Exhibit
10.30


 


SUMMARY
OF EXECUTIVE OFFICER COMPENSATION


(As
reported in Equifax Inc.’s


Current
Report on Form 8-K, filed


February 9,
2005)


 


On
February 3, 2005, the Compensation, Human Resources and Management
Succession Committee (“Committee”) of the Board of Directors of Equifax Inc. (“Equifax”)
reviewed and approved the payment of cash awards to named executive officers
pursuant to the 2004 Annual Incentive Plan (“AIP”), adopted under the
shareholder-approved Key Management Long-Term Incentive Plan.  The
Committee also reviewed and approved 2005 financial and individual management
objectives and their relative weightings.  Under both the 2004 and 2005
AIP, each executive has a bonus target expressed as a percentage of base
salary.  Bonus targets range from 40% to 80% of base salary and are based
upon a review of competitive practices for each job level.  Actual awards
can range from 0% to 200% of target, depending on performance against
pre-determined goals (earnings per share, revenue and individual management
objectives are weighted at 65%, 15% and 20%, respectively, of the targeted
incentive).  For 2004, the named executive officers received the following
awards:  Thomas F. Chapman, $1,125,668; Donald T. Heroman, $371,643; Kent
E. Mast, $349,164; Karen H. Gaston, $344,384; Paul J. Springman, $269,966; and
David J. Gunter, $130,098.  Mr. Springman was named an executive officer
by the Board of Directors on February 7, 2005.


 


The
Committee approved the following long-term incentive awards to named executive
officers pursuant to Equifax’s shareholder-approved 2000 Stock Incentive
Plan:  Mr. Chapman, 50,000 deferred share units; Mr. Heroman, 35,000 stock
options; Mr. Mast, 35,000 stock options; Ms. Gaston, 35,000 stock options; Mr.
Springman, 20,000 stock options; and Mr. Gunter, 7,500 stock options and 2,500
deferred share units.  Mr. Chapman’s award is pursuant to the terms of his
previously disclosed Transition Agreement with Equifax dated December 20,
2004, pursuant to which he will receive one-half of the value of his 2005
long-term incentive award in cash ($1,350,000) and the remainder in the form of
deferred share units valued at $1,350,000, which vest upon satisfaction of his
obligations under that agreement.  The stock options are non-qualified,
have a ten-year term and vest 25% on the grant date and 25% on each of the next
three grant date anniversaries if the holder remains employed by Equifax on
those dates, subject to acceleration in certain circumstances.   The
deferred share units granted to Mr. Gunter have a three-year vesting period,
subject to acceleration in certain circumstances.


 


The
Committee established the following annual base salaries of the named executive
officers after a review of performance and competitive market data:  Mr.
Chapman, $915,975; Mr. Heroman, $404,040; Mr. Mast, $356,475; Ms. Gaston,
$357,166; Mr. Springman, $330,000; and Mr. Gunter, $216,320.


 


The
Committee also took certain actions with respect to the Executive Life and
Supplemental Retirement Plan (“Plan”).  The Plan was adopted effective January 1,
2000, to provide executive life insurance benefits as well as supplemental
retirement benefits.  The retirement benefit amounts are designed to
approximate the value of tax-qualified retirement


 





















 


benefits
which are lost for some executives as a result of the limitations on
compensation that can be considered under current tax law (commonly referred to
as “restoration benefits”).  The Plan is funded with collateral assignment
“split dollar” life insurance.  The Committee amended the Plan to provide
that (1) executive officers will receive only life insurance benefits and no
retirement benefits under the Supplemental Plan, in order to make permanent
Equifax’s suspension of premium payments after July 30, 2002 in compliance
with Sarbanes-Oxley Act prohibitions against loans to executive officers; (2)
participants will receive a federal and state income tax gross-up for the
imputed interest charges on cumulative premiums paid pursuant to new tax
regulations (instead of providing a gross-up for the economic value of the life
insurance provided to each participant under the plan, as originally adopted,
and subject to company discretion to charge interest and not provide a gross
up); and (3) all future executives who are terminated because their job is
eliminated (through a consolidation of jobs, an office closing or other similar
event) will become fully vested and will have a “rollout” of their policies,
meaning that all company premiums must be repaid to the company to the extent of
policy cash values in exchange for the release of all company restrictions on
the policy.


 


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