Common use of Structural Considerations Clause in Contracts

Structural Considerations. 10.1.1 The Parties currently intend that, should an IPO be effected, the issuer of shares offered in such IPO would be one of the Intermediate Holdcos or VNU and not Luxco, although the Investors Committee may designate any other member of the Group as an issuer of shares offered in such IPO as well (such issuer, “Issuer”). At any time before or after such IPO, upon the affirmative vote of the Investors’ Committee as described below, Luxco shall take any such actions necessary, appropriate or desirable, and may cause any Intermediate Holdco to take any such actions, (a) to liquidate, dissolve, wind up or otherwise terminate itself or any Intermediate Holdco or merge Luxco and one or more Intermediate Holdcos or merge Intermediate Holdcos (or do any of the foregoing with or involving VNU) and/or (b) to reorganize or recapitalize itself or any Intermediate Holdco (or VNU or any other member of the Group) (each, a “Reorganization Transaction”), in each case, so as to optimize the corporate structure as is appropriate in light of tax, legal or other professional advice received by Luxco in connection with an IPO. In connection with any Reorganization Transaction, the Investors may receive shares or other securities of any class issued by any member of the Group so that each Investor is in the same position with respect to its rights to the assets and earnings of Luxco and its direct and indirect subsidiaries by way of a dividend or distribution in kind or in exchange for or otherwise in replacement of Units (collectively, “Replacement Securities”). The term “Units”, whenever used in this Agreement (unless the context otherwise requires), shall be deemed to include any such Replacement Securities when issued. The transactions described in this Article 10.1.1 are subject to the prior approval of the Investors’ Committee under Article 6.6.4. 10.1.2 In the event that, following an IPO, Luxco or any Intermediate Holdco continues to exist as a direct or indirect parent of Issuer and the Investors do not directly hold shares of the same class and series of Issuer as those that have been, or are proposed to be, publicly listed (“Listed Shares”), then, in order to permit the sale by Investors of Listed Shares and receipt of the proceeds therefrom as contemplated by this Article 10, the Parties agree that Luxco shall take any actions necessary, appropriate or desirable, as determined by the Investors’ Committee, and shall cause each Intermediate Holdco or VNU or other member of the Group, as the case may be, to take any such actions, to enable each Investor to realize the benefit of liquidity afforded by the existence of a market for Listed Shares and the provisions of this Article 10, including, by (a) selling, or causing the sale of, Listed Shares up to a number equal to (i) the total number of Listed Shares directly held by any member of the Group multiplied by (ii) the percentage interest directly or indirectly owned by such Investor in the relevant member of the Group (as the case may be) as may be permitted pursuant to the applicable provisions of Article 10 (such number of Listed Shares that could be sold in each such case, the “Assumed Number”) and (b) distributing to such Investor, or causing the distribution to such Investor of, the cash proceeds received from the sale or the Assumed Number of Listed Shares. The Parties agree that the distribution of such cash proceeds to an Investor on whose behalf Listed Shares have been sold shall be effected in a prompt and efficient manner, as determined by the Investors’ Committee, which may be (i) through a repurchase, redemption or repayment of each such Investor’s Units, (ii) through a Reorganization Transaction (which would apply to a sale by all of the Investors such that the aggregate cash proceeds from the sale of Listed Shares are distributed to each Investor based on such Investor’s Assumed Number of Listed Shares sold and the remaining assets of Luxco are distributed to each Investor pro rata to its remaining investment in Luxco after deducting the proceeds received by each Investor from its Assumed Number of Listed Shares so sold), or (iii) in any other manner, provided that each Investor (whether selling or not selling) is placed in the same position with respect to its rights to the assets and earnings of Luxco and its direct and indirect subsidiaries as it would have been had all of the Investors directly held Listed Shares. 10.1.3 Subject to the prior approval of the Investors’ Committee (to the extent required), each Investor shall take, and shall instruct its representative(s), nominee(s) or designee(s), as the case may be, on the Investors’ Committee, on each Board and on any committee thereof to take, any and all action within its power as may be necessary, appropriate or desirable to effect, or to cause Luxco, any Intermediate Holdco, VNU or any other member of the Group to effect, the transactions described in this Article 10.1.

Structural Considerations. 10.1.1 The Parties currently intend that, should an IPO be effected, the issuer of shares offered in such IPO would be one of the Intermediate Holdcos or VNU and not Luxco, although the Investors Committee may designate any other member of the Group as an issuer of shares offered in such IPO as well (such issuer, “"Issuer”"). At any time before or after such IPO, upon the affirmative vote of the Investors’ ' Committee as described below, Luxco shall take any such actions necessary, appropriate or desirable, and may cause any Intermediate Holdco to take any such actions, (a) to liquidate, dissolve, wind up or otherwise terminate itself or any Intermediate Holdco or merge Luxco - 41 - and one or more Intermediate Holdcos or merge Intermediate Holdcos (or do any of the foregoing with or involving VNU) and/or (b) to reorganize or recapitalize itself or any Intermediate Holdco (or VNU or any other member of the Group) (each, a “"Reorganization Transaction”"), in each case, so as to optimize the corporate structure as is appropriate in light of tax, legal or other professional advice received by Luxco in connection with an IPO. In connection with any Reorganization Transaction, the Investors may receive shares or other securities of any class issued by any member of the Group so that each Investor is in the same position with respect to its rights to the assets and earnings of Luxco and its direct and indirect subsidiaries by way of a dividend or distribution in kind or in exchange for or otherwise in replacement of Units (collectively, “"Replacement Securities”"). The term “"Units”", whenever used in this Agreement (unless the context otherwise requires), shall be deemed to include any such Replacement Securities when issued. The transactions described in this Article 10.1.1 are subject to the prior approval of the Investors’ ' Committee under Article 6.6.4. 10.1.2 In the event that, following an IPO, Luxco or any Intermediate Holdco continues to exist as a direct or indirect parent of Issuer and the Investors do not directly hold shares of the same class and series of Issuer as those that have been, or are proposed to be, publicly listed (“"Listed Shares”"), then, in order to permit the sale by Investors of Listed Shares and receipt of the proceeds therefrom as contemplated by this Article 10, the Parties agree that Luxco shall take any actions necessary, appropriate or desirable, as determined by the Investors’ Committee, and shall cause each Intermediate Holdco or VNU or other member of the Group, as the case may be, to take any such actions, to enable each Investor to realize the benefit of liquidity afforded by the existence of a market for Listed Shares and the provisions of this Article 10, including, by (a) selling, or causing the sale of, Listed Shares up to a number equal to (i) the total number of Listed Shares directly held by any member of the Group multiplied by (ii) the percentage interest directly or indirectly owned by such Investor in the relevant member of the Group (as the case may be) as may be permitted pursuant to the applicable provisions of Article 10 (such number of Listed Shares that could be sold in each such case, the “"Assumed Number”") and (b) distributing to such Investor, or causing the distribution to such Investor of, the cash proceeds received from the sale or the Assumed Number of Listed Shares. The Parties agree that the distribution of such cash proceeds to an Investor on whose behalf Listed Shares have been sold shall be effected in a prompt and efficient manner, as determined by the Investors’ Committee, which may be (i) through a repurchase, redemption or repayment of each such Investor’s 's Units, (ii) through a Reorganization Transaction (which would apply to a sale by all of the Investors such that the aggregate cash proceeds from the sale of Listed Shares are distributed to each Investor based on such Investor’s 's Assumed Number of Listed Shares sold and the remaining assets of Luxco are distributed to each Investor pro rata to its remaining investment in Luxco after deducting the proceeds received by each Investor from its Assumed Number of Listed Shares so sold), or (iii) in any other manner, provided that each Investor (whether selling or not selling) is placed in the same position with respect to its rights to the assets and earnings of Luxco and its direct and indirect subsidiaries as it would have been had all of the Investors directly held Listed Shares. 10.1.3 Subject to the prior approval of the Investors’ ' Committee (to the extent required), each Investor shall take, and shall instruct its representative(s), nominee(s) or designee(s), as the case may be, on the Investors’ ' Committee, on each Board and on any committee thereof to take, any and all action within its power as may be necessary, appropriate or desirable to effect, or to cause Luxco, any Intermediate Holdco, VNU or any other member of the Group to effect, the transactions described in this Article 10.1.

Structural Considerations. 10.1.1 The Parties currently intend that, should an IPO be effected, the issuer of shares offered in such IPO would be one of the Intermediate Holdcos or VNU and not Luxco, although the Investors Committee may designate any other member of the Group as an issuer of shares offered in such IPO as well (such issuer, “"Issuer”"). At any time before or after such IPO, upon the affirmative vote of the Investors’ ' Committee as described below, Luxco shall take any such actions necessary, appropriate or desirable, and may cause any Intermediate Holdco to take any such actions, (a) to liquidate, dissolve, wind up or otherwise terminate itself or any Intermediate Holdco or merge Luxco and one or more Intermediate Holdcos or merge Intermediate Holdcos (or do any of the foregoing with or involving VNU) and/or (b) to reorganize or recapitalize itself or any Intermediate Holdco (or VNU or any other member of the Group) (each, a “"Reorganization Transaction”"), in each case, so as to optimize the corporate structure as is appropriate in light of tax, legal or other professional advice received by Luxco in connection with an IPO. In connection with any Reorganization Transaction, the Investors may receive shares or other securities of any class issued by any member of the Group so that each Investor is in the same position with respect to its rights to the assets and earnings of Luxco and its direct and indirect subsidiaries by way of a dividend or distribution in kind or in exchange for or otherwise in replacement of Units (collectively, “"Replacement Securities”"). The term “"Units”", whenever used in this Agreement (unless the context otherwise requires), shall be deemed to include any such Replacement Securities when issued. The transactions described in this Article 10.1.1 are subject to the prior approval of the Investors’ ' Committee under Article 6.6.4. 10.1.2 In the event that, following an IPO, Luxco or any Intermediate Holdco continues to exist as a direct or indirect parent of Issuer and the Investors do not directly hold shares of the same class and series of Issuer as those that have been, or are proposed to be, publicly listed (“"Listed Shares”"), then, in order to permit the sale by Investors of Listed Shares and receipt of the proceeds therefrom as contemplated by this Article 10, the Parties agree that Luxco shall take any actions necessary, appropriate or desirable, as determined by the Investors’ Committee, and shall cause each Intermediate Holdco or VNU or other member of the Group, as the case may be, to take any such actions, to enable each Investor to realize the benefit of liquidity afforded by the existence of a market for Listed Shares and the provisions of this Article 10, including, by (a) selling, or causing the sale of, Listed Shares up to a number equal to (i) the total number of Listed Shares directly held by any member of the Group multiplied by (ii) the percentage interest directly or indirectly owned by such Investor in the relevant member of the Group (as the case may be) as may be permitted pursuant to the applicable provisions of Article 10 (such number of Listed Shares that could be sold in each such case, the “"Assumed Number”") and (b) distributing to such Investor, or causing the distribution to such Investor of, the cash proceeds received from the sale or the Assumed Number of Listed Shares. The Parties agree that the distribution of such cash proceeds to an Investor on whose behalf Listed Shares have been sold shall be effected in a prompt and efficient manner, as determined by the Investors’ Committee, which may be (i) through a repurchase, redemption or repayment of each such Investor’s 's Units, (ii) through a Reorganization Transaction (which would apply to a sale by all of the Investors such that the aggregate cash proceeds from the sale of Listed Shares are distributed to each Investor based on such Investor’s 's Assumed Number of Listed Shares sold and the remaining assets of Luxco are distributed to each Investor pro rata to its remaining investment in Luxco after deducting the proceeds received by each Investor from its Assumed Number of Listed Shares so sold), or (iii) in any other manner, provided that each Investor (whether selling or not selling) is placed in the same position with respect to its rights to the assets and earnings of Luxco and its direct and indirect subsidiaries as it would have been had all of the Investors directly held Listed Shares. 10.1.3 Subject to the prior approval of the Investors’ ' Committee (to the extent required), each Investor shall take, and shall instruct its representative(s), nominee(s) or designee(s), as the case may be, on the Investors’ ' Committee, on each Board and on any committee thereof to take, any and all action within its power as may be necessary, appropriate or desirable to effect, or to cause Luxco, any Intermediate Holdco, VNU or any other member of the Group to effect, the transactions described in this Article 10.1.