Document:

FMC Corporation Compensation Plan for Non-Employee Directors

 Exhibit 10.3 
 FMC CORPORATION 
 COMPENSATION PLAN FOR NON-EMPLOYEE DIRECTORS 
 (AS AMENDED AND RESTATED THROUGH AUGUST 17, 2007)

 PART I.—GENERAL PROVISIONS 
 1. Purpose. The purpose of the Plan is to provide a compensation program to attract and retain qualified individuals not employed by the Company or its subsidiaries or affiliates to serve on the Board
and to further align the interests of those directors with those of stockholders by providing that a substantial portion of compensation will be linked directly to increases in stockholder value. 
 2. Definitions. Except as otherwise defined herein, terms used herein in capitalized form will have the meanings attributed to them below:

 a. “Accrued Retirement Benefits” means the payment or payments to which a Participant would be entitled at his or her Separation
Date under the Retirement Plan for service as a director through April 30, 1997. 
 b. “Actuarial Equivalent” means an amount
equal to the amount expected to be received under Section 4a of Part II, based on the following actuarial assumptions: 
  

					
	 Interest
	  	–  	 	6.5% or such other rate as the Board may from time to time prescribe by resolution
			
	 Mortality
	  	–  	 	Joint Mortality Group Annuity Table 1983

 c. “Annual Retainer” means the retainer fee established by the Board and paid to a
director for services on the Board for a Plan Year. 
 d. “Board” means the Board of Directors of the Company, as it may be
constituted from time to time. 
 e. A “Change in Control” of the Company will be deemed to have occurred as of the first day that
any one or more of the following conditions are satisfied: 
 (1) the “beneficial ownership” (as. defined in Rule 13d-3 under the
Exchange Act) of securities representing more than 20% of the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors (the “Company Voting Securities”) is
acquired by a “Person” as defined in Sections 13(d) and 14(d) of the Exchange Act (other than the Company, any trustee or other fiduciary holding securities under an employee benefit plan of the Company or an affiliate thereof, any
corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company); provided, however that any acquisition from the Company or any acquisition pursuant to a
transaction that complies with Subsections (i), (ii) and (iii) of Subsection (3) of this Subsection e. will not be a Change in Control under this Subsection (1); or 

 (2) individuals who, as of the date hereof, constitute the Board (the “Incumbent Board”) cease
for any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a director subsequent to the date hereof whose election, or nomination for election by the Company’s stockholders, was approved by a
vote of at least a majority of the directors then comprising the Incumbent Board will be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of
office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board; or

 (3) consummation by the Company of a reorganization, merger or consolidation, or sale or other disposition of all or substantially all of
the assets of the Company or the acquisition of assets or stock of another entity (a “Business Combination”), in each case, unless immediately following such Business Combination: (i) more than 60% of the combined voting power of then
outstanding voting securities entitled to vote generally in the election of directors of (x) the corporation resulting from such Business Combination (the “Surviving Corporation”), or (y) if applicable, a corporation which as a
result of such transaction owns the Company or all or substantially all of the Company’s assets either directly or through one or more subsidiaries (the “Parent Corporation”), is represented, directly or indirectly by Company Voting
Securities outstanding immediately prior to such Business Combination (or, if applicable, is represented by shares into which such Company Voting Securities were converted pursuant to such Business Combination), and such voting power among the
holders thereof is in substantially the same proportions as their ownership, immediately prior to such Business Combination, of the Company Voting Securities, (ii) no Person (excluding any employee benefit plan (or related trust) of the Company
or such corporation resulting from such Business Combination) beneficially owns, directly or indirectly, 20% or more of the combined voting power of the then outstanding voting securities eligible to elect directors of the Parent Corporation (or, if
there is no Parent Corporation, the Surviving Corporation) except to the extent that such ownership of the Company existed prior to the Business Combination and (iii) at least a majority of the members of the Board of the Parent Corporation
(or, if there is no Parent Corporation, the Surviving Corporation) were members of the Incumbent Board at the time of the execution of the initial agreement, or of the action of the Board, providing for such Business Combination; or 
 (4) approval by the stockholders of the Company of a complete liquidation or dissolution of the Company. 
 However, in no event will a Change in Control be deemed to have occurred, with respect to the Participant, if the Participant is part of a purchasing
group which consummates the Change in Control transaction. The Participant will be deemed “part of a purchasing group” for purposes of the preceding sentence if the Participant is an equity participant in the purchasing company or group
(except for: (i) passive ownership of less than 3% of the stock of the purchasing company; or (ii) ownership of equity participation in the purchasing company or group which is otherwise not significant, as determined prior to the Change
in Control by a majority of the non-employee continuing directors). 
 f. “Change in Control Price” means the higher of
(i) if applicable, the price paid for the Common Stock in the transaction constituting Change in Control and (ii) the closing price per share of Common Stock as reported in the New York Stock Exchange Composite Transactions on the last
trading day preceding the date of the Change in Control. 
  

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 g. “Committee Chairman Fee” means the fee established by the Board and paid to a director for
service as chairman of any committee of the Board. 
 h. “Common Stock” means (i) the common stock of the Company, par value
$.10 per share, adjusted as provided in Section 4 of Part IV, or (ii) if there is a merger or consolidation and the Company is not the Surviving Corporation, the capital stock of the Surviving Corporation given in exchange for such common
stock of the Company. 
 i. “Common Stock Unit” means a right to receive one share of Common Stock. 
 j. “Common Stock Unit Account” means the record keeping account where the number of Common Stock Units granted to the Participant are
recorded. 
 k. “Company” means FMC Corporation. 
 l. “Deferral Period” means the time during which a Participant is a non-employee director of the Company. 
 m. “Deferred Amount” means, with respect to each Participant, an annual amount equal to $25,000 plus such amount as the Participant elects to defer in accordance with Section 1 of Part II of the Plan.

 n. “Deferred Stock Plan” means the FMC Deferred Stock Plan for Non-Employee Directors, as amended and restated as of
December 6, 1996. 
 o. “Dividend Equivalent Rights” means a right, described in Section 3 of Part III hereof, of a
holder of vested Common Stock Units and Restricted Stock Units with respect to dividends paid on outstanding shares of Common Stock. 
 p.
“Exchange Act” means the Securities Exchange Act of 1934, as amended and any successor statutes or regulations of similar purpose or effect. 
 q. “Fair Market Value” means the closing price for a share of Common Stock as reported in the New York Stock Exchange Composite Transactions on the date on which the Fair Market Value is to be determined.

 r. “Meeting Fees” will mean the fees, established by the Board, paid to a director for attending a meeting of the Board or a
committee of the Board, including extraordinary or special Board and/or committee meetings. 
 s. “Participant” or
“Participants” means all members of the Board who are not employees of the Company or any of its subsidiaries or affiliates. 
 t.
“Plan” means the FMC Corporation Compensation Plan for Non-Employee Directors, as amended and restated effective on May 1, 2000, as may be amended from time to time. 
 u. “Plan Year” means May 1 to April 30. 
  

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 v. “Restricted Stock Unit” means a right to receive the Fair Market Value of one share of
Common Stock on the last business day of the Participant’s service on the Board paid in Common Stock. 
 w. “Restricted Stock Unit
Account” means the record keeping account where the number of Restricted Stock Units granted to a Participant are recorded. 
 x.
“Retirement Plan” means the FMC Directors’ Retirement Plan, as amended. 
 y. “Rule 16b-3” means Rule 16b-3
promulgated under the Exchange Act. 
 z. “Separation Date” means the date a Participant’s service on the Board terminates
for any reason. 
 3. Effective Date. This Plan is an amendment and restatement of the FMC Compensation Plan for Non-Employee
Directors (as amended and restated January 1, 1999). This Plan is effective as of May 1, 2000. 
 PART II.—COMPENSATION

 1. Annual Retainer. Each Participant will be entitled to receive an Annual Retainer in such amount as will be
determined from time to time by the Board. Until changed by resolution of the Board, the Annual Retainer will be $40,000, $25,000 of which will be paid in the form of Common Stock Units as set forth in Section 1 of Part III and the remainder of
which will be paid in cash in quarterly installments at the end of each calendar year quarter. Not less than 60 days prior to the close of any Plan Year, a Participant may elect to defer all of the Participant’s remaining Annual Retainer of
$15,000 to be paid in the form of Common Stock Units as set forth in Section 1 of Part III by providing written notice of such election to the Corporate Secretary of the Company. Any such election will be effective on the first day of the next
Plan Year; provided that if and to the extent the Company, in its sole discretion, determines that the approval of such election by the Board is necessary to assure that such election conforms with Rule 16b-3, the effectiveness of such election will
be deferred until such later date, if any, as such approval has been obtained. 
 2. Meeting Fees. Each Participant will be
entitled to receive a Meeting Fee, in such amount as will be determined from time to time by the Board, for attending each meeting of the Board or a committee of the Board, including extraordinary and/or special Board and committee meetings. Until
changed by resolution of the Board, the Meeting Fee will be $1,000 per meeting, payable in cash at the end of each calendar year quarter. 
 3. Committee Chairman Fees. Each Participant who serves as chairman of a committee of the Board will be entitled to receive a Committee Chairman Fee in such amount as will be determined from time to time by the Board, for the
tenure of such service. Until changed by resolution of the Board, the Committee Chairman Fee will be paid in cash at an annualized rate of $4,000 in equal installments at the end of each calendar year quarter. 
 4. Retirement Benefits. Unless a Participant who was a non-employee Director on December 31, 1996 elected to and did convert his or
her Accrued Retirement Benefits to Common Stock Units calculated as of April 30, 1997 under the Retirement Plan, that Participant will be entitled to receive the following benefits upon his or her Separation Date: 
  

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 a. Benefits. Benefits will be paid to the Participant in quarterly installments of $7,500
each. Payment of benefits will begin the quarter following the Separation Date and will continue for the number of full years following a Participant’s service as a non-employee member of the Board from the time of his or her first election as
a director to and including April 30, 1997. 
 b. Lump Sum Benefit. A Participant may elect to receive in a lump sum the
Actuarial Equivalent of benefits otherwise payable upon written notice to the Corporate Secretary of the Company. 
 c. Surviving
Spouse Benefit. In the event of the death of a Participant who is receiving benefits as described above under this Plan, those benefits that would otherwise have been payable to the Participant will be paid to the Participant’s
surviving spouse. Such payments to a surviving spouse will terminate on the earlier of the death of the surviving spouse or the date that benefit payments to the Participant would have terminated had Participant not died. 
 PART III.—STOCK COMPENSATION 
 1. Common Stock Units 
 a. Annual Deferral. Effective as of May 1 of each Plan Year, each
Participant’s Common Stock Unit Account will be credited with a number of Common Stock Units equal to the number obtained by dividing $25,000 plus, the portion of the Participant’s remaining Annual Retainer of $15,000 that the Participant
elected to defer in accordance with Section 2 of Part II for the Plan Year beginning on such May 1, by the Fair Market Value of the Common Stock on such May 1. 
 b. Conversion of Retirement Plan Benefits. By election dated not later than February 14, 1997, each person who was a non-employee
director of the Company on December 31, 1996 was eligible to choose to have his or her Accrued Retirement Benefits under the Retirement Plan converted into Common Stock Units. Such conversions were made by calculating as of April 30, 1997
the lump-sum present value of $2,500 per month times the number of months of Board service as of April 30, 1997, assuming benefits commence upon retirement from the Board at age 70, and using a discount rate of 6.5%. The number of Common Stock
Units were determined by dividing the lump sum present value by $71.275, the Fair Market Value of the Common Stock on December 31, 1996. 
 2. Restricted Stock Units. 
 a. Annual Grant. Effective May 1, 2000, on May 1 of each year
(the “Grant Date”), each Participant will be granted Restricted Stock Units, the intention being that such Restricted Stock Units should have an approximate present value as of the Grant Date of an amount established annually by the Board.
Until changed by resolution of the Board, the annual grant will be 800 Restricted Stock Units. 
 b. Vesting. Restricted Stock
Units will vest on the date of the annual stockholder’s meeting next following the Grant Date. Except as provided in the next sentence, if a Participant has a Separation Date prior to the date his or her Restricted Stock Units vest, such
Restricted Stock Units will be forfeited and all further rights of the Participant to or with respect to such Restricted Stock Units will terminate. If a Participant should die while serving as a director of the Company, any vested Restricted Stock
Units will be payable to the person designated in such Participant’s last will and testament or, in the absence of such designation, to the Participant’s estate. Any unvested Restricted Stock Units will vest and become payable in a
proportionate amount, based on the full months of service completed during the vesting period from the Grant Date to the date of death. Any Restricted Stock Units not vested under the foregoing provisions, will vest and become immediately payable
upon a Change in Control. 
  

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 3. Dividend Equivalent Rights. In the event that dividends are paid on outstanding shares
of Common Stock, Common Stock Units and vested Restricted Stock Units will be credited with Dividend Equivalent Rights. Dividend Equivalent Rights for Common Stock Units will based upon any dividends paid between the date Common Stock Units are
granted and the date of payment in respect of such Common Stock Units. Dividend Equivalent Rights for Restricted Stock Units will be based upon any dividends paid between the date such Restricted Stock Units vest and the date of payment in respect
of such Restricted Stock Units. Such Dividend Equivalent Rights, once credited, will be converted into an equivalent number of Common Stock Units or Restricted Stock Units, as applicable. If a dividend is paid in cash, each Participant’s Common
Stock Unit Account and Restricted Stock Account will be credited, as of each dividend payment date, in accordance with the following formula: 
 (A x B)/C 
 in which “A” equals the number of Common Stock Units or Restricted Stock Units, as applicable, held by the Participant on the
dividend payment date, “B” equals the cash dividend per share and “C” equals the Fair Market Value per share of Common Stock on the dividend payment date. If a dividend is paid in property other than cash, Dividend Equivalent
Rights will be credited, as of the dividend payment date, in accordance with the formula set forth above, except that “B” will equal the fair market value per share of the property which the Participant would have received in respect of
the number of shares of Common Stock equal to the number of Common Stock Units and Restricted Stock Units held by the Participant as of the dividend payment date, had such shares been owned as of the record date for such dividend. 
 4. All Common Stock Units and Restricted Stock Units as well as Dividend Equivalent Rights on the foregoing (together, “Stock Units”) credited
on or after August 17, 2007 shall be in whole Shares, with any fractional shares being rounded up to the nearest whole number. Further, with respect to Participants as of August 17, 2007 with accounts containing previously credited Stock
Units, each such previously credited amount shall be separately rounded up to the nearest whole number of Stock Units. 
 5. Form of
Payment. 
 a. Except as described in Subsection b. and in Section 4 of Part IV, payments with respect to Common Stock Units and
Restricted Stock Units will be made in shares of Common Stock all issued to the Participant on or after the Participant’s Separation Date. Common Stock Units and Restricted Stock Units will be valued using the Fair Market Value of Common Stock
on the last business day of the Participant’s service on the Board. 
 b. Any payment made upon an occurrence of a Change in Control
will be made in a single lump sum cash payment. For purposes of the preceding, the amount of cash delivered in full or partial payment of Common Stock Units and Restricted Stock Units will equal the Change in Control Price of the number of shares of
Common Stock relating to the Common Stock Units and Restricted Stock Units with respect to which such cash payment is being made. 
 6.
Rights. Except to the extent otherwise set forth herein, Participants will not have any of the rights of a stockholder with respect to Common Stock Units or Restricted Stock Units. 
  

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 7. Payments of Stock Upon Death. In the event of a Participant’s death, payments with
respect to any Common Stock Units or vested Restricted Stock Units will be made in Common Stock to the beneficiary designated by the Participant or, in the absence of an executed beneficiary form, to the person legally entitled thereto, as
designated under his or her will, or to such heirs as determined under the laws of intestacy for the jurisdiction of his or her domicile. 
 8. Non-Qualified Stock Options. 
 a. Grant of Options. For periods beginning prior to May 1, 2000,
on May 1 of each year, each Participant was granted an option (the “Option”) to purchase 1,500 shares of Common Stock. For periods beginning on May 1, 2000, such annual grant will no longer be made, but the Board retains the
right to grant Options to Participants in its sole discretion. All Options granted under the Plan will have the terms set forth in this Section 7 of Part III and be non-statutory options not entitled to special tax treatment under
Section 422 of the Internal Revenue Code of 1986, as amended. 
 b. Option Exercise Price. The per share price to be paid
by each Participant at the time an Option is exercised will be 100% of the Fair Market Value of the Common Stock on the date of the grant of the Option. 
 c. Term of Option. Subject to Subsection d., each Option will expire on the earlier
of the (i) 10th anniversary of the date of grant or (ii) 5th anniversary of the Participant’s Separation Date. 
 d. Exercise and Vesting of Option. Each
Option will vest on the date of the annual stockholder’s meeting next following the date of grant. Except as provided in the next sentence, if a Participant has a Separation Date prior to the date an Option vests, such Option will be forfeited
and all further rights of the Participant to or with respect to such Option will terminate. If a Participant should die while serving as a director of the Company, any vested Option may be exercised by the person designated in such
Participant’s last will and testament or, in the absence of such designation, by the Participant’s estate, in either case on or before the expiration of the Option, and any unvested Option will vest and become exercisable in a
proportionate amount, based on the full months of service completed during the vesting period of the Option from the date of grant to the date of death. Each Option that has not vested under the foregoing provisions will vest and become immediately
exercisable upon a Change in Control. 
 e. Method of Exercise and Tax Obligations. An Option may be exercised at any time
after it vests and before it expires by written notice of exercise to the Corporate Secretary of the Company. Each notice of exercise will be accompanied by the full purchase price of the shares being purchased. Such payment may be made, at the
election of the Participant, in cash, check or shares of Common Stock, or in Common Stock Units, valued using the Fair Market Value as of the exercise date or a combination thereof. The Company may also require payment of the amount of any
applicable withholding tax attributable to the exercise of an Option or the delivery of shares of Common Stock. 
 f.
Non-Transferability. Except as provided below, Options will not be transferable other than by will or the laws of descent and distribution, will not be subject to execution, attachment or similar process and may be exercised or
otherwise realized during the Participant’s lifetime only by the Participant or the Participant’s guardian or legal representative, or as otherwise determined in the discretion of the Board. 
 Beginning September 1, 1999, an Option agreement may permit, or may be amended to permit, under such terms as the Board may, in its discretion
prescribe, the Participant who received the Option, at any time prior to the Participant’s death and prior 

  

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to the Participant’s Separation Date, to assign all or any portion of the vested Option granted to him or her to: (i) the Participant’s spouse
or lineal descendants; (ii) the trustee of a trust for the primary benefit of the Participant, the participant’s spouse or lineal descendants, or any combination thereof; (iii) a partnership of which the Participant, the
Participant’s spouse and/or lineal descendants are the only partners; (iv) custodianships under the Uniform Transfers of Minors Act or any other similar statute; or (v) upon the termination of a trust by the custodian or trustee
thereof, or the dissolution or other termination of the family partnership or the termination of a custodianship under the Uniform Transfers to Minors Act or other similar statute, to the person or persons who, in accordance with the terms of such
trust, partnership of custodian are entitled to receive Options held in trust, partnership or custody. In such event, the spouse, lineal descendant, trustee, partnership or custodianship will be entitled to all of the Participant’s rights with
respect to the assigned portion of such Option, and such portion of the Option will continue to be subject to all of the terms, conditions and restrictions applicable to the Option, as set forth herein and in the related Option agreement. Any such
assignment will be permitted only if (x) the Participant does not receive any consideration therefor; and (y) the assignment is expressly permitted by the applicable Option agreement and any amendment thereto as approved by the Board. The
Board’s approval of an Option agreement with assignment rights or amendment of an Option agreement to allow for assignment rights for any one Participant will not require the Board to include such assignment rights in an Option agreement or any
amendment thereto with any other Participant. Any such assignment will be evidenced by an appropriate written document executed by the Participant, and the Participant will deliver a copy thereto to the Board on or prior to the effective date of the
assignment. An assignee or transferee of an Option must sign an agreement with the Company to be bound by the terms of the applicable Option agreement. 
 PART IV.—ADDITIONAL PROVISIONS 
 1. Administration. The Board administers
the Plan. The Board may act by vote of a majority of the members present at a meeting, or without a meeting by written consent of the majority of the members to the action taken. The Board has full power to interpret the Plan, formulate additional
details and regulations for carrying out the Plan and amend or terminate the Plan as from time to time it deems proper and in the best interest of the Company. Any decision or interpretation of the Board is final and conclusive. 
 2. Statement of Account. Each Participant will receive an annual statement showing the number and status of and essential terms applicable
to Common Stock Units, Options and Restricted Stock Units that have been awarded to the Participant under the Plan. 
 3. Unsegregated
Funds. The Company will not segregate any funds or securities during the Deferral Period and service as a non-employee Director of the Company is the Participant’s acknowledgment and agreement that any interests of the Participant
remain a part of the Company’s general funds and are subject to the claims of the Company’s general creditors during the Deferral Period. Nothing in this Plan will be construed as creating any trust, express or implied, for the benefit of
any Participant. 
 4. Change in Capital Structure. In the event of a stock dividend, stock split, combination of shares,
exchange of shares, warrants or rights offering to purchase Common Stock at a price below its fair market value, reclassification, recapitalization, merger, consolidation, separation or other change in capitalization, spin-off, extraordinary
dividend or distribution, reorganization (whether or not such reorganization comes within the definition of such term in Section 368 of the Code), partial or complete liquidation of the Company or other similar event or transaction, the Board
shall make such equitable substitutions or adjustments in the number, kind, 

  

 -8- 

 
and price of shares, or the identity of the issuer of shares, issuable under the Plan or subject to outstanding Common Stock Units, Options or Restricted
Stock Units granted under the Plan, as the Board determines to be necessary or appropriate to fulfill the purposes for which the Plan was adopted and such awards were granted; provided, however, that no such substitution or adjustment will be made
if such substitution or adjustment would give rise to any tax under Section 409A of the Code. Any substitutions and adjustments made pursuant to this Section will be binding and conclusive on all persons. 
 5. Common Stock Subject to the Plan. Common Stock to be issued under this Plan may be made available from shares of Common Stock held in
the treasury, from Common Stock purchased in the open market and, provided they have been reserved for issuance and listed on the New York Stock Exchange and all other exchanges on which the Common Stock are listed, as appropriate, from authorized
but unissued Common Stock. 
 6. Payment of Certain Costs of the Participant. If a dispute arises regarding the interpretation
or enforcement of this Plan and the Participant (or in the event of his or her death, his beneficiary) obtains a final judgment in his or her favor from a court of competent jurisdiction from which no appeal may be taken, whether because the time to
do so has expired or otherwise, or his or her claim is settled by the Company prior to the rendering of such a judgment, all reasonable legal and other professional fees and expenses incurred by the Participant in contesting or disputing any such
claim or in seeking to obtain or enforce any right or benefit provided for in this Plan or in otherwise pursuing his or her claim will be promptly paid by the Company with interest thereon at the highest Illinois statutory rate for interest on
judgments against private parties from the date of payment thereof by the Participant to the date of reimbursement by the Company. 
 7.
Reservation of Rights. Nothing in this Plan will be construed to (a) give any Participant any right to defer compensation received for services as a director of the Company other than as expressly authorized and permitted in this
Plan or in any other plan or arrangement approved by the Board, (b) create any obligation on the part of the Board to nominate any Participant for reelection by the Company’s stockholders or (c) limit in any way the right of the Board
to remove a Participant as a director of the Company. 
 8. Amendment or Termination. The Board may, at any time by resolution,
terminate or amend this Plan provided that no such termination or amendment will adversely affect the rights of Participants or beneficiaries of Participants, including rights with respect to cash, Common Stock Units, Options or Restricted Stock
Units granted prior to such termination or amendment, without the consent of the Participant or, if applicable, the Participant’s beneficiaries. 
 9. Regulatory Compliance and Listing. The issuance or delivery of any shares of Common Stock deliverable under this Plan may be postponed by the Company for such period as may be required to comply with
any applicable requirements under the federal securities laws, any applicable listing requirements of any national securities exchange and requirements under any other law or regulation applicable to the issuance or delivery of such shares, and the
Company will not be obligated to issue or deliver any such shares if the issuance or delivery of such shares will constitute a violation of any provision of any law or of any regulation of any governmental authority or any national securities
exchange. 
 10. Withholding. The Company will have the right to deduct or withhold from all payments of compensation any taxes
required by law to be withheld with respect to such payments. 
  

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 11. Pooling of Interests. Notwithstanding any other provision of the Plan to the contrary,
in the event that the consummation of a Change in Control is contingent on using pooling of interests accounting methodology, the Board may take any action necessary to preserve the use of pooling of interest accounting. 
 12. Change in Law. If, for any reason, the anticipated benefits of the deferral of any Deferred Amount pursuant to this Plan or any
provision hereof are frustrated by reason of any interpretation of or change in law, policy or regulation, the Board may, in its discretion, terminate the deferral arrangement or delete or suspend the operation of such provision. 
 13. Governing Law. This Plan will be governed by the laws of the State of Illinois without regard to its choice of law or conflict of law
provisions. 
  

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 FMC CORPORATION 
 COMPENSATION PLAN FOR NON-EMPLOYEE DIRECTORS 
 CHANGES IN COMPENSATION 
 The Nominating and Corporate Governance Committee approved the following changes to the structure of Director Compensation to become effective
May 1, 2007. 
  

									
	 Compensation Elements
	  	Current	  	New	  	 Comments

	 Annual Retainer Fee
	  	$	40,000	  	$	42,000	  	 Cash and equity proportions
 $17,000/$25,000

				
	 Board Meeting Fees
	  	$	1,500	  	 	No change	  	
				
	 Committee Meeting Fees
	  	$	1,500	  	 	No change	  	
				
	 Chairman Retainer (except Audit and Compensation)
	  	$	7,000	  	 	No change	  	
				
	 Audit Committee Chairman
	  	$	9,000	  	$	10,000	  	
				
	 Compensation Committee Chairman
	  	$	7,000	  	$	9,000	  	
				
	 Annual Equity Grant
	  	$	35,000	  	$	60,000	  	Restricted Stock Units
				
	 Audit Committee Retainer
	  	$	3,000	  	$	5,000	  	

  

 -11-SHAREHOLDERS AGREEMENT

 Exhibit 4.1 
 Execution Copy 
  

 METAVANTE TECHNOLOGIES, INC. 
 SHAREHOLDERS AGREEMENT 
 Dated as of November 1, 2007 
  

 Table of Contents 
  

					
	 	  	 	  	Page
	ARTICLE I
	
	GOVERNANCE
			
	1.1	  	 Composition of the Board of Directors
	  	2
	1.2	  	 Committees
	  	4
	1.3	  	 Articles of Incorporation and By-laws
	  	4
	1.4	  	 Approval Rights
	  	4
	1.5	  	 Venture Capital Qualifying Investment
	  	5
	1.6	  	 Termination of Article I
	  	5
	
	ARTICLE II
	
	REGISTRATION RIGHTS
			
	2.1	  	 Demand Registrations
	  	6
	2.2	  	 Piggyback Registrations
	  	9
	2.3	  	 Registration Procedures
	  	10
	2.4	  	 Registration Expenses
	  	13
	2.5	  	 Participation in Underwritten Registrations
	  	13
	2.6	  	 Rule 144; Legended Securities; etc.
	  	14
	2.7	  	 Holdback
	  	15
	
	ARTICLE III
	
	TRANSFERS; STANDSTILL PROVISIONS; PREEMPTIVE RIGHTS
			
	3.1	  	 Investor Group Transfer Restrictions
	  	15
	3.2	  	 Standstill Provisions
	  	16
	3.3	  	 Anti-Takeover Provisions
	  	18
	3.4	  	 Buyout Transactions
	  	18
	3.5	  	 Preemptive Rights
	  	18
	
	ARTICLE IV
	
	INDEMNIFICATION
			
	4.1	  	 Indemnification
	  	21
	
	ARTICLE V
	
	DEFINITIONS
			
	5.1	  	 Defined Terms
	  	24

  

 i 

 Table of Contents 
 (continued) 
  

					
	 	  	 	  	Page
	5.2	  	 Terms Generally
	  	30
	
	ARTICLE VI
	
	MISCELLANEOUS
			
	6.1	  	 Term
	  	30
	6.2	  	 No Inconsistent Agreements
	  	30
	6.3	  	 Legend
	  	30
	6.4	  	 Amendments and Waivers
	  	31
	6.5	  	 Successors and Assigns
	  	31
	6.6	  	 Severability
	  	32
	6.7	  	 Counterparts
	  	32
	6.8	  	 Descriptive Headings
	  	32
	6.9	  	 Governing Law
	  	32
	6.10	  	 Consent to Jurisdiction
	  	32
	6.11	  	 Waiver of Jury Trial
	  	32
	6.12	  	 Enforcement; Attorneys’ Fees
	  	33
	6.13	  	 No Third Party Beneficiaries
	  	33
	6.14	  	 Notices
	  	33
	6.15	  	 Entire Agreement
	  	34

  

 ii 

 SHAREHOLDERS AGREEMENT, dated as of November 1, 2007 (as it may be amended from time to time, this
“Agreement”), among (i) Metavante Technologies, Inc., a Wisconsin corporation (the “Company”), (ii) WPM, L.P., a Delaware limited partnership (“Investor”), and
(iii) any other Shareholder that may become a party to this Agreement after the date and pursuant to the terms hereof. 
 WITNESSETH: 
 WHEREAS, pursuant to an Investment Agreement, dated as of April 3, 2007 (the “Investment
Agreement”), among the Company, Marshall & Ilsley Corporation, a Wisconsin corporation (“MI Corp.”), New M&I Corporation, a Wisconsin corporation, Metavante Corporation, a Wisconsin corporation, and Investor,
Investor has agreed to acquire, on the terms and subject to the conditions set forth in such agreement, (i) newly issued shares of the Class A common stock, par value $0.01 per share (the “Class A Common
Stock”) of the Company and (ii) certain purchase rights with respect to shares of Common Stock pursuant to the Stock Purchase Right Agreement, dated as of the date hereof, between the Company and Investor (“Purchase
Rights”) (such transaction, the “Investment”); 
 WHEREAS, as of the date hereof, Investor will own 29,732,214
shares of Class A Common Stock; 
 WHEREAS, at 12:01 a.m. Eastern Standard Time on the first day following the date hereof, each
outstanding share of Class A Common Stock held by Investor shall automatically convert into a share of Common Stock; 
 WHEREAS, it is a
condition to the consummation of the transactions contemplated by the Investment Agreement that the Company execute and deliver this Agreement; and 
 WHEREAS, each of the parties hereto wishes to set forth in this Agreement certain terms and conditions regarding the Investment and the ownership of shares of Common Stock, including certain registration rights applicable to such shares,
restrictions on the transfer of such shares, restrictions on certain actions relating to the Company, and the management of the Company and its subsidiaries. 
 NOW, THEREFORE, in consideration of the mutual agreements contained herein, the parties hereto hereby agree as follows: 

 ARTICLE I 
 GOVERNANCE 
 1.1 Composition of the Board of Directors. (a) The by-laws of the Company shall
provide that so long as this Article I is in effect the Board of Directors of the Company (the “Board”) shall consist of eleven directors, such directors to be nominated and elected in accordance with this Agreement and the
provisions of the by-laws of the Company. As of the Closing Date, the directors shall consist of (i) three directors designated by Investor (such designees and any persons nominated pursuant to Section 1.1(b) and elected as
directors and any persons designated as replacement directors for such designees or their replacements pursuant to Section 1.1(c), the “Investor Designees”), (ii) two directors who shall be officers of the Company,
one of whom shall be the President and Chief Executive Officer of the Company and one of whom shall be the Senior Vice President and Chief Operating Officer of the Company, (iii) one director who shall be designated by MI Corp. and shall
initially be Dennis J. Kuester (such designee and any person designated as a replacement director for such designee or their replacement pursuant to Section 1.1(d), the “MI Designee”), and (iv) five additional
directors designated pursuant to Section 6.2 of the Investment Agreement, each of whom shall qualify as Independent Directors and one of whom shall also be a director of MI Corp. (such designees, any persons nominated and elected as directors
or designated as replacement directors for such designees or their replacements pursuant to Section 1.1(d), the “Initial Unaffiliated Directors”); provided, however, that if Investor or MI Corp. is prevented by
Applicable Law or regulatory process from designating any of its designees pursuant to the foregoing clause (i), (iii) or (iv) (in the case of a MI Corp. director), as applicable, or if such designation is otherwise prohibited by
Section 6.2(a) of the Investment Agreement (because such designation would result in the Company being an affiliate of New MI Corp. for purposes of Section 23A or 23B of the Federal Reserve Act), then such directors shall be Independent
Directors selected pursuant to the foregoing clause (iv) in a manner which addresses the reason that the designee was originally prevented from being designated. The Chairman of the Board of the Company shall be Dennis J. Kuester for a period
of one year from the date hereof. If Dennis J. Kuester is unable to serve as Chairman of the Board during such one-year period, and after such one-year period, the President and Chief Executive Officer of the Company shall, subject to the approval
of the Board, succeed Dennis J. Kuester as the Chairman of the Board. In connection with the 2008 annual meeting of the Company, the Company shall take all actions necessary to provide that the Investor Designees are nominated for re-election to the
Board at such annual meeting and the remaining directors shall be nominated in accordance with the provisions of this Agreement and the by-laws of the Company. 
 (b) Following the 2008 annual meeting of shareholders of the Company: (i) so long as the Investor Percentage Interest equals or exceeds 17.5%, Investor shall 

  

 2 

 
have the right to nominate three directors; (ii) if the Investor Percentage Interest is less than 17.5% but equals or exceeds 7.5% Investor shall have
the right to nominate two directors; (iii) if the Investor Percentage Interest is less than 7.5% but the fair market value, as determined by the Board in good faith, of the Voting Securities Beneficially Owned by the Investor Group
equals or exceeds $150 million, Investor shall have the right to nominate one director; and (iv) if the Investor Percentage Interest is less than 7.5% and the fair market value, as determined by the Board in good faith, of the Voting Securities
Beneficially Owned by the Investor Group is less than $150 million, Investor shall not have the right to nominate any directors. Such nominees shall, subject to Applicable Law, be the Company’s nominees to serve on the Board and the Company
shall solicit proxies for them to the same extent as it does for any of its other nominees to the Board. Following the 2008 annual meeting of shareholders of the Company, the remaining directors of the Board shall be nominated in accordance with
this Agreement and the provisions of the by-laws of the Company. 
 (c) Subject to Section 1.1(b), the remaining Investor Designees then
in office shall have the right to designate any replacement for an Investor Designee upon the death, resignation, retirement, disqualification or removal from office of such director; provided, that if an Investor Designee is removed for
cause by the shareholders, the remaining Investor Designee shall not designate the person who was removed as such replacement Investor Designee. 
 (d) Until the 2008 annual meeting of shareholders of the Company, (i) the remaining MI Designees then in office shall have the right to designate any replacement for a MI Designee upon the death, resignation, retirement,
disqualification or removal from office of such director; provided, that if an MI Designee is removed for cause by the shareholders, the remaining MI Designees shall not designate the person who was removed as such replacement MI Designee and
(ii) the Initial Unaffiliated Directors by majority vote or consent of those Initial Unaffiliated Directors then in office shall have the right to designate any replacement for an Initial Unaffiliated Director upon the death,
resignation, retirement, disqualification or removal from office of such director; provided, that if an Initial Unaffiliated Director is removed for cause by the shareholders, the remaining Initial Unaffiliated Directors shall not designate
the person who was removed as such replacement Initial Unaffiliated Director. 
 (e) For purposes of constituting the initial Board as of the
Closing Date upon consummation of the Transactions, no Investor Designee shall be deemed not to be an Independent Director because of the ownership of Common Stock by Investor or because of the rights of Investor under this Agreement. 
 (f) Until the Board shall determine otherwise, the regular meetings of the Board shall be held on the third Thursday of each February, April, June,
August, October and December. 
  

 3 

 1.2 Committees. 
 (a) The Board shall have the following committees: an Audit Committee, a Compensation Committee and a Nominating and Corporate Governance Committee (as such terms are defined in the Company’s by-laws). Each of
the foregoing committees shall have three members. 
 (b) All the members of each of the Audit Committee, Compensation Committee and
Nominating and Corporate Governance Committee shall qualify as Independent Directors. To the extent permitted by Applicable Law and the rules of the New York Stock Exchange, at least one member of the Compensation Committee (who shall be the
Chairman of the Compensation Committee), Nominating and Corporate Governance Committee and the Audit Committee shall be an Investor Designee. 
 1.3 Articles of Incorporation and By-laws. The Company and Investor shall take or cause to be taken all lawful action necessary to ensure at all times as of and following the Closing Date that the articles of incorporation and
by-laws of the Company are not inconsistent with the provisions of this Agreement or the transactions contemplated hereby. 
 1.4 Approval
Rights. In addition to any other approval required, during any time that the restrictions of Section 3.1(a) and Section 3.1(b) are in effect, the Company shall not, and shall cause its subsidiaries not to, take any of the following
actions without the approval of the Board by Supermajority Vote: 
 (i) entering into a merger, reorganization, share
exchange, consolidation, business combination, recapitalization, liquidation, dissolution or similar transaction involving the Company that if consummated, would result in a Change of Control; provided, however, that for the purposes
of this clause (i) of Section 1.4, the words “a majority of” and “all or substantially all of” in the definition of “Change of Control” shall be replaced by the words “twenty percent of”; 

(ii) acquiring (including by merger, business combination, reorganization or other similar transaction), in a single transaction or a
series of related transactions, any business or assets for consideration having a value (valuing any non-cash consideration at fair market value as determined by the Board in good faith) in excess of $300 million; 
 (iii) making or committing to make any capital expenditure or series of related capital expenditures in excess of $300 million;

 (iv) disposing of (including by merger, business combination, reorganization or other similar transaction), in a single
transaction or a series of 

  

 4 

 
related transactions, any business or assets for consideration having a value (valuing non-cash consideration at fair market value as determined by the Board
in good faith) in excess of $100 million; and 
 (v) (A) incurring any indebtedness for borrowed money or issuing any debt
securities (other than indebtedness or debt securities owed or issued solely between or among the Company and/or one or more wholly owned Subsidiaries), or (B) guaranteeing any indebtedness for borrowed money of any other Person if the amount
of such incurred or guaranteed indebtedness exceeds $300 million. 
 1.5 Venture Capital Qualifying Investment. (a) Investor
represents and warrants that Investor Fund is a “venture capital operating company” within the meaning of Department of Labor “plan asset” regulations (“VCOC”). Investor agrees to notify the Company promptly if
Investor Fund ceases to be a VCOC or if, in Investor’s good faith judgment, the provisions set forth in Section 1.5(b) are no longer required in order for the ownership of Common Stock to qualify as a venture capital investment
within the meaning of Department of Labor “plan asset” regulations. 
 (b) The Company hereby agrees that, subject to Applicable
Law and existing contractual restrictions and provided that Investor Fund executes a confidentiality agreement in form reasonably satisfactory to the Company covering Investor Fund and its representatives which governs the confidentiality and use of
any information received by Investor Fund or its representatives from the Company pursuant to this Section 1.5, it shall (i) furnish Investor Fund with such financial and operating data and other information with respect to
the business and properties of the Company as the Company prepares and compiles for its directors in the ordinary course and as Investor Fund may from time to time reasonably request, (ii) permit Investor Fund to discuss the affairs,
finances and accounts of the Company, and to make proposals and furnish advice with respect thereto, with the principal officers of the Company within thirty days after the end of each fiscal quarter of the Company, and (iii) invite a
representative of Investor Fund to attend all meetings of the Board in a nonvoting observer capacity if none of the Investor Designees is a member of the Board and, in this respect, shall give such representative copies of all notices, minutes,
consents and other material that it provides to the directors and such representative shall be entitled to participate in discussions of matters brought to the Board. The provisions of this Section 1.5 (b) shall terminate on the
earlier of (i) the date of termination of this Article I pursuant to Section 1.6, (ii) the date on which Investor Fund ceases to be a VCOC and (iii) the date on which, in Investor’s good faith judgment,
the provisions of this Section 1.5(b) are no longer required in order for the ownership of Common Stock to qualify as a venture capital investment within the meaning of Department of Labor “plan asset” regulations. 

1.6 Termination of Article I. Subject to Section 6.1, this Article I (other than Section 1.3) shall terminate and be of
no further force or effect on the earlier of (i) the 

  

 5 

 
date on which the Investor Percentage Interest is less than 7.5% and the fair market value, as determined by the Board in good faith, of the Voting
Securities Beneficially Owned by the Investor Group is less than $150 million and (ii) the tenth anniversary of the Closing Date. 
 ARTICLE II 
 REGISTRATION RIGHTS 
 2.1 Demand Registrations. 
 (a) Requests for Registration. At any time following the first
anniversary of the Closing Date, Investor may request in writing, on behalf of Investor Group, that the Company effect the registration of all or any part of the Registrable Securities held by Investor Group (a “Registration
Request”), provided that, prior to the second anniversary of the Closing Date, the number of shares of Common Stock to be sold by Investor Group pursuant to a Registration Request shall be limited to an amount that will not cause the
Investor Percentage Interest to be less than 25%. Promptly after its receipt of any Registration Request, the Company will give written notice of such request to all other Shareholders, and will use its reasonable best efforts to register, in
accordance with the provisions of this Agreement, all Registrable Securities that have been requested to be registered in the Registration Request or by any other Shareholders by written notice to the Company given within fifteen Business Days after
the date the Company has given such Shareholders notice of the Registration Request. The Company will pay all Registration Expenses incurred in connection with any registration pursuant to this Section 2.1. Any registration requested by
Investor pursuant to Section 2.1(a) or 2.1(c) is referred to in this Agreement as a “Demand Registration”. 
 (b)
Limitation on Demand Registrations. Investor will be entitled to initiate no more than four Demand Registrations (including Short-Form Registrations permitted pursuant to Section 2.1(c)). No request for registration will count for the
purposes of the limitations in this Section 2.1(b) if (i) Investor determines in good faith to withdraw the proposed registration prior to the effectiveness of the Registration Statement relating to such request due to marketing
conditions or regulatory reasons relating to the Company, (ii) the Registration Statement relating to such request is not declared effective within 180 days of the date such Registration Statement is first filed with the Commission
(other than solely by reason of Investor having refused to proceed) and Investor withdraws its Registration Request prior to such Registration Statement being declared effective, (iii) prior to the sale of at least 90% of the Registrable
Securities included in the applicable registration relating to such request, such registration is adversely affected by any stop order, injunction or other order or requirement of the Commission or other governmental agency or court for any reason
and the Company fails to have such stop order, injunction or other order or requirement removed, withdrawn or resolved to Investor’s reasonable satisfaction within thirty days of the date of such order, (iv) more 

  

 6 

 
than 10% of the Registrable Securities requested by Investor to be included in the registration are not so included pursuant to Section 2.1(f), or
(v) the conditions to closing specified in the underwriting agreement or purchase agreement entered into in connection with the registration relating to such request are not satisfied (other than as a result of a material default or
breach thereunder by Investor). Notwithstanding the foregoing, the Company will pay all Registration Expenses in connection with any request for registration pursuant to Section 2.1(a) regardless of whether or not such request counts toward the
limitation set forth above. 
 (c) Short-Form Registrations. The Company will use its reasonable best efforts to qualify for
registration on Form S-3 or any comparable or successor form or forms or any similar short-form registration (“Short-Form Registrations”), and, if requested by Investor and available to the Company, such Short-Form Registration
will be a “shelf” registration statement providing for the registration of, and the sale on a continuous or delayed basis of the Registrable Securities, pursuant to Rule 415. In no event shall the Company be obligated to effect any shelf
registration other than pursuant to a Short-Form Registration. The Company will pay all Registration Expenses incurred in connection with any Short-Form Registration. 
 (d) Restrictions on Demand Registrations. If the filing, initial effectiveness or continued use of a registration statement, including a shelf registration statement pursuant to Rule 415, with respect to a
Demand Registration would (i) require the Company to make a public disclosure of material non-public information, which disclosure in the good faith judgment of the Board (A) would be required to be made in any Registration
Statement so that such Registration Statement would not be materially misleading, (B) would not be required to be made at such time but for the filing, effectiveness or continued use of such Registration Statement and (C) would in the good
faith judgment of the Board reasonably be expected to have a material adverse effect on the Company or its business if made at such time, or (ii) would in the good faith and judgment of the Board reasonably be expected to have a material
adverse effect on the Company or its business or on the Company’s ability to effect a planned or proposed acquisition, disposition, financing, reorganization, recapitalization or similar transaction, then the Company may upon giving prompt
written notice of such action to the participants in such registration (each of whom hereby agrees to maintain the confidentiality of all information disclosed to such participants) delay the filing or initial effectiveness of, or suspend use of,
such Registration Statement, provided, that the Company shall not be permitted to do so (x) more than three times during any twelve-month period or (y) for periods exceeding, in the aggregate, one hundred twenty-five
days during any twelve-month period. In the event the Company exercises its rights under the preceding sentence, such Shareholders agree to suspend, promptly upon their receipt of the notice referred to above, their use of any prospectus relating to
such registration in connection with any sale or offer to sell Registrable Securities. If the Company so postpones the filing of a prospectus or the effectiveness of a Registration Statement, Investor will be 

  

 7 

 
entitled to withdraw such request and, if such request is withdrawn, such registration request will not count for the purposes of the limitation set forth in
Section 2.1(b). The Company will pay all Registration Expenses incurred in connection with any such aborted registration or prospectus. 
 (e) Selection of Underwriters. 
 (i) If Investor intends that the Registrable Securities covered by its
Registration Request shall be distributed by means of an underwritten offering, Investor will so advise the Company as a part of the Registration Request, and the Company will include such information in the notice sent by the Company to the other
Shareholders with respect to such Registration Request. In such event, the lead underwriter to administer the offering will be chosen by Investor subject to the prior written consent, not to be unreasonably withheld or delayed, of the Company.

 (ii) If the offering is underwritten, the right of any Shareholder to registration pursuant to this Section 2.1 will
be conditioned upon such Shareholder’s participation in such underwriting and the inclusion of such Shareholder’s Registrable Securities in the underwriting, and each such Shareholder will (together with the Company and the other
Shareholders distributing their securities through such underwriting) enter into an underwriting agreement in customary form with the underwriter or underwriters selected for such underwriting. If any Shareholder disapproves of the terms of the
underwriting, such Shareholder may elect to withdraw therefrom by written notice to the Company, the managing underwriter and Investor. 
 (f) Priority on Demand Registrations. The Company will not include in any underwritten registration pursuant to this Section 2.1 any securities that are not Registrable Securities, without the prior written consent of Investor.
If the managing underwriter advises the Company that in its reasonable opinion the number of Registrable Securities (and, if permitted hereunder, other securities requested to be included in such offering) exceeds the number of securities that can
be sold in such offering without adversely affecting the marketability of the offering (including an adverse effect on the per share offering price), the Company will include in such offering only such number of securities that in the reasonable
opinion of such underwriters can be sold without adversely affecting the marketability of the offering (including an adverse effect on the per share offering price), which securities will be so included in the following order of priority:
(i) first, Registrable Securities of Investor Group and (ii) second, Registrable Securities of any other Shareholders who have delivered written requests for registration pursuant to Section 2.1(a), pro rata on
the basis of the aggregate number of Registrable Securities owned by each such Shareholder and (iii) any other securities of the Company that have been requested to be so included, subject to the terms of this Agreement. 
  

 8 

 (g) Effective Registration Statement. A registration requested pursuant to Section 2.1(a)
shall not be deemed to have been effected unless it is declared effective by the Commission and remains effective for the period specified in Section 2.3(b). 
 2.2 Piggyback Registrations. 
 (a) Right to Piggyback. Whenever the Company proposes to
register any of its securities, other than a registration pursuant to Section 2.1 or a Special Registration, and the registration form to be filed may be used for the registration or qualification for distribution of Registrable Securities, the
Company will give prompt written notice (and in any event no later than fifteen Business Days prior to the filing of a Registration Statement with respect to such registration) to all Shareholders of its intention to effect such a registration and,
subject to Section 2.2(d), will include in such registration all Registrable Securities with respect to which the Company has received written requests for inclusion therein within ten Business Days after the date of the Company’s notice
(a “Piggyback Registration”). Any Shareholder that has made such a written request may withdraw its Registrable Securities from such Piggyback Registration by giving written notice to the Company and the managing underwriter, if
any, on or before the tenth Business Day prior to the planned effective date of such Piggyback Registration. The Company may terminate or withdraw any registration under this Section 2.2 prior to the effectiveness of such registration, whether
or not any Shareholder has elected to include Registrable Securities in such registration, and except for the obligation to pay Registration Expenses pursuant to Section 2.2(c) the Company will have no liability to any Shareholder in connection
with such termination or withdrawal. 
 (b) Underwritten Registration. If the registration referred to in Section 2.2(a) is
proposed to be underwritten, the Company will so advise the Shareholders as a part of the written notice given pursuant to Section 2.2(a). In such event, the right of any Shareholder to registration pursuant to this Section 2.2 will be
conditioned upon such Shareholder’s participation in such underwriting and the inclusion of such Shareholder’s Registrable Securities in the underwriting, and each such Shareholder will (together with the Company and the other Shareholders
and other holders of securities distributing their securities through such underwriting) enter into an underwriting agreement in customary form with the underwriter or underwriters selected for such underwriting by the Company. If any Shareholder
disapproves of the terms of the underwriting, such Shareholder may elect to withdraw therefrom by written notice to the Company, the managing underwriter and Investor. 
 (c) Piggyback Registration Expenses. The Company will pay all Registration Expenses in connection with any Piggyback Registration, whether or not any registration or prospectus becomes effective or final.

 (d) Priority on Primary Registrations. If a Piggyback Registration relates to an underwritten primary offering on behalf of the
Company, and the managing 

  

 9 

 
underwriters advise the Company that in their reasonable opinion the number of securities requested to be included in such registration exceeds the number
which can be sold without adversely affecting the marketability of such offering (including an adverse effect on the per share offering price), the Company will include in such registration or prospectus only such number of securities that in the
reasonable opinion of such underwriters can be sold without adversely affecting the marketability of the offering (including an adverse effect on the per share offering price), which securities will be so included in the following order of priority:
(i) first, the securities the Company proposes to sell, (ii) second, Registrable Securities of any Shareholders who have requested registration of Registrable Securities pursuant to Sections 2.1 or 2.2, pro
rata on the basis of the aggregate number of such securities or shares owned by each such Shareholder and (iii) third, any other securities of the Company that have been requested to be so included, subject to the terms of
this Agreement. 
 2.3 Registration Procedures. Subject to Section 2.1(d), whenever the Shareholders of Registrable Securities
have requested that any Registrable Securities be registered pursuant to Sections 2.1 or 2.2 of this Agreement, the Company will use its commercially reasonable efforts to effect the registration and sale of such Registrable Securities as soon
as reasonably practicable in accordance with the intended method of disposition thereof and pursuant thereto. The Company shall use its reasonable best efforts to as expeditiously as possible: 
 (a) prepare and file with the Commission a Registration Statement with respect to such Registrable Securities, make all required filings with the National
Association of Securities Dealers and thereafter use its reasonable best efforts to cause such Registration Statement to become effective as soon as reasonably practicable, provided that before filing a Registration Statement or any
amendments or supplements thereto, the Company will, in the case of a Demand Registration, furnish to Shareholders’ Counsel copies of all such documents proposed to be filed, which documents will be subject to review of such counsel at the
Company’s expense; 
 (b) prepare and file with the Commission such amendments and supplements to such Registration Statement as may be
necessary to keep such Registration Statement effective for a period of either (i) not less than (A) three months, (B) if such Registration Statement relates to an underwritten offering, such longer period as a prospectus is
required by law to be delivered in connection with sales of Registrable Securities by an underwriter or dealer or (C) two years in the case of shelf registration statements (or in each case such shorter period ending on the date that the
securities covered by such shelf registration statement cease to constitute Registrable Securities) or (ii) such shorter period as will terminate when all of the securities covered by such Registration Statement have been disposed of in
accordance with the intended methods of disposition by the seller or sellers thereof set forth in such Registration Statement (but in any event not before the expiration of any longer period required under the Securities Act), and comply 

  

 10 

 
with the provisions of the Securities Act with respect to the disposition of all securities covered by such Registration Statement until such time as all of
such securities have been disposed of in accordance with the intended methods of disposition by the seller or sellers thereof set forth in such Registration Statement; 
 (c) furnish to each seller of Registrable Securities such number of copies, without charge, of such Registration Statement, each amendment and supplement thereto, including each preliminary prospectus, final
prospectus, any other prospectus (including any prospectus filed under Rule 424, Rule 430A or Rule 430B under the Securities Act and any “issuer free writing prospectus” as such term is defined under Rule 433 promulgated under the
Securities Act), all exhibits and other documents filed therewith and such other documents as such seller may reasonably request including in order to facilitate the disposition of the Registrable Securities owned by such seller; 
 (d) register or qualify such Registrable Securities under such other securities or blue sky laws of such jurisdictions as any seller reasonably requests
and do any and all other acts and things that may be reasonably necessary or reasonably advisable to enable such seller to consummate the disposition in such jurisdictions of the Registrable Securities owned by such seller (provided that the
Company will not be required to (i) qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify but for this subsection, (ii) subject itself to taxation in any such jurisdiction or
(iii) consent to general service of process in any such jurisdiction); 
 (e) notify each seller of such Registrable Securities
and Shareholders’ Counsel, at any time when a prospectus relating thereto is required to be delivered under the Securities Act, upon discovery that, or upon the discovery of the happening of any event as a result of which, the prospectus
contains an untrue statement of a material fact or omits any fact necessary to make the statements therein not misleading in the light of the circumstances under which they were made, and, as soon as reasonably practicable, prepare and furnish to
such seller a reasonable number of copies of a supplement or amendment to such prospectus so that, as thereafter delivered to the purchasers of such Registrable Securities, such prospectus will not contain an untrue statement of a material fact or
omit to state any fact necessary to make the statements therein not misleading in the light of the circumstances under which they were made; 
 (f) notify each seller of any Registrable Securities covered by such Registration Statement and Shareholders’ Counsel (i) when such Registration Statement or the prospectus or any prospectus supplement or post-effective
amendment has been filed and, with respect to such Registration Statement or any post-effective amendment, when the same has become effective, (ii) of any request by the Commission for amendments or supplements to such Registration
Statement or to amend or to supplement such prospectus or for additional information, and (iii) of the issuance by the Commission of any stop order suspending the effectiveness of such Registration Statement or the initiation of any
proceedings for any of such purposes; 
  

 11 

 (g) cause all such Registrable Securities to be listed on each securities exchange on which similar
securities issued by the Company are then listed or, if no similar securities issued by the Company are then listed on any securities exchange, use its reasonable best efforts to cause all such Registrable Securities to be listed on the New York
Stock Exchange or the NASDAQ stock market, as determined by the Company; 
 (h) provide a transfer agent and registrar for all such
Registrable Securities not later than the effective date of such Registration Statement; 
 (i) enter into such customary agreements
(including underwriting agreements and, subject to Section 2.7, lock-up agreements in customary form, and including provisions with respect to indemnification and contribution in customary form) and take all such other customary actions as
Investor, the selling Shareholders or the underwriters, if any, reasonably request in order to expedite or facilitate the disposition of such Registrable Securities (including, without limitation, making members of senior management of the Company
available to participate in “road show” and other customary marketing activities); 
 (j) make available for inspection by any
seller of Registrable Securities and Shareholders’ Counsel, any underwriter participating in any disposition pursuant to such Registration Statement and any attorney, accountant or other agent retained by any such seller or underwriter, all
financial and other records, pertinent corporate documents and documents relating to the business of the Company, and cause the Company’s officers, directors, employees and independent accountants to supply all information reasonably requested
by any such seller, underwriter, attorney, accountant or agent in connection with such Registration Statement, provided that it shall be a condition to such inspection and receipt of such information that the inspecting Person
(i) enter into a confidentiality agreement in form and substance reasonably satisfactory to the Company and (ii) agree to minimize the disruption to the Company’s business in connection with the foregoing; 
 (k) timely provide to its security holders earning statements satisfying the provisions of Section 11(a) of the Securities Act and Rule 158
thereunder; 
 (l) in the event of the issuance of any stop order suspending the effectiveness of a Registration Statement, or of any order
suspending or preventing the use of any related prospectus or ceasing trading of any securities included in such Registration Statement for sale in any jurisdiction, use every reasonable effort to promptly obtain the withdrawal of such order;

 (m) obtain one or more comfort letters, addressed to the underwriters, if any, dated the effective date of such Registration Statement and
the date of the closing under the underwriting agreement for such offering, signed by the Company’s independent public accountants in customary form and covering such matters of the type customarily covered by comfort letters as such
underwriters shall reasonably request; and 
  

 12 

 (n) provide legal opinions of the Company’s counsel, addressed to the underwriters, if any, dated
the date of the closing under the underwriting agreement, with respect to the Registration Statement, each amendment and supplement thereto (including the preliminary prospectus) and such other documents relating thereto as the underwriter shall
reasonably request in customary form and covering such matters of the type customarily covered by legal opinions of such nature. 
 As a
condition to registering Registrable Securities, the Company may require each Shareholder of Registrable Securities as to which any registration is being effected to furnish the Company with such information regarding such Shareholder and pertinent
to the disclosure requirements relating to the registration and the distribution of such securities as the Company may from time to time reasonably request in writing. 
 2.4 Registration Expenses. 
 (a) Except as otherwise provided in this Agreement, all expenses
incidental to the Company’s performance of or compliance with this Agreement, including, without limitation, all registration and filing fees, fees and expenses of compliance with securities or blue sky laws, word processing, duplicating and
printing expenses, messenger and delivery expenses, and fees and disbursements of counsel for the Company and all independent certified public accountants, underwriters and other Persons retained by the Company (all such expenses,
“Registration Expenses”), will be borne by the Company. The Company will, in any event, pay its internal expenses (including, without limitation, all salaries and expenses of its officers and employees performing legal or accounting
duties), the expenses of any annual audit or quarterly review, the expenses of any liability insurance and the expenses and fees for listing the securities to be registered on each securities exchange on which similar securities issued by the
Company are then listed or on the New York Stock Exchange or NASDAQ. All Selling Expenses will be borne by the holders of the securities so registered pro rata on the basis of the amount of proceeds from the sale of their shares so
registered. 
 (b) In connection with each Demand Registration and each Piggyback Registration in which members of Investor Group
participate, the Company will reimburse Investor for the reasonable fees and disbursements of one counsel (“Shareholders’ Counsel”). 
 2.5 Participation in Underwritten Registrations. 
 (a) No Shareholder may participate in any
registration hereunder that is underwritten unless such Shareholder (i) agrees to sell its Registrable Securities on the basis provided in any underwriting arrangements approved by Investor (including, without limitation, pursuant to the
terms of any over-allotment or “green shoe” option requested by the managing underwriter(s), provided that no Shareholder will be required to sell more than the number of Registrable Securities that such Shareholder has 

  

 13 

 
requested the Company to include in any registration), (ii) completes and executes all questionnaires, powers of attorney, indemnities,
underwriting agreements and other documents reasonably required under the terms of such underwriting arrangements, and (iii) cooperates with the Company’s reasonable requests in connection with such registration or qualification (it
being understood that the Company’s failure to perform its obligations hereunder, which failure is caused by such Shareholder’s failure to cooperate with such reasonable requests, will not constitute a breach by the Company of this
Agreement). Notwithstanding the foregoing, no Shareholder will be required to agree to any indemnification obligations on the part of such Shareholder that are materially greater than its obligations pursuant to Section 4.1(b). 
 (b) Each Shareholder that is participating in any registration hereunder agrees that, upon receipt of any notice from the Company of the happening of any
event of the kind described in Section 2.3(f), such Shareholder will forthwith discontinue the disposition of its Registrable Securities pursuant to the Registration Statement until such Shareholder receives copies of a supplemented or amended
prospectus as contemplated by such Section 2.3(f). In the event the Company gives any such notice, the applicable time period mentioned in Section 2.3(b) during which a Registration Statement is to remain effective will be extended by the
number of days during the period from and including the date of the giving of such notice pursuant to this Section 2.5(b) to and including the date when each seller of a Registrable Security covered by such Registration Statement will have
received the copies of the supplemented or amended prospectus contemplated by Section 2.3(f). 
 2.6 Rule 144; Legended Securities;
etc. 
 (a) The Company will use its reasonable best efforts to timely file all reports and other documents required to be filed by it
under the Securities Act and the Exchange Act and the rules and regulations adopted by the Commission thereunder (or, if the Company is not required to file such reports, it will, upon the request of any Shareholder, make publicly available such
information as necessary to permit sales pursuant to Rule 144), and will take such further action as any Shareholder may reasonably request, all to the extent required from time to time to enable such Shareholder to sell shares of Registrable
Securities without registration under the Securities Act within the limitation of the exemptions provided by Rule 144. Upon the request of any Shareholder, the Company will deliver to such Shareholder a written statement as to whether it has
complied with such information requirements. 
 (b) The Company will not issue new certificates for shares of Registrable Securities without
a legend restricting further transfer unless (i) such shares have been sold to the public pursuant to an effective Registration Statement under the Securities Act or Rule 144, or (ii) (x) otherwise permitted under
the Securities Act, (y) the Shareholder of such shares shall have delivered to the Company an opinion of counsel, which opinion and counsel shall be reasonably satisfactory to the Company, to such effect, and (z) the
Shareholder of such shares expressly requests the issuance of such certificates in writing. 
  

 14 

 2.7 Holdback. In consideration for the Company agreeing to its obligations under this Agreement,
each Shareholder agrees in connection with any registration of the Company’s securities (whether or not such Shareholder is participating in such registration) upon the request of the Company and the underwriters managing any underwritten
offering of the Company’s securities, not to effect (other than pursuant to such registration) any public sale or distribution of Registrable Securities, including, but not limited to, any sale pursuant to Rule 144 or Rule 144A, or make any
short sale of, loan, grant any option for the purchase of, or otherwise dispose of any Registrable Securities, any other equity securities of the Company or any securities convertible into or exchangeable or exercisable for any equity securities of
the Company without the prior written consent of the Company or such underwriters, as the case may be, during the Holdback Period, provided that nothing herein will prevent any Shareholder that is a partnership or corporation from making a
distribution of Registrable Securities to the partners or shareholders thereof or a transfer to an Affiliate that is otherwise in compliance with applicable securities laws, so long as such distributees agree to be so bound. With respect to such
underwritten offering of Registrable Securities covered by a registration pursuant to Sections 2.1 or 2.2, the Company further agrees not to effect (other than pursuant to such registration or pursuant to a Special Registration) any public sale or
distribution, or to file any Registration Statement (other than such registration or a Special Registration) covering any, of its equity securities, or any securities convertible into or exchangeable or exercisable for such securities, during the
Holdback Period with respect to such underwritten offering, if required by the managing underwriter, provided that notwithstanding anything to the contrary herein, the Company’s obligations under this Section 2.7 shall not apply
during any twelve-month period for more than an aggregate of ninety days. 
 ARTICLE III 
 TRANSFERS; STANDSTILL PROVISIONS; PREEMPTIVE RIGHTS 
 3.1 Investor Group Transfer Restrictions. (a) Prior to the first anniversary of the Closing Date, no member of Investor Group will, directly or indirectly, sell, transfer, make any short sale of, loan, grant any option for the
purchase of or otherwise dispose of any shares of Common Stock (it being understood that transfers of, or other transactions with respect to ownership interests in the Investor Fund or ownership interests in other members of the Investor Group the
purpose of which is not to transfer shares of Common Stock shall not be considered to be direct or indirect transfers of shares of Common Stock) except (i) to other members of Investor Group who agree in writing to be bound by the terms
of this Agreement, (ii) pursuant to the terms of a Buyout Transaction, (iii) in connection with a bona fide pledge to, or similar arrangement in connection with a bona 

  

 15 

 
fide borrowing from, a financial institution, or (iv) in a transaction approved by a majority of the directors of the Company who qualify as
Independent Directors who are not Investor Designees. 
 (b) Following the first anniversary of the Closing Date and prior to the second
anniversary of the Closing Date, no member of Investor Group will, directly or indirectly, sell, transfer, make any short sale of, loan, grant any option for the purchase of or otherwise dispose of any shares of Common Stock (it being understood
that transfers of, or other transactions with respect to ownership interests in the Investor Fund or ownership interests in other members of the Investor Group the purpose of which is not to transfer shares of Common Stock shall not be considered to
be direct or indirect transfers of shares of Common Stock) except (i) to other members of Investor Group who agree in writing to be bound by the terms of this Agreement, (ii) pursuant to the terms of a Buyout Transaction,
(iii) if following the closing of such transfer, the Investor Percentage Interest would not be less than 17.5%, (iv) in connection with a bona fide pledge to, or similar arrangement in connection with a bona fide borrowing
from, a financial institution or (v) in a transaction approved by a majority of the directors of the Company who qualify as Independent Directors who are not Investor Designees. 
 (c) Any transfer or attempted transfer of shares of Common Stock in violation of this Section 3.1 shall, to the fullest extent permitted by law, be
null and void ab initio, and the Company shall not, and shall instruct its transfer agent and other third parties not to, record or recognize any such purported transaction on the share register of the Company. 
 (d) Investor acknowledges that this Section 3.1 may be enforced by the Company at the direction of a majority of the Independent Directors who are
not Investor Designees. 
 (e) This Section 3.1 shall terminate and be of no further force or effect on the second anniversary of the
Closing Date, provided that such termination shall not relieve any party of liability for such party’s breach of this Article III prior to such termination. 
 3.2 Standstill Provisions. (a) Unless specifically requested in writing in advance by the Company’s Board of Directors, Investor will not and will cause each Investor Group member not to (and Investor
will not and will cause each Investor Group member not to at any time assist or encourage others to): 
 (i) acquire or agree,
offer, seek or propose to acquire, directly or indirectly, alone or in concert with any other Person, by purchase or otherwise, any (A) ownership of any of the material assets or businesses of the Company or any subsidiary thereof, or any
rights or options to acquire such ownership (including from any third party), or (B) ownership, including, but not limited to, beneficial ownership as defined in Rule 13d-3 under the Exchange Act, of any 

  

 16 

 
securities of the Company or any subsidiary thereof, or any rights or options to acquire such ownership (including from any third party), if such ownership
would result in an Investor Percentage Interest in excess of 40%; 
 (ii) solicit proxies (as such terms are defined in
Rule 14a-1 under the Exchange Act), whether or not such solicitation is exempt under Rule 14a-2 under the Exchange Act, with respect to any matter from holders of any shares of stock of the Company or any securities convertible into or
exchangeable for or exercisable (whether currently or upon the occurrence of any contingency) for the purchase of such stock, or make any communication exempted from the definition of solicitation by Rule 14a-1(l)(2)(iv) under the Exchange Act;

 (iii) initiate, or induce or attempt to induce any other Person, entity or group (as defined in Section 13(d)(3) of
the Exchange Act) to initiate, any shareholder proposal or tender offer for any securities of the Company or any subsidiary thereof, any change of control of the Company or any subsidiary thereof or the convening of a shareholders’ meeting of
the Company or any subsidiary thereof; 
 (iv) enter into any discussions, negotiations, arrangements or understandings with
any other Person with respect to any matter described in the foregoing subparagraphs (i) through (iii); 
 (v) request
the Company (or its directors, officers, employees or agents), directly or indirectly, to amend or waive any provision of this Section 3.2(a); or 
 (vi) take any action with respect to any of the matters described in this Section 3.2(a) that requires public disclosure. 
 (b) The provisions of Section 3.2(a) shall not apply in respect of any action taken by the Investor Designees in their capacity as members of the Board. 
 (c) The provisions of Section 3.2(a) shall terminate on earliest of (i) the two year anniversary of the Closing Date,
(ii) the date on which any Investor Designee that Investor is entitled to designate pursuant to Section 1.1(b) is not elected to the Board at any annual meeting of the shareholders of the Company (or at any special meeting held to
elect directors in lieu of an annual meeting) and is not otherwise appointed to the Board, and (iii) the date of a Change of Control (the “Standstill Termination Date”). In addition, the provisions of Section 3.2(a)
shall not apply at any time after (A) the Board resolves to pursue a Buyout Transaction or a transaction that is contemplated by the Board to result in a Change of Control or (B) the Board approves, recommends or accepts a Buyout
Transaction or a transaction that would result in a Change of Control proposed by any Person (other than any Investor Group member); provided, however, that the provisions 

  

 17 

 
of Section 3.2(a) shall again become operative at any time that the Board (1) resolves not to pursue any such transaction described in clause
(A) above or (2) rejects or announces that it has withdrawn its recommendation of any such transaction described in clause (B) above. 
 3.3 Anti-Takeover Provisions. From the date hereof until the Standstill Termination Date, the Company shall take all reasonable actions to ensure that (i) to the extent permissible under Applicable
Law, no “fair price,” “moratorium,” “control share acquisition” or other form of antitakeover statute or regulation under Wisconsin law, (ii) no anti-takeover provision in the articles of incorporation or
by-laws of the Company or other similar organizational documents of its subsidiaries, and (iii) no shareholder rights plan, “poison pill” or similar measure, in each case that contains restrictions that are different from or in
addition to those contained in Sections 3.1 and 3.2 (including with respect to the time periods specified in Section 3.1), is applicable to Investor’s ownership of Common Stock. 
 3.4 Buyout Transactions. So long as Investor is in compliance with Section 3.1, nothing set forth in Section 3.1 or Section 3.2
shall prohibit Investor from (i) selling or transferring shares of Common Stock pursuant to the terms of a Buyout Transaction, (ii) voting its shares of Common Stock with respect to any Buyout Transaction or
(iii) endorsing a Buyout Transaction or any other transaction that would constitute a Change of Control proposed by any Person (other than any member of the Investor Group or any Controlled Affiliate of a member of the Investor Group);
provided that, in the case of clause (iii) above, (A) no member of the Investor Group or any Controlled Affiliate of a member of the Investor Group is an Acquiring Person with respect to any such transaction that constitutes a
Change of Control, (B) no member of the Investor Group or any Controlled Affiliate of a member of the Investor Group solicits or induces such Person to propose such a transaction and (C) no member of the Investor Group or any Controlled
Affiliate of a member of the Investor Group is providing equity or debt financing in connection with such transaction. 
 3.5 Preemptive
Rights. 
 (a) Sale of New Stock. Until the date on which the Investor’s Investor Percentage Interest is less than 10%, if the
Company at any time or from time to time makes a Qualified Equity Offering, Investor shall be afforded the opportunity to acquire from the Company for the same price and on the same terms as such securities are proposed to be offered to others, in
the aggregate up to the amount of New Stock required to enable it to maintain its Investor Percentage Interest. 
 (b) Notice.

 (i) In the event the Company intends to make a Qualified Equity Offering that is an underwritten public offering or a
private offering made to 

  

 18 

 
financial institutions for resale pursuant to Rule 144A, no later than five business days after the initial filing of a registration statement with the
Commission with respect to such underwritten public offering or the commencement of marketing with respect to such Rule 144A offering, it shall give Investor written notice of its intention (including, in the case of a registered public offering and
to the extent possible, a copy of the prospectus included in the registration statement filed in respect of such offering) describing, to the extent then known, the anticipated amount of securities, range of prices, timing and other material terms
of such offering. Investor shall have five business days from the date of receipt of any such notice to notify the Company in writing that it intends to exercise such preemptive purchase rights and as to the amount of New Stock Investor desires to
purchase, up to the maximum amount calculated pursuant to Section 3.5(a) (the “Designated Stock”). Such notice shall constitute a non-binding indication of interest of Investor to purchase the Designated Stock so specified at
the range of prices and other terms set forth in the Company’s notice to it. The failure to respond during such five Business Day period shall constitute a waiver of the preemptive rights in respect of such offering. 
 (ii) If the Company proposes to make a Qualified Equity Offering that is not an underwritten public offering or Rule 144A offering (a
“Private Placement”), the Company shall give Investor written notice of its intention, describing, to the extent then known, the anticipated amount of securities, price and other material terms upon which the Company proposes to
offer the same. Investor shall have five Business Days from the date of receipt of the notice required by the immediately preceding sentence to notify the Company in writing that it intends to exercise such preemptive purchase rights and as to the
amount of Designated Stock Investor desires to purchase, up to the maximum amount calculated pursuant to Section 3.5(a). Such notice shall constitute the binding agreement of Investor to purchase the amount of Designated Stock so specified (or
a proportionately lesser amount if the amount of New Stock to be offered in such Private Placement is subsequently reduced) upon the price and other terms set forth in the Company’s notice to it. The failure of Investor to respond during the
five Business Day period referred to in the second preceding sentence shall constitute a waiver of the preemptive rights in respect of such offering. 
 (c) Purchase Mechanism. 
 (i) If Investor exercises its preemptive purchase rights
provided in Section 3.5(b)(ii), the closing of the purchase of the New Stock with respect to which such right has been exercised shall be conditioned on the consummation of the Private Placement giving rise to such preemptive purchase rights
and shall take place simultaneously with the closing of the Private Placement or on such other date as the Company and the Investor shall agree in writing; provided, that 

  

 19 

 
the actual amount of Designated Stock to be sold to the Investor pursuant to its exercise of preemptive rights hereunder shall be reduced if the aggregate
amount of New Stock sold in the Private Placement is reduced and, at the option of the Investor (to be exercised by delivery of written notice to the Company within three Business Days of receipt of notice of such increase), shall be increased if
such aggregate amount of New Stock sold in the Private Placement is increased. In connection with its purchase of Designated Stock, Investor shall execute an instrument in form and substance reasonably satisfactory to the Company containing
representations, warranties and agreements of Investor that are customary for private placement transactions. 
 (ii) If the
Investor exercises its preemptive purchase rights provided in Section 3.5(b)(i), the Company shall offer the Investor, if such underwritten public offering or Rule 144A offering is consummated, the Designated Stock (as adjusted to reflect the
actual size of such offering when priced) at the same price as the New Stock is offered to the underwriters or initial purchasers and shall provide written notice of such price to Investor as soon as practicable prior to such consummation.
Contemporaneously with the execution of any underwriting agreement or purchase agreement entered into between the Company and the underwriters or initial purchasers of such underwritten public offering or Rule 144A offering, Investor shall enter
into an instrument in form and substance reasonably satisfactory to the Company acknowledging Investor’s binding obligation to purchase the Designated Stock to be acquired by it and containing representations, warranties and agreements of
Investor that are customary in private placement transactions, and the failure to enter into such an instrument at or prior to such time shall constitute a waiver of the preemptive rights in respect of such offering. Any offers and sales pursuant to
this Section 3.5 in the context of a registered public offering shall be also conditioned on reasonably acceptable representations and warranties of the Investor regarding its status as the type of offeree to whom a private sale can be made
concurrently with a registered public offering in compliance with applicable securities laws. 
 (d) Failure of Purchase. In the event
the Investor fails to exercise its preemptive purchase rights provided in this Section 3.5 within the applicable five Business Day period or, if so exercised, the Investor does not consummate such purchase within the applicable period, the
Company shall thereafter be entitled during the period of 120 days following the conclusion of the applicable period to sell or enter into an agreement (pursuant to which the sale of New Stock covered thereby shall be consummated, if at all, within
60 days from the date of such agreement) to sell the New Stock not purchased pursuant to this Section 3.5 at a price which is at a discount (expressed as a percentage) to the market price of the shares of the Company that does not exceed by
more than 5% the discount (expressed as a percentage) to the market price offered in the Qualified Equity Offering giving rise to such preemptive purchase rights 

  

 20 

 
hereunder (if such a discount was so offered). In the event the Company has not sold the New Stock or entered into an agreement to sell the New Stock within
said 120 day period, the Company shall not thereafter offer, issue or sell such New Stock without first offering such securities to Investor in the manner provided in this Section 3.5. 
 (e) The Investor shall not have any rights to participate in the negotiation of the proposed terms of any Private Placement, underwritten public offering
or Rule 144A offering. 
 (f) The Company and the Investor shall cooperate in good faith to facilitate the exercise of the Investor’s
preemptive rights hereunder, including securing any required approvals or consents, in a manner that does not jeopardize the timing, marketing, pricing or execution of any offering of the Company’s securities. 
 ARTICLE IV 
 INDEMNIFICATION 
 4.1 Indemnification. 
 (a) The Company
agrees to indemnify and hold harmless each Shareholder, its officers, directors and managers and each Person who is a controlling Person of such Shareholder within the meaning of Section 15 of the Securities Act or Section 20 of the
Exchange Act (each such person being referred to herein as a “Covered Person”) against, and pay and reimburse such Covered Persons for, any losses, claims, damages, liabilities, joint or several, to which such Covered Person may
become subject under the Securities Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions or proceedings, whether commenced or threatened, in respect thereof) arise out of or are based upon (i) any untrue
or alleged untrue statement of material fact contained or incorporated by reference in any Registration Statement, prospectus or preliminary prospectus or any amendment thereof or supplement thereto, or any document incorporated by reference
therein, or (ii) any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, and the Company will pay and reimburse such Covered Persons for any legal or
any other expenses actually and reasonably incurred by them in connection with investigating, defending or settling any such loss, claim, liability, action or proceeding, provided that the Company shall not be liable to a Covered Person in
any such case to the extent that any such loss, claim, damage, liability (or action or proceeding in respect thereof) or expense arises out of or is based upon an untrue statement or alleged untrue statement, or omission or alleged omission, made or
incorporated by reference in such Registration Statement, any such prospectus or preliminary prospectus or any amendment or supplement thereto, or any document incorporated by reference therein, in reliance upon, and in conformity with, written
information prepared and furnished to the Company by such Covered Person expressly for use therein or arises out of or is based on 

  

 21 

 
such Shareholder’s failure to deliver a copy of the Registration Statement or prospectus or any amendments or supplements thereto after the Company has
furnished such Shareholder with a sufficient number of copies thereof. In connection with an underwritten offering, the Company, if requested, will indemnify such underwriters, their officers and directors and each Person who controls such
underwriters (within the meaning of the Securities Act) to the same extent as provided above with respect to the indemnification of the Covered Persons. 
 (b) In connection with any Registration Statement in which a Shareholder is participating, each such Shareholder will furnish to the Company in writing such information and affidavits as the Company reasonably
requests for use in connection with any such Registration Statement or prospectus and, will indemnify and hold harmless the Company, its directors and officers, each underwriter and any Person who is or might be deemed to be a controlling person of
the Company, any of its subsidiaries or any underwriter within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act against any losses, claims, damages, liabilities, joint or several, to which the Company or
any such director or officer, any such underwriter or controlling person may become subject under the Securities Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions or proceedings, whether commenced or threatened, in
respect thereof) arise out of or are based upon (i) any untrue or alleged untrue statement of material fact contained in the Registration Statement, prospectus or preliminary prospectus or any amendment thereof or supplement thereto or
(ii) any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, but only to the extent that such untrue statement or omission is made in such Registration
Statement, any such prospectus or preliminary prospectus or any amendment or supplement thereto in reliance upon and in conformity with written information prepared and furnished to the Company by such Shareholder expressly for use therein, and such
Shareholder will reimburse the Company and each such director, officer, underwriter and controlling Person for any legal or any other expenses actually and reasonably incurred by them in connection with investigating, defending or settling any such
loss, claim, liability, action or proceeding, provided that the obligation to indemnify and hold harmless will be individual and several to each Shareholder and will be limited to the net amount of proceeds actually received by such
Shareholder from the sale of Registrable Securities pursuant to such Registration Statement. 
 (c) Any Person entitled to indemnification
hereunder will (i) give prompt written notice to the indemnifying party of any claim with respect to which it seeks indemnification and (ii) unless in such indemnified party’s reasonable judgment a conflict of interest
between such indemnified and indemnifying parties may exist with respect to such claim, permit such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party. If such defense is assumed, the
indemnifying party will not, without the indemnified party’s prior consent, 

  

 22 

 
settle or compromise any action or claim or consent to the entry of any judgment unless such settlement or compromise includes as an unconditional term
thereof the release of the indemnified party from all liability, which release shall be reasonably satisfactory to the indemnified party. An indemnifying party who is not entitled to, or elects not to, assume the defense of a claim will not be
obligated to pay the fees and expenses of more than one counsel for all parties indemnified by such indemnifying party with respect to such claim, unless in the reasonable judgment of any indemnified party a conflict of interest may exist between
such indemnified party and any other of such indemnified parties with respect to such claim. 
 (d) The indemnification provided for under
this Agreement will remain in full force and effect regardless of any investigation made by or on behalf of the indemnified party or any officer, director or controlling Person of such indemnified party and will survive the registration and sale of
any securities by any Person entitled to any indemnification hereunder and the expiration or termination of this Agreement. 
 (e) If the
indemnification provided for in Section 4.1(a) or Section 4.1(b) is held by a court of competent jurisdiction to be unavailable to an indemnified party with respect to any loss, liability, claim, damage or expense referred to therein, then
the indemnifying party, in lieu of indemnifying such indemnified party thereunder, will contribute to the amount paid or payable by such indemnified party as a result of such loss, liability, claim, damage or expense in such proportion as is
appropriate to reflect the relative fault of the indemnifying party on the one hand and of the indemnified party on the other hand in connection with the statements or omissions which resulted in such loss, liability, claim, damage or expense as
well as any other relevant equitable considerations. The relevant fault of the indemnifying party and the indemnified party will be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or
the omission to state a material fact relates to information supplied by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement
or omission. Notwithstanding the foregoing, the amount any Shareholder will be obligated to contribute pursuant to this Section 4.1(e) will be limited to an amount equal to the net proceeds to such Shareholder of the Registrable Securities sold
pursuant to the Registration Statement which gives rise to such obligation to contribute (less the aggregate amount of any damages which the Shareholder has otherwise been required to pay in respect of such loss, claim, damage, liability or action
or any substantially similar loss, claim, damage, liability or action arising from the sale of such Registrable Securities). No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be
entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. 
  

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 ARTICLE V 
 DEFINITIONS 
 5.1 Defined Terms. Capitalized terms when used in this Agreement have the following
meanings: 
 “Acquiring Person” has the meaning set forth in the definition of Change of Control; provided,
however, that for purposes of Section 3.4, an Acquiring Person shall not include any Investor solely by reason of Investor’s taking or agreeing to take any action permitted under Section 3.4. 
 “Affiliate” means, with respect to any Person, (i) any Person directly or indirectly Controlling, Controlled by or under
common Control with such Person or (ii) any officer, director, manager, general partner or trustee of any of the foregoing; provided, however, that for purposes of this Agreement the Company and any Person directly or
indirectly Controlled by the Company shall not be deemed to be Affiliates of Investor or of the Investor Group. 
 “Agreement” has the meaning set forth in the preamble. 
 “Applicable Law” means all applicable
provisions of (i) constitutions, treaties, statutes, laws (including the common law), rules, regulations, ordinances, codes or orders of any Governmental Entity, (ii) any consents or approvals of any Governmental Entity, and
(iii) any orders, decisions, injunctions, judgments, awards, decrees of or agreements with any Governmental Entity. 
 “Beneficially Own” with respect to any securities shall mean having “beneficial ownership” of such securities (as determined pursuant to Rule 13d-3 under the Exchange Act), including pursuant to any agreement,
arrangement or understanding, whether or not in writing. 
 “Board” has the meaning set forth in Section 1.1(a).

 “Business Day” means any day on which banks are not required or authorized to close in the City of New York. 

“Buyout Transaction” means a tender offer, merger, sale of all or substantially all the Company’s assets or any similar
transaction, except such a transaction that is proposed by or involves a member of the Investor Group or an Affiliate of any member of the Investor Group and has not been approved by the Board, that offers each holder of Voting Securities (other
than, if applicable, the Person proposing such transaction) the opportunity to dispose of Voting Securities Beneficially Owned by each such holder for the same consideration or otherwise contemplates the acquisition of Voting Securities Beneficially
Owned by each such holder for the same consideration. 
  

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 “Change of Control” means the consummation of any transaction or series of related
transactions involving (i) any purchase or acquisition (whether by way of merger, share exchange, consolidation, business combination or similar transaction or otherwise) by any Person or group (within the meaning of
Section 13(d)(3) of the Exchange Act) (such other Person or group, an “Acquiring Person”), of any of (A) securities representing a majority of the outstanding voting power of the Company entitled to elect the Board,
(B) the majority of the outstanding shares of common stock of the Company, or (C) all or substantially all of the assets of the Company and its Subsidiaries, taken together as a whole, (ii) any sale, lease, exchange, transfer,
license or disposition of all or substantially all of the assets of the Company and its Subsidiaries, taken together as a whole, to an Acquiring Person or (iii) any merger, consolidation or business combination in which the holders of
voting securities of the Company immediately prior to the transaction, as a group, do not hold securities representing a majority of the outstanding voting power entitled to elect the board of directors of surviving entity in such merger,
consolidation or business combination. 
 “Class A Common Stock” has the meaning set forth in the recitals. 
 “Closing Date” has the meaning set forth in the Investment Agreement. 
 “Commission” means the Securities and Exchange Commission or any other federal agency administering the Securities Act. 
 “Common Stock” means the common stock, par value $0.01 per share, of the Company (i) into which the Class A Common Stock
held by the Investor shall automatically convert pursuant to its terms and (ii) purchased by Investor pursuant to the exercise of the Purchase Rights and any securities issued in respect thereof, or in substitution therefor, in
connection with any stock split, dividend or combination, or any reclassification, recapitalization, merger, consolidation, exchange or other similar reorganization. 
 “Company” has the meaning set forth in the preamble. 
 “Control” means the
power to direct the affairs of a Person by reason of ownership of Voting Securities, by contract or otherwise. 
 “Covered
Person” has the meaning set forth in Section 4.1(a). 
 “Demand Registration” has the meaning set forth in
Section 2.1(a). 
  

 25 

 “Designated Stock” has the meaning set forth in Section 3.5(b)(i). 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, or any similar federal statute and the rules and regulations
thereunder, as in effect from time to time. 
 “Governmental Entity” means any federal, state, local or foreign court,
legislative, executive or regulatory authority or agency. 
 “Holdback Period” means, with respect to any registered offering
covered by this Agreement, (i) ninety days after and during the ten days before, the effective date of the related Registration Statement or, in the case of a takedown from a shelf registration statement, ninety days after the date of
the prospectus supplement filed with the Commission in connection with such takedown and during such prior period (not to exceed ten days) as the Company has given reasonable written notice to the holder of Registrable Securities or
(ii) such shorter period as Investor, the Company and the underwriter of such offering, if any, shall agree. 
 “Independent Director” means an individual who, as a member of the Board following the Closing Date, would be independent of the Company under the rules of the New York Stock Exchange, Inc. or such other securities exchange
on which the Common Stock is listed. 
 “Initial Unaffiliated Director” has the meaning set forth in Section 1.1(a).

 “Investment” has the meaning set forth in the recitals. 
 “Investment Agreement” has the meaning set forth in the recitals. 
 “Investor” has the meaning set forth in the preamble. 
 “Investor Affiliate” means an Affiliate of Investor other than any “portfolio company” (as such term is customarily used among institutional investors) of Investor or any Affiliate of
Investor. 
 “Investor Cessation Date” has the meaning set forth in Section 6.1. 
 “Investor Designees” has the meaning set forth in Section 1.1(a). 
 “Investor Fund” shall mean Warburg Pincus Private Equity IX, L.P., a Delaware limited partnership, or any Successor Fund that
Beneficially Owns Common Stock. 
 “Investor Group” means Investor, Investor Fund and any Investor Affiliate. 
  

 26 

 “Investor Percentage Interest” means the percentage of Total Voting Power, determined on
the basis of the number of Voting Securities actually outstanding, that is controlled directly or indirectly by Investor Group, including as Beneficially Owned. 
 “Investor Permitted Transferee” means each of (i) Investor Fund, (ii) an Investor Affiliate, (iii) the owners of Investor, including Beneficial Owners of any owners
of Investor, in connection with any liquidation of, or a distribution with respect to equity interests owned in, Investor (including but not limited to any distributions by the owners of Investor to their Beneficial Owner) or (iv) any
financial institution that acquires shares of Common Stock pursuant to Section 3.1(a)(iii). 
 “MI Corp.” has the
meaning set forth in the recitals. 
 “MI Designees” has the meaning set forth in Section 1.1(a). 
 “New Stock” means common stock of the Company or securities convertible into or exchangeable for common stock of the Company offered in a
public or nonpublic offering by the Company. 
 “Person” means an individual, a partnership, a joint venture, a corporation,
a limited liability company, a trust, an unincorporated organization or a government or department or agency thereof. 
 “Piggyback
Registration” has the meaning set forth in Section 2.2(a). 
 “Private Placement” has the meaning set forth in
Section 3.5(b)(ii). 
 “Public Offering” means an offering of Common Stock pursuant to a Registration Statement filed in
accordance with the Securities Act. 
 “Purchase Rights” has the meaning set forth in the recitals. 
 “Qualified Equity Offering” means a public or nonpublic offering of common stock of the Company or securities convertible into or
exchangeable for common stock of the Company (collectively, “New Stock”) solely for cash and not pursuant to a Special Registration; provided, however, that none of the following offerings shall constitute a Qualified Equity
Offering: (i) any offering pursuant to any stock purchase plan, stock ownership plan, stock option plan or other similar plan where stock is being issued or offered to a trust, other entity or otherwise, to or for the benefit of any
employees, officers, consultants, directors, customers, lenders or vendors of the Company, or (ii) any offering made as part of or in connection with a merger or acquisition, a partnership or joint venture or strategic alliance or
investment by the Company or a similar non-capital-raising transaction. 
  

 27 

 “Register,” “registered” and “registration” refers to
a registration effected by preparing and filing a Registration Statement in compliance with the Securities Act, and the declaration or ordering of the effectiveness of such Registration Statement, and compliance with applicable state securities laws
of such states in which Shareholders notify the Company of their intention to offer Registrable Securities. 
 “Registrable
Securities” means (i) all Common Stock, (ii) any other stock or securities that the Shareholders of the Common Stock may be entitled to receive, or will have received pursuant to such Shareholders’ ownership of
the Common Stock, in lieu of or in addition to Common Stock, or (iii) any equity securities issued or issuable directly or indirectly with respect to the securities referred to in the foregoing clauses (i) or (ii) by way of
conversion or exchange thereof or share dividend or share split or in connection with a combination of shares, recapitalization, reclassification, merger, amalgamation, arrangement, consolidation or other reorganization. As to any particular
securities constituting Registrable Securities, such securities will cease to be Registrable Securities when (w) they have been effectively registered or qualified for sale by prospectus filed under the Securities Act and disposed of in
accordance with the Registration Statement covering therein, (x) they have been sold to the public pursuant to Rule 144 or Rule 145 or other exemption from registration under the Securities Act or (y) they have been acquired
by the Company. 
 “Registration Expenses” has the meaning set forth in Section 2.4(a). 
 “Registration Request” has the meaning set forth in Section 2.1(a). The term Registration Request will also include, where
appropriate, a Short-Form Registration request made pursuant to Section 2.1(c). 
 “Registration Statement” means the
prospectus and other documents filed with the Commission to effect a registration under the Securities Act. 
 “Rule 144”
means Rule 144 under the Securities Act or any successor or similar rule as may be enacted by the Commission from time to time, as in effect from time to time. 
 “Rule 144A” means Rule 144A under the Securities Act or any successor or similar rule as may be enacted by the Commission from time to time, as in effect from time to time. 
  

 28 

 “Rule 145” means Rule 145 under the Securities Act or any successor or similar rule as
may be enacted by the Commission from time to time, as in effect from time to time. 
 “Rule 415” means Rule 415 under the
Securities Act or any successor or similar rule as may be enacted by the Commission from time to time, as in effect from time to time. 
 “Securities Act” means the Securities Act of 1933, as amended, or any similar federal statute and the rules and regulations thereunder, as in effect from time to time. 
 “Selling Expenses” means all underwriting discounts, selling commissions and transfer taxes applicable to the sale of Registrable
Securities hereunder and any other Registration Expenses required by law to be paid by a selling Shareholder. 
 “Shareholder” means any Investor Permitted Transferee who holds outstanding Registrable Securities and is or becomes a party to this Agreement. 
 “Shareholders’ Counsel” has the meaning set forth in Section 2.4(b). 
 “Short-Form Registrations” has the meaning set forth in Section 2.1(c). 
 “Special
Registration” means the registration of (i) equity securities and/or options or other rights in respect thereof solely registered on Form S-4 or Form S-8 (or successor form) or (ii) shares of equity
securities and/or options or other rights in respect thereof to be offered to directors, members of management, employees, consultants, customers, lenders or vendors of the Company or its direct or indirect subsidiaries or in connection with
dividend reinvestment plans. 
 “Standstill Termination Date” has the meaning set forth in Section 3.2(c). 

“Successor Fund” means one or more successor funds to the Investor Fund, each of which is Controlled by Warburg Pincus LLC and/or
Warburg Pincus & Co. (or a Controlled Affiliate of one of such entities) and is managed by Warburg Pincus LLC or its Affiliates. 
 “Supermajority Vote” means the affirmative vote of at least eight members of the Board. 
 “Total Voting
Power” at any time shall mean the total combined voting power in the general election of directors of all the Voting Securities then outstanding. 
 “Transactions” has the meaning set forth in the Investment Agreement. 
  

 29 

 “Voting Securities” means, at any time, shares of any class of equity securities of the
Company, which are then entitled to vote generally in the election of directors. 
 5.2 Terms Generally. The words “hereby”,
“herein”, “hereof”, “hereunder” and words of similar import refer to this Agreement as a whole and not merely to the specific section, paragraph or clause in which such word appears. All references herein to Articles
and Sections shall be deemed references to Articles and Sections of this Agreement unless the context shall otherwise require. The words “include”, “includes” and “including” shall be deemed to be followed by the phrase
“without limitation”. The definitions given for terms in this Article V and elsewhere in this Agreement shall apply equally to both the singular and plural forms of the terms defined. Whenever the context may require, any pronoun
shall include the corresponding masculine, feminine and neuter forms. References herein to any agreement or letter (including the Investment Agreement) shall be deemed references to such agreement or letter as it may be amended, restated or
otherwise revised from time to time. 
 ARTICLE VI 
 MISCELLANEOUS 
 6.1 Term. This Agreement will be effective as of the date hereof and will continue in
effect thereafter until the earliest of (a) its termination by the consent of all parties hereto or their respective successors in interest (with the consent of a majority of Independent Directors who are not Investor Designees),
(b) except for those provisions of this Agreement that terminate as of a date specified in such provisions, which provisions shall terminate in accordance with the terms thereof, the date on which Investor Group ceases to hold any shares
of Registrable Securities (“Investor Cessation Date”) and (c) the dissolution, liquidation or winding up of the Company. 
 6.2 No Inconsistent Agreements. The Company will not hereafter enter into any agreement with respect to its securities which is inconsistent with or violates the rights granted to the holders of Registrable
Securities in this Agreement or grant any registration rights to any other Person without obtaining the prior approval of Investor. 
 6.3
Legend. 
 (a) All certificates representing the shares of Common Stock held by each Shareholder shall bear a legend substantially in
the following form: 
 “THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A SHAREHOLDERS AGREEMENT (A COPY OF WHICH IS ON
FILE WITH THE SECRETARY OF THE COMPANY). NO TRANSFER, SALE, ASSIGNMENT, PLEDGE, HYPOTHECATION OR OTHER DISPOSITION OF THE SECURITIES 

  

 30 

 
REPRESENTED BY THIS CERTIFICATE MAY BE MADE EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF SUCH SHAREHOLDERS AGREEMENT AND (A) PURSUANT TO A
REGISTRATION STATEMENT EFFECTIVE UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) PURSUANT TO AN EXEMPTION FROM REGISTRATION THEREUNDER. THE HOLDER OF THIS CERTIFICATE, BY ACCEPTANCE OF THIS CERTIFICATE, AGREES TO BE BOUND BY ALL OF
THE PROVISIONS OF SUCH SHAREHOLDERS AGREEMENT.” 
 (b) Upon the permitted sale of any shares of Common Stock pursuant to
(i) an effective Registration Statement under the Securities Act or pursuant to Rule 144 or (ii) another exemption from registration under the Securities Act or upon the termination of this Agreement, the certificates
representing such shares of Common Stock shall be replaced, at the expense of the Company, with certificates or instruments not bearing the legends required by this Section 6.3 provided that the Company may condition such replacement of
certificates under the foregoing clause (ii) upon the receipt of an opinion of securities counsel reasonably satisfactory to the Company. 
 6.4 Amendments and Waivers. Except as otherwise provided herein, the provisions of this Agreement may be amended or waived only upon the prior written consent of the Company (to the extent approved by a majority of Independent
Directors who are not Investor Designees) and Investor. A copy of each such amendment shall be sent to each Shareholder and shall be binding upon each party hereto, provided that the failure to deliver a copy of such amendment shall not
impair or affect the validity of such amendment. 
 6.5 Successors and Assigns. This Agreement will be binding upon and inure to the
benefit of and be enforceable by the Company and its successors and permitted assigns and will be binding upon Investor and its successors and permitted assigns. This Agreement will inure to the benefit of and be enforceable by Investor and solely
with respect to Article II and Article IV, any Shareholder who is a permitted assignee hereunder. Notwithstanding the foregoing, no member of Investor Group may assign its rights under this Agreement without the prior written consent of the Company,
provided that, subject to Section 3.1, Investor may assign its rights under Article II and Article IV, absent such consent, in connection with a sale, transfer or disposition to any Investor Permitted Transferee who is a Shareholder.
Notwithstanding anything to the contrary in this Agreement, the Company may assign this Agreement in connection with a merger, reorganization or sale, transfer or contribution of all or substantially all of the assets or shares of the Company to any
Person; provided, that such Person expressly or by operation of law or otherwise assumes the due and punctual performance and observance of every covenant, agreement and condition of this Agreement to be performed and observed by the Company.

  

 31 

 6.6 Severability. Whenever possible, each provision of this Agreement will be interpreted in such
manner as to be effective and valid under Applicable Law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any Applicable Law or rule in any jurisdiction, such invalidity, illegality or
unenforceability will not affect any other provision or the effectiveness or validity of any provision in any other jurisdiction, and this Agreement will be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or
unenforceable provision had never been contained herein. 
 6.7 Counterparts. This Agreement may be executed simultaneously in two or
more counterparts, any one of which need not contain the signatures of more than one party, but all such counterparts taken together will constitute one and the same Agreement. 
 6.8 Descriptive Headings. The descriptive headings of this Agreement are inserted for convenience only and do not constitute a part of this
Agreement. 
 6.9 Governing Law. This Agreement will be governed by and construed in accordance with the laws of the State of
Wisconsin regardless of the laws that might otherwise govern under applicable principles or rules of conflicts of law to the extent such principles or rules are not mandatorily applicable by statute and would require the application of the laws of
another jurisdiction. 
 6.10 Consent to Jurisdiction. Each party irrevocably submits to the exclusive jurisdiction of any federal or
state court located in the State of Wisconsin, for the purposes of any suit, action or other proceeding arising out of this Agreement or any transaction contemplated hereby (and agrees not to commence any such suit, action or other proceeding except
in such courts). Each party further agrees that service of any process, summons, notice or document by U.S. registered mail to such party’s respective address set forth or referred to in Section 6.14 shall be effective service of process
for any such suit, action or other proceeding. Each party irrevocably and unconditionally waives any objection to the laying of venue of any such suit, action or other proceeding in the above-named courts, or that any such suit, action or other
proceeding brought in any such court has been brought in an inconvenient forum. 
 6.11 Waiver of Jury Trial. Each party hereby
waives, to the fullest extent permitted by Applicable Law, any right it may have to a trial by jury in respect of any suit, action or other proceeding arising out of this Agreement or any transaction contemplated hereby. Each party
(a) certifies and acknowledges that no representative, agent or attorney of any other party has represented, expressly or otherwise, that such other party would not, in the event of litigation, seek to enforce the foregoing waiver and
(b) acknowledges that it understands and has considered the implications of this waiver and makes this waiver voluntarily, and that it and the other parties have been induced to enter into the Agreement by, among other things, the mutual
waivers and certifications in this Section 6.11. 
  

 32 

 6.12 Enforcement; Attorneys’ Fees. Each party hereto acknowledges that money damages would
not be an adequate remedy in the event that any of the covenants or agreements in this Agreement are not performed in accordance with its terms, and it is therefore agreed that in addition to and without limiting any other remedy or right it may
have, the non-breaching party will have the right to an injunction, temporary restraining order or other equitable relief in any court of competent jurisdiction enjoining any such breach and enforcing specifically the terms and provisions hereof,
provided that no Shareholder will have any right to an injunction to prevent the filing or effectiveness of any Registration Statement of the Company. In any action or proceeding brought to enforce any provision of this Agreement, the
successful party shall be entitled to recover reasonable attorneys’ fees in addition to its costs and expenses and other available remedies. 
 6.13 No Third Party Beneficiaries. Nothing in this Agreement shall confer any rights upon any Person other than the parties hereto and each such party’s respective heirs, successors and permitted assigns, all of whom shall be
third party beneficiaries of this Agreement, provided that the Persons indemnified under Article IV are intended third party beneficiaries of Article IV. 
 6.14 Notices. All notices, requests, demands, waivers and other communications required or permitted to be given under this Agreement shall be in writing and shall be deemed to have been duly given if
(a) delivered personally, (b) mailed, certified or registered mail with postage prepaid, (c) sent by reputable overnight courier or (d) sent by fax (provided a confirmation copy is sent by one
of the other methods set forth above), as follows (or to such other address as the party entitled to notice shall hereafter designate in accordance with the terms hereof): 
  

					
	If to the Company, to it at:
		
		 	Metavante Corporation
		 	 4900 West Brown Deer Road
 Milwaukee, WI
53223-2459

		 	Attention:	 	Frank Martire
		 		 	President and Chief Executive Officer
		 	Facsimile:	 	414-362-1705

  

 33 

					
	
	with a copy to (which shall not constitute notice):
		
		 	Metavante Corporation
		 	4900 West Brown Deer Road
		 	Milwaukee, WI 53223-2459
		 	Attention:	 	Norrie Daroga
		 		 	Executive Vice President, Chief Risk Officer and Secretary
		 	Facsimile:	 	414-362-1705
	
	If to Investor, to it at:
		
		 	WPM, L.P.
		 	c/o Warburg Pincus Private Equity IX, L.P.
		 	466 Lexington Avenue
		 	New York, New York 10017
		 	Attention:	 	James Neary
		 	Facsimile:	 	212-878-9351
	
	with a copy to (which shall not constitute notice):
		
		 	Wachtell, Lipton, Rosen & Katz
		 	51 West 52nd Street
		 	New York, New York 10019
		 	Attention:	 	Andrew R. Brownstein
		 		 	Igor Kirman
		 	Facsimile:	 	(212) 403-2000

 If to any other Shareholder, to its address set forth on the signature page of such Shareholder to this Agreement
with a copy (which shall not constitute notice) to any party so indicated thereon. 
 All notices and other communications hereunder shall be in writing and
shall be deemed duly given (w) on the date of delivery if by personal delivery, (x) upon confirmation of receipt if delivered by facsimile, (y) on the first Business Day following the date of dispatch if delivered by a recognized
next-day courier service (z) when received if delivered by certified or registered mail, return receipt requested, postage prepaid. 
 6.15 Entire Agreement . This Agreement, constitutes the entire agreement and supersedes all prior agreements and understandings, both written and oral, among the parties with respect to the subject matter hereof. 
 [the remainder of this page left intentionally blank] 
  

 34 

 IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement by their authorized
representatives as of the date first above written. 
  

			
	METAVANTE TECHNOLOGIES, INC
		
	By:	 	 /s/ Randall J. Erickson

	Name:	 	Randall J. Erickson
	Title:	 	Vice President and Secretary
	
	WPM, L.P.
		
	By:	 	WPM GP, LLC, its general partner
		
	By:	 	 /s/ James Neary

	Name:	 	James Neary
	Title:	 	Managing Director

  

 SIGNATURE PAGE TO SHAREHOLDERS AGREEMENT

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