Document:

Employee Matters Agreement

 Exhibit 10.5 
 EMPLOYEE MATTERS AGREEMENT 
 between 
 AUTOMATIC DATA PROCESSING, INC. 
 and 
 BROADRIDGE FINANCIAL SOLUTIONS, INC. 
 Dated
as of March 29, 2007 

 TABLE OF CONTENTS 
  

							
	 	 	 	 	 	  	Page
	ARTICLE I	 	DEFINITIONS	  	1
				
		 	Section 1.1	 	Definitions	  	1
		 	Section 1.2	 	General Interpretive Principles	  	8
			
	ARTICLE II	 	GENERAL PRINCIPLES	  	8
				
		 	Section 2.1	 	Assumption and Retention of Liabilities; Related Assets	  	8
		 	Section 2.2	 	Cessation of Broadridge Participation in ADP Benefit Plans	  	9
		 	Section 2.3	 	Comparable Compensation and Benefits	  	10
		 	Section 2.4	 	Service Recognition	  	10
			
	ARTICLE III	 	THE ADP PENSION PLAN	  	10
				
		 	Section 3.1	 	Status of Broadridge Employees	  	10
		 	Section 3.2	 	ADP Retention of Liabilities With Respect to Broadridge Employees	  	10
			
	ARTICLE IV	 	TAX-QUALIFIED DEFINED CONTRIBUTION PLAN	  	11
				
		 	Section 4.1	 	The ADP Savings Plan	  	11
		 	Section 4.2	 	Contributions as of the Distribution Date	  	12
			
	ARTICLE V	 	HEALTH, WELFARE AND SIMILAR PLANS	  	12
				
		 	Section 5.1	 	Plans Maintained by ADP Prior to the Distribution Date	  	12
		 	Section 5.2	 	ADP VEBA	  	14
		 	Section 5.3	 	Time-Off Benefits	  	14
			
	ARTICLE VI	 	SUPPLEMENTAL OFFICERS RETIREMENT PLAN	  	14
				
		 	Section 6.1	 	Establishment of Broadridge Supplemental Officers Retirement Plan	  	14
		 	Section 6.2	 	ADP Plan	  	14
			
	ARTICLE VII	 	DEFERRED COMPENSATION PLAN	  	14
				
		 	Section 7.1	 	Broadridge FY07 Deferred Compensation Plan	  	14
		 	Section 7.2	 	Continuation of Elections	  	15
			
	ARTICLE VIII	 	EQUITY AWARDS	  	15
				
		 	Section 8.1	 	Treatment of Outstanding ADP Options Held by Broadridge Employees	  	15
		 	Section 8.2	 	Treatment of Outstanding Shares of ADP Restricted Stock Held by Broadridge Employees	  	15

  

 (i) 

							
	ARTICLE IX	 	ADDITIONAL COMPENSATION MATTERS; SEVERANCE	  	16
				
		 	Section 9.1	 	Broadridge Assumption of Annual Incentive and Bonus Liability	  	16
		 	Section 9.2	 	Severance Policies	  	16
		 	Section 9.3	 	Workers’ Compensation Liabilities	  	17
			
	ARTICLE X	 	GENERAL AND ADMINISTRATIVE	  	17
				
		 	Section 10.1	 	Sharing of Information	  	17
		 	Section 10.2	 	Reasonable Efforts/Cooperation	  	17
		 	Section 10.3	 	Employer Rights	  	18
		 	Section 10.4	 	Non-Termination of Employment; No Third-Party Beneficiaries	  	18
		 	Section 10.5	 	Consent of Third Parties	  	18
		 	Section 10.6	 	Access to Employees	  	18
		 	Section 10.7	 	Beneficiary Designation/Release of Information/Right to Reimbursement	  	18
		 	Section 10.8	 	Not a Change in Control	  	19
			
	ARTICLE XI	 	MISCELLANEOUS PROVISIONS	  	19
				
		 	Section 11.1	 	Complete Agreement; Representations	  	19
		 	Section 11.2	 	Costs and Expenses	  	19
		 	Section 11.3	 	Governing Law	  	19
		 	Section 11.4	 	Notices	  	20
		 	Section 11.5	 	Amendment, Modification or Waiver	  	20
		 	Section 11.6	 	No Assignment; Binding Effect	  	21
		 	Section 11.7	 	Counterparts	  	21
		 	Section 11.8	 	Negotiation	  	21
		 	Section 11.9	 	Specific Performance	  	21
		 	Section 11.10	 	New York Forum	  	22
		 	Section 11.11	 	Waiver of Jury Trial	  	22
		 	Section 11.12	 	Interpretation; Conflict With Ancillary Agreements	  	23
		 	Section 11.13	 	Severability	  	23
			
	SCHEDULE A	 	        ADP Health, Welfare and Similar Plans	  	

  

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 EMPLOYEE MATTERS AGREEMENT dated as of March 29, 2007 (this “Agreement”) between
Automatic Data Processing, Inc., a Delaware corporation (“ADP”), and Broadridge Financial Solutions, Inc., a Delaware corporation whose sole shareholder is ADP (“Broadridge” and, together with ADP, each, a
“Party” and collectively, the “Parties”). 
 WHEREAS, as of the date of this Agreement, the ADP affiliated
group includes Broadridge and its subsidiaries; 
 WHEREAS, the Parties (or their predecessors-in-interest) have entered into the Separation
and Distribution Agreement (as defined below), pursuant to which ADP has contributed to Broadridge the stock and assets associated with the Broadridge Business (as defined below) in exchange for shares of common stock of Broadridge, cash and the
assumption by Broadridge of certain liabilities related to the Broadridge Business; 
 WHEREAS, ADP intends to distribute on a pro rata basis
to its shareholders all of the shares of stock of Broadridge (the “Distribution”); 
 WHEREAS, the Parties believe the
Distribution will provide greater flexibility for management, capital requirements and growth of the Broadridge Business while ensuring that ADP senior management can focus its time and resources on the development of the ADP retained businesses;
and 
 WHEREAS, in connection with effecting the Distribution, ADP and Broadridge have agreed to enter into this Agreement, for the purpose
of allocating assets, liabilities and responsibilities with respect to certain employee benefit plans and programs between and among them. 
 NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein, the Parties (each on behalf of itself and each of its Affiliates) hereby agree as follows: 
 ARTICLE I 
 DEFINITIONS 
 Section 1.1 Definitions. As used in this Agreement, the following terms shall have the meanings set forth below: 
 “Action” means any claim, demand, action, cause of action, suit, countersuit, arbitration, litigation, inquiry, proceeding or
investigation by or before any Governmental Authority or any arbitration or mediation tribunal or authority. 
 “ADP Benefit
Plan” means any Benefit Plan sponsored, maintained or contributed to by ADP or any of its Affiliates. 

 “ADP Common Stock” means shares of common stock, par value $0.10 per share, of ADP.

 “ADP Employee” means any individual who, immediately following the Distribution Date, will be employed by ADP or any
member of the ADP Group in a capacity considered by ADP to be common law employment, including active employees and employees on vacation and approved leave of absence (including maternity, paternity, family, sick, short-term or long-term disability
leave, qualified military service under the Uniformed Services Employment and Reemployment Rights Act of 1994, and leave under the Family Medical Leave Act and other approved leaves). 
 “ADP FY07 DCP” means the Automatic Data Processing, Inc. FY07 Deferred Compensation Program. 
 “ADP Group” means ADP and each of its Affiliates and Subsidiaries, and any corporation or other entity that may become part of such
Group from time to time, other than the Broadridge Group. 
 “ADP Option” means an option to purchase ADP Common Stock
issued under the ADP Stock Option Plans. 
 “ADP Pension Plan” means the Automatic Data Processing, Inc. Pension Retirement
Plan. 
 “ADP Post-Distribution Stock Value” means the official NYSE only “regular way” first trade price of ADP
Common Stock on April 2, 2007 as reported by the NYSE. 
 “ADP Pre-Distribution Stock Value” means the official NYSE
only “regular way” closing price of ADP Common Stock on March 30, 2007 as reported by the NYSE. 
 “ADP Restricted
Stock” means restricted shares of ADP Common Stock outstanding under the Automatic Data Processing, Inc. Key Employees’ Restricted Stock Plan. 
 “ADP Savings Plan” means the Automatic Data Processing, Inc. Retirement and Savings Plan. 
 “ADP Severance Policy” means the Automatic Data Processing, Inc. Severance Pay Policy. 
 “ADP
SORP” means the Automatic Data Processing, Inc. Supplemental Officers Retirement Plan. 
 “ADP Stock Option Plans”
means, collectively, the Automatic Data Processing, Inc. 1990 Key Employees’ Stock Option Plan and the Automatic Data Processing, Inc. 2000 Stock Option Plan. 
  

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 “ADP VEBA” means the Automatic Data Processing Inc. and Subsidiaries Employee Welfare
Benefit Trust. 
 “Affiliate” means, with respect to any specified Person, any other Person that directly, or indirectly
through one or more intermediaries, controls, is controlled by or is under common control with, such specified Person; provided, however, that for purposes of this Agreement, no member of either Group shall be deemed to be an Affiliate
of any member of the other Group. As used herein, “control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such entity, whether through ownership of
voting securities or other interests, by contract or otherwise. 
 “Benefit Plan” means, with respect to an entity, each
plan, program, arrangement, agreement or commitment that is an employment, consulting, non-competition or deferred compensation agreement, or an executive compensation, incentive bonus or other bonus, employee pension, profit-sharing, savings,
retirement, supplemental retirement, stock option, stock purchase, stock appreciation rights, restricted stock, other equity-based compensation, severance pay, salary continuation, life, health, hospitalization, sick leave, vacation pay, disability
or accident insurance plan, corporate-owned or key-man life insurance or other employee benefit plan, program, arrangement, agreement or commitment, including any “employee benefit plan” (as defined in Section 3(3) of ERISA),
sponsored or maintained by such entity (or to which such entity contributes or is required to contribute). 
 “Broadridge Benefit
Plan” means any Benefit Plan sponsored, maintained or contributed to by any member of the Broadridge Group on or after the Distribution Date. 
 “Broadridge Business” means the business and operations conducted by the Broadridge Group from time to time, whether prior to, at or after the Effective Time, including, without duplication,
(i) the Brokerage Services and Securities Clearing and Outsourcing Services Businesses conducted by ADP prior to the Restructuring and (ii) the business and operations conducted by the Broadridge Group, as more fully described in the
Information Statement. 
 “Broadridge Common Stock” means common stock of Broadridge, par value $0.01 per share. 

“Broadridge Employee” means any individual who, immediately following the Distribution Date, will be employed by Broadridge or any
member of the Broadridge Group in a capacity considered by Broadridge to be common law employment, including active employees and employees on vacation and approved leave of absence (including maternity, paternity, family, sick, short-term
disability leave, qualified military service under the Uniformed Services Employment and Reemployment Rights Act of 1994, and leave under the Family Medical Leave Act and other approved leaves). 
 “Broadridge Group” means Broadridge and each of its Subsidiaries and Affiliates and any corporation or other entity that may become part
of such Group from time to time. 
  

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 “Broadridge Option” means an option to purchase shares of Broadridge Common Stock.

 “Broadridge Option Price Ratio” means the quotient obtained by dividing the Broadridge Stock Value by the ADP
Pre-Distribution Stock Value. 
 “Broadridge Option Share Ratio” means the quotient obtained by dividing the ADP
Pre-Distribution Stock Value by the Broadridge Stock Value. 
 “Broadridge Participant” means any individual who,
immediately following the Distribution Date, is a Broadridge Employee, or a beneficiary, dependent or alternate payee thereof. 
 “Broadridge Restricted Stock Share Ratio” means the quotient obtained by dividing the ADP Post-Distribution Stock Value by the Broadridge Stock Value. 
 “Broadridge Stock Plan” means the Broadridge Financial Solutions, Inc. 2007 Omnibus Award Plan. 
 “Broadridge Stock Value” means the official NYSE only “regular way” first trading price of Broadridge Common Stock on
April 2, 2007 as reported by the NYSE. 
 “Brokerage Services and Securities Clearing and Outsourcing Services
Businesses” means all of the ADP Brokerage Services’ and Securities Clearing and Outsourcing Services’ business and operations, as more fully described in ADP’s Form 10-K for the fiscal year ended June 30, 2006.

 “Canadian Restructuring” means the transfer of the Brokerage Services and Securities Clearing and Outsourcing Services
Businesses conducted, directly or indirectly, by ADP Canada Co., a Canadian corporation, to a new Canadian company that will be transferred to Broadridge in a transaction intended to qualify as a tax-free spin-off pursuant to Sections 368(a)(1)(D)
and 355 of the Code. 
 “COBRA” means the continuation coverage requirements for “group health plans” under Title
X of the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended, and as codified in Code Section 4980B and Sections 601 through 608 of ERISA, and any similar state group health plan continuation Law, together with all
regulations and proposed regulations promulgated thereunder. 
 “Code” means the U.S. Internal Revenue Code of 1986, as
amended. 
 “Distribution Date” means the date on which the Distribution shall be effected. 
  

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 “DOL” means the Department of Labor. 
 “Dutch Restructuring” means the transfer of the Brokerage Services and Securities Clearing and Outsourcing Services Businesses conducted
by the subsidiaries of ADP Nederland BV, a Dutch corporation, to a new Dutch company that will be transferred to a second Dutch company that will be a subsidiary of Broadridge in a transaction intended to qualify as a tax-free split-off pursuant to
Sections 368(a)(1)(D) and 355 of the Code. 
 “Effective time” means the time at which the Distribution occurs on the
Distribution Date. 
 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended. 
 “Former ADP Employee” means, as of the Distribution Date, any former employee of ADP or an Affiliate, including retired, deferred
vested, non-vested and other inactive terminated individuals, whose most recent active employment with ADP or an Affiliate was with a member of the ADP Group, but in all events excluding any person who is a Broadridge Employee. 
 “Former Broadridge Employee” means, as of the Distribution Date: 
 (a) any former employee of ADP or an Affiliate, including retired, deferred vested, non-vested and other inactive terminated individuals, whose most
recent active employment with ADP or an Affiliate was with a member of the Broadridge Group and such active employment has ended before the Distribution Date, 
 (b) any individual who, as of the Distribution Date, is on long-term disability leave and whose most recent active employment with ADP or an Affiliate prior to the Distribution Date was with a member of the Broadridge
Group, and 
 (c) any former service provider (including any individual who was an independent contractor, temporary employee, temporary
service worker, consultant, freelancer, agency employee, leased employee, on-call worker, incidental worker, or nonpayroll worker of ADP or an Affiliate) with respect to whom (x) such service provider’s employment, non-employment, retainer
arrangement, or relationship with ADP or an Affiliate ended before the Distribution Date and (y) such service provider’s most recent employment, non-employment, retainer arrangement, or relationship prior to the Distribution Date was with
a member of the Broadridge Group. 
 “Governmental Authority” means any federal, state, local, foreign or international
court, government, department, commission, board, bureau or agency, or any other regulatory, self-regulatory, administrative or governmental organization or authority, including the NYSE. 
  

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 “Group” means the ADP Group and/or the Broadridge Group, as the context requires.

 “HIPAA” means the Health Insurance Portability and Accountability Act of 1996, as amended. 
 “Information” means all information of either the ADP Group or the Broadridge Group, as the context requires, whether or not patentable
or copyrightable, in written, oral, electronic or other tangible or intangible forms, stored in any medium, including non-public financial information, studies, reports, records, books, accountants’ work papers, contracts, instruments, surveys,
discoveries, ideas, concepts, know-how, techniques, designs, specifications, drawings, blueprints, diagrams, models, prototypes, samples, flow charts, data, computer data, disks, diskettes, tapes, computer programs or other Software (as defined in
the definition of “Intellectual Property”), marketing plans, customer data, communications by or to attorneys, memos and other materials prepared by attorneys and accountants or under their direction (including attorney work product), and
other technical, financial, legal, employee or business information or data. 
 “Information Statement” means the
information statement and any related documentation to be distributed to holders of ADP Common Stock in connection with the Distribution, including any amendments or supplements thereto. 
 “Intellectual Property” means all intellectual property and other similar proprietary rights in any jurisdiction, whether owned or held
for use under license, whether registered or unregistered, including such rights in and to: (i) trademarks, trade dress, service marks, certification marks, logos, and trade names, and the goodwill associated with the foregoing (collectively,
“Trademarks”); (ii) patents and patent applications, and any and all divisions, continuations, continuations-in-part, reissues, continuing patent applications, reexaminations, and extensions thereof, any counterparts claiming
priority therefrom, utility models, patents of importation/confirmation, certificates of invention, certificates of registration, design registrations or patents and like rights (collectively, “Patents”); inventions, invention
disclosures, discoveries and improvements, whether or not patentable; (iii) writings and other works of authorship (“Copyrights”); (iv) trade secrets (including, those trade secrets defined in the Uniform Trade Secrets Act
and under corresponding foreign statutory Law and common law), Information, business, technical and know-how information, business processes, non-public information, proprietary information and confidential information and rights to limit the use or
disclosure thereof by any Person (collectively, “Trade Secrets”); (v) software, including data files, source code, object code, application programming interfaces, databases and other software-related specifications and
documentation (collectively, “Software”); (vi) domain names and uniform resource locators; (vii) moral rights; (viii) privacy and publicity rights; (ix) any and all technical information, Software,
specifications, drawings, records, documentation, works of authorship or other creative works, ideas, knowledge, invention disclosures or other data, not including works subject to Copyright, Patent or Trademark protection
(“Technology”); (x) advertising and promotional materials, whether or not copyrightable; and (xi) claims, causes of action and defenses relating to the enforcement of any of the foregoing; in each case, including any
registrations of, applications to register, and renewals and extensions of, any of the foregoing with or by any Governmental Authority in any jurisdiction. 
 “IRS” means the Internal Revenue Service. 
  

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 “Law” means any applicable foreign, federal, national, state, provincial or local law
(including common law), statute, ordinance, rule, regulation, code or other requirement enacted, promulgated, issued or entered into, or act taken, by a Governmental Authority. 
 “Liabilities” means all debts, liabilities, obligations, responsibilities, response actions, Losses, damages (whether compensatory,
punitive, consequential, treble or other), fines, penalties and sanctions, absolute or contingent, matured or unmatured, liquidated or unliquidated, foreseen or unforeseen, on- or off-balance sheet, joint, several or individual, asserted or
unasserted, accrued or unaccrued, known or unknown, whenever arising, including those arising under or in connection with any Law, or other pronouncements of Governmental Authorities constituting an Action, order or consent decree of any
Governmental Authority or any award of any arbitration tribunal, and those arising under any contract, guarantee, commitment or undertaking, whether sought to be imposed by a Governmental Authority, private party, or a Party, whether based in
contract, tort, implied or express warranty, strict liability, criminal or civil statute, or otherwise, and including any costs, expenses, interest, attorneys’ fees, disbursements and expense of counsel, expert and consulting fees, fees of
third party administrators, and costs related thereto or to the investigation or defense thereof. 
 “NYSE” means the New
York Stock Exchange, Inc. 
 “Participating Company” means ADP and any Affiliate or any other entity (other than an
individual) participating in an ADP Benefit Plan. 
 “Person” means any natural person, corporation, general or limited
partnership, limited liability company or partnership, joint stock company, joint venture, association, trust, bank, trust company, land trust, business trust or other organization, whether or not a legal entity, and any governmental authority.

 “Restructuring” means, collectively, the Dutch Restructuring, the U.S. Restructuring, the Canadian Restructuring, the
Swiss Restructuring and the U.S. Contribution. 
 “Separation and Distribution Agreement” means the Separation and
Distribution Agreement, as amended from time to time, by and between ADP and Broadridge (or their predecessors-in-interest) dated as of March 20, 2007. 
 “Subsidiary” means, with respect to any Person, any other Person of which a Person (either alone or through or together with any other Subsidiary of such Person) owns, directly or indirectly, a
majority of the stock or other equity interests the 
  

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 holders of which are generally entitled to vote for the election of the board of directors or other governing body of
such corporation or other legal entity. 
 “Swiss Restructuring” means the transfer of the Brokerage Services and Securities
Clearing and Outsourcing Services Businesses conducted by ADP Suisse S.A., a Swiss company, to a new Swiss company that will be transferred to Broadridge. 
 “U.S. Contribution” means the contribution by ADP to Broadridge of the U.S. Subsidiaries of ADP Atlantic, Inc., a Delaware corporation, that conduct the Brokerage Services and Securities Clearing and
Outsourcing Services Businesses. 
 “U.S. Restructuring” means the transfer by ADP Atlantic, Inc., a Delaware corporation
(“ADP Atlantic”), to ADP of the U.S. Subsidiaries of ADP Atlantic that conduct the Brokerage Services and Securities Clearing and Outsourcing Services Businesses, in a transaction intended to qualify as tax-free pursuant to
Section 332 of the Code. 
 Section 1.2 General Interpretive Principles. (a) Words in the singular shall include the plural and
vice versa, and words of one gender shall include the other gender, in each case, as the context requires, (b) the words “hereof,” “herein,” “hereunder,” and “herewith” and
words of similar import shall, unless otherwise stated, be construed to refer to this Agreement and not to any particular provision of this Agreement, and references to Article, Section, paragraph, exhibit and schedule are references to the
Articles, Sections, paragraphs, exhibits and schedules to this Agreement unless otherwise specified, (c) the word “including” and words of similar import when used in this Agreement shall mean “including, without
limitation,” unless otherwise specified and (d) any reference to any federal, state, local or non-U.S. statute or Law shall be deemed to also refer to all rules and regulations promulgated thereunder, unless the context otherwise requires.

 ARTICLE II 
 GENERAL PRINCIPLES

 Section 2.1 Assumption and Retention of Liabilities; Related Assets. 
 (a) As of the Effective Time, except as otherwise expressly provided for in this Agreement, ADP shall, or shall cause one or more members of the ADP
Group to, assume or retain, as applicable, and ADP hereby agrees to pay, perform, fulfill and discharge, in due course in full (i) all Liabilities under all ADP Benefit Plans, (ii) all Liabilities with respect to the employment, service,
termination of employment or termination of service of all ADP Employees, Former ADP Employees, their dependents and beneficiaries, and other service providers (including any individual who is, or was, an independent contractor, temporary employee,
temporary service worker, consultant, freelancer, agency employee, leased employee, on-call worker, incidental worker, or nonpayroll worker of any member of the ADP Group or in any other employment, non-employment, retainer arrangement, or
relationship with any member of the ADP Group), 
  

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 in each case to the extent arising in connection with or as a result of employment with or the performance of services
for any member of the ADP Group, (iii) all Liabilities with respect to the employment, service, termination of employment or termination of service of all Former Broadridge Employees, their dependents and beneficiaries and (iv) any other
Liabilities or obligations expressly assigned to ADP or any of its Affiliates under this Agreement. For purposes of clarification, the Liabilities assumed or retained by the ADP Group as provided for in this Section 2.1(a) are intended to be
ADP Liabilities as such term is defined in the Separation and Distribution Agreement. 
 (b) As of the Effective Time, except as otherwise
expressly provided for in this Agreement, Broadridge shall, or shall cause one or more members of the Broadridge Group to, assume and Broadridge hereby agrees to pay, perform, fulfill and discharge, in due course in full (i) all Liabilities
under all Broadridge Benefit Plans, (ii) all Liabilities with respect to the employment, service, termination of employment or termination of service of all Broadridge Employees, their dependents and beneficiaries and other persons who provide
services to the Broadridge Group (including any individual who is an independent contractor, temporary employee, temporary service worker, consultant, freelancer, agency employee, leased employee, on-call worker, incidental worker, or nonpayroll
worker of any member of the Broadridge Group or in any other employment, non-employment, or retainer arrangement, or relationship with any member of the Broadridge Group), and (iii) any other Liabilities or obligations expressly assigned to
Broadridge or any of its Affiliates under this Agreement. For purposes of clarification, the Liabilities assumed by the Broadridge Group as provided for in this Section 2.1(b) are intended to be Broadridge Liabilities as such term is defined in
the Separation and Distribution Agreement. 
 (c) From time to time after the Distribution, Broadridge shall promptly reimburse ADP, upon
ADP’s reasonable request and the presentation by ADP of such substantiating documentation as Broadridge shall reasonably request, for the cost of any obligations or Liabilities satisfied by ADP or its Affiliates that are, or that have been made
pursuant to this Agreement, the responsibility of Broadridge or any of its Affiliates. 
 (d) From time to time after the Distribution, ADP
shall promptly reimburse Broadridge, upon Broadridge’s reasonable request and the presentation by Broadridge of such substantiating documentation as ADP shall reasonably request, for the cost of any obligations or Liabilities satisfied by
Broadridge or its affiliates that are, or that have been made pursuant to this Agreement, the responsibility of ADP or its Affiliates. 
 Section 2.2 Cessation of Broadridge Participation in ADP Benefit Plans. Except as otherwise expressly provided for in this Agreement or as otherwise expressly agreed to in writing between the Parties, (i) effective as of the
Effective Time, Broadridge and each member of the Broadridge Group shall cease to be a Participating Company in any ADP Benefit Plan, and (ii) each Broadridge Participant and any other service providers who provide services to any member of the
Broadridge Group on or after the Effective Time (including any individual who is an independent contractor, 
  

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 temporary employee, temporary service worker, consultant, freelancer, agency employee, leased employee, on-call worker,
incidental worker, or nonpayroll worker of any member of the Broadridge Group or in any other employment, non-employment, or retainer arrangement, or relationship with any member of the Broadridge Group), effective as of the Effective Time, shall
cease to participate in, be covered by, accrue benefits under, be eligible to contribute to or have any rights under any ADP Benefit Plan, and ADP and Broadridge shall take all necessary action to effectuate each such cessation. 
 Section 2.3 Comparable Compensation and Benefits. Except as otherwise agreed to by ADP, with respect to a Broadridge Employee, for the period
commencing on the Distribution Date and ending on the last day of the first calendar year beginning on or after the Distribution Date, Broadridge (acting directly or through its Affiliates) intends to provide such Broadridge Employees with
compensation opportunities (including, without limitation, salary, wages, commissions and bonus opportunities) and employee benefits, but in all events excluding any equity or non-qualified deferred compensation plans or programs, that are
substantially comparable, in the aggregate, to the compensation opportunities and employee benefits to which such Broadridge Employees were entitled to immediately prior to the Distribution Date; provided, however, that neither Broadridge nor any
other member of the Broadridge Group shall be required to establish any tax-qualified defined benefit pension plan for Broadridge Employees. 
 Section 2.4 Service Recognition. Broadridge shall give each Broadridge Participant full credit for purposes of eligibility, vesting, and determination of level of benefits under any Broadridge Benefit Plan for such Broadridge
Participant’s service with any member of the ADP Group prior to the Distribution Date to the same extent such service was recognized by the applicable ADP Benefit Plans immediately prior to the Distribution Date; provided, however, that such
service shall not be recognized to the extent that such recognition would result in the duplication of benefits. 
 ARTICLE III 
 THE ADP PENSION PLAN 
 Section 3.1 Status
of Broadridge Employees. Effective as of the Distribution Date, each Broadridge Employee and Former Broadridge Employee shall, for all purposes of the ADP Pension Plan, be treated as having terminated employment with ADP and with all of its
Affiliates as of the Distribution Date (or, if earlier, as of the date of such person’s actual termination of employment with ADP and all Affiliates). Also Effective as of the Distribution Date, each Broadridge Employee shall become fully
vested in such person’s entire accrued benefit under the ADP Pension Plan. 
 Section 3.2 ADP Retention of Liabilities With Respect
to Broadridge Employees. Notwithstanding anything herein to the contrary, and subject to Section 3.3 of this Agreement, the legal responsibility and obligation to pay (or continue to pay, as the case may be) all benefits otherwise accrued
under the ADP Pension Plan with respect to Broadridge Employees and Former Broadridge Employees shall at all times remain the 
  

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 legal responsibility and obligation of ADP and the ADP Pension Plan. In connection therewith, there shall be no transfer
of Assets from the ADP Pension Plan to any Broadridge Benefit Plan. 
 ARTICLE IV 
 TAX-QUALIFIED DEFINED CONTRIBUTION PLAN 
 Section 4.1 The ADP Savings Plan.

 (a) Establishment of the Broadridge Savings Plan. Effective as of the Distribution Date, Broadridge shall, or shall have caused one
of its Affiliates to, establish a defined contribution plan and trust for the benefit of Broadridge Employees (the “Broadridge Savings Plan”). Broadridge shall be responsible for taking all necessary, reasonable and appropriate
action to establish, maintain and administer the Broadridge Savings Plan so that it is qualified under Section 401(a) of the Code and that the related trust thereunder is exempt under Section 501(a) of the Code. Broadridge (acting directly
or through its Affiliates) shall be responsible for any and all Liabilities (including Liability for funding) and other obligations with respect to the Broadridge Savings Plan. 
 (b) Full Vesting Under ADP Savings Plan. Effective as of the Distribution Date, each Broadridge Employee shall become fully vested in such
person’s entire account balance under the ADP Savings Plan. 
 (c) Prorated Matching Contribution. As soon as practical on or
after the Distribution Date, ADP shall contribute to the ADP Savings Plan on behalf of each Broadridge Employee a pro-rated portion of the employer matching contribution that would otherwise have been contributed on behalf of such person if no
end-of-year employment requirement applied for purposes of receiving such matching contribution. 
 (d) Transfer of ADP Savings Plan
Assets. On or as soon as reasonably practicable following the Distribution Date, ADP shall cause the account balances (including any outstanding loan balances) in the ADP Savings Plan attributable to Broadridge Employees, together with an amount
of cash equal to the aggregate of such account balances to be transferred to the Broadridge Savings Plan, and Broadridge shall cause the Broadridge Savings Plan to accept such transfer of accounts and cash and, effective as of the date of such
transfer, to assume and to fully perform, pay and discharge, all obligations of the ADP Savings Plan relating to the accounts of Broadridge Employees. Such transfer of cash shall be done in accordance with the requirements of Section 414(l) of
the Code, Treasury Regulation Section 1.414(1)-1, and Section 208 of ERISA. 
 (e) Form 5310-A. No later than thirty
(30) days prior to the date of such aforementioned transfer from the ADP Savings Plan to the Broadridge Savings Plan, ADP and Broadridge (each acting directly or through their respective Affiliates) shall, to the extent necessary, each file an
IRS Form 5310-A regarding such transfer. 
  

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 Section 4.2 Contributions as of the Distribution Date. All contributions payable to the ADP
Savings Plan with respect to employee deferrals, matching contributions and any other required contributions for Broadridge Employees through the Distribution Date shall be paid by ADP to the ADP Savings Plan prior to the date of the cash transfer
described in Section 4.1(b) above. 
 ARTICLE V 
 HEALTH, WELFARE AND SIMILAR PLANS 
 Section 5.1 Plans Maintained by ADP Prior to the Distribution
Date. 
 (a) Establishment of the Broadridge Plans. ADP or one or more of its Affiliates maintain each of the health, welfare and
similar plans set forth on Schedule A attached hereto (the “ADP Welfare Plans”) in part for the benefit of eligible individuals who, as of the Distribution Date, will be Broadridge Participants. Effective as of the Distribution
Date, Broadridge shall, or shall cause a Broadridge Affiliate to, adopt, for the benefit of eligible Broadridge Participants, health, welfare and similar plans, the terms of which are substantially comparable, in the aggregate, to the terms of the
ADP Welfare Plans as in effect immediately prior to the Distribution Date (collectively, the “Broadridge Welfare Plans”). 
 (b) Terms of Participation in Broadridge Welfare Plans. Broadridge (acting directly or through its Affiliates) shall cause all Broadridge Welfare Plans to (i) waive all limitations as to preexisting conditions, exclusions, and
service conditions with respect to participation and coverage requirements applicable to Broadridge Participants, other than limitations that were in effect with respect to any such person as of the Distribution Date under the ADP Welfare Plans,
(ii) honor any deductible, out-of-pocket maximum, and co-payment incurred by Broadridge Participants under the ADP Welfare Plans in which they participated immediately prior to the Distribution Date in satisfying any applicable deductible or
out-of-pocket requirements under any Broadridge Welfare Plans during the same plan year in which such deductible, out-of-pocket maximums and co-payments were made, (iii) waive any waiting period limitation or evidence of insurability
requirement that would otherwise be applicable to a Broadridge Participant following the Distribution Date, to the extent such Broadridge Participant had satisfied any similar limitation under the analogous ADP Welfare Plan, and (iv) provide
each Broadridge Participant with new annual and lifetime maximums. 
 (c) Reimbursement Account Plan. Effective as of the
Distribution Date, Broadridge (acting directly or through its Affiliates) shall have established a health and dependent care reimbursement account plan (the “Broadridge Reimbursement Account Plan”) with features that are comparable
to those contained in the Automatic Data Processing, Inc. Health Care and Dependent Care Flexible Spending Accounts Plan (the “ADP Reimbursement Account Plan”). With respect to Broadridge 
  

 12 

 Participants, effective as of the Effective Time, Broadridge (acting directly or through its Affiliates) shall assume
responsibility for administering all reimbursement claims of Broadridge Participants with respect to calendar year 2007, whether arising before, on, or after the Distribution Date, under the Broadridge Reimbursement Account Plan and, for the
avoidance of doubt, on and after the Distribution Date, no additional claims shall be reimbursed with respect to Broadridge Participants under the ADP Reimbursement Account Plan. ADP shall, as soon as practicable following the Distribution Date,
determine (i) the sum of all contributions to the ADP Reimbursement Account Plan made with respect to calendar year 2007 by or on behalf of all Broadridge Participants, as a whole, prior to the Distribution Date (the “Aggregate
Pre-Distribution Date Contributions”) and (ii) the sum of all claims incurred in calendar year 2007 and paid by the ADP Reimbursement Account Plan with respect to such Broadridge Participants, as a whole, prior to the Distribution Date
(the “Aggregate Pre-Distribution Date Disbursements”). If the Aggregate Pre-Distribution Date Contributions exceeds the Aggregate Pre-Distribution Date Disbursements, ADP shall, as soon as practicable following ADP’s
determination of the Aggregate Pre-Distribution Date Contributions and Pre-Distribution Date Disbursements, transfer to Broadridge an amount in cash equal to such difference. If the Aggregate Pre-Distribution Date Disbursements exceeds the Aggregate
Pre-Distribution Date Contributions, Broadridge shall, upon ADP’s reasonable request and the presentation of such substantiating documentation as Broadridge shall reasonably request, transfer to ADP an amount in cash equal to such difference.

 (d) Continuation of Elections. With respect to Broadridge Participants, as of the Distribution Date, Broadridge (acting directly
or through its Affiliates) shall cause the Broadridge Welfare Plans to recognize and maintain all elections and designations (including, without limitation, all coverage and contribution elections and beneficiary designations) made by Broadridge
Participants under, or with respect to, the ADP Welfare Plans and apply such elections and designations under the Broadridge Welfare Plans for the remainder of the period or periods for which such elections or designations are by their original
terms applicable, to the extent such election or designation is available under the corresponding Broadridge Welfare Plan. 
 (e) COBRA
and HIPAA. ADP (acting directly or through its Affiliates) shall be responsible for administering compliance with the certificate of creditable coverage requirements of HIPAA applicable to the ADP Welfare Plans with respect to Broadridge
Participants. The Parties hereto agree that the Distribution shall not constitute a COBRA qualifying event for any purposes of COBRA. 
 (f)
Liabilities. Broadridge (acting directly or through its Affiliates) shall fully perform, pay and discharge, under the Broadridge Welfare Plans, all claims of Broadridge Participants from and after the Distribution Date that are incurred on or
after the Distribution Date. ADP (acting directly or through its Affiliates) shall fully perform, pay and discharge, under the ADP Welfare Plans, all claims of Broadridge Participants that are incurred prior to the Distribution Date. For purposes of
this Section 5.1(f), a claim is deemed to be incurred (A) with respect to medical, dental, vision and/or prescription drug benefits, upon the rendering of health services giving rise to such claim; (B) with respect to life insurance,
accidental death and dismemberment 
  

 13 

 and business travel accident insurance, upon the occurrence of the event giving rise to such claim; (C) with respect
to disability benefits, upon the date of an individual’s disability, as determined by the disability benefit insurance carrier or claim administrator, giving rise to such claim; and (D) with respect to a period of continuous
hospitalization, upon the date of admission to the hospital. 
 Section 5.2 ADP VEBA. In no event will any of the assets held under
the ADP VEBA be transferred to Broadridge (or any of its Affiliates) or to any Broadridge Benefit Plan. 
 Section 5.3 Time-Off
Benefits. Broadridge shall credit each Broadridge Participant with the amount of accrued but unused vacation time, sick time and other time-off benefits as such Broadridge Participant had with ADP (or with any Affiliate) as of the Distribution
Date. 
 ARTICLE VI 
 SUPPLEMENTAL
OFFICERS RETIREMENT PLAN 
 Section 6.1 Establishment of Broadridge Supplemental Officers Retirement Plan. Effective as of the
Distribution Date, Broadridge shall, or shall cause one of its Affiliates to, establish a plan to be known as the “Broadridge Supplemental Officers Retirement Plan.” 
 Section 6.2 ADP Plan. ADP shall remain responsible for the payment of all benefits under the ADP SORP which are otherwise due and owing to all
Broadridge Participants. Other than as specifically agreed to in writing by ADP, each Broadridge Employee shall, for all purposes of the ADP SORP, be treated as terminating employment with ADP and with all of its Affiliates at the Effective Time.
For purposes of clarification, the amounts which ADP is so required to pay to Broadridge Participants are intended to be ADP Liabilities as such term is defined in the Separation and Distribution Agreement. 
 ARTICLE VII 
 DEFERRED COMPENSATION PLAN

 Section 7.1 Broadridge FY07 Deferred Compensation Plan. Effective as of the Distribution Date, Broadridge shall, or shall cause one
of its Affiliates to, establish a non-qualified deferred compensation plan to benefit Broadridge Participants who prior to the Distribution Date had deferred bonus amounts under the ADP FY07 DCP (the “Broadridge FY07 DCP”).
Effective as of the Effective Time, Broadridge hereby agrees to cause the Broadridge FY07 DCP to assume responsibility for all Liabilities and fully perform, pay and discharge all obligations, when such obligations become due, of the ADP FY07 DCP
with respect to all Broadridge Participants therein. Broadridge (acting directly or through its Affiliates) shall be responsible for any and all Liabilities and other obligations with respect to the Broadridge FY07 DCP. 
  

 14 

 Notwithstanding the foregoing provisions of Section 2.3 of this Agreement to the contrary, the Broadridge FY07 DCP
shall have the same terms and conditions as the ADP FY07 DCP. 
 Section 7.2 Continuation of Elections. As of the Distribution Date,
Broadridge (acting directly or through an Affiliate) shall cause the Broadridge FY07 DCP to recognize and maintain all elections (including deferral, distribution and investment elections) and beneficiary designations with respect to Broadridge
Participants under the ADP FY07 DCP. 
 ARTICLE VIII 
 EQUITY AWARDS 
 Section 8.1 Treatment of Outstanding ADP Options Held by Broadridge Employees. Each
ADP Option held by a Broadridge Employee as of the Distribution Date shall be substituted with a Broadridge Option issued under the Broadridge Stock Plan and subject to terms and conditions after the Distribution that are substantially similar to
the terms and conditions applicable to the corresponding ADP Option immediately prior to the Distribution; provided that (i) the number of shares of Broadridge Common Stock subject to each such Broadridge Option shall be equal to the
product of (x) the number of shares of ADP Common Stock subject to the corresponding ADP Option immediately prior to the Distribution Date and (y) the Broadridge Option Share Ratio, with fractional shares rounded down to the nearest whole
share and (ii) the per-share exercise price of each such Broadridge Option shall be equal to the product of (x) the per-share exercise price of the corresponding ADP Option immediately prior to the Distribution Date and (y) the
Broadridge Option Price Ratio, rounded up to the nearest whole cent. 
 Section 8.2 Treatment of Outstanding Shares of ADP Restricted
Stock Held by Broadridge Employees. 
 (a) Broadridge Stock Received by Broadridge Employees. Shares of Broadridge Common Stock
distributed in connection with the payment of the Distribution in respect of shares of ADP Restricted Stock held by a Broadridge Employee shall not be subject to any forfeiture restriction, and shall be treated for all purposes the same as shares of
Broadridge Common Stock distributed in connection with the payment of the Distribution to all other holders of ADP Common Stock. 
 (b)
Substitution of ADP Restricted Stock. Each share of ADP Restricted Stock held by a Broadridge Employee as of the Distribution Date shall be surrendered on the Distribution Date to ADP and substituted with restricted shares of Broadridge
Common Stock (“Broadridge Restricted Stock”) issued under the Broadridge Stock Plan and subject to terms and conditions after the Distribution that are substantially similar to the terms and conditions applicable to the
corresponding shares of ADP Restricted Stock immediately prior to the Distribution. The number of shares of Broadridge Restricted Stock to which a Broadridge Employee is entitled pursuant to this 
  

 15 

 Section 8.2 will equal the product of (x) the number of shares of corresponding ADP Restricted Stock held by
such Broadridge Employee immediately prior to the Distribution Date and (y) the Broadridge Restricted Stock Share Ratio, with fractional shares rounded to the nearest whole share. 
 ARTICLE IX 
 ADDITIONAL COMPENSATION MATTERS; SEVERANCE 
 Section 9.1 Broadridge Assumption of Annual Incentive and Bonus Liability. Effective as of the Effective Time, Broadridge shall assume or retain,
as applicable, responsibility for all Liabilities and fully perform, pay and discharge all obligations, when such obligations become due, relating to any annual incentive awards and bonuses that any Broadridge Employee is eligible to receive with
respect to the fiscal year ending June 30, 2007 and, effective as of the Effective Time, ADP shall have no obligation with respect to any such annual incentive award. 
 Section 9.2 Severance Policies. 
 (a)
Establishment of Broadridge Severance Plan. Effective as of the Distribution Date, Broadridge shall take all steps necessary to establish a severance plan for Broadridge Employees (the “Broadridge Severance Policy”).

 (b) Assumption of Severance Liabilities. Effective as of the Effective Time, (i) Broadridge shall assume responsibility for
all Liabilities and fully perform, pay and discharge all obligations, when such obligations become due, relating to any severance benefit to which any Broadridge Participant may otherwise be entitled and (ii) ADP shall have no Liability or
responsibility to pay any benefits to any Broadridge Employee pursuant to the terms of the ADP Severance Policy. 
 (c) Severance
Benefits. With respect to any Broadridge Employee who becomes eligible to receive severance benefits pursuant to the Broadridge Severance Policy during the period commencing on the Distribution Date and ending on the first anniversary of the
Distribution Date, the Broadridge Severance Policy shall provide to such Broadridge Employee an amount of severance benefit that is not less than the number of weeks of pay that such Broadridge Employee would have received under the ADP Severance
Policy as in effect immediately prior to the Distribution Date. 
 (d) Effect of the Separation on Severance. ADP and Broadridge
acknowledge and agree that the transactions contemplated by the Separation and Distribution Agreement will not constitute a termination of employment of any Broadridge Employee for purposes of any policy, plan, program or agreement of ADP or
Broadridge or any member of the ADP Group or the Broadridge Group that provides for the payment of severance, separation pay, salary continuation or similar benefits in the event of a termination of employment. 
  

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 Section 9.3 Workers’ Compensation Liabilities. 
 (a) Pre-Distribution Date Claims. Effective as of the Effective Time, all workers’ compensation Liabilities relating to, arising out of, or
resulting from any claim by a Broadridge Employee that results from an accident, incident or event occurring, or from an occupational disease which becomes manifest, before the Effective Time shall be the sole and exclusive liability of Broadridge.

 (b) Post-Distribution Date Claims. All workers’ compensation Liabilities relating to, arising out of, or resulting from any
claim by a Broadridge Employee that results from an accident, incident or event occurring, or from an occupational disease which becomes manifest, on or after the Effective Time shall be the sole and exclusive Liability of Broadridge. 
 (c) General. ADP and Broadridge shall cooperate in good faith with respect to the notification to appropriate governmental agencies of the
Distribution and the issuance of new, or the transfer of existing, workers’ compensation insurance policies and claims handling contracts. 
 ARTICLE X 
 GENERAL AND ADMINISTRATIVE 
 Section 10.1 Sharing of Information. ADP and Broadridge (acting directly or through their respective Affiliates) shall provide to the other and their respective agents and vendors all Information as the other
may reasonably request to enable the requesting Party to administer efficiently and accurately each of its Benefit Plans and to determine the scope of, as well as fulfill, its obligations under this Agreement. Such Information shall, to the extent
reasonably practicable, be provided in the format and at the times and places requested, but in no event shall the Party providing such Information be obligated to incur any out-of-pocket expenses not reimbursed by the Party making such request or
make such Information available outside of its normal business hours and premises. Any Information shared or exchanged pursuant to this Agreement shall be subject to the same confidentiality requirements set forth in the Separation and Distribution
Agreement. The Parties also hereby agree to enter into any business associate agreements that may be required for the sharing of any Information pursuant to this Agreement to comply with the requirements of HIPAA. 
 Section 10.2 Reasonable Efforts/Cooperation. Each of the Parties hereto will use its commercially reasonable efforts to promptly take, or cause to
be taken, all actions and to do, or cause to be done, all things necessary, proper or advisable under applicable Laws and regulations to consummate the transactions contemplated by this Agreement, including, without limitation, adopting plans or
plan amendments. Each of the Parties hereto shall cooperate fully on any issue relating to the transactions contemplated by this Agreement for which the other Party seeks a determination letter or private letter ruling from the IRS, an advisory
opinion from the DOL or any other filing, consent or approval with respect to or by a Governmental Authority. 
  

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 Section 10.3 Employer Rights. Subject to Broadridge’s obligations under this Agreement,
nothing in this Agreement shall prohibit Broadridge or any Broadridge Affiliate from amending, modifying or terminating any Broadridge Benefit Plan at any time within its sole discretion. In addition, subject to ADP’s obligations under this
Agreement, nothing in this Agreement shall prohibit ADP or any ADP Affiliate from amending, modifying or terminating any ADP Benefit Plan at any time within its sole discretion. 
 Section 10.4 Non-Termination of Employment; No Third-Party Beneficiaries. Except as expressly provided for in this Agreement or the Separation and
Distribution Agreement, no provision of this Agreement or the Separation and Distribution Agreement shall be construed to create any right, or accelerate entitlement, to any compensation or benefit whatsoever on the part of any ADP Employee or
Broadridge Employee or other future, present, or former employee of any member of the ADP Group or the Broadridge Group under any ADP Benefit Plan or Broadridge Benefit Plan or otherwise. Without limiting the generality of the foregoing, except as
expressly provided in this Agreement, the occurrence of the Distribution alone shall not cause any employee to be deemed to have incurred a termination of employment which entitles such individual to the commencement of benefits under any of the ADP
Benefit Plans. Furthermore, this Agreement is solely for the benefit of the Parties hereto and their respective successors and permitted assigns. Nothing in this Agreement, express or implied, is intended to or shall confer upon any other person or
persons any rights, benefits or remedies of any nature whatsoever under or by reason of this Agreement. Furthermore, nothing in this Agreement is intended to confer upon any employee or former employee of ADP, Broadridge or either of their
respective Affiliates any right to continued employment, or any recall or similar rights to an individual on layoff or any type of approved leave. 
 Section 10.5 Consent of Third Parties. If any provision of this Agreement is dependent on the Consent of any third party and such consent is withheld, the Parties hereto shall use their reasonable best efforts to implement the
applicable provisions of this Agreement to the fullest extent practicable. If any provision of this Agreement cannot be implemented due to the failure of such third party to consent, the Parties hereto shall negotiate in good faith to implement the
provision in a mutually satisfactory manner. 
 Section 10.6 Access to Employees. Following the Distribution Date, each Party shall,
or shall cause its Affiliates to, make available to the other Party those of their employees who may reasonably be needed in order to defend or prosecute any legal or administrative action (other than a legal action between ADP and Broadridge) to
which any employee, director or Benefit Plan of the ADP Group or the Broadridge Group is a party and which relates to the ADP Benefit Plans prior to the Distribution Date or the Broadridge Benefit Plans on or after the Distribution Date. 

Section 10.7 Beneficiary Designation/Release of Information/Right to Reimbursement. To the extent permitted by applicable Law and except as
otherwise 
  

 18 

 provided for in this Agreement, all beneficiary designations, authorizations for the release of Information and rights to
reimbursement made by or relating to Broadridge Participants under ADP Benefit Plans shall be transferred to and be in full force and effect under the corresponding Broadridge Benefit Plans until such beneficiary designations, authorizations or
rights are replaced or revoked by, or no longer apply, to the relevant Broadridge Participant. 
 Section 10.8 Not a Change in
Control. The Parties hereto acknowledge and agree that the transactions contemplated by the Separation and Distribution Agreement and this Agreement do not constitute a “change in control” for purposes of any ADP Benefit Plan or
Broadridge Benefit Plan. 
 ARTICLE XI 
 MISCELLANEOUS PROVISIONS 
 Section 11.1 Complete Agreement; Representations. Except as explicitly stated herein, this
Agreement, together with the exhibits and schedules hereto constitutes the entire agreement between the Parties with respect to the subject matter hereof and shall supersede all previous negotiations, commitments and writings with respect to such
subject matter. 
 (b) ADP represents on behalf of itself and each other member of the ADP Group and Broadridge represents on behalf of
itself and each other member of the Broadridge Group as follows: 
 (i) each such Person has the requisite corporate or other power and
authority and has taken all corporate or other action necessary in order to execute, deliver and perform this Agreement and to consummate the transactions contemplated by this Agreement; and 
 (ii) this Agreement has been duly executed and delivered by such Person (if such Person is a Party) and constitutes a valid and binding agreement of it
enforceable in accordance with the terms thereof (assuming the due execution and delivery thereof by the other Party), except as such enforceability may be limited by bankruptcy, fraudulent conveyance, insolvency, reorganization, moratorium and
other Laws relating to creditors’ rights generally and by general equitable principles. 
 Section 11.2 Costs and Expenses. All
costs and expenses incurred in connection with the negotiation, preparation, execution and performance of this Agreement and the transactions contemplated hereby shall be borne as provided in the Separation and Distribution Agreement. 
 Section 11.3 Governing Law. This Agreement and any dispute arising out of, in connection with or relating to this Agreement shall be governed by
and construed in accordance with the Laws of the State of New York, without giving effect to the conflicts of laws principles thereof. 
  

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 Section 11.4 Notices. All notices, requests, claims, demands and other communications hereunder
must be in writing and will be deemed to have been duly given only if delivered personally or by facsimile transmission or mailed (first class postage prepaid) to the Parties at the following addresses or facsimile numbers: 
 If to ADP or any member of the ADP Group, to: 
 Automatic Data Processing, Inc. 
 One ADP Boulevard 
 Roseland, New Jersey 07068 
 Attn: General Counsel 
 Fax: 973-974-3324 
 If to Broadridge or any
member of the Broadridge Group, to: 
 Broadridge Financial Solutions, Inc. 
 2 Journal Square Plaza 
 Jersey City, New
Jersey 07306 
 Attn: General Counsel 
 Fax: 201-714-3506 
 All such notices, requests and other communications will (i) if delivered personally to the address as
provided in this section, be deemed given upon delivery, (ii) if delivered by facsimile transmission to the facsimile number as provided in this section, be deemed given upon receipt and (iii) if delivered by mail in the manner described
above to the address as provided in this section, be deemed given upon receipt (in each case regardless of whether such notice, request or other communication is received by any other Person to whom a copy of such notice, request or other
communication is to be delivered pursuant to this section). Any party from time to time may change its address, facsimile number or other information for the purpose of notices to that party by giving notice specifying such change to the other
party. 
 Section 11.5 Amendment, Modification or Waiver. 
 (a) Prior to the Distribution, this Agreement may be amended, modified, waived, supplemented or superseded, in whole or in part, by ADP in its sole
discretion by execution of a written amendment delivered to Broadridge. Subsequent to the Distribution, this Agreement may be amended, modified, supplemented or superseded only by an instrument signed by duly authorized signatories of both Parties.

 (b) Following the Distribution, any term or condition of this Agreement may be waived at any time by the Party that is entitled to the
benefit thereof, but no such waiver shall be effective unless set forth in a written instrument duly executed by or on behalf of the Party waiving such term or condition. No waiver by any 
  

 20 

 Party of any term or condition of this Agreement, in any one or more instances, shall be deemed or construed as a waiver
of the same or any other term or condition of this Agreement on any future occasion. All remedies, either under this Agreement or by Law or otherwise afforded, will be cumulative and not alternative. 
 Section 11.6 No Assignment; Binding Effect. 
 (a) Neither this Agreement nor any right, interest or obligation hereunder may be assigned by either Party hereto without the prior written consent of the other Party hereto and any attempt to do so will be void, except that following the
Effective Time each Party hereto may assign any or all of its rights, interests and obligations hereunder to an Affiliate, provided that any such Affiliate agrees in writing to be bound by all of the terms, conditions and provisions contained
herein. Subject to the preceding sentence, this Agreement is binding upon, inures to the benefit of and is enforceable by the Parties hereto and their respective successors and assigns. 
 (b) Except for the provisions of Article IV of the Separation and Distribution Agreement relating to indemnification, the terms and provisions of this
Agreement are intended solely for the benefit of each Party hereto and their respective Affiliates, successors or permitted assigns, and it is not the intention of the Parties to confer third party beneficiary rights upon any other Person.

 Section 11.7 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 instrument. 
 Section 11.8 Negotiation. Except as otherwise provided for
herein, in the event that any dispute arises between the Parties that cannot be resolved, either Party shall have the right to refer the dispute for resolution to the chief financial officers of the Parties by delivering to the other Party a written
notice of such referral (a “Dispute Escalation Notice”). Following receipt of a Dispute Escalation Notice, the chief financial officers of the Parties shall negotiate in good faith to resolve such dispute. In the event that the
chief financial officers of the Parties are unable to resolve such dispute within fifteen (15) business days after receipt of the Dispute Escalation Notice, either Party shall have the right to refer the dispute to the chief executive officers
of the Parties, who shall negotiate in good faith to resolve such dispute. In the event that the chief executive officers of the Parties are unable to resolve such dispute within thirty (30) business days after the date of the Dispute
Escalation Notice, either Party shall have the right to commence litigation in accordance with Section 11.10. The Parties agree that all discussions, negotiations and other Information exchanged between the Parties during the foregoing
escalation proceedings shall be without prejudice to the legal position of a Party in any subsequent Action. 
 Section 11.9 Specific
Performance. From and after the Distribution, in the event of any actual or threatened default in, or breach of, any of the terms, conditions and provisions of this Agreement, the Parties agree that the Party or Parties to this Agreement who are
or are to be thereby aggrieved shall have the right to specific 
  

 21 

 performance and injunctive or other equitable relief of its or their rights under this Agreement, in addition to any and
all other rights and remedies at law or in equity, and all such rights and remedies shall be cumulative. The Parties agree that, from and after the Distribution, the remedies at law for any breach or threatened breach of this Agreement, including
monetary damages, are inadequate compensation for any loss, that any defense in any action for specific performance that a remedy at law would be adequate is hereby waived, and that any requirements for the securing or posting of any bond with such
remedy are hereby waived. 
 Section 11.10 New York Forum. Subject to the prior exhaustion of the procedures set forth in
Section 11.08, each of the Parties agrees that, except as otherwise provided herein, all Actions arising out of or in connection with this Agreement, or for recognition and enforcement of any judgment arising out of or in connection with this
Agreement, shall be tried and determined exclusively in the state or federal courts in the State of New York, County of New York, and each of the Parties hereby irrevocably submits with regard to any such action or proceeding for itself and in
respect to its property, generally and unconditionally, to the exclusive jurisdiction of the aforesaid courts. Each of the Parties hereby expressly waives any right it may have to assert, and agrees not to assert, by way of motion, as a defense,
counterclaim or otherwise, in any such action or proceeding: (a) any claim that it is not subject to personal jurisdiction in the aforesaid courts for any reason; (b) any claim that it or its property is exempt or immune from jurisdiction
of any such court or from any legal process commenced in such courts; and (c) any claim that (i) any of the aforesaid courts is an inconvenient or inappropriate forum for such action or proceeding, (ii) venue is not proper in any of
the aforesaid courts and (iii) this Agreement, or the subject matter hereof, may not be enforced in or by any of the aforesaid courts. Each of the Parties agrees that mailing of process or other papers in connection with any such action or
proceeding in the manner provided in Section 11.04 or any other manner as may be permitted by Law shall be valid and sufficient service thereof. 
 Section 11.11 Waiver of Jury Trial. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY THAT MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH PARTY
HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (i) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH
PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE WAIVER IN THIS SECTION, (ii) SUCH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF SUCH WAIVER, (iii) SUCH PARTY MAKES SUCH WAIVER VOLUNTARILY AND (iv) SUCH
PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS, AGREEMENTS AND CERTIFICATIONS HEREIN. 
  

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 Section 11.12 Interpretation; Conflict With Ancillary Agreements. The language of this Agreement
shall be construed according to its fair meaning and shall not be strictly construed for or against any Party. The Article and Section headings contained in this Agreement are solely for the purpose of reference, are not part of the agreement of the
Parties and shall not in any way affect the meaning or interpretation of this Agreement. If, and to the extent, the provisions of this Agreement conflict with the Separation and Distribution Agreement, or any Ancillary Agreement, the provisions of
this Agreement shall control. 
 Section 11.13 Severability. If any provision of this Agreement is held to be illegal, invalid or
unenforceable under any present or future Law, the remaining provisions of this Agreement will remain in full force and effect and will not be affected by the illegal, invalid or unenforceable provision or by its severance herefrom. 
 [Remainder of page intentionally left blank] 
  

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 IN WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed as of the date first above
written. 
  

			
	AUTOMATIC DATA PROCESSING, INC.
		
	By:	 	 /s/    James B. Benson

	Name:	 	James B. Benson
	Title:	 	Corporate Vice President

  

			
	BROADRIDGE FINANCIAL SOLUTIONS, INC.
		
	By:	 	 /s/    James B. Benson

	Name:	 	James B. Benson
	Title:	 	President

 Employee Matters Agreement – Signature Page 

 SCHEDULE A 
 ADP Health, Welfare and Similar Plans 
 Medical Plan. 
 Prescription Plan. 
 Dental Plan. 
 Life Insurance Plan. 
 Accident Death and Dismemberment Plan. 
 Long Term Disability Plan. 
 Automatic Data Processing, Inc. Executive Retiree Health Plan 
 Automatic Data Processing, Inc. Vision Care Plan. 
 Automatic Data
Processing, Inc. Business Travel Accident Plan. 
 Automatic Data Processing, Inc. Short Term Disability Salary Continuation Policy 
 Automatic Data Processing, Inc. Personal Accident Insurance. 
 Automatic
Data Processing, Inc. Employees’ Savings-Stock Purchase Plan. 
 Automatic Data Processing, Inc. Employee Assistance Program. 
 Automatic Data Processing, Inc. Tuition Reimbursement Program. 
 Voluntary
Employee pay all non-ERISA Plans include: 
 Group Universal Life Insurance; 
 Long Term Care; and 
 Auto and Home Insurance.Broadridge Financial Solutions, Inc. Change in Control Severance Plan

 Exhibit 10.6 
 BROADRIDGE FINANCIAL SOLUTIONS, INC. 
 CHANGE IN CONTROL SEVERANCE PLAN 
 FOR 
 CORPORATE OFFICERS

 The purpose of this Change in Control Severance Plan for Corporate Officers (the “Plan”) is to enable Broadridge Financial Solutions, Inc.,
a Delaware corporation (the “Company”), to offer a form of income protection to “Participants” (as defined in Section 7.5 below) in the event their employment with the Company terminates under certain circumstances due to a
“Change in Control” (as defined in Section 7.2 below). 
 ARTICLE I: BENEFITS 
  

	1.1	Eligibility for Benefits; Benefits; Payment; and Rights of Participants. 

  

	 	(a)	If a Change in Control occurs prior to the date a Participant’s employment with the Company terminates, then upon the termination of the Participant’s employment by the
Company without “Cause” (as defined in Section 7.1 below) or by the Participant for “Good Reason” (as defined in Section 7.4 below) (individually, a “Qualifying Termination”), such Participant shall be paid
the applicable “Severance Benefit” (as defined below) and shall receive the additional benefits described in this Article I. The term “Severance Benefit” shall mean: 

  

	 	(i)	if the Qualifying Termination occurs during the two year period following the Change in Control, an amount equal to 150% of the Participant’s “Current Total Annual
Compensation” (as defined in Section 7.3 below); and 

  

	 	(ii)	if the Qualifying Termination occurs during the third year after the Change in Control, an amount equal to 100% of the Participant’s Current Total Annual Compensation.

  

	 	(b)	Any Participant entitled to a Severance Benefit (in accordance with Section 1.1(a) above) shall receive his Severance Benefit in the form of a lump-sum payment within 30
business days, or at such earlier time as required by applicable law, after his employment with the Company terminates. 

  

	1.2	Additional Benefits. A Participant entitled to receive a Severance Benefit shall also receive the following additional benefits: 

  

	 	(a)	The Company shall cause options to purchase Company stock (“Stock Options”) held by a Participant that are not fully vested and exercisable on the date of the Qualifying
Termination to: 

  

	 	(i)	where the Qualifying Termination occurs during the two year period following the Change in Control, become fully vested and exercisable as of the date of such Qualifying
Termination; and 

	 	(ii)	where the Qualifying Termination occurs during the third year after the Change in Control, become fully vested and exercisable as of the date of such Qualifying Termination as to
those Stock Options that would otherwise have vested within one year after the Qualifying Termination. 

  

	 	(b)	The Company shall cause unvested restricted shares of Company stock (the “Restricted Shares”) held by a Participant on the date of the Qualifying Termination to:

  

	 	(i)	where the Qualifying Termination occurs during the two year period following the Change in Control, become fully vested as of the date of such Qualifying Termination as to those
Restricted Shares for which the vesting restrictions would otherwise have lapsed within two years after the Qualifying Termination; and 

  

	 	(ii)	where the Qualifying Termination occurs during the third year after the Change in Control, become fully vested as of the date of such Qualifying Termination as to those Restricted
Shares for which the vesting restrictions otherwise would have lapsed within one year after the Qualifying Termination. 

  

	 	(c)	Where the Qualifying Termination occurs during the two year period following the Change in Control, the number of shares of Restricted Stock a Participant would have been entitled
to receive had the performance goals been achieved at the 100% target rate in each of the then ongoing performance-based restricted stock programs (“PBRS”) and any successor programs to the PBRS programs, shall be sold by the Company to
such Participant on the date of the Qualifying Termination. 

  

	1.3	Reduction of Payments. If a Participant determines that his receipt of any payment and/or non-monetary benefit under this Plan (including, without limitation, the accelerated
vesting of Stock Options and/or Restricted Shares) (collectively, the “Payments”) would cause him to become subject to the excise tax imposed under Section 4999 of the Internal Revenue Code of 1986, as amended (the “Code”),
the Company shall, as and only as instructed by such Participant in writing prior to the date of his Qualifying Termination, reduce his Payments in the manner and in the amounts determined by the Participant to be necessary to avoid the application
of such excise tax. If requested by a Participant, the Company shall, at the Company’s expense, determine and advise the Participant prior to his Qualifying Termination of the amount by which the 

  

 2 

 Company would report to the Internal Revenue Service that the Payments to the Participant constitute
“excess parachute payments,” as defined in Section 280G of the Code if the Participant does not elect to reduce the Payments as described in this Section 1.3. 
  

	1.4	Rights of Participants. Nothing contained herein shall be held or construed to create any liability or obligation on the Company to retain any Participant in its service or
in a corporate officer position. All Participants shall remain subject to discharge or discipline to the same extent as if the Plan did not exist. 

 ARTICLE II: FUNDING 
  

	2.1	Funding. The Plan shall be funded out of the general assets of the Company as and when benefits are payable under the Plan. All Participants shall be solely general creditors
of the Company. 

 ARTICLE III: ADMINISTRATION OF THE PLAN 
  

	3.1	Plan Administrator. The general administration of the Plan shall be placed with the Compensation Committee of the Board or an administrative committee appointed by the Board
(the “Committee”). 

  

	3.2	Reimbursement of Expenses of Committee. The Company shall pay or reimburse the members of the Committee for all reasonable expenses incurred in connection with their duties
hereunder. 

  

	3.3	Action by the Plan Committee. Decisions of the Committee shall be made by a majority of its members attending a meeting at which a quorum is present (which meeting may be
held telephonically), or by written action in accordance with applicable law. No member of the Committee may act with respect to a matter which involves only that member. 

  

	3.4	Delegation of Authority. The Committee may delegate any and all of its powers and responsibilities hereunder to other persons by formal resolution filed with and accepted by
the Board. Any such delegation shall not be effective until it is accepted by the Board and the persons designated and may be rescinded at any time by written notice from the Committee to the person to whom the delegation is made.

  

	3.5	Retention of Professional Assistance. The Committee may employ such legal counsel, accountants and other persons as may be required in carrying out its work in connection
with the Plan, and the Company shall pay the fees and expenses of such persons. 

  

	3.6	Accounts and Records. The Committee shall maintain such accounts and records regarding the fiscal and other transactions of the Plan, and such other data as may be required
to carry out its functions under the Plan and to comply with all applicable laws. 

  

 3 

	3.7	Compliance with Applicable Law. The Company shall be deemed the administrator of the Plan for the purposes of any applicable law and shall be responsible for the preparation
and filing of any required returns, reports, statements or other filings with appropriate governmental agencies. The Company shall also be responsible for the preparation and delivery of information to persons entitled to such information under any
applicable law. 

  

	3.8	Reimbursement of Expenses. If any contest or dispute shall arise under this Plan involving termination of a Participant’s employment with the Company or involving the
failure or refusal of the Company to perform fully in accordance with the terms hereof, the Company shall, immediately after the date a court issues a final order from which no appeal can be taken, or with respect to which the time period to appeal
has expired, reimburse such Participant for all reasonable legal fees and expenses, if any, paid by the Participant in connection with such contest or dispute (together with interest in an amount equal to the Chase Manhattan Bank prime rate from
time to time in effect, such interest to begin to accrue on the dates Participant actually paid such fees and expenses through the date of payment thereof); provided, however, the Participant shall not be entitled to any reimbursement for his legal
fees and expenses if a court has made a final determination that the Participant’s position was without merit. 

 ARTICLE
IV: AMENDMENT AND TERMINATION 
  

	4.1	Amendment and Termination. The Company reserves the right to amend or terminate, in whole or in part, any or all of the provisions of this Plan by action of the Board at any
time; provided, that, following a Change in Control, the Company shall no longer have the power to amend or terminate the Plan, except for amendments to comply with changes in applicable law which do not reduce the benefits and payments due
hereunder in the event of a Qualifying Termination; provided, further, that, in no event shall any amendment reducing the benefits provided hereunder or any Plan termination be effective until at least six months after the date of the applicable
action by the Board. 

 ARTICLE V: SUCCESSORS 
  

	5.1	Successors. The Company shall require any successor or assignee, whether direct or indirect, by purchase, merger, consolidation or otherwise, to all or substantially all the
business or assets of the Company, expressly and unconditionally to assume and agree to perform the Company’s obligations under this Plan, in the same manner and to the same extent that the Company would be required to perform if no such
succession or assignment had taken place. In such event, the term “Company”, as used in this Plan, shall mean the Company, as applicable, as hereinbefore defined and any successor or assignee to the business or assets which by reason
hereof becomes bound by the terms and provisions of this Plan. 

  

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 ARTICLE VI: MISCELLANEOUS 
  

	6.1	No Duty to Mitigate/Set-off. No Participant entitled to receive a Severance Benefit shall be required to seek other employment or to attempt in any way to reduce any amounts
payable to him pursuant to this Plan. The Severance Benefit payable hereunder shall not be reduced by any compensation earned by the Participant as a result of employment by another employer or otherwise. The Company’s obligations to pay the
Severance Benefits and to perform its obligations hereunder shall not be affected by any circumstances including without limitation, any set off, counterclaim, recoupment, defense or other right which the Company may have against the Participant.

  

	6.2	Headings. The headings of the Plan are inserted for convenience of reference only and shall have no effect upon the meaning of the provisions hereof.

  

	6.3	Use of Words. Whenever used in this instrument, a masculine pronoun shall be deemed to include the masculine and feminine gender, and a singular word shall be deemed to
include the singular and plural, in all cases where the context so requires. 

  

	6.4	Controlling Law. The construction and administration of the Plan shall be governed the laws of the State of New York (without reference to rules relating to conflicts of
law). 

  

	6.5	Withholding. The Company shall have the right to make such provisions as it deems necessary or appropriate to satisfy any obligations it reasonably believes it may have to
withhold federal, state or local income or other taxes incurred by reason of payments pursuant to this Plan. 

  

	6.6	Severability. Should any provision of the Plan be deemed or held to be unlawful or invalid for any reason, such fact shall not adversely affect the other provisions of the
Plan unless such determination shall render impossible or impracticable the functioning of the Plan, and in such case, an appropriate provision or provisions shall be adopted so that the Plan may continue to function properly.

  

	6.7	Rights Under Other Plans, Policies, Practices and Agreements. 

  

	 	(a)	Other than as expressly provided herein, the Plan does not supersede any other plans, policies, and/or practices of the Company. 

  

	 	(b)	The Plan supersedes any other change in control severance plans, policies and/or practices of the Company as to the Participants; provided, that, the Plan shall not supersede any
individual executed agreement or 

  

 5 

 arrangement between a single Participant and the Company in effect on March 30, 2007 or thereafter,
which agreement specifically addresses payments or benefits made or provided upon termination of employment or in connection with a Change in Control including, but not limited to, the agreements set out on Appendix “A” hereto (an
“Additional Agreement”). If a Participant is due benefits or payments under both an Additional Agreement and the Plan and/or where the Plan and the applicable Additional Agreement have inconsistent or conflicting terms and conditions, the
Participant shall receive the greater of the benefits and payments, and the more favorable terms and conditions to him, under the Additional Agreement and the Plan, determined on an item-by-item basis. 
  

	6.8	Insurance. The Company shall continue to cover the Participants, or cause the Participants to be covered, under any director and officer insurance maintained after a Change
in Control for directors and officers of the Company or its successor (whether by the Company or another entity) at no less of a level as that maintained by the Company or its successor for its directors and officers. Such coverage shall continue
for any period during which the Participant may have any liability for his actions or omissions. Following a Change in Control and in addition to any rights under any other indemnification agreement, the Company or its successor shall indemnify the
Participant to the fullest extent permitted by law against any claims, suits, judgments, expenses arising from, out of, or in connection with the Participant’s services as an officer or director of the Company, or as a fiduciary of any benefit
plan of the Company. 

 ARTICLE VII: DEFINITIONS 
  

	7.1	“Cause” shall mean: (A) gross negligence or willful misconduct by a Participant which is materially injurious to the Company, monetarily or otherwise;
(B) misappropriation or fraud with regard to the Company or its assets; or (C) conviction of, or the pleading of guilty or nolo contendere to, a felony involving the assets or business of the Company. For purpose of the preceding sentence,
no act or failure to act by a Participant shall be considered “willful” unless done or omitted to be done by such Participant in bad faith and without reasonable belief that the Participant’s action or omission was in the best
interests of the Company. Any act, or failure to act, based upon authority given pursuant to a resolution duly adopted by the Board, or based upon the advice of counsel for the Company, shall be conclusively presumed to be done, or omitted to be
done, by the Participant in good faith and in the best interests of the Company. 

  

	7.2	“Change in Control” shall mean the occurrence of any of the following: (A) any “Person” (as defined in Section 3(a)(9) of the Securities Exchange Act
of 1934, as amended (the “Exchange Act”)), excluding the Company, any subsidiary of the Company, or any employee benefit plan sponsored or maintained by the Company (including any trustee of any such plan acting in his capacity as
trustee), becoming the “beneficial owner” (as defined in Rule 13d-3 under the Exchange 

  

 6 

	    	Act) of securities of the Company representing 35% or more of the total combined voting power of the Company’s then outstanding securities; (B) the merger, consolidation
or other business combination of the Company (a “Transaction”), other than a Transaction immediately following which the stockholders of the Company immediately prior to the Transaction continue to be the beneficial owners of securities of
the resulting entity representing more than 65% of the voting power in the resulting entity, in substantially the same proportions as their ownership of Company voting securities immediately prior to the Transaction; or (C) the sale of all or
substantially all of the Company’s assets, other than a sale immediately following which the stockholders of the Company immediately prior to the sale are the beneficial owners of securities of the purchasing entity representing more than 65%
of the voting power in the purchasing entity, in substantially the same proportions as their ownership of Company voting securities immediately prior to the Transaction. 

  

	7.3	“Current Total Annual Compensation” shall be the sum of the following amounts: (A) the greater of a Participant’s highest rate of annual salary during the
calendar year in which his employment terminates or such Participant’s highest rate of annual salary during the calendar year immediately prior to the year of such termination; and (B) the average of a Participant’s annual bonus
compensation (prior to any bonus deferral election) earned in respect of the two most recent calendar years immediately preceding the calendar year in which the Participant’s employment terminated. 

  

	7.4	“Good Reason” shall mean the occurrence of any of the following events after a Change in Control without the Participant’s express written consent: (A) material
diminution in the value and importance of a Participant’s position, duties, responsibilities or authority as of the date immediately prior to the Change in Control; or (B) a reduction in a Participant’s aggregate compensation or
benefits; or (C) a failure of any successor or assign (whether direct or indirect, by purchase, merger, consolidation or otherwise) of the Company to assume in writing the obligations hereunder. A termination for Good Reason shall mean a
termination by a Participant effected by written notice given by the Participant to the Company within 30 days after the occurrence of the Good Reason event, unless the Company shall, within 15 days after receiving such notice, take such action as
is necessary to fully remedy such Good Reason event in which case the Good Reason event shall be deemed to have not occurred. 

  

	7.5	“Participant” shall mean an employee who is a corporate officer of the Company on the date of a Change in Control as a result of his election by the Board. Notwithstanding
the foregoing, if an employee who is not a corporate officer on the date of a Change in Control reasonably demonstrates that, in contemplation of the Change in Control or at the request of a party which subsequently causes a Change in Control, the
Company removed him from such office, such employee shall also be a Participant. 

  

 7

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