.

     "Joint Responsibility Item" means any Tax Item for which the non-Filing
Party's responsibility for Taxes under this Agreement could exceed one million
dollars ($1,000,000), but not a Sole Responsibility Item as regards which the
non-Filing Party has assumed control under the first sentence of Section 8.02
hereof.

     "M&I Affiliate" means any corporation or other entity directly or
indirectly controlled by M&I, but excluding Metavante or any Metavante
Affiliate.

     "M&I Employee" means an employee of M&I or any M&I Affiliate immediately
after the Distribution, or a retiree or other former employee of M&I or any M&I
Affiliate who is not a Metavante Employee, provided that any Metavante Employee
who becomes an M&I Employee shall be considered an M&I Employee.

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     "M&I Group" means the Affiliated Group, or similar group of entities as
defined under corresponding provisions of the laws of other jurisdictions, of
which M&I is the common parent corporation, and any corporation or other entity
which may be, may have been or may become a member of such group from time to
time, but excluding any member of the Metavante Group.

     "Metavante Affiliate" means any corporation or other entity directly or
indirectly controlled by Metavante.

     "Metavante Business" means (a) the business and operations of the business
of Metavante as described in the registration statement on Form S-1 pursuant to
the Securities Act of 1933, as amended, to be filed with the Securities and
Exchange Commission registering the shares of common stock of Metavante to be
issued in the IPO, together with all amendments thereto and (b) except as
otherwise expressly provided herein, any terminated, divested or discontinued
businesses or operations that at the time of termination, divestiture or
discontinuation primarily related to the Metavante business as then conducted.

     "Metavante Employee" means an employee of Metavante or any Metavante
Affiliate immediately after the Distribution, or a retiree or other former
employee of Metavante, any Metavante Affiliate or any predecessor thereto
including the Data Services division of M&I and M&I Data Services, Inc. (but not
an employee of the item processing department of Data Services) who is not an
M&I Employee, provided that any M&I Employee who becomes a Metavante Employee
shall be considered a Metavante Employee.

     "Metavante Group" means the Affiliated Group, or similar group of entities
as defined under corresponding provisions of the laws of other jurisdictions, of
which Metavante will be the common parent corporation immediately after the
Distribution, and any corporation or other entity which may become a member of
such group from time to time.

     "Option" means an option to acquire common stock, or other equity-based
incentives the economic value of which is designed to mirror that of an option.

     "Owed Party" has the meaning set forth in Section 7.04.

     "Owing Party" has the meaning set forth in Section 7.04.

     "Payment Period" has the meaning set forth in Section 7.04(e).

     "Post-Distribution Period" means a taxable period beginning after the
Distribution Date.

     "Pre-Distribution Period" means any Pre-Transfer Period and/or Interim
Period.

     "Pre-Transfer Period" means a taxable period beginning before the Transfer
Date.

     "Ruling Documents" means (1) the request for a private letter ruling under
section 355 and various other sections of the Code, together with any
supplemental filings or ruling requests or other materials subsequently
submitted on behalf of M&I, its subsidiaries and shareholders to the IRS, the
appendices and exhibits thereto, and any rulings issued by the IRS to M&I (or
any

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M&I Affiliate) in connection with the Distribution or (2) any similar filings
submitted to, or rulings issued by, any other Taxing Authority in connection
with the Distribution.

     "Separate Tax Liability" means an amount equal to the Tax liability that
Metavante and each Metavante Affiliate would have incurred if they had filed a
consolidated return, combined return or a separate return, as the case may be,
separate from the M&I Group, for the Metavante Business for all Pre-Distribution
Periods, and such amount shall be computed by M&I using the highest marginal
corporate Tax rate (or rates, in the case of an item that affects more than one
Tax) for the relevant taxable period (or portion thereof), giving effect to any
carryforward or carryover of any Tax Asset associated with the Metavante
Business, and in a manner consistent with (i) general Tax accounting principles,
(ii) the Code and the Treasury regulations promulgated thereunder, (iii) any
similar provisions of the laws of other jurisdictions, if applicable, and (iv)
past practice, if any.

     "Sole Responsibility Item" means any Tax Item for which the non-Filing
Party has the entire economic liability under this Agreement.

     "Supplemental Ruling" means (1) any ruling issued by the IRS in connection
with the IPO or Distribution other than the Initial Ruling and (2) any similar
ruling issued by any other Taxing Authority in connection with the IPO or
Distribution addressing the application of a provision of the laws of another
jurisdiction.

     "Supplemental Ruling Documents" means (1) the request for a Supplemental
Ruling and any materials, appendices and exhibits submitted or filed therewith
and any Supplemental Rulings issued by the IRS to M&I and (2) any similar
filings submitted to, or rulings issued by, any other Taxing Authority in
connection with the Distribution.

     "Tax Asset" means any Tax Item that has accrued for Tax purposes, but has
not been used during a taxable period, and that could reduce a Tax in another
taxable period, including a net operating loss, net capital loss, investment tax
credit, foreign tax credit, research and experimentation credit, charitable
deduction or credit related to alternative minimum tax or any other Tax credit.

     "Tax Benefit" means a reduction in the Tax liability of a taxpayer (or of
the Affiliated Group of which it is a member) for any taxable period. Except as
otherwise provided in this Agreement, a Tax Benefit shall be deemed to have been
realized or received from a Tax Item in a taxable period only if and to the
extent that the Tax liability of the taxpayer (or of the Affiliated Group of
which it is a member) for such period, after taking into account the effect of
the Tax Item on the Tax liability of such taxpayer in the current period and all
prior periods, is less than it would have been if such Tax liability were
determined without regard to such Tax Item.

     "Tax Detriment" means an increase in the Tax liability of a taxpayer (or of
the Affiliated Group of which it is a member) for any taxable period. Except as
otherwise provided in this Agreement, a Tax Detriment shall be deemed to have
been realized or received from a Tax Item in a taxable period only if and to the
extent that the Tax liability of the taxpayer (or of the Affiliated Group of
which it is a member) for such period, after taking into account the effect of

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the Tax Item on the Tax liability of such taxpayer in the current period and all
prior periods, is more than it would have been if such Tax liability were
determined without regard to such Tax Item.

     "Tax Item" means any item of income, gain, loss, deduction or credit, or
other attribute that may have the effect of increasing or decreasing any Tax.

     "Tax Return" means any return, report, certificate, form or similar
statement or document (including any related or supporting information or
schedule attached thereto and any information return, amended tax return, claim
for refund or declaration of estimated tax) required to be supplied to, or filed
with, a Taxing Authority in connection with the determination, assessment or
collection of any Tax or the administration of any laws, regulations or
administrative requirements relating to any Tax.

     "Taxes" includes all taxes, charges, fees, duties, levies, imposts, rates
or other assessments imposed by any federal, state, local or foreign Taxing
Authority, including, but not limited to, income, gross receipts, excise,
property, sales, use, license, capital stock, transfer, franchise, payroll,
withholding, social security, value added or other taxes, and any interest,
penalties or additions attributable thereto.

     "Taxing Authority" means any governmental authority or any subdivision,
agency, commission or authority thereof or any quasi-governmental or private
body having jurisdiction over the assessment, determination, collection or
imposition of any Tax (including the IRS).

     "Transfer" has the meaning set forth in the Recitals.

     "Transfer Date" means July 1, 2000.

Section 2.  Preparation and Filing of Tax Returns.

     2.01. M&I's Responsibility. M&I shall have sole and exclusive
responsibility for the preparation and filing of:

          (a) all Tax Returns with respect to M&I, any M&I Affiliate, Metavante,
     and/or any Metavante Affiliate for Pre-Transfer Periods (except for the Tax
     Returns for M&I Financial Corp. (n/k/a Metavante), M&I EastPoint
     Technology, Inc. and M&I Asia Pacific, SDN.BTD for the period beginning
     January 1, 2000), and all Consolidated Returns and all Combined Returns for
     any Interim Periods; and

          (b) all Tax Returns with respect to M&I and any M&I Affiliate for
              Post-Distribution Periods.

     2.02. Metavante's Responsibility. Except as otherwise provided in Section
2.01 of this Agreement, Metavante shall have sole and exclusive responsibility
for the preparation and filing of (1) all Tax Returns for M&I Financial Corp.
(n/k/a Metavante), M&I EastPoint Technology, Inc. and M&I Asia Pacific, SDN.BTD
for the period beginning January 1, 2000, (2) all Tax Returns (other than
Consolidated Returns and Combined Returns) for Metavante and any

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Metavante Affiliate for any Interim Periods and (3) all Tax Returns with respect
to Metavante and any Metavante Affiliate for Post Distribution Periods.

     2.03. Agent. Subject to the other applicable provisions of this Agreement,
Metavante hereby irrevocably designates, and agrees to cause each Metavante
Affiliate to so designate, M&I as its sole and exclusive agent and attorney-in-
fact to take such action (including execution of documents) as M&I, in its sole
discretion, may deem appropriate in any and all matters (including Audits)
relating to any Tax Return described in Section 2.01 of this Agreement.

     2.04. Manner of Tax Return Preparation.

          (a) Unless otherwise required by a Taxing Authority, the parties
     hereby agree to prepare and file all Tax Returns, and to take all other
     actions, in a manner consistent with (1) this Agreement, (2) any Ruling
     Documents, and (3) any Supplemental Ruling Documents. All Tax Returns shall
     be filed on a timely basis (taking into account applicable extensions) by
     the party responsible for filing such returns under this Agreement.

          (b) M&I shall have the exclusive right, in its sole discretion, with
     respect to any Tax Return described in Section 2.01(a) of this Agreement to
     determine (1) the manner in which such Tax Return shall be prepared and
     filed, including the elections, method of accounting, positions,
     conventions and principles of taxation to be used and the manner in which
     any Tax Item shall be reported, (2) whether any extensions may be
     requested, (3) the elections that will be made by M&I, any M&I Affiliate,
     Metavante, or any Metavante Affiliate on such Tax Return, (4) whether any
     amended Tax Returns shall be filed, (5) whether any claims for refund shall
     be made, (6) whether any refunds shall be paid by way of refund or credited
     against any liability for the related Tax, and (7) whether to retain
     outside firms to prepare or review such Tax Returns. M&I shall provide
     Metavante with copies of information reported on Tax Returns which is
     applicable to Metavante and/or any Metavante Affiliate upon reasonable
     request and so long as any confidential information regarding M&I and/or
     any M&I Affiliate is deleted.

          (c) Within one hundred twenty (120) days after filing the 2000
     Consolidated Return, M&I shall notify Metavante of the Tax attributes
     associated with Metavante and each Metavante Affiliate, and the Tax bases
     of the assets and liabilities, transferred to Metavante in connection with
     the Transfer. At Metavante's request, M&I will use its best efforts to
     provide Metavante with preliminary estimates of such information as soon as
     is practicable.

Section 3.  Liability for Taxes.

     3.01. Metavante's Liability for Section 2.01(a) Taxes. With respect to all
Tax Returns described in Section 2.01(a) of this Agreement, Metavante shall be
liable for the Separate Tax Liability of Metavante and all Metavante Affiliates,
and shall be entitled to receive and retain all refunds or credits of Taxes
previously paid by Metavante with respect to any such Separate Tax Liability.

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     3.02. M&I's Liability for Section 2.01 Taxes. With respect to all Tax
Returns described in Section 2.01(a) of this Agreement, M&I shall be liable for
the difference between the Separate Tax Liability of Metavante and all Metavante
Affiliates and all Taxes shown as due on such Tax Returns, and shall be entitled
to receive and retain all refunds or credits of Taxes attributable to such
difference. With respect to all Tax Returns described in Section 2.01(b) of this
Agreement, M&I shall be liable for all Taxes due with respect thereto, and shall
be entitled to receive and retain all refunds or credits of Taxes previously
paid by M&I with respect to such Taxes.

     3.03. Metavante's Liability for Section 2.02 Taxes. With respect to all Tax
Returns described in Section 2.02 of this Agreement, Metavante shall be liable
for all Taxes due with respect thereto, and shall be entitled to receive and
retain all refunds or credits of Taxes previously paid by Metavante with respect
to such Taxes

     3.04. Payment of Tax Liability. If one party is liable for Taxes, under
Sections 3.01 through 3.03 of this Agreement, with respect to Tax Returns for
which another party is responsible for preparing and filing, then the liable
party shall pay the Taxes to the other party or the appropriate Taxing Authority
pursuant to Section 7.04 of this Agreement.

     3.05. Computation. M&I shall provide to Metavante, within twenty (20) days
prior to the filing of any applicable Tax Return, a written calculation in
reasonable detail setting forth the amount of any Separate Tax Liability or
estimated Separate Tax Liability (for purposes of Section 7.01 of this
Agreement). Metavante shall have the right to review and comment on such
calculation, but no later than ten (10) days prior to the due date, as extended,
of any such Tax Return. Any dispute with respect to such calculation shall be
resolved pursuant to Section 9.03 of this Agreement, provided, however, that,
notwithstanding any dispute with respect to any such calculation, in no event
shall any payment attributable to the amount of any Separate Tax Liability or
estimated Separate Tax Liability be paid later than the date provided in Section
7 of this Agreement, subject to subsequent resolution of such dispute pursuant
to Section 9.03 of this Agreement.

Section 4.  Distribution Taxes and Deconsolidation.

     4.01.  Distribution Taxes.

          (a)  M&I's Liability for Distribution Taxes.  Notwithstanding Sections
     3.01 through 3.03 of this Agreement, M&I (and each M&I Affiliate, but only
     for the percentage attributable to such M&I Affiliate's actions hereunder),
     shall be liable for one hundred percent (100%) of any Distribution Taxes
     that result from one or more of the following:

               (i)  any act, failure to act or omission of or by M&I (or any M&I
          Affiliate) inconsistent with any material, information, covenant or
          representation in the Ruling Documents, Supplemental Ruling Document,
          Initial Ruling, or Supplemental Ruling;

               (ii)  any act, failure to act or omission of or by M&I (or any
          M&I Affiliate) after the date of the Distribution, including, without
          limitation, any

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          cessation, transfer to affiliates, or disposition of its active trades
          or businesses, or certain issuances of stock, stock buybacks or
          payments of an extraordinary dividend by M&I (or any M&I Affiliate)
          following the Distribution;

               (iii)  any acquisition of any stock or assets of M&I (or any M&I
          Affiliate) by one or more other persons prior to or following the
          Distribution; or

               (iv)  any issuance of stock by M&I (or any M&I Affiliate), or
          change in ownership of stock in M&I (or any M&I Affiliate), that
          causes section 355(d) or section 355(e) of the Code to apply to the
          Distribution.

          (b)  Metavante's Liability for Distribution Taxes.  Notwithstanding
     Sections 3.01 through 3.03 of this Agreement, Metavante and each Metavante
     Affiliate shall be liable for one hundred percent (100%) of any
     Distribution Taxes that result from one or more of the following:

               (i)  any act, failure to act or omission of or by Metavante (or
          any Metavante Affiliate) inconsistent with any material, information,
          covenant or representation in the Ruling Documents, Supplemental
          Ruling Document, Initial Ruling, or Supplemental Ruling;

               (ii)  any act, failure to act or omission of or by Metavante (or
          any Metavante Affiliate) after the date of the Distribution, including
          without limitation, any cessation, transfer to affiliates or
          disposition of its active trades or businesses, or certain issuances
          of stock, stock buybacks or payments of an extraordinary dividend by
          Metavante (or any Metavante Affiliate) following the Distribution;

               (iii)  any acquisition of any stock or assets of Metavante (or
          any Metavante Affiliate) by one or more other persons prior to or
          following the Distribution (unless such acquisition occurs prior to
          the Distribution and M&I specifically consents to such acquisition);
          or

               (iv)  any issuance of stock by Metavante (or any Metavante
          Affiliate), or change in ownership of stock in Metavante (or any
          Metavante Affiliate), that causes section 355(d) or section 355(e) of
          the Code to apply to the Distribution.

          (c)  Joint Liability for Remaining Distribution Taxes.  The liability
     for any Distribution Taxes not allocated by Sections 4.01(a) or (b) of this
     Agreement shall be borne by M&I and by Metavante in proportion to the
     market values of M&I and Metavante, respectively, as of the Distribution
     Date, determined by multiplying the closing price of M&I and Metavante
     stock on the Distribution Date by the respective number of common shares
     outstanding in each company.

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     4.02.  Private Letter Rulings.

          (a)  Information.  M&I has provided Metavante with copies of the
     Ruling Documents submitted on or prior to the date hereof and shall provide
     Metavante with copies of any additional Ruling Documents prepared after the
     date hereof prior to the submission of such Ruling Documents to a Taxing
     Authority.

          (b)  Supplemental Rulings.

               (i)  In General.  M&I agrees that at the reasonable request of
          Metavante, M&I shall cooperate with Metavante and use its reasonable
          best efforts to seek to obtain, as expeditiously as possible, a
          Supplemental Ruling or other guidance from the IRS or any other Taxing
          Authority for the purpose of confirming (1) the continuing validity of
          any ruling issued by any Taxing Authority addressing the application
          of the law to the Distribution or (2) compliance on the part of
          Metavante (or any Metavante Affiliate) with its obligations under
          Section 4.01(b) of this Agreement.  However, M&I shall not be
          obligated to seek a Supplemental Ruling if it reasonably believes that
          seeking such Supplemental Ruling would adversely affect M&I (or any
          M&I Affiliate) or if Metavante does not agree in advance to pay all
          Costs (as defined in Section 8.01 hereof) incurred in filing and
          obtaining such Supplemental Ruling.  Further, in no event shall M&I be
          required to file any Supplemental Ruling Documents unless Metavante
          represents that (1) it has read the Supplemental Ruling Documents and
          (2) all information and representations, if any, relating to Metavante
          (or any Metavante Affiliate) contained in the Supplemental Ruling
          Documents are true, correct and complete in all material respects.
          Metavante shall reimburse M&I for all costs and expenses incurred by
          M&I in obtaining a Supplemental Ruling requested by Metavante.
          Neither Metavante nor any Metavante Affiliate shall seek any guidance
          (whether written or oral) from the IRS or any other Taxing Authority
          concerning the Distribution except as set forth in this Section
          4.02(b).  The preceding sentence shall not in any way limit the
          ability of any outside counsel to Metavante to request informal
          guidance from the IRS regarding such issues on an anonymous basis.

               (ii)  Participation Rights.  If M&I requests a Supplemental
          Ruling or other guidance after the date of this Agreement:  (1) M&I
          shall keep Metavante informed in a timely manner of all material
          actions taken or proposed to be taken by M&I in connection therewith;
          (2) M&I shall (A) reasonably in advance of the submission of any such
          Supplemental Ruling Documents provide Metavante with a draft copy
          thereof, (B) reasonably consider Metavante's comments on such draft
          copy, and (C) provide Metavante with a final copy and, (D) provide
          Metavante with notice reasonably in advance of, and Metavante shall
          have the right to attend, any meetings with the Taxing Authority
          (subject to the approval of the Taxing Authority) that relate to such
          Supplemental Ruling.  Metavante agrees that Metavante shall cooperate
          fully with M&I with respect to any request by M&I for a Supplemental
          Ruling.

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     4.03.  Carrybacks.

          (a)  In General.  M&I agrees to pay to Metavante the federal income
     Tax Benefit from the use in any Pre-Distribution Period (the "Carryback
     Period") of a carryback of any Tax Asset of the Metavante Group from a
     Post-Distribution Period (other than a carryback of any Tax Asset
     attributable to Distribution Taxes). If subsequent to the payment by M&I to
     Metavante of the federal income Tax Benefit of a carryback of a Tax Asset
     of the Metavante Group, there shall be a Final Determination which results
     in a (1) change to the amount of the Tax Asset so carried back or (2)
     change to the amount of such federal income Tax Benefit, Metavante shall
     repay to M&I, or M&I shall repay to Metavante, as the case may be, any
     amount which would not have been payable to such other party pursuant to
     this Section 4.03(a) had the amount of the benefit been determined in light
     of these events, but only if the parties first agree as to the allocation
     of any Costs (as defined in Section 8.01 hereof) which will be incurred in
     implementing the Final Determination (including amended Tax Return
     preparation, if any).

          (b)  Net Operating Losses.  Notwithstanding any other provision of
     this Agreement, Metavante hereby expressly agrees to elect (under section
     172(b)(3) of the Code and, to the extent feasible, any similar provision of
     any state, local or foreign Tax law) to relinquish any right to carryback
     net operating losses for any tax year with respect to which such net
     operating loss could otherwise be carried back into a Consolidated Return
     or a Combined Return (in which event no payment shall be due from M&I to
     Metavante in respect of such net operating losses).

     4.04.  Allocation of Tax Items.  All Tax computations for (1) any Pre-
Distribution Periods ending on the Distribution Date and (2) the immediately
following taxable period of Metavante or any Metavante Affiliate, shall be made
pursuant to the principles of section 1.1502-76(b) of the Treasury Regulations
or of a corresponding provision under the laws of other jurisdictions, as
determined by M&I, taking into account all reasonable suggestions made by
Metavante with respect thereto.

     4.05.  Continuing Covenants.  M&I (for itself and each M&I Affiliate) and
Metavante (for itself and each Metavante Affiliate) agree (1) not to take any
action reasonably expected to result in an increased Tax liability to the other,
a reduction in a Tax Asset of the other or an increased liability to the other
under this Agreement and (2) to take any action reasonably requested by the
other that would reasonably be expected to result in a Tax Benefit or avoid a
Tax Detriment to the other, provided that such action does not result in any
additional direct or indirect cost not fully compensated for by the requesting
party. The parties hereby acknowledge that the preceding sentence is a statement
of general principle and is not intended to limit, and therefore shall not apply
to, the rights of the parties with respect to matters otherwise covered by this
Agreement.

     4.06.  Allocation of Tax Assets.

          (a)  In General.  In connection with the Distribution, M&I and
     Metavante shall cooperate in determining the allocation of any Tax Assets
     among M&I, each M&I

                                      11
<PAGE>

     Affiliate, Metavante, and each Metavante Affiliate. The parties hereby
     agree that in the absence of controlling legal authority or unless
     otherwise provided under this Agreement, Tax Assets shall be allocated to
     the legal entity that incurred the cost or burden associated with the
     creation of such Tax Asset (other than with respect to any Tax Asset
     created by reason of a contribution to the capital of Metavante by M&I on
     or before the Distribution Date, in which case Metavante shall be permitted
     to retain such Tax Asset).

          (b)  Earnings and Profits.  M&I will advise Metavante in writing of
     the decrease in M&I earnings and profits attributable to the Distribution
     under section 312(h) of the Code (i) not later than December 15, 2001, with
     respect to transactions completed on or before December 31, 2000 and (ii)
     not later than December 15, 2002 with respect to transactions completed on
     or before December 31, 2001; provided, however, that M&I shall provide
     Metavante with estimates of such amounts (determined in accordance with
     past practice) prior to such date as reasonably requested by Metavante. M&I
     and Metavante agree that they will each pay one-half of the Costs (as
     defined in Section 8.01 hereof) of determining the earnings and profits
     amounts.

Section 5.  Stock Options.

     5.01.  Deductions.  To the extent permitted by law, M&I (or the appropriate
member of the M&I Group) shall claim all Tax deductions arising by reason of
exercises of Options to acquire Metavante stock held by M&I Employees. To the
extent permitted by law, Metavante (or the appropriate member of the Metavante
Group) shall claim all Tax deductions arising by reason of exercises of Options
to acquire M&I stock held by Metavante Employees.

     5.02.  Withholding and Notice.

          (a)  Withholding.  M&I shall, to the extent required by law, withhold
     applicable Taxes and satisfy applicable Tax reporting obligations with
     respect to exercises of Options to acquire Metavante stock held by M&I
     Employees. Metavante shall, to the extent required by law, withhold
     applicable Taxes and satisfy applicable Tax reporting obligations with
     respect to exercises of Options to acquire M&I stock held by Metavante
     Employees. M&I and Metavante hereby each request of the other party that
     the party paying the compensation or issuing the stock withhold the
     applicable Taxes and remit them to the other party or to the appropriate
     Taxing Authority as subsequently directed by the legally obligated party.

          (b)  Notice.  M&I shall timely notify Metavante of any income
     recognized by any Metavante Employee as a result of exercising Options to
     acquire M&I stock. Metavante shall timely notify M&I of any income
     recognized by any M&I Employee as a result of exercising Options to acquire
     Metavante stock.

     5.03.  Tax Benefit Reimbursement.  With respect to Options to acquire M&I
stock, Metavante agrees to pay M&I an amount equal to the Tax Benefit obtained
by Metavante as a result of its claiming compensation deductions with respect to
such items less the after-tax cost of the employer's share of any employment
taxes paid by Metavante arising from the exercise of

                                      12
<PAGE>

the Options to acquire M&I stock. With respect to Options to acquire Metavante
stock, M&I agrees to pay Metavante an amount equal to the Tax Benefit obtained
by M&I as a result of its claiming compensation deductions with respect to the
exercise of Options to acquire Metavante stock, less the after-tax cost of the
employer's share of any employment taxes paid by M&I arising of exercise of the
Options to acquire Metavante stock. The time for payment shall be promptly after
the Tax Returns for the year to which the compensation deductions relate are
filed.

     5.04.  Notice.  M&I and Metavante shall timely provide to the other party
all information necessary for such party to satisfy its obligations described in
Sections 5.01, 5.02 and 5.03 of this Agreement.

     Section 6.  Indemnification

     6.01.  Generally.  The M&I Group shall jointly and severally indemnify
Metavante, each Metavante Affiliate, and their respective directors, officers
and employees, and hold them harmless from and against any and all Taxes for
which M&I or any M&I Affiliate is liable under this Agreement and any loss,
cost, damage or expense, including reasonable attorneys' fees and costs, but
excluding any consequential, special, punitive or exemplary damages, that is
attributable to, or results from the failure of M&I, any M&I Affiliate or any of
their respective directors, officers or employees to make any payment required
to be made under this Agreement. The Metavante Group shall jointly and severally
indemnify M&I, each M&I Affiliate, and their respective directors, officers and
employees, and hold them harmless from and against any and all Taxes for which
Metavante or any Metavante Affiliate is liable under this Agreement and any
loss, cost, damage or expense, including reasonable attorneys' fees and costs,
but excluding any consequential, special, punitive or exemplary damages, that is
attributable to, or results from, the failure of Metavante, any Metavante
Affiliate or any of their respective directors, officers or employees to make
any payment required to be made under this Agreement.

     6.02.  Inaccurate or Incomplete Information.  The M&I Group shall jointly
and severally indemnify Metavante, each Metavante Affiliate, and their
respective directors, officers and employees, and hold them harmless from and
against any cost, fine, penalty, or other expense of any kind, excluding any
consequential, special, punitive or exemplary damages, that is attributable to
the negligence of M&I or any M&I Affiliate in supplying Metavante or any
Metavante Affiliate with inaccurate or incomplete information, in connection
with the preparation of any Tax Return. The Metavante Group shall jointly and
severally indemnify M&I, each M&I Affiliate, and their respective directors,
officers and employees, and hold them harmless from and against any cost, fine,
penalty, or other expenses of any kind, excluding any consequential, special,
punitive or exemplary damages, that is attributable to the negligence of
Metavante or any Metavante Affiliate in supplying M&I or any M&I Affiliate with
inaccurate or incomplete information, in connection with the preparation of any
Tax Return.

     6.03.  No Guarantee for Tax Items.  Nothing in this Agreement shall be
construed as a guarantee of the existence or amount of any loss, credit,
carryforward, basis or other Tax Item, whether past, present or future, of M&I,
any M&I Affiliate, Metavante or any Metavante Affiliate.

                                      13
<PAGE>

     6.04.  Indemnification Procedure.  The indemnification procedure set forth
in Section 3.3(f) of the Assignment and Assumption Agreement of even date
herewith between the parties hereto shall be applicable to any indemnity granted
herein.

Section 7.  Payments.

     7.01.  Estimated Tax and Extension Payments.  As requested by M&I,
Metavante shall promptly, but not later than the date immediately preceding each
Estimated Tax Installment Date with respect to a taxable period for which a
Consolidated Return or a Combined Return will be filed, pay to M&I on behalf of
the Metavante Group an amount equal to the amount of any estimated Separate Tax
Liability that Metavante would have otherwise been required to pay to a Taxing
Authority on such Estimated Tax Installment Date. As requested by M&I, Metavante
shall promptly, but not later than the day immediately preceding the date of the
filing of any request for extension to file a Consolidated Return or Combined
Return, pay to M&I on behalf of the Metavante Group an amount equal to the
difference, if any, between the estimated Metavante Separate Tax Liability
included in the extension request and the aggregate amount paid by Metavante
with respect to such taxable period as its share of any estimated tax payments.

     7.02.  True-Up Payments.  Upon the date of filing of a Tax Return or such
later date as the information is available, Metavante shall pay to M&I, or M&I
shall pay to Metavante or apply as a credit against future Tax liability, as
appropriate, an amount equal to the difference, if any, between the Metavante
Separate Tax Liability and the aggregate amount paid by Metavante with respect
to such period under Section 7.01 of this Agreement.

     7.03.  Redetermination Amounts.  In the event of a redetermination of any
Tax Item reflected on any Tax Return described in Section 2.01(a) of this
Agreement (other than Tax Items relating to Distribution Taxes), as a result of
a refund of Taxes paid, a Final Determination or any settlement or compromise
with any Taxing Authority which may affect Metavante's Separate Tax Liability,
M&I shall prepare a revised schedule for the relevant taxable period reflecting
the redetermination of such Tax Item as a result of such refund, Final
Determination, settlement or compromise. Metavante shall pay to M&I, or M&I
shall pay to Metavante, as appropriate, an amount equal to the difference, if
any, between the Separate Tax Liability computed in accordance with past
practice taking into account the redetermination of such Tax Items and the
Separate Tax Liability for such period as originally computed pursuant to this
Agreement within five business days of the delivery of such schedule to
Metavante.

     7.04.  Payments Under This Agreement.  In the event that one party (the
"Owing Party") is required to make a payment to another party (the "Owed Party")
pursuant to this Agreement, then such payments shall be made according to this
Section 7.04.

          (a)  In General.  All payments shall be made to the Owed Party or to
     the appropriate Taxing Authority as specified by the Owed Party within the
     time prescribed for payment in this Agreement, or if no period is
     prescribed, within twenty (20) days after delivery of written notice of
     payment owing together with a computation of the amounts due.

                                      14
<PAGE>

          (b)  Treatment of Payments.  Unless otherwise required by any Final
     Determination, the parties agree that any payments made by one party to
     another party (other than payments of interest pursuant to Section 7.04(e)
     of this Agreement and payments of After Tax Amounts pursuant to Section
     7.04(d) of this Agreement) pursuant to this Agreement shall be treated for
     all Tax and financial accounting purposes as nontaxable payments (dividend
     distributions or capital contributions, as the case may be) made
     immediately prior to the Distribution and, accordingly, as not includible
     in the taxable income of the recipient or as deductible by the payor;
     provided, however, nothing in this section shall eliminate the right of
     Metavante and the Metavante Affiliates to claim an Income Tax deduction for
     Taxes paid to the extent otherwise allowable by law.

          (c)  Prompt Performance.  All actions required to be taken by any
     party under this Agreement shall be performed within the time prescribed
     for performance in this Agreement, or if no period is prescribed, such
     actions shall be performed promptly.

          (d)  After Tax Amounts.  If pursuant to a Final Determination it is
     determined that the receipt or accrual of any payment made under this
     Agreement (other than payments of interest pursuant to Section 7.04(e) of
     this Agreement) is subject to any Tax, the party making such payment shall
     be liable for (a) the After Tax Amount with respect to such payment and (b)
     interest at the rate described in Section 7.04(e) of this Agreement on the
     amount of such After Tax Amount from the date such After Tax Amount is due
     under this Agreement through the date of payment of such After Tax Amount.
     A party making a demand for a payment pursuant to this Agreement and for a
     payment of an After Tax Amount with respect to such payment shall
     separately specify and compute such After Tax Amount. However, a party may
     choose not to specify an After Tax Amount in a demand for payment pursuant
     to this Agreement without thereby being deemed to have waived its right
     subsequently to demand an After Tax Amount with respect to such payment.

          (e)  Interest.  Payments pursuant to this Agreement that are not made
     within the period prescribed in this Agreement (the "Payment Period") and
     were not otherwise setoff against amounts owed by one party to the other
     party as provided in Section 9.16 of this Agreement shall bear interest for
     the period from and including the date immediately following the last date
     of the Payment Period through and including the date of payment at a per
     annum rate equal to the prime rate as published in The Wall Street Journal
     on the last day of such Payment Period, plus one percent (1%). Such
     interest will be payable at the same time as the payment to which it
     relates and shall be calculated on the basis of a year of 365 days and the
     actual number of days for which due.

     7.05.  Other Adjustments.  Except as otherwise provided under this
Agreement, if, pursuant to a Final Determination, a party to this Agreement
suffers an unanticipated Tax Detriment and, as a result, the other party to this
Agreement obtains a corresponding unanticipated Tax Benefit, and such Tax
Detriment is not otherwise compensated under this Agreement, then the party
obtaining such Tax Benefit shall make a payment to the other party in an amount
equal to such Tax Benefit.

                                      15
<PAGE>

Section 8.  Tax Proceedings.

     8.01.  In General.  Except as otherwise provided in this Agreement, the
party responsible for preparing and filing a Tax Return pursuant to Section 2 of
this Agreement (the "Filing Party") shall have the exclusive right, in its sole
discretion, to control, contest, and represent the interests of M&I, any M&I
Affiliate, Metavante, and any Metavante Affiliate in any Audit relating to such
Tax Return and to resolve, settle or agree to any deficiency, claim or
adjustment proposed, asserted or assessed in connection with or as a result of
any such Audit. The Filing Party's rights shall extend to any matter pertaining
to the management and control of an Audit, including execution of waivers,
choice of forum, scheduling of conferences and the resolution of any Tax Item.
Any costs incurred in handling, settling, or contesting an Audit shall be borne
by the Filing Party except that Metavante shall reimburse M&I within thirty days
of receiving an invoice for Costs (as defined in this Section 8.01) incurred by
M&I related to Audits by any Taxing Authority as follows: (i) as regards any
Combined Return which includes Metavante, any Metavante Affiliate, the Data
Services division of M&I or M&I Data Services, Inc., Metavante shall reimburse
M&I for that portion of the Costs which is proportional with the Separate Tax
Liability as determined in connection with the Combined Return after any Final
Determination has occurred when compared with the total Taxes reflected on such
Combined Return after such Final Determination, (ii) as regards any Consolidated
Return or Wisconsin separate Tax Return, Metavante shall reimburse M&I for that
portion of the Costs which were expended in connection with issues which arise
in connection with Tax Items of Metavante, any Metavante Affiliate, or its
predecessors including the Data Services division of M&I and M&I Data Services,
Inc. (but not the item processing department of Data Services), (iii) as regards
any separate Tax Return which M & I files which includes Tax Items from its Data
Services division (other than any Wisconsin Tax Return), all of the Costs, and
(iv) as regards any separate Tax Returns of Metavante, any Metavante Affiliate
or M&I Data Services, Inc. for any Pre-Distribution Period or Post-Distribution
Period, all of the Costs. "Costs" means (i) an hourly charge for time expended
by M&I personnel (such hourly charge not to include a profit component), (ii) a
pass through of all billings of any third parties such as lawyers and
accountants, and (iii) out-of-pocket costs incurred by M&I, including, for
example, photocopying (even if performed on M&I equipment, but with no profit
component).

     8.02.  Participation of non-Filing Party.  Except as otherwise provided in
this Agreement, the non-Filing Party shall have the right to assume control over
decisions to resolve, settle or otherwise agree to any deficiency, claim or
adjustment: (i) with respect to any Sole Responsibility Item for which the non-
Filing Party's responsibility under this Agreement could exceed one hundred
thousand dollars ($100,000), upon delivery to the Filing Party of a written
opinion of a nationally recognized law or accounting firm chosen by the parties
substantially to the effect that the non-Filing Party's position with respect to
such deficiency, claim, or adjustment should be upheld on appeal; and (ii) with
respect to any Sole Responsibility Item for which the non-Filing Party's
responsibility under this Agreement could exceed two hundred and fifty thousand
dollars ($250,000), upon delivery to the Filing Party of a written opinion of a
nationally recognized law or accounting firm chosen by the parties substantially
to the effect that the non-Filing Party's position with respect to such
deficiency, claim, or adjustment is more likely than not to be upheld on appeal.
The Filing Party and the non-Filing Party shall have joint control over
decisions to resolve, settle or otherwise agree to any deficiency, claim or
adjustment

                                      16
<PAGE>

with respect to any Joint Responsibility Item. The Filing Party shall not settle
any Audit it controls concerning a Tax Item of an Interim Period on a basis that
would materially adversely affect the non-Filing Party without obtaining such
non-Filing Party's consent, which consent shall not be unreasonably withheld if
failure to consent would adversely affect the Filing Party. For purposes of this
Agreement, a settlement will not be deemed to have a material adverse effect if
the effect on the party's publicly-reported financial statements would not be
material.

     8.03.  Notice.  Within ten (10) days after a party receives a written
notice from a Taxing Authority of a proposed adjustment to a Tax Item that would
reasonably be expected to give rise to an indemnification obligation or other
liability (including a liability for Tax) under this Agreement, such party shall
notify the other party of such proposed adjustment, and thereafter shall
promptly forward to the other party copies of notices and material
communications with any Taxing Authority relating to such proposed adjustment;
provided, however, that the failure to provide such notice shall not release the
indemnifying party from any of its obligations under this Agreement except to
the extent that such indemnifying party is materially prejudiced by such
failure.

     8.04.  Control of Distribution Tax Proceedings.

          (a)  Subject to the provisions of Section 8.04(b) of this Agreement,
     M&I shall have the exclusive right, in its sole discretion, to control,
     contest, and represent the interests of M&I, any M&I Affiliate, Metavante,
     and any Metavante Affiliate in any Audits relating to Distribution Taxes
     and to resolve, settle or agree to any deficiency, claim or adjustment
     proposed, asserted or assessed in connection with or as a result of any
     such Audit. M&I's rights shall extend to any matter pertaining to the
     management and control of such Audit, including execution of waivers,
     choice of forum, scheduling of conferences and the resolution of any Tax
     Item. The notice provisions contained in Section 8.03 shall apply to any
     Audits relating to Distribution Taxes, and M&I agrees to consult with
     Metavante regarding material decisions in the Audits or any settlement
     regarding Distribution Taxes, but M&I has the ultimate authority to make
     all decisions and settlements as regards any such Audit.

          (b)  Notwithstanding the provisions of Section 8.04(a) of this
     Agreement, Metavante shall have the exclusive right, in its sole
     discretion, to control, contest, and represent the interests of M&I, any
     M&I Affiliate, Metavante, and any Metavante Affiliate in any Audits
     relating to Distribution Taxes and to resolve, settle or agree to any
     deficiency, claim or adjustment proposed, asserted or assessed in
     connection with or as a result of any such Audit, if it (i) acknowledges in
     writing that it has sole liability for any Distribution Taxes that might
     arise in such Audit, (ii) demonstrates to the satisfaction of M&I by clear
     and convincing evidence that it has the financial ability to discharge all
     liabilities arising from or related to any Distribution Taxes that may
     arise in such Audit, and (iii) acknowledges in writing that it will forego
     any right to challenge its liability under this Agreement for such
     Distribution Taxes.

                                      17
<PAGE>

Section 9.  Miscellaneous Provisions.

     9.01.  Effectiveness.  This Agreement shall be effective as of July 1,
2000.

     9.02.  Cooperation and Exchange of Information.

          (a)  Cooperation.  Metavante and M&I shall each cooperate fully (and
     each shall cause its respective affiliates to cooperate fully) with all
     reasonable requests from another party in connection with the preparation
     and filing of Tax Returns, claims for refund, and Audits concerning issues
     or other matters covered by this Agreement.  Such cooperation shall
     include, without limitation:

               (i)  the retention until the expiration of the applicable statute
          of limitations, and the provision upon request, of Tax Returns, books,
          records (including information regarding ownership and Tax basis of
          property), documentation and other information relating to the Tax
          Returns, including accompanying schedules, related work papers, and
          documents relating to rulings or other determinations by Taxing
          Authorities;

               (ii)  the execution of any document that may be necessary or
          reasonably helpful in connection with any Audit, or the filing of a
          Tax Return or refund claim by a member of the M&I Group or the
          Metavante Group, including certification, to the best of a party's
          knowledge, of the accuracy and completeness of the information it has
          supplied; and

               (iii)  the use of the party's best efforts to obtain any
          documentation that may be necessary or reasonably helpful in
          connection with any of the foregoing.  Each party shall make its
          employees and facilities available on a reasonable and mutually
          convenient basis in connection with the foregoing matters.

          (b)  Failure to Perform.  If a party fails to comply with any of its
     obligations set forth in Section 9.02(a) of this Agreement upon reasonable
     request and notice by the other party, and such failure results in the
     imposition of additional Taxes, the nonperforming party shall be liable in
     full for such additional Taxes.

          (c)  Retention of Records.  A party intending to dispose of
     documentation of M&I (or any M&I Affiliate) or Metavante (or any Metavante
     Affiliate), including without limitation, books, records, Tax Returns and
     all supporting schedules and information relating thereto (after the
     expiration of the applicable statute of limitations), which relates to Tax
     Returns described in Sections 2.01(a) (to the extent it affects the
     Separate Tax Liability of Metavante or a Metavante Affiliate) and 2.02
     (other than returns for Post-Distribution Periods) shall provide written
     notice to the other party describing the documentation to be destroyed or
     disposed of sixty (60) business days prior to taking such action.  The
     other party may arrange to take delivery of the documentation described in
     the notice at its expense during the succeeding sixty (60) day period.  The
     documentation described in the notice will not be disposed of without the
     affirmative written consent of an officer of the notified party.

                                       18
<PAGE>

     9.03.  Dispute Resolution.  In the event that M&I and Metavante disagree as
to the amount or calculation of any payment to be made under this Agreement, or
the interpretation or application of any provision under this Agreement, the
parties shall attempt in good faith to resolve such dispute.  If such dispute is
not resolved within sixty (60) business days following the commencement of the
dispute, M&I and Metavante shall jointly retain a nationally recognized law or
accounting firm, which firm is independent of both parties (the "Independent
Firm"), to resolve the dispute; provided, however, that in order to pursue any
such dispute resolution under this Section 9.03, the Owing Party must either (i)
first pay to the Owed Party, or place in an escrow reasonably satisfactory to
the Owed Party pending resolution of such dispute, an amount equal to the
payment which is the subject of such dispute, or (ii) deliver to the Owed Party
a written opinion of a nationally recognized law or accounting firm chosen by
the parties substantially to the effect that with respect to such dispute the
Owing Party is more likely than not to prevail in its entirety in the dispute
resolution proceeding.  The Independent Firm shall act as an arbitrator to
resolve all points of disagreement and its decision shall be final and binding
upon all parties involved.  Following the decision of the Independent Firm, M&I
and Metavante shall each take or cause to be taken any action necessary to
implement the decision of the Independent Firm.  The fees and expenses relating
to the Independent Firm shall be borne equally by M&I and Metavante; provided,
however, that the Independent Firm shall be entitled, in its sole discretion, to
allocate such fees and expenses otherwise between the parties.  Notwithstanding
anything in this Agreement to the contrary, the dispute resolution provisions
set forth in this Section 9.03 shall not be applicable to any disagreement
between M&I and Metavante relating to Distribution Taxes.

     9.04.  Notices.  Any notice, request, instruction or other document to be
given or delivered under this Agreement by any party to another party shall be
in writing and shall be deemed to have been duly given or delivered when (1)
delivered in person or sent by telecopy to the facsimile number indicated below
with a required confirmation copy sent in accordance with clause (2) below, (2)
deposited in the United States mail, postage prepaid and sent certified mail,
return receipt requested or (3) delivered to Federal Express or similar service
for overnight delivery to the address of the party set forth below:

     If to M&I or any M&I Affiliate to:

          Marshall & Ilsley Corporation
          770 North Water Street
          Milwaukee, Wisconsin  53202
          Attention:  M.A. Hatfield
          Facsimile:  (414)765-7899

     If to Metavante or any Metavante Affiliate to:

          Metavante Corporation
          4900 West Brown Deer Road
          Brown Deer, Wisconsin  53224
          Attention:  N. "Norrie" J. Daroga
          Facsimile:  (414)362-1705

                                       19
<PAGE>

Either party may, by written notice to the other parties, change the address or
the party to which any notice, request, instruction or other document is to be
delivered.

     9.05.  Changes in Law.

          (a) Any reference to a provision of the Code or a law of another
     jurisdiction shall include a reference to any applicable successor
     provision or law.

          (b) If, due to any change in applicable law or regulations or their
     interpretation by any court of law or other governing body having
     jurisdiction subsequent to the date of this Agreement, performance of any
     provision of this Agreement or any transaction contemplated thereby shall
     become impracticable or impossible, the parties hereto shall use their
     commercially reasonable efforts to find and employ an alternative means to
     achieve the same or substantially the same result as that contemplated by
     such provision.

     9.06. Confidentiality. Each party shall hold and cause its directors,
officers, employees, advisors and consultants to hold in strict confidence,
unless compelled to disclose by judicial or administrative process or, in the
opinion of its counsel, by other requirements of law, all information (other
than any such information relating solely to the business or affairs of such
party) concerning the other parties hereto furnished it by such other party or
its representatives pursuant to this Agreement (except to the extent that such
information can be shown to have been (1) in the public domain through no fault
of such party, (2) later lawfully acquired from other sources not known to be
under a duty of confidentiality by the party to which it was furnished, or (3)
independently developed), and each party shall not release or disclose such
information to any other person, except its directors, officers, employees,
auditors, attorneys, financial advisors, bankers and other consultants who shall
be advised of and agree to be bound by the provisions of this Section 9.06. Each
party shall be deemed to have satisfied its obligation to hold confidential
information concerning or supplied by the other party if it exercises the same
care as it takes to preserve confidentiality for its own similar information.

     9.07. Successors. This Agreement shall be binding on and inure to the
benefit and detriment of any successor, by merger, acquisition of assets or
otherwise, to any of the parties hereto, to the same extent as if such successor
had been an original party.

     9.08. Affiliates. M&I shall cause to be performed, and hereby guarantees
the performance of, all actions, agreements and obligations set forth herein to
be performed by any M&I Affiliate, and Metavante shall cause to be performed,
and hereby guarantees the performance of, all actions, agreements and
obligations set forth herein to be performed by any Metavante Affiliate;
provided, however, that (1) if it is contemplated that a Metavante Affiliate may
cease to be a Metavante Affiliate as a result of a transfer of its stock or
other ownership interests to a third party in exchange for consideration in an
amount approximately equal to the fair market value of the stock or other
ownership interests transferred and such consideration is not distributed
outside of the Metavante Group to the shareholders of Metavante then Metavante
may request in writing no later than thirty (30) days prior to such cessation
that M&I execute a release of such Metavante Affiliate from its obligations
under this Agreement effective as of such transfer and M&I shall promptly
execute and deliver such release to Metavante provided

                                       20
<PAGE>

that Metavante shall have confirmed in writing its obligations and the
obligations of its remaining Metavante Affiliates with respect to their own
obligations and those of the departing Metavante Affiliate and that such
departing Metavante Affiliate shall have executed a release of any rights it may
have against M&I or any M&I Affiliate by reason of this Agreement, and (2) if it
is contemplated that an M&I Affiliate may cease to be an M&I Affiliate as a
result of a transfer of its stock or other ownership interests to a third party
in exchange for consideration in an amount approximately equal to the fair
market value of the stock or other ownership interests transferred and such
consideration is not distributed outside of the M&I Group to the shareholders of
M&I then M&I may request in writing no later than thirty (30) days prior to such
cessation that Metavante execute a release of such M&I Affiliate from its
obligations under this Agreement effective as of such transfer and Metavante
shall promptly execute and deliver such release to M&I provided that M&I shall
have confirmed in writing its obligations and the obligations of its remaining
M&I Affiliates with respect to their own obligations and the obligations of the
departing M&I Affiliate and that such departing M&I Affiliate shall have
executed a release of any rights it may have against Metavante or any Metavante
Affiliate by reason of this Agreement. The requested party hereunder shall not
unreasonably withhold the provision of any such release.

     9.09. Authorization, Etc. Each of the parties hereto hereby represents and
warrants that it has the power and authority to execute, deliver and perform
this Agreement, that this Agreement has been duly authorized by all necessary
corporate action on the part of such party, that this Agreement constitutes a
legal, valid and binding obligation of each such party and that the execution,
delivery and performance of this Agreement by such party does not contravene or
conflict with any provision of law or of its charter or bylaws or any agreement,
instrument or order binding on such party.

     9.10. Entire Agreement. This Agreement contains the entire agreement among
the parties hereto with respect to the subject matter hereof and supersedes any
prior tax sharing agreements between M&I (or any M&I Affiliate) and Metavante
(or any Metavante Affiliate) and such prior tax sharing agreements shall have no
further force and effect.

     9.11. Applicable Law. This Agreement shall be governed by and construed and
enforced in accordance with the laws of the State of Wisconsin without giving
effect to laws and principles relating to conflicts of law.

     9.12. Counterparts. This Agreement may be executed in any number of
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same Agreement.

     9.13. Severability. If any term, provision, covenant, or restriction of
this Agreement is held by a court of competent jurisdiction (or an arbitrator or
arbitration panel) to be invalid, void, or unenforceable, the remainder of the
terms, provisions, covenants, and restrictions set forth herein shall remain in
full force and effect, and shall in no way be affected, impaired, or
invalidated. In the event that any such term, provision, covenant or restriction
is held to be invalid, void or unenforceable, the parties hereto shall use their
best efforts to find and employ an
                                       21
<PAGE>

alternate means to achieve the same or substantially the same result as that
contemplated by such terms, provisions, covenant, or restriction.

     9.14. No Third Party Beneficiaries. This Agreement is solely for the
benefit of M&I, the M&I Affiliates, Metavante and the Metavante Affiliates. This
Agreement should not be deemed to confer upon third parties any remedy, claim,
liability, reimbursement, cause of action or other rights in excess of those
existing without this Agreement.

     9.15. Waivers, Etc. No failure or delay on the part of the parties in
exercising any power or right hereunder 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 right or power, preclude
any other or further exercise thereof or the exercise of any other right or
power. No modification or waiver of any provision of this Agreement nor consent
to any departure by the parties therefrom shall in any event be effective unless
the same shall be in writing, and then such waiver or consent shall be effective
only in the specific instance and for the purpose for which given.

     9.16. Setoff. All payments to be made by any party under this Agreement may
be netted against payments due to such party under this Agreement, but otherwise
shall be made without setoff, counterclaim or withholding, all of which are
hereby expressly waived.

     9.17. Other Remedies. Metavante recognizes that (1) any act, failure to
act, or omission specified in Section 4.01(b)(i)-(ii) of this Agreement of or by
Metavante or any Metavante Affiliate or (2) the occurrence of any event
specified in Section 4.01(b)(iii)-(iv) of this Agreement, may result in
Distribution Taxes which could cause irreparable harm to M&I, M&I Affiliates and
their stockholders, and that such persons may be inadequately compensated by
monetary damages for such act, failure to act, omission, or event. Accordingly,
neither Metavante nor any Metavante Affiliate shall permit (1) any act, failure
to act, or omission specified in Section 4.01(b)(i)-(ii) of this Agreement or
(2) the occurrence of any event specified in Section 4.01(b)(iii)-(iv) of this
Agreement, that could be reasonably foreseeable to result in any Distribution
Taxes, and M&I and each M&I Affiliate shall be entitled to injunctive relief, in
addition to all other remedies, in order to prevent any such act, failure to
act, omission, or occurrence. M&I recognizes that (1) any act, failure to act,
or omission specified in Section 4.01(a)(i)-(ii) of this Agreement of or by M&I
or any M&I Affiliate or (2) the occurrence of any event specified in Section
4.01(a)(iii)-(iv) of this Agreement, may result in Distribution Taxes which
could cause irreparable harm to Metavante, Metavante Affiliates and their
stockholders, and that such persons may be inadequately compensated by monetary
damages for such act, failure to act, omission, or event. Accordingly, neither
M&I nor any M&I Affiliate shall permit (1) any act, failure to act, or omission
specified in Section 4.01(a)(i)-(ii) of this Agreement or (2) the occurrence of
any event specified in Section 4.01(a)(iii)-(iv) of this Agreement, that could
be reasonably foreseeable to result in any Distribution Taxes, and Metavante and
each Metavante Affiliate shall be entitled to injunctive relief, in addition to
all other remedies, in order to prevent any such act, failure to act, omission,
or occurrence.

                                       22
<PAGE>

     9.18. Conflicting Agreements. In the event of conflict between this
Agreement and any other express agreement of the parties, the provisions of this
Agreement shall prevail unless otherwise provided herein.

     9.19. Expiration of Administrative Services Agreement. If the
Administrative Services Agreement between the parties hereto (the "ASA") has
expired at such time as M&I incurs any Costs (as defined in Section 8.01 hereof)
in connection with any services that M&I is to perform under this Agreement for
which it would otherwise be compensated by Metavante under the ASA absent its
expiration, this Agreement shall be deemed to include such portions of said ASA
so that M&I is not incurring Costs on Metavante's behalf for which it is not
compensated.

     IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to
be executed by a duly authorized officer effective as of the date first above
written.

                              MARSHALL & ILSLEY CORPORATION
                              on behalf of itself and the M&I Affiliates

                              By:
                                 ---------------------------------------
                              Name:
                              Title:

                              METAVANTE CORPORATION
                              on behalf of itself and the Metavante Affiliates

                              By:
                                 ---------------------------------------
                              Name:
                              Title:

                                       23<PAGE>

                                                                    Exhibit 10.9
                                                                    ------------

                          EMPLOYEE MATTERS AGREEMENT

     This EMPLOYEE MATTERS AGREEMENT (this "Agreement") is entered into as of -
July 13, 2000, between Marshall & Ilsley Corporation ("M&I"), a Wisconsin
corporation, and Metavante Corporation ("Metavante"), a Wisconsin corporation.
Capitalized terms used herein and not otherwise defined, shall have the
respective meanings assigned to them in Article I hereof.

     WHEREAS, as set forth in the General Assignment and Assumption Agreement
dated as of July 1, 2000 (the "Assignment and Assumption Agreement"), and
subject to the terms and conditions thereof, M&I has transferred and assigned to
Metavante substantially all of the assets and liabilities currently associated
with the Metavante Business (as defined in the Assignment and Assumption
Agreement) and the stock or similar interests currently held by M&I in
subsidiaries and other entities that conduct such business (the "Transfer");

     WHEREAS, M&I and Metavante currently contemplate that, following the
Transfer, Metavante will make an initial public offering (the "IPO") of
Metavante common stock that will reduce M&I's ownership of Metavante on a fully
diluted basis to not less than eighty and one-tenth percent (80.1%);

     WHEREAS, M&I intends, sometime after the IPO, to distribute all of its
shares of Metavante common stock to M&I shareholders on a pro rata basis (the
"Distribution");

     WHEREAS, the Transfer and the Distribution are intended to qualify as a
tax-free reorganization and distribution under sections 368(a)(1)(D) and 355 of
the Code; and

     WHEREAS, in furtherance of the foregoing, M&I and Metavante have agreed to
enter into this Agreement to allocate between them assets, liabilities and
responsibilities with respect to certain employee compensation, benefit plans
and programs, and certain employment matters with respect to their employees.

     NOW, THEREFORE, in consideration of the foregoing and the covenants and
agreements set forth below, the parties hereto agree as follows:

                                   ARTICLE I

                                  DEFINITIONS

     Wherever used in this Agreement, the following terms shall have the
meanings indicated below, unless a different meaning is plainly required by the
context. The singular shall include the plural, unless the context indicates
otherwise. Headings of sections are used for convenience of reference only, and
in case of conflict, the text of this Agreement, rather than such headings,
shall control:
<PAGE>

     1.1.  Affiliate. "Affiliates" means, with respect to any specified Person,
           ---------
any Person that directly, or indirectly through one or more intermediaries,
controls, or is controlled by, or is under common control with such specified
Person; provided, however, that for purposes of this Agreement, (i) M&I and its
Subsidiaries (other than Metavante and its Subsidiaries) shall not be considered
Affiliates of Metavante and (ii) Metavante and its Subsidiaries shall not be
considered Affiliates of M&I.

     1.2.  Agreement. "Agreement" means this Employee Matters Agreement and all
           ---------
amendments made hereto from time to time.

     1.3.  COBRA. "COBRA" means the continuation coverage requirements for
           -----
"group health plans" under Title X of the Consolidated Omnibus Budget
Reconciliation Act of 1985, as amended from time to time, and as codified in
Code Section 4980B and ERISA Sections 601 through 608.

     1.4.  Code. "Code" means the Internal Revenue Code of 1986, as amended
           ----
from time to time.

     1.5.  DOL.  "DOL" means the United States Department of Labor.
           ---

     1.6.  Distribution. "Distribution" means a distribution by M&I to its
           ------------
shareholders on a pro rata basis of all the shares of Metavante Stock owned by
M&I.

     1.7.  Distribution Date. "Distribution Date" means the date that the
           -----------------
Distribution is effective.

     1.8.  ERISA. "ERISA" means the Employee Retirement Income Security Act of
           -----
1974, as amended from time to time.

     1.9.  FMLA. "FMLA" means the Family and Medical Leave Act of 1993, as
           ----
amended from time to time.

     1.10.  HCFA. "HCFA" means the United States Health Care Financing
            ----
Administration.

     1.11.  IRS. "IRS" means the United States Internal Revenue Service.
            ---

     1.12.  M&I. "M&I" means Marshall & Ilsley Corporation, a Wisconsin
            ---
corporation.  In all such instances in which M&I is referred to in this
Agreement, it shall also be deemed to include a reference to each member of the
M&I Group, unless it specifically provides otherwise.

     1.13.  M&I Deferred Compensation Plan. "M&I Deferred Compensation Plan"
            ------------------------------
means the Marshall & Ilsley Corporation Executive Deferred Compensation Plan, as
amended.

     1.14.  M&I Group. "M&I Group" means M&I and each Affiliate of M&I (or any
            ---------
predecessor organization thereof), but not including any member of the Metavante
Group.

                                       2
<PAGE>

     1.15.  M&I Health Plans. "M&I Health Plans" means all medical,
            ----------------
pharmaceutical, and dental plans, programs or arrangements maintained by M&I for
the benefit of the M&I Group.

     1.16.  M&I Health and Welfare Plans. "M&I Health and Welfare Plans" means
            ----------------------------
the health and welfare plans listed on Schedule 1 established and maintained by
M&I for the benefit of employees and retirees of the M&I Group.

     1.17.  M&I Option. "M&I Option" means an option to purchase shares of M&I
            ----------
common stock which was granted under an M&I Option Plan prior to July 31, 2000
and is outstanding immediately prior to the Distribution.

     1.18.  M&I Option Plans. "M&I Option Plans" means the 1985, 1989, 1997 and
            ----------------
2000 Executive Stock Option and Restricted Stock Plans of M&I, as amended, the
Valley Bancorporation ("Valley")1984 Incentive Stock Option Plan, the Valley
1986 Amended and Restated Stock Option Plan, the Valley 1988 Nonqualified Stock
Option Plan, the Valley 1992 Incentive Stock Plan, the Security Capital
Corporation 1993 Incentive Stock Option Plan and the Advantage Bancorp, Inc.
1995 Equity Incentive Plan.

     1.19.  M&I Retirement Program. "M&I Retirement Program" means the tax-
            ----------------------
qualified defined contribution and 401(k) plan sponsored by M&I.

     1.20.  M&I Supplemental Benefit Plan. "M&I Supplemental Benefit Plan"
            -----------------------------
means the M&I Supplementary Retirement Benefits Plan, as amended.

     1.21.  M&I VEBAs. "M&I VEBAs" means the M&I Corporation Voluntary Employee
            ---------
Benefits Association Trusts which are intended to be a voluntary employees'
beneficiary association under Code Section 501(c)(9).

     1.22.  Metavante. "Metavante" means Metavante Corporation, a Wisconsin
            ---------
corporation. In all such instances in which Metavante is referred to in this
Agreement, it shall also be deemed to include a reference to each member of the
Metavante Group, unless it specifically provides otherwise.

                                       3
<PAGE>

     1.23. Metavante Employee. "Metavante Employee" means any individual who,
           ------------------
as of the Distribution Date, is: (a) either actively employed by, or on a leave
of absence from, the Metavante Group; (b) a Metavante Terminated Employee; (c)
an alternate payee under a QDRO, alternate recipient under a QMCSO, beneficiary,
covered dependent, or qualified beneficiary (as such term is defined under
COBRA), in each case, of an employee or former employee, described in clause (a)
or (b) with respect to that employee's or former employee's benefit under the
applicable Plan(s) (unless specified otherwise in this Agreement, such an
alternate payee, alternate recipient, beneficiary, covered dependent, or
qualified beneficiary shall not otherwise be considered an Metavante Employee
with respect to any benefits he or she accrues or accrued under any applicable
Plan(s), unless he or she is a Metavante Employee by virtue of clause (a) or
(b)); or (d) an employee or group of employees designated by M&I and Metavante,
by mutual agreement, as Metavante Employees.  An employee may be an Metavante
Employee pursuant to this Section regardless of whether such employee is, as of
the Distribution Date, alive, actively employed, on a temporary leave of absence
from active employment, on layoff, terminated from employment, retired or on any
other type of employment or post-employment status relative to an M&I Plan, and
regardless of whether, as of the Distribution Date, such employee is then
receiving any benefits from an M&I Plan.

     1.24. Metavante Group. "Metavante Group" means Metavante, M&I Asia
           ---------------
Pacific, Inc. and M&I EastPoint Technology, Inc. as well as any other Subsidiary
of Metavante.

     1.25. Metavante Health and Welfare Plans. "Metavante Health and Welfare
           ----------------------------------
Plans" means the health and welfare plans to be established by Metavante
pursuant to Article V or which Metavante chooses to establish in its sole
discretion.

     1.26. Metavante Health Plans. "Metavante Health Plans" means the health
           ----------------------
plans, programs and arrangements to be established by Metavante pursuant to
Article V.

     1.27. Metavante Option. "Metavante Option" means an option to purchase
           ----------------
shares of Metavante common stock, which option shall be granted pursuant to the
terms of the Metavante Option Plan.

     1.28. Metavante Option Plan. "Metavante Option Plan" means the 2000
           ---------------------
Metavante Stock Incentive Plan.

     1.29. Metavante Retirement Plan. "Metavante Retirement Plan" has the
           -------------------------
meaning set forth in Section 3.1 hereof.

     1.30. Metavante Stock. "Metavante Stock" means the common stock of
           ---------------
Metavante.

     1.31. Metavante Terminated Employee. "Metavante Terminated Employee"
           -----------------------------
means any individual who is a former employee of the Metavante Group, the M&I
Data Services division of Marshall & Ilsley Corporation or M&I Data Services,
Inc. (jointly referred to as "DS"), including any individual who retired from
Metavante or DS.  Notwithstanding the foregoing, "Metavante Terminated Employee"
shall not, unless otherwise expressly provided to the contrary in this
Agreement, include (a) any individual who is employed by a member of the M&I
Group

                                       4
<PAGE>

at the Distribution Date or (b) any individual who was employed by the item
processing department of DS.

     1.32. Participating Employer. "Participating Employer" means: (a) M&I;
           ----------------------
(b) any Person (other than an individual) that M&I has approved for
participation in, has accepted participation in, and which is participating in,
any M&I Plan; or (c) any Person (other than an individual) which, by the terms
of any M&I Plan, participates in such Plan or any employees of which, by the
terms of such Plan, participate in or are covered by such Plan.

     1.33. Person. "Person" means an individual, a partnership, a corporation,
           ------
a limited liability company, an association, a joint stock company, a trust, a
joint venture, an unincorporated organization, and a governmental entity or any
department, agency or political subdivision thereof.

     1.34. Plan. "Plan" means any plan, policy, program, payroll practice,
           ----
arrangement, contract, trust, insurance policy, or any agreement or funding
vehicle providing compensation or benefits to employees, former employees or
directors of any member of the M&I Group or the Metavante Group.

     1.35. QDRO. "QDRO" means a domestic relations order which qualifies under
           ----
Code Section 414(p) and ERISA Section 206(d) and which creates or recognizes an
alternate payee's right to, or assigns to an alternate payee, all or a portion
of the benefits payable to a participant under the M&I Retirement Program.

     1.36. QMCSO. "QMCSO" means a medical child support order which qualifies
           -----
under ERISA Section 609(a) and which creates or recognizes the existence of an
alternate recipient's right to, or assigns to an alternate recipient the right
to, receive benefits for which a participant or beneficiary is eligible under
any of the Health Plans.

     1.37. Reorganization Agreement. "Reorganization Agreement" means the
           ------------------------
Reorganization Agreement dated as of July 13, 2000 between M&I and Metavante.

     1.38. Subsidiary. "Subsidiary" means, with respect to any Person, any
           ----------
other Person a majority of the equity ownership or voting stock of which is at
the time owned, directly or indirectly, by such Person and/or one or more other
Subsidiaries of such Person; provided, however, that unless the context
otherwise requires prior to the Distribution, a Subsidiary of M&I shall only
include Persons who would be a Subsidiary of M&I assuming the Distribution has
occurred immediately prior to the determination as to whether such Person were a
Subsidiary of M&I.

                                  ARTICLE II

                              GENERAL PRINCIPLES

     2.1. Termination of Participating Employer Status. Except as otherwise may
          --------------------------------------------
be mutually agreed upon by M&I and Metavante, effective as of the Distribution
Date, each member of the

                                       5
<PAGE>

Metavante Group shall automatically cease to be a Participating Employer in any
and all M&I Plans.

     2.2. Terms of Participation in Metavante Plans.
          -----------------------------------------

     (a)  Non-Duplication of Benefits. As of the Distribution Date or such
          ---------------------------
other date that applies to the particular Metavante Plan established hereunder,
the Metavante Plans shall be, with respect to Metavante Employees, in all
respects the successors in interest to, and shall not provide benefits that
duplicate benefits provided by, the corresponding M&I Plans. M&I and Metavante
shall agree on methods and procedures, including amending the respective Plan
documents, to prevent employees from receiving duplicate benefits from the M&I
Plans and the Metavante Plans. In all events, Metavante Employees shall no
longer be participants in the M&I Plans as of the Distribution Date unless this
Agreement specifically provides to the contrary.

     (b)  Service Credit. Except as specified otherwise in this Agreement, with
          --------------
respect to Metavante Employees, each Metavante Plan shall provide that all
service, all compensation and all other benefit-affecting determinations that,
as of the Distribution Date or such earlier date as a Metavante Plan shall
become effective, were recognized under the corresponding M&I Plan shall, as of
the Distribution Date or such earlier date as a Metavante Plan shall become
effective, receive full recognition and credit and be taken into account under
such Metavante Plan to the same extent as if such items occurred under such
Metavante Plan, except to the extent that duplication of benefits would result.
The service crediting provisions shall be subject to any respectively applicable
"service bridging," "break in service," "employment date," "adjusted hire date"
or "eligibility date" rules under the Metavante Plans, the M&I Plans or this
Agreement. For a period of up to five years following the Distribution Date, M&I
or Metavante shall recognize service with the other corporation that was
recognized as of the Distribution Date, except to the extent provided in Section
2.2(a) above and, unless the Plan expressly contains a contrary provision or
unless required by law, so long as the break in service from M&I or Metavante
does not exceed five years.

     (c)  Assumption of Liabilities. The provisions of this Agreement for the
          -------------------------
transfer of assets relating to M&I Plans to Metavante and/or the appropriate
Metavante Plans are based upon the understanding of the parties that Metavante
and/or the appropriate Metavante Plan will assume all liabilities of the
corresponding M&I Plan to or relating to Metavante Employees, as provided for
herein. If any such liabilities are not effectively assumed by Metavante and/or
the appropriate Metavante Plan, then the amount of transferred assets shall be
recomputed accordingly, taking into account the retention of such liabilities by
such M&I Plan, and assets shall be transferred from Metavante and/or the
appropriate Metavante Plan to M&I and/or the appropriate M&I Plan so as to place
Metavante and/or the appropriate Metavante Plan in the position it would have
been in, had the initial asset transfer been made in accordance with such
recomputed amount of assets.

     2.3. Metavante's Obligation to Establish and Maintain Plans'. Except as
          -------------------------------------------------------
otherwise provided in this Agreement, Metavante shall not be required to
establish or maintain any Plan of any kind.  Metavante may, at any time after
the Distribution Date, amend, merge, modify, terminate, eliminate, reduce, or
otherwise alter in any respect any Metavante Plan, any benefit

                                       6
<PAGE>

under any Metavante Plan or any trust, insurance policy or funding vehicle
related to any Metavante Plan (except to the extent prohibited by law).

     2.4. Payments from Metavante to M&I For Services or Benefits Prior to
          ----------------------------------------------------------------
Distribution Date. Metavante shall continue to reimburse M&I for all costs,
-----------------
expenses, fees and premiums which Metavante has historically paid to M&I for
services or benefits provided to Metavante Employees of a nature governed by
this Agreement from the date hereof through and including the Distribution Date
unless this Agreement specifically provides to the contrary.

     2.5. Indemnification Provision. The indemnification provisions contained
          -------------------------
in Article III of the General Assignment and Assumption Agreement between M&I
and Metavante dated as of July 1, 2000 shall apply to this Agreement as if
incorporated herein in their entirety.

     2.6. Impact on M&I Plans. Nothing in this Agreement shall limit M&I's
          -------------------
right to amend, merge, modify, terminate, eliminate, reduce or otherwise alter
in any respect any M&I Plan, any benefit under any M&I Plan or any trust,
insurance policy or funding vehicle related to any M&I Plan (except to the
extent prohibited by law).

                                  ARTICLE III

                          Qualified Retirement Plans

     3.1. Establishment of 401(k) Plan and Trust Required. Effective as of the
          ------------------------------------------------
Distribution Date or such other date upon which M&I and Metavante mutually
agree, Metavante shall establish a profit sharing retirement plan (the
"Metavante Retirement Plan") and a related trust intended to be qualified under
Code Section 401(a) and to be exempt from taxation under Code Section 501(a).
Metavante shall determine the features of the Metavante Retirement Plan;
provided, however, that any optional form of distribution, other Code Section
411(d)(6) protected benefit, service rules, vesting rules and other features
which must be preserved under Code requirements with respect to all or a portion
of the transferred assets and liabilities described in Section 3.2 shall
continue to be in effect with respect to the portion of transferred assets and
liabilities to which such preservation requirement applies.

                                       7
<PAGE>

     3.2. Transfer of M&I Retirement Program Assets and Liabilities. Effective
          ---------------------------------------------------------
as of the date established pursuant to Section 3.1, (i) the Metavante Retirement
Plan shall assume and be solely responsible for all liabilities for or relating
to Metavante Employees under the M&I Retirement Program and (ii) M&I shall cause
the accounts of the Metavante Employees under the M&I Retirement Program and
assets attributable thereto that are held by its related trust as of such date
to be transferred to the Metavante Retirement Plan and its related trust, and
Metavante shall cause such transferred accounts and assets to be accepted by
such plan and its related trust. Initially, the trust implementing the Metavante
Retirement Plan shall be established with the same trustee as the trustee of the
trust which implements the M&I Retirement Program. The transfer of assets shall
be made in kind from the M&I trust to the Metavante trust. To the extent that
Metavante has not made all 401(k) contributions due to the M&I Retirement
Program as a participating sponsor thereof by the asset transfer date, Metavante
will promptly make those contributions to the M&I trust following such date and
the trustee of the M&I trust shall be instructed by M&I to immediately transfer
such amounts in cash to the Metavante trust to be held in the accounts of
Metavante Employees along with other transferred amounts. M&I and Metavante
shall cooperate with one another and with the trustee in facilitating such
transfer of final 401(k) contributions. Metavante further agrees to take all
actions necessary to obtain, as soon as practicable, an Internal Revenue Service
determination that Metavante's plan meets the requirements of Section 401(a) of
the Code and that the trust which implements such plan meets the requirements of
Section 401(a) and is exempt from tax under Section 501(a) of the Code.

     3.3. No Distribution to Metavante Employees. No distribution of account
          --------------------------------------
balances shall be made to any Metavante Employee from the M&I Retirement Program
or the Metavante Retirement Plan because of the fact that Metavante ceases to be
affiliated with M&I and ceases to be a participating employer under the M&I
Retirement Program. Such events shall not be treated as a termination of
employment for plan purposes and distribution shall not be otherwise
specifically permitted under plan terms as a result of the cessation of
affiliation and of participating employer status.

     3.4. Final Year Contribution.
          -----------------------

          (a) Profit Sharing Contributions. If Metavante has not established
              ----------------------------
     the Metavante Retirement Plan effective for the plan year beginning January
     1, 2001, profit sharing contributions shall be made by Metavante to the M&I
     Retirement Program for the plan year ending December 31, 2001 in an amount
     determined by M&I in its sole discretion based on compensation paid to
     Metavante Employees from January 1, 2001 through, but not after, the
     Distribution Date (or such earlier date agreed to pursuant to Section 3.1).
     Such contributions shall be made with respect to Metavante Employees who
     remain in Metavante's employ on December 31, 2001 (or retire, die or become
     disabled during calendar year 2001) and who are eligible for an allocation
     under Plan terms taking into account employment with Metavante after the
     Distribution Date (or such earlier date agreed to pursuant to Section 3.1);
     provided, however, that if M&I determines that such contributions must also
     be made to persons who were Metavante Employees on the Distribution Date
     (or such earlier date agreed to pursuant to Section 3.1) who are not highly
     compensated employees within the meaning of Code section

                                       8
<PAGE>

     414(q) and who terminate from Metavante prior to December 31, 2001 in order
     to preserve the tax qualified status of the M&I Retirement Program,
     contributions shall also be made for such individuals. Such contributions
     shall be made at a time to be determined by M&I which is on or before
     September 15, 2002. Upon receipt of such amounts by the M&I trust, the
     trustee shall immediately transfer them in cash to the Metavante trust
     where they shall be held in the accounts of Metavante Employees along with
     other monies transferred pursuant to Section 3.2. M&I and Metavante shall
     cooperate with one another and with the trustee in facilitating such
     transfer of final contributions.

          (b) Money Purchase Pension Contributions. If Metavante has not
              ------------------------------------
     established the Metavante Retirement Plan effective for the plan year
     beginning January 1, 2001, money purchase pension contributions shall be
     made by Metavante to the M&I Retirement Program for the plan year ending
     December 31, 2001 in the amount required under Plan terms based on
     compensation paid to Metavante Employees from January 1, 2001 through, but
     not after, the Distribution Date (or such earlier date agreed to pursuant
     to Section 3.1). Such contributions shall be made with respect to Metavante
     Employees who remain in Metavante's employ on December 31, 2001 (or retire,
     die or become disabled during calendar year 2001) and who are eligible
     under Plan terms taking into account employment with Metavante after the
     Distribution Date (or such earlier date agreed to pursuant to Section 3.1);
     provided, however, that if M&I determines that such contributions must also
     be made to persons who were Metavante Employees on the Distribution Date
     (or such earlier date agreed to pursuant to Section 3.1) who are not highly
     compensated employees within the meaning of Code Section 414(q) and who
     terminate from Metavante prior to December 31, 2001 in order to preserve
     the tax qualified status of the M&I Retirement Program, contributions shall
     also be made for such individuals. Such contributions shall be made at a
     time to be determined by M&I which is on or before September 15, 2002. Upon
     receipt of such amounts by the M&I trust, the trustee shall immediately
     transfer them in cash to the Metavante trust where they shall be held in
     the accounts of Metavante Employees along with other monies transferred
     pursuant to Section 3.2. M&I and Metavante shall cooperate with one another
     and with the trustee in facilitating such transfer of final contributions.

     3.5. Plan Loans. Effective as of the date established pursuant to Section
          ----------
3.1, all outstanding loans of Metavante Employees from the M&I Retirement
Program shall be transferred to the Metavante Retirement Plan pursuant to
Section 3.2. As of such date, Metavante shall be solely responsible for
implementing its own payroll system and making payroll deductions for repayment
of such loans.

     3.6. Qualified Domestic Relations Orders. Effective as of the date
          -----------------------------------
established pursuant to Section 3.1, all QDROs pertaining to accounts of
Metavante Employees under the M&I Retirement Program shall be transferred to the
Metavante Retirement Plan pursuant to Section 3.2 and shall be the sole
responsibility of Metavante.

     3.7. Testing.  M&I will conduct applicable nondiscrimination tests for
          -------
contributions made to the M&I Retirement Program for the plan year in which the
date established pursuant to

                                       9
<PAGE>

Section 3.1 occurs. To the extent that M&I concludes that a distribution or
reallocation must be made from a Metavante Employee's account balance in the M&I
Retirement Program to facilitate compliance with such tests after such account
balance has been transferred to the Metavante Retirement Plan, Metavante agrees
that it will cause the Metavante Retirement Plan to make such distribution or
reallocation as directed by M&I.

     3.8. Stock Considerations.  As a result of the Distribution and as a result
          --------------------
of the transfer of assets and liabilities from the M&I Retirement Program to the
Metavante Retirement Plan described in Section 3.2, the assets of the M&I
Retirement Program and the Metavante Retirement Plan shall each include common
stock of both M&I and Metavante. Each shall be solely responsible for
determining the extent to which its plan shall continue to hold the common stock
of the other. M&I and Metavante each recognize that various legal requirements
may be applicable to the holding of securities of M&I or Metavante in the plan
sponsored by it and each agrees to be solely responsible for maintaining the
plan sponsored by it in compliance with all applicable legal requirements.
However, each party shall provide such information and deliver such notices to
employees as may reasonably be requested by the other in order to facilitate
compliance with applicable legal requirements.

                                  ARTICLE IV

                        NON-QUALIFIED RETIREMENT PLANS

     4.1. Establishment of Plans Discretionary. Unless otherwise provided
          ------------------------------------
herein, after the Distribution Date, Metavante may, but shall not be required
to, establish any supplemental benefit, deferred compensation or other non-
qualified retirement plan for the benefit of Metavante Employees. Metavante
shall determine the material features of any such non-qualified retirement
plans.

     4.2. Transfer of Liabilities and Assets. Metavante shall establish a
          ----------------------------------
deferred compensation plan for its employees. All liabilities for or relating to
Metavante Employees under the M&I Deferred Compensation Plan and the M&I
Supplemental Benefits Plan shall be transferred from M&I to Metavante on the
Distribution Date, but only to the extent that a Metavante Employee consents to
said transfer and releases M&I for any obligations it may have to the Metavante
Employee under the M&I Deferred Compensation Plan and the M&I Supplemental
Benefits Plan. If a Metavante Employee does not so consent, he or she shall be
treated as if he or she terminated employment with M&I for all purposes and
amounts held in the Plan(s) for his or her benefit shall be distributed in
accordance with the Metavante Employee's distribution election under the M&I
Deferred Compensation Plan. All assets held in the M&I Deferred Compensation
Trust II which relate to the liabilities transferred pursuant to this Section
4.2 shall be transferred to a similar grantor trust which Metavante will
establish at such time as the trust is effective.

                                       10
<PAGE>

                                   ARTICLE V

                           HEALTH AND WELFARE PLANS

     5.1. Establishment of Health and Welfare Plans. Except as provided
          -----------------------------------------
otherwise in this Article V, effective as of the Distribution Date or such
earlier date(s) as M&I and Metavante may mutually agree, Metavante shall
establish the Metavante Health and Welfare Plans.

     5.2. No Transfer of VEBA Assets. M&I maintains VEBAs, one or more for the
          --------------------------
M&I Health Plans and one for the M&I Long-Term Disability Income Plan. The M&I
Long-Term Disability Income Plan is self-insured and a portion of the M&I Health
Plans are self-insured. All assets in the M&I VEBAs shall continue to be held by
the M&I VEBAs. To the extent of any shortage in any of the M&I VEBAs, Metavante
shall contribute its proportional part of the underfunding to the M&I VEBA(s)
upon notice by M&I. If there is overfunding in any of the M&I VEBAs, M&I shall
refund to Metavante its proportional part of the overfunding when the amount
thereof is determined. M&I shall determine if there is over-or underfunding in
the M&I VEBA related to the M&I Long-Term Disability Income Plan using the same
methodology it has historically used. The method to be used to determine whether
there is over-or underfunding as regards the M&I VEBAs which relate to the M&I
Health Plans will be as follows. Effective as of the Distribution Date, or, if
earlier, the date that Metavante establishes the Metavante Health Plans, the
assets held in the M&I VEBAs for the M&I Health Plans will be evaluated to
determine if there is any shortage or excess funds. The excess or shortage will
be determined by multiplying the claims and administrative expenses paid for the
self-insured plans during that portion of the calendar year which precedes the
effective date of the Metavante Health Plans, annualizing that amount, and
multiplying by .22 to estimate the Incurred But Not Reported (IBNR) claim and
expense amounts. If the Metavante Health Plans are effective as of January 1,
the prior year's claims and administrative expenses paid will be multiplied by
 .22 to estimate the IBNR claim and expense amounts. The IBNR amount will be
compared to the assets held in the M&I VEBAs as of the Distribution Date, or, if
earlier, the date that Metavante establishes the Metavante Health Plans to
determine if there is a shortage or excess funds. Metavante's share will be
computed by multiplying such excess or shortage by a fraction, the numerator of
which is premiums paid by Metavante Employees under the self-insured plans for
the last full month prior to the effective date of the Metavante Health Plans
and the denominator of which is the total premiums paid for the same period
under the self-insured plans.

     5.3. Assumption of Health and Welfare Plan Liabilities.
          -------------------------------------------------

     (a)  General. Except as specified otherwise in this Agreement, all
          -------
liabilities for or relating to services rendered to Metavante Employees under
the M&I Health and Welfare Plans prior to the Distribution Date shall remain
liabilities of the M&I Health and Welfare Plans and all liabilities for or
relating to services rendered to Metavante Employees on or after the
Distribution Date shall be liabilities of the Metavante Health and Welfare Plans
to the extent covered thereby. In no event will the M&I Health and Welfare Plans
have any liability for services provided to Metavante Employees after the
Distribution Date

                                       11
<PAGE>

     (b)  Hospitalizations. If a Metavante Employee is in a hospital or other
          ----------------
inpatient setting on the Distribution Date, the costs associated with such
inpatient treatment shall be allocated between the M&I Health Plans and the
Metavante Health Plans on a pro rata basis so that the M&I Health Plans bear the
costs associated with such treatment for the number of days ending with the day
prior to the Distribution Date and the Metavante Health Plans bear the cost
associated with such treatment for the number of days beginning with the
Distribution Date. The M&I Health Plans shall pay for such treatment and
Metavante or the Metavante Health Plans shall reimburse the M&I Health Plans or
the associated M&I VEBAs for that portion of the treatment which is its
liability under this paragraph (b).

     5.4. Elections, Deductibles, Co-Payments and Maximum Benefits. In designing
          --------------------------------------------------------
the Metavante Health Plans, Metavante will use its reasonable efforts to
recognize and give credit for (A) all amounts applied to deductibles, out-of-
pocket maximums, co-payments and other applicable benefit coverage limits with
respect to expenses incurred by Metavante Employees under the M&I Health Plans
for that portion of the calendar year prior to the Distribution Date, and (B)
all benefits paid to Metavante Employees under the M&I Health Plans for purposes
of determining when such persons have reached their lifetime maximum benefits
under, the Metavante Health Plans.

     5.5. HCFA Administration. As of the Distribution Date, Metavante shall
          -------------------
assume all liabilities relating to, arising out of or resulting from claims
verified by M&I or Metavante under the HCFA data match reports that relate to
Metavante Employees.

     5.6. COBRA. M&I shall be responsible to the Distribution Date, for
          -----
compliance with the health care continuation coverage requirements of COBRA and
the M&I Health Plans with respect to Metavante Employees and qualified
beneficiaries (as such term is defined under COBRA) whose qualifying COBRA event
occurred while participating in the M&I Health Plans before the Distribution
Date. Metavante shall be responsible for providing M&I with all necessary
employee change notices and related information for covered dependents, spouses,
qualified beneficiaries (as such term is defined under COBRA), and alternate
recipients pursuant to QMCSOs, in accordance with applicable M&I COBRA policies
and procedures. Effective as of the Distribution Date, Metavante shall be solely
responsible for compliance with the health care continuation coverage
requirements of COBRA and the Metavante Health Plans for Metavante Employees and
their qualified beneficiaries (as such term is defined under COBRA) who have a
qualifying COBRA event while participating in the Metavante Health Plans on or
after the Distribution Date.

     5.7. Adoption of Metavante Health and Welfare Plans at an Earlier Date.
          -----------------------------------------------------------------
Notwithstanding anything contained in this Article V to the contrary, if
Metavante establishes any of the Metavante Health and Welfare Plans prior to the
Distribution Date, for example, because Metavante does not wish to have
Metavante Employees change Plans in mid-year, the provisions of this Article V
shall be modified so that the effective date of coverage for Metavante Employees
under the Metavante Health and Welfare Plans replaces the Distribution Date
above wherever it appears.

                                       12
<PAGE>

     5.8.  Flexible Spending Accounts. Effective as of January 1, 2001 or such
           --------------------------
other date as M&I and Metavante may agree, Metavante shall adopt and offer to
Metavante Employees a Code Section 125 Plan containing flexible spending
accounts. All liabilities for or relating to Metavante Employees under the M&I
flexible spending accounts shall remain liabilities of the M&I Code Section 125
Plan for the period of January 1, 2000 through, but not after, December 31,
2000.

     5.9.  Long-Term Disability. If a former employee of Metavante is on long-
           --------------------
term disability as of the Distribution Date, that individual shall remain in the
M&I Long-Term Disability Income Plan for so long as his or her disability (as
defined in such M&I Plan) continues. If a Metavante Employee is on short-term
disability as of the Distribution Date, that individual shall be eligible for
participation in the M&I Long-Term Disability Income Plan at such time as the
period of short-term disability expires for so long as his or her disability (as
defined in such M&I Plan) continues. The M&I Long-Term Disability Income Plan
currently provides that disabled individuals covered by the Plan are entitled to
group-term life insurance continuation. Metavante agrees that it will provide
such group term life insurance continuation for disabled Metavante Employees
covered by the M&I Long-Term Disability Income Plan under the terms of this
Section 5.9 at Metavante's cost in the same face amounts as if M&I were
providing such coverage under its Plan, and that M&I shall have no obligation to
provide group-term life insurance coverage to those Metavante Employees. M&I
shall administer all claims related to all such disabled Metavante Employees
eligible for benefits under the M&I Long-Term Disability Income Plan and
Metavante shall reimburse M&I for the cost of the long-term disability benefits
and administrative and third-party costs associated with all such individuals.
As is currently the case, Metavante will administer and bear the costs
associated with making short-term disability payments to affected Metavante
Employees. Metavante shall be under no obligation to establish or maintain a
short-term or long-term disability Plan after the Distribution Date.

     5.10. Workers' Compensation. From and after the Separation Date, which
           ---------------------
shall be the Distribution Date or such earlier date upon which M&I and Metavante
mutually agree, Metavante shall cease to be a sponsor of the insurance policy
covering workers' compensation claims and the related stop loss policy and shall
make its own arrangements for payment of workers' compensation claims. Metavante
agrees to be responsible for any and all past, present and future workers'
compensation claims of Metavante Employees which have not yet been paid at the
Separation Date, whether arising before or after the Separation Date. Its
responsibility shall extend to any and all direct and indirect costs relating to
the claims of Metavante Employees including, but not limited to loss costs,
claims administration fees and legal expenses.

     5.11. Directors and Officers Insurance. M&I maintains directors and
           --------------------------------
officers insurance policies (hereafter, "D&O Insurance") with a $2,000,000
deductible. Metavante agrees that it will obtain D&O Insurance for its officers
and directors effective as of the Distribution Date and that it will coordinate
coverage with M&I such that there is no period of time where current or former
Metavante directors and officers are not covered by D&O Insurance for actions
taken while serving in those positions. If the decision is made that M&I should
purchase a tail under its D&O Insurance to cover Metavante directors and
officers for actions occurring before the Distribution Date, but for which
claims are not made until after the Distribution Date, and if M&I is able to do
so, then Metavante shall pay the full cost of any such tail insurance. In

                                       13
<PAGE>

addition, Metavante will reimburse M&I upon demand for any liability or costs
covered by M&I's deductible, any claims in excess of the D&O Insurance policy
limits or any claims determined to be outside of the coverage provided in
connection with claims made against Metavante officers or directors. Metavante
will also reimburse M&I for all administrative and other costs of administering,
investigating and defending against such claims, including reasonable attorneys'
fees, to the extent not otherwise reimbursed by the D&O Insurance. M&I will
consult with Metavante in connection with all material decisions regarding
claims against Metavante officers or directors pursuant to M&I's D&O Insurance
which claims arise after the Distribution Date.

     5.12. Retiree Health Insurance. First, Metavante Employees who have
           ------------------------
retired from active service and are participating in M&I's retiree health
program ("Retiree Health") as of the Distribution Date will continue to be
eligible to participate in Retiree Health for so long as they elect to continue
in program. Second, former Metavante employees who receive long-term disability
benefits from M&I shall be entitled to participate. Third, Metavante Employees
who would qualify for participation in Retiree Health if they were to retire
from Metavante on or prior to the Distribution Date will be eligible to
participate in Retiree Health if they continue to meet the eligibility
requirements for the remainder of their service with Metavante or M&I (e.g.,
continue to participate in the Metavante or M&I Health Plans). Retiree Health is
currently either a self-insured plan for covered persons until they reach age 65
or, alternatively, retirees can elect to be covered by an HMO, if permitted by
the HMO. M&I sponsors a group Medicare Supplement policy for those participants
who are age 65 or older. Metavante agrees that it will reimburse M&I upon demand
for the health care and premium costs associated with Retiree Health
attributable to Metavante Employees, less premiums paid directly by Metavante
Employees. In addition, Metavante agrees that it will reimburse M&I upon demand
for a portion of M&I's administrative costs and third-party charges based on the
number of contracts attributable to Metavante Employees. The portion of the
health care costs attributable to Metavante Employees for the self-insured
portion of Retiree Health shall be determined based on the health care costs
attributable to all retired and disabled participants (i.e. excluding active
employees) for any applicable period, reduced by premium payments made by
retired and disabled participants, and the number of retired and disabled
participants covered by Retiree Health for such period.

     5.13  Metavante Employees on Severance as of the Distribution Date.
           ------------------------------------------------------------
Metavante shall continue to pay severance to eligible Metavante Employees whose
employment terminated prior to the Distribution Date. If those employees have
elected COBRA continuation coverage under the M&I Health Plan, they shall
continue to receive such coverage under the M&I Health Plans and Metavante shall
reimburse M&I for the cost of providing coverage to such employees.

                                  ARTICLE VI

                         EQUITY AND OTHER COMPENSATION

     6.1.  M&I Stock Purchase Plan.  M&I shall adjust the Offering Period, as
           -----------------------
defined in its 2000 Employee Stock Purchase Plan, for Metavante Employees who
participate in the Plan so

                                       14
<PAGE>

that the Offering Period ends on or prior to the record date for shareholders
who are eligible to receive shares of Metavante Stock in the Distribution.
Metavante shall be under no obligation to establish or maintain an employee
stock purchase plan after the Distribution Date.

     6.2.  M&I and Metavante Option Plans. In connection with the Distribution,
           ------------------------------
persons who hold M&I Options will be given an election. Employees and continuing
directors of members of the M&I Group on the Distribution Date (other than
Metavante Employees) will have the choice of (i) having the exercise price for
their M&I Options adjusted to reflect the Distribution and at the same time
receiving options over Metavante Stock, all in accordance with the formulas set
forth on Exhibit A hereto ("Tandem Options") or (ii) having the exercise price
and number of option shares represented by their M&I Options adjusted to reflect
the Distribution so that they will hold solely options for M&I common stock in
accordance with the formula set forth on Exhibit A hereto. Metavante Employees
currently employed by the Metavante Group on the Distribution Date will have the
choice of (i) Tandem Options or (ii) having the exercise price and number of
option shares represented by their M&I Options adjusted to reflect the
Distribution so that they will hold solely options for Metavante Stock in
accordance with the formula set forth on Exhibit A hereto. Holders of M&I
Options who are retired employees and directors, and current employees or
directors who make no election, will automatically receive Tandem Options. All
options for Metavante Stock, whether issued as Tandem Options or in exchange for
M&I Options, will be issued under the Metavante Option Plan (the "New Options").
The terms of the New Options will be substantially identical to the prior M&I
Options except they will be for Metavante Stock, the number of shares and the
exercise price will be adjusted as set forth in Exhibit A, attached, and M&I's
Executive Compensation Committee may make such other changes as they deem
necessary to achieve the objectives of this provision and the Metavante Option
Plan so long as such changes do not result in any adverse accounting
consequences for M&I or Metavante. M&I and Metavante agree that each company
will issue options under their respective option plans consistent with the
elections made by each eligible employee or the default provisions of this
Agreement. Prior to the Distribution, Metavante shall register on a Form S-8
Registration Statement filed with the Securities and Exchange Commission all
shares which may be issued pursuant to the Metavante Option Plan. Following the
grant of the Metavante Options under the Metavante Option Plan, Metavante shall
deliver to each person receiving a Metavante Option a prospectus and such other
documents that are required to be delivered pursuant to the applicable rules and
regulations under the Securities Act of 1933, as amended.

     6.3.  Administrative Matters. M&I and Metavante shall adopt such
           ----------------------
procedures and information sharing practices necessary or appropriate to permit
M&I to administer and maintain the M&I Option Plans and Metavante to administer
and maintain the Metavante Option Plan (including, for example, timely informing
the other of any termination of employment that affects the exercise period of
an M&I Option or Metavante Option). In addition, Metavante shall deliver to
Metavante Employees any prospectuses, notices or other documents provided by M&I
relating to the M&I Option Plans and M&I shall deliver to its employees any
prospectuses, notices or other documents provided by Metavante relating to the
Metavante Option Plan.

                                       15
<PAGE>

     6.4.  Fees and Expenses. M&I shall be responsible for all fees and
           -----------------
expenses relating to the M&I Option Plans and Metavante shall be responsible for
all fees and expenses relating to the Metavante Option Plan.

                                  ARTICLE VII

                            ADMINISTRATIVE MATTERS

     7.1.  Reporting and Disclosure Communications to Participants. While
           -------------------------------------------------------
Metavante is a Participating Employer in the M&I Plans, Metavante shall take, or
cause to be taken, all actions necessary or appropriate to facilitate the
distribution of all M&I Plan-related communications and materials to Metavante
Employees, including (without limitation) summary plan descriptions and related
summaries of material modification(s), summary annual reports, investment
information, prospectuses, notices and enrollment material for the M&I Plans and
Metavante Plans. Metavante shall reimburse M&I for any and all actual costs and
expenses relating to the copies of all such documents provided to Metavante,
except to the extent such costs are otherwise addressed in this Agreement or
pursuant to another agreement between the parties. Metavante shall assist, and
Metavante shall cause each other applicable member of the Metavante Group to
assist, M&I in complying with all reporting and disclosure requirements of ERISA
and the Code, including the preparation of Form Series 5500 annual reports for
the M&I Plans, where applicable.

     7.2.  Audits Regarding Vendor Contracts. For the period beginning as of
           ---------------------------------
the Distribution Date and ending on such date as M&I and Metavante may mutually
agree, M&I and Metavante and their duly authorized representatives shall have
the right to conduct joint audits with respect to any vendor contracts that
relate to both the M&I Health and Welfare Plans and the Metavante Health and
Welfare Plans. The scope of such audits shall encompass the review of all
correspondence, account records, claim forms, canceled drafts (unless retained
by the bank), provider bills, medical records submitted with claims, billing
corrections, vendors' internal corrections of previous errors and any other
documents or instruments relating to the services performed by the vendor under
the applicable vendor contracts. M&I and Metavante shall agree on the
performance standards, audit methodology, auditing policy and quality measures,
reporting requirements, and the manner in which costs incurred in connection
with such audits will be shared.

     7.3.  Employee Identification Numbers. Until the Distribution Date, M&I
           -------------------------------
and Metavante shall not change any employee identification numbers assigned by
M&I. M&I and Metavante mutually agree to establish a policy pursuant to which
employee identification numbers assigned to either employees of M&I or Metavante
shall not be duplicated between M&I and Metavante.

     7.4.  Requests for IRS and DOL Opinions. M&I and Metavante shall make such
           ---------------------------------
applications to regulatory agencies, including the IRS and DOL, as may be
necessary or appropriate. Metavante and M&I shall cooperate fully with one
another on any issue relating to the transactions contemplated by this Agreement
for which M&I and/or Metavante elects to seek a determination letter or private
letter ruling from the IRS or an advisory opinion from the DOL.

                                       16
<PAGE>

Metavante shall reimburse M&I for all out-of-pocket costs and expenses incurred
by M&I in connection with any such applications made on behalf of Metavante.

     7.5.  Fiduciary Matters. M&I and Metavante each acknowledge that actions
           -----------------
contemplated to be taken pursuant to this Agreement may be subject to fiduciary
duties or standards of conduct under ERISA or other applicable law, and no party
shall be deemed to be in violation of this Agreement if such party fails to
comply with any provisions hereof based upon such party's good faith
determination that to do so would violate such a fiduciary duty or standard.

     7.6.  Consent of Third Parties. If any provision of this Agreement is
           ------------------------
dependent on the consent of any third party (such as a vendor) and such consent
is withheld, M&I and Metavante shall use their commercially reasonable efforts
to implement the applicable provisions of this Agreement. If any provision of
this Agreement cannot be implemented due to the failure of such third party to
consent, M&I and Metavante shall negotiate in good faith to implement the
provision in a mutually satisfactory manner.

     7.7.  Tax Cooperation. In connection with the interpretation and
           ---------------
administration of this Agreement, M&I and Metavante shall take into account the
agreements and policies established pursuant to the Reorganization Agreement and
the parties' intent to qualify the Distribution as a tax-free reorganization
under the Code.

                                 ARTICLE VIII

                          EMPLOYMENT-RELATED MATTERS

     8.1.  Terms of Metavante Employment. Except as otherwise provided in this
           -----------------------------
Agreement, Metavante shall have sole responsibility for determining all basic
terms and conditions of employment for Metavante Employees including, without
limitation, their pay and benefits in the aggregate. Nothing in this Agreement
or any other agreement between the parties should be construed to change the at-
will status of any of the employees of the M&I Group or the Metavante Group,
other than the anticipated Employment Agreement between Metavante and Joseph L.
Delgadillo.

     8.2.  Confidentiality and Proprietary Information. No provision of this
           -------------------------------------------
Agreement or any other agreement between the parties shall be deemed to release
any individual for any violation of an M&I or Metavante agreement or policy
pertaining to confidential or proprietary information of any member of the M&I
Group or Metavante Group, as the case may be, or otherwise relieve any
individual of his or her obligations under such agreement or policy.

                                       17
<PAGE>

     8.3.  Non-Termination of Employment; No Third-Party Beneficiaries. No
           -----------------------------------------------------------
provision of this Agreement or any other agreement between the parties shall be
construed to create any right, or accelerate entitlement, to any compensation or
benefit whatsoever on the part of any Metavante Employee, employee of M&I or
other future, present or former employee of Metavante or M&I under any Metavante
Plan, M&I Plan or otherwise. Without limiting the generality of the foregoing,
except as provided in this Agreement, neither the Distribution nor the
termination of the Participating Employer status of Metavante or any member of
the Metavante Group shall cause any employee to be deemed to have incurred a
termination of employment.

                                  ARTICLE IX

                              GENERAL PROVISIONS

     9.1.  Effect if Distribution Does Not Occur. If the Distribution does not
           -------------------------------------
occur, then all actions and events that are, under this Agreement, to be taken
or occur effective as of the Distribution Date, or otherwise in connection with
the Distribution, shall not be taken or occur except to the extent specifically
agreed by Metavante and M&I.

     9.2.  Relationship of Parties. Nothing in this Agreement shall be deemed
           -----------------------
or construed by the parties or any third party as creating the relationship of
principal and agent, partnership or joint venture between the parties, the
understanding and agreement being that no provision contained herein, and no act
of the parties, shall be deemed to create any relationship between the parties
other than the relationship set forth herein.

     9.3.  Affiliates. Each of M&I and Metavante shall cause to be performed,
           ----------
and hereby guarantee the performance of, any and all actions of the M&I Group or
the Metavante Group, respectively.

     9.4.  Governing Law. To the extent not preempted by applicable federal
           -------------
law, this Agreement shall be governed by, construed and interpreted in
accordance with the laws of the State of Wisconsin, without giving effect to its
conflicts of laws provisions.

     9.5.  Notices. Any notice, request, instruction or other document to be
           -------
given or delivered under this Agreement by any party to another party shall be
in writing and shall be deemed to have been duly given or delivered when (1)
delivered in person or sent by telecopy to the facsimile number indicated below
with a required confirmation copy sent in accordance with clause (2) below, (2)
deposited in the United States mail, postage prepaid and sent certified mail,
return receipt requested or (3) delivered to Federal Express or similar service
for overnight delivery to the address of the party set forth below:

                                       18
<PAGE>

     If to M&I or any M&I Affiliate to:

          Marshall & Ilsley Corporation
          770 North Water Street
          Milwaukee, Wisconsin 53202
          Attention: Paul Renard,
            Senior Vice President
          Facsimile: (414)765-7812

     If to Metavante or any Metavante Affiliate to:

          Metavante Corporation
          4900 West Brown Deer Road
          Brown Deer, Wisconsin 53224
          Attention: Colleen Stenholt,
            Senior Vice President
          Facsimile: (414)357-2242

     With a copy to:

          Metavante Corporation
          4900 West Brown Deer Road
          Milwaukee, WI 53224
          Attention: N. "Norrie" J. Daroga,
            Senior Vice President and General Counsel
          Facsimile: (414) 362-1705

Either party may, by written notice to the other parties, change the address or
the party to which any notice, request, instruction or other document is to be
delivered.

     9.6.  Severability. If any term or other provision of this Agreement is
           ------------
determined to be invalid, illegal or incapable of being enforced by any rule of
law or public policy, all other conditions and provisions of this Agreement
shall nevertheless remain in full force and effect so long as the economic or
legal substance of the transactions contemplated hereby is not affected in any
manner materially adverse to either party. Upon such determination that any term
or other provision is invalid, illegal or incapable of being enforced, the
parties hereto shall negotiate in good faith to modify this Agreement so as to
effect the original intent of the parties as closely as possible and in an
acceptable manner to the end that transactions contemplated hereby are fulfilled
to the fullest possible extent.

     9.7.  Amendment. Metavante and M&I may mutually agree to amend the
           ---------
provisions of this Agreement at any time or times, either prospectively or
retroactively, to such extent and in such manner as they mutually deem advisable
(subject to procedures required to amend Plans). Such amendment will only be
effective if made in writing.

                                       19
<PAGE>

     9.8   Successors. This Agreement shall be binding on and inure to the
           ----------
benefit and detriment of any successor, by merger, acquisition of assets or
otherwise, to any of the parties hereto, to the same extent as if such successor
had been an original party.

     9.9.  Conflict. In the event of any conflict between the provisions of
           --------
this Agreement and any other agreements between the parties or any other Plans,
the provisions of this Agreement shall control except to the extent prohibited
by law.

     9.10. Counterparts. This Agreement may be executed in two or more
           ------------
counterparts each of which shall be deemed to be an original, but all of which
together shall constitute but one and the same Agreement.

     9.11  Authorization, Etc. Each of the parties hereto hereby represents and
           ------------------
warrants that it has the power and authority to execute, deliver and perform
this Agreement, that this Agreement has been duly authorized by all necessary
corporate action on the part of such party, that this Agreement constitutes a
legal, valid and binding obligation of each such party and that the execution,
delivery and performance of this Agreement by such party does not contravene or
conflict with any provision of law or of its charter or bylaws or any agreement,
instrument or order binding on such party.

     9.12  Entire Agreement. This Agreement contains the entire agreement among
           ----------------
the parties hereto with respect to the subject matter hereof and supersedes any
prior oral understandings among the parties as to the subject matter hereof.

     9.13. Waivers, Etc. No failure or delay on the part of the parties in
           ------------
exercising any power or right hereunder 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 right or power, preclude
any other or further exercise thereof or the exercise of any other right or
power. No modification or waiver of any provision of this Agreement nor consent
to any departure by the parties therefrom shall in any event be effective unless
the same shall be in writing, and then such waiver or consent shall be effective
only in the specific instance and for the purpose for which given.

     9.14  Further Assurances. M&I and Metavante each agree to execute,
           ------------------
acknowledge, deliver, file, record and publish such further certificates,
amendments to certificates, instruments and documents, and do all such other
acts and things as may be required by law, or as may be required to carry out
the intent and purposes of this Agreement and the transactions contemplated
hereby.

                                       20
<PAGE>

     IN WITNESS WHEREOF, each of the parties have caused this Employee Matters
Agreement to be executed on its behalf by its officers thereunto duly authorized
on the day and year first above written.

                              MARSHALL & ILSLEY CORPORATION

                              By: _____________________________________
                              Name: ___________________________________
                              Title: __________________________________

                              METAVANTE CORPORATION

                              By: _____________________________________
                              Name: ___________________________________
                              Title: __________________________________

                                       21
<PAGE>

                                    EXHIBITS

Exhibit A    Formulas

                                   Schedules

Schedule 1  M&I Health and Welfare Plans

The above exhibit and schedule to this exhibit have been omitted. The exhibit
and schedule will be furnished supplementally to the Securities and Exchange
Commission upon request.

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