Document:

Document

Exhibit 10.2

			
	

August 12, 2021

Todd Skinner

Via Email

Dear Todd,

On behalf of TransUnion (the “Parent”), I am pleased to offer you the position of President, International, TransUnion, reporting to the Chief Executive Officer (the “CEO”) of TransUnion effective August 16, 2021 on the terms and conditions outlined herein (the “Agreement”), conditional upon the satisfaction of the conditions described below. You will continue, until further notice, as an employee of Trans Union of Canada, Inc. (the “Company”). 

1.CONDITIONS
This offer is conditional on:

(i)You agree to and will sign or attest to the TransUnion Employee Agreement Regarding Inventions, Confidential Information and Trade Secrets Policy; and
(ii)You signing and returning this Agreement to the Company on or before August 16, 2021; 

You agree that the failure to comply with or satisfy any of the foregoing conditions may result in withdrawal of this offer. 

2.U.S. RELOCATION

It is a term of your employment that, upon the request of the Parent, (i) you will relocate to the United States and become an employee of Trans Union LLC (a subsidiary of the Parent) (the “Transfer”); (ii) at the time of such Transfer, you will execute an amended employment agreement and any other documents required to give effect to such changes (collectively, the “U.S. Agreement”). The U.S. Agreement shall contain terms and conditions, and provide you with compensation, benefits, perquisites and allowances, that are consistent with the Parent’s U.S. executive team. The U.S. Agreement shall be based on the form used for the Parent’s U.S. executive-level employees and the U.S. Agreement shall, once executed, replace this Agreement in its entirety. For greater certainty, the Transfer shall not be deemed to be a termination or constructive dismissal of your employment.

 

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3.COMPENSATION

(a)    Your base salary will be $635,000 CAD.  According to current classification, this position is not eligible for overtime.

(b)    You will continue to be eligible to participate in the Parent’s annual incentive program (the “Bonus Plan”). Your target award opportunity under the Bonus Plan will be 100% of your annual base salary. The actual amount you receive may be lower or higher, depending on your individual performance and the Parent’s financial performance during the year. The actual bonus earned under the Bonus Plan for 2021 could range from 0% to 200% of your target opportunity. The Parent reserves the right to change the target and/or maximum award annually. In no event shall the bonus be considered part of or integral to your non-discretionary compensation and no bonus shall be considered earned until the bonus payout date, unless otherwise required by employment standards legislation.  
    
Except as expressly provided in Section 10 below, you must be “Actively Performing Services” (as defined below) for the Parent and/or its subsidiaries include Company on February 1 of the calendar year in order to be eligible for a bonus payment for the immediately preceding calendar year.  

If you give notice of resignation or retirement, you will be deemed to have ceased to be Actively Performing Services for the Parent and/or its subsidiaries on the date that you give notice of resignation or retirement to the Parent and/or its subsidiaries, except as otherwise determined by the Parent at the time of your resignation. If your employment is terminated by the Parent and/or its subsidiaries, regardless of whether the termination is for cause or without cause, or lawful or unlawful, or as a result of a constructive dismissal, you will cease to be Actively Performing Services for the Parent and/or its subsidiaries on the date specified by the Parent and/or its subsidiaries in its written notice of termination to you as being your termination date (or, where applicable, on the date on which you claim a constructive dismissal to have occurred) without regard to any notice or pay in lieu of notice to which you might then be entitled, except as may be expressly required to comply with only the minimum requirements under the ESA (as defined below) (such date, the “Termination Date”). 

For the avoidance of any doubt, and except as may be expressly required to comply with only the minimum requirements under the ESA, or as expressly provided in Section 10 of this Agreement, you will not be considered to be Actively Performing Services for the Parent and/or its subsidiaries during any period in which you receive, or claim to be entitled to, any compensatory payments or damages in lieu of notice of termination, and you acknowledge and agree that you are not entitled to any compensation or damages in respect of any bonus payment(s) as a result of ceasing to be Actively Performing Services (regardless of the reason and whether you or the Parent and/or its subsidiaries initiates the cessation of your employment) in respect of such period whether pursuant to common law or contract. 

The Company will comply with only the applicable minimum requirements of the ESA in respect of all incentive and other compensation and this agreement fully displaces any common law rights that you may have with respect to such compensation.

 

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4.LONG TERM INCENTIVE PLAN
You will be eligible for an annual long-term incentive (“LTI”) grant, with a target grant value of  $1,000,000 USD, of restricted stock units, performance share units, or a combination of both, as determined by the Compensation Committee of the Board of Directors (the “Committee”) in its sole discretion. Your LTI grant will be granted pursuant to and be subject to the terms and conditions of the TransUnion Amended & Restated 2015 Omnibus Incentive (the “Plan”) 

Your LTI grant shall be conditional upon: (a) your continued employment with the Parent and/or its subsidiaries at the time of grant; (b) you entering into an grant agreement with the Parent (the “Grant Agreement”); and (c) any other terms and conditions set forth in the Plan, your Grant Agreement and as may be determined by the Committee at the time of grant. It is a fundamental condition of the LTI grant that you must read the Plan and you warrant that you will do so. 

5.EMPLOYEE SHARE PURCHASE PLAN
You will continue to be eligible to participate in the TransUnion 2015 Employee Stock Purchase Plan, as amended or replaced from time to time (the “ESPP”) subject to the terms and conditions of the ESPP.  

6.EXPENSES & ALLOWANCES
You will receive reimbursement for business expenses in accordance with TransUnion’s expense policies and procedures, which may change from time to time. You may be eligible for reimbursement of certain relocation costs incurred in connection with the Transfer, subject to and in accordance with the Parent’s relocation polies and procedures in effect from time to time.

Prior to the Transfer, you will continue to receive a monthly car allowance of $1,458.52 CAD per month and reimbursement for mileage at a rate of $0.1607 CAD per kilometer, which may be reevaluated at the Company’s discretion based on market conditions. You are responsible for any tax liability associated with these benefits.  Following the Transfer, your car allowance and mileage reimbursements will cease.

7.VACATION 
Prior to the Transfer, your vacation entitlement will continue to be 25 days per calendar year which will accrue on a monthly basis, commencing on January 1 of each calendar year.  Further terms and conditions and details on how you can benefit from this entitlement can be found in our vacation policy. Following the Transfer, your vacation entitlements will be determined in accordance with the Trans Union LLC’s vacation policies and practices in effect from time to time.

8.BENEFITS AND PENSION

(a)    You will continue to be eligible to participate in the Company’s Health Benefits package in accordance with its terms and conditions. This plan includes mandatory long term disability coverage, which is paid for by the employee, and by signing this Agreement, you agree to continue to participate and pay the premium in accordance with the benefits plan and Company policy.

(b)    You will be continue to be eligible to participate in the Company’s Pension in accordance with its terms and conditions. 
 

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(c)     You will be eligible for the Parent’s discretionary financial counseling program that reimburses you annually up to $12,000.00 USD for qualified expenses associated with financial advice, tax preparation, investment management, and estate planning purposes. Additionally, you will be eligible to participate in the executive physical program that reimburses you annually for one comprehensive physical examination commensurate to the cost provided by the Parent to similarly situated executives. 

9.COMPANY POLICIES AND PROCEDURES
You will be required to review our policies and procedures, including our Vacation Policy and our Employee Privacy Policy, and acknowledge that you agree to comply with all policies and practices set forth and follow all standard operating procedures, as amended, altered, established or deleted from time to time. Should you have any questions regarding these policies, procedures or your benefits, you may ask your supervisor or a Human Resource Representative.

10.TERMINATION
You or the Company may end your employment as described below. You will always receive all earned compensation, accrued vacation pay and benefits up to your last day of employment. Your entitlements in connection with any outstanding LTI grants upon termination of your employment shall be determined in accordance with the Plan and any applicable Grant Agreement(s).
(a)You may terminate your employment at any time, with or without Good Reason, by giving the Company  4 weeks’ prior written notice; however, it is understood and agreed that the Company shall be entitled to waive all or part of that notice and accept your resignation at an earlier effective date, subject only to the minimum applicable requirements of the Ontario Employment Standards Act, 2000, as amended or replaced (the “ESA”), if any.
(b)The Company  may terminate your employment for Cause (as defined below) by complying with only the applicable minimum requirements of the ESA in respect of the termination of your employment (including, without limitation, all ESA requirements in respect of notice, termination and severance pay, wages, benefits and vacation pay). Benefits will only continue during any period required by the ESA, if any. 
(c)The Company may also terminate your employment at any time without Cause.  
(d)In the event that the Company terminates your employment without Cause or you resign with Good Reason, you shall be provided with the following separation package (the “Separation Package”), subject to the conditions outlined below: 
(i)an amount equal to 1.5 times (or 150% of) the sum of (i) your annual base salary during the year in which the Termination Date occurs, and (ii) the average of the bonuses paid to you pursuant to the Bonus Plan in each of the two years immediately preceding the Termination Date;

(ii)if the Termination Date is after July 1 in a given calendar year, a payment equal to the Pro Rata (as defined below) portion of your bonus for the year in which a Termination Date occurs, calculated at target (for greater certainty, if the Termination Date is prior to July 1 in 
 

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a given calendar year, you will not be entitled to any bonus payment or compensation therefor in respect of such calendar year); 

(iii)the Company will continue your benefits for 18 months following the Termination Date, subject to insurer approval and exclusions; provided that in all cases you will receive continuation of all benefit during any period required by the ESA;

(iv)the services of a reputable outplacement agency of your choosing for a period of up to one year and with a maximum value of $35,000 USD; provided that, any payments pursuant to this paragraph shall be made directly to the outplacement firm for services rendered upon receipt of satisfactory documentation, provided that the reimbursement must be completed no later than the last day of the second calendar year following the calendar year in which the Termination Date occurs;

Any portion of the Separation Package which exceeds your minimum applicable entitlements pursuant to the ESA will be conditional on: (A) you signing a full and final release in a form satisfactory to the Company within seven 7 days of the Termination Date; (B) your compliance and continued compliance with your obligations to the Company and its affiliates, including your obligations in respect of confidentiality, non-solicitation, non-competition and non-disparagement contained herein.  

The Separation Package payments shall be paid as follows: (A) the amounts in clause (c)(i) shall be paid in regular equal installments in accordance with the Company’s customary payroll practices over a period not to exceed 18 months, but in no event less frequently than monthly, (B) the amounts in clause (c)(ii) shall be paid at the same time as the Parent and/or its subsidiaries pays its other bonuses for such year, (C) the benefits in clause (c)(iii) shall be paid or provided in accordance with their terms, and (D) the amounts in clause (c)(iv) shall be paid within 60 days of receiving satisfactory documentation.  

The termination arrangements set out in this Section 10 fully satisfy the Company’s and its affiliates (including the Parent) obligations to you in respect of the termination of your employment and you will not be entitled to any other notice of termination, payment in lieu of notice, severance pay, bonus compensation, damages or other compensatory payments pursuant to common law or contract. The termination arrangements set out in this section will remain in full force and effect regardless of any changes to the terms and conditions of your employment, including without limitation, any promotions, reassignments or increases in remuneration, responsibilities and/or job title.

11.DEFINITIONS

“Cause” means any of the following as determined by the board of directors of the Parent in its good faith discretion: (i) your breach of the terms of this Agreement or any other written agreement you enter into, or have entered into, with the Parent and/or its subsidiaries, (ii) a breach of the Parent’s Code of Conduct,  material policies of the Parent and/or its subsidiaries, as applicable, relating to sexual harassment or the disclosure or misuse of confidential information, or those set forth in the manuals or statements of policy of the Parent and/or its subsidiaries; (iii) your willful failure or refusal to perform your material duties for the Parent and/or its subsidiaries, as applicable; (iv) insubordination by you or the disregard of the legal directives of the board of directors of the Parent or senior management of the Parent and/or its subsidiaries, as applicable, which are not inconsistent with the scope, ethics and nature of your duties and responsibilities; (v) you engaging in misconduct that has, or could reasonably 
 

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be expected to have, a material and adverse impact on the reputation, business, business relationships or financial condition of the Parent and/or its subsidiaries; (vi) the commission by you of an act of fraud or embezzlement or acts of personal dishonesty involving personal profit against the Parent and/or its subsidiaries; or (vii) any commission of acts constituting, any conviction of, or plea of guilty to a  felony or a crime involving fraud or misrepresentation, or other crime that results, or could reasonably be expected to result, in material harm to the reputation, business, business relationships or financial condition of the Parent and/or its subsidiaries; provided,  however, that Cause shall not be deemed to exist under any of the foregoing clauses (i), (ii), (iii) or (iv) unless you have been given reasonably detailed written notice of the grounds for such Cause and, if curable, you have not effected a cure within 20 days after the date of receipt of such notice. 

“Good Reason” means the occurrence of any of the following events without your consent:  (i) a material reduction in your position, overall responsibilities, level of authority, title or level of reporting; (ii) a material reduction in your base compensation and annual incentive compensation opportunity, measured in the aggregate, which is not the result of a uniformly applied adjustment across all similarly situated personnel within the Parent; or (iii) a requirement that your location of employment be relocated by more than fifty (50) miles from your current location (other than any transition to or from a work from home arrangement); provided you must (x) provide written notice to the Parent within ninety (90) calendar days following the occurrence of an event that you consider to constitute Good Reason (stating in reasonable detail the nature of the event giving rise thereto), (y) provide the Parent thirty (30) days to cure the Good Reason, and, (z) if the Good Reason is not cured, end your employment with the Parent or the Company within ninety (90) calendar days following such event. 

“person” means an individual, corporation, partnership, limited liability company, joint venture, association, trust, unincorporated organization or other entity.

“Pro Rata” means the fraction, the numerator of which is the number of days in the calendar year that have elapsed to, and including, Termination Date, and the denominator of which is 365.

12.RETURN OF PROPERTY
Upon termination of your employment with Company and/or its affiliates, regardless of the reason for such termination or who initiates it, you agree to promptly deliver and return to the Company and/or its affiliates, without retaining copies, all records, software, drawings, blueprints, notes, notebooks, memoranda, specifications, property and documents or materials of any kind or nature whatsoever which pertain in any way to the Company, its affiliates or their business. You must deliver to the Company and/or its affiliates any files or data on your personal computer hardware or software and thereafter permanently destroy such property so that it is irretrievable. You will provide the Company and/or its affiliates with all passwords to any equipment, systems, files or data you deliver.
13.CONFIDENTIALITY OF INFORMATION AND OWNERSHIP OF PROPRIETARY PROPERTY
This offer is conditional upon your compliance with the TransUnion Employee Agreement Regarding Inventions, Confidential Information and Trade Secrets Policy, which you agree to execute and deliver to the Parent in connection with this Agreement.

 

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14.NON-COMPETITION
You agree that you will not, without the prior written consent of the Parent, during your employment, and for a period of twelve (12) months thereafter (the “Restricted Period”), regardless of the reason for the termination of your employment or who initiates it, directly or indirectly, whether individually or in partnership or jointly or in conjunction with any other person, operate, be employed by, perform services for (directly or indirectly), whether as an independent or dependent contractor, advisor or consultant, or act as an officer or director of, any Competitive Business in all or part of Canada. 

Notwithstanding the foregoing, you shall not be in default under this provision solely by virtue of: 

(a)any involvement in an undertaking that carries on multiple businesses, one of which is a Competitive Business, provided you are not involved in the Competitive Business; or

(b)being employed by or providing services to a Competitive Business if such employment or services engagement is not in a Same or Similar Capacity. For the purposes of this employment agreement, “Same or Similar Capacity” means: (i) the same or similar capacity or function in which you worked for the Company or its affiliates at any time during the Lookback Period (as defined below); and/or (ii) any other capacity where your knowledge of confidential information of the Company or its affiliates could provide a competitive advantage to any Competitive Business.

“Competitive Business” means any business or person that has operations that generates a significant portion of its annual revenues from any line of business, product or service that competes with, or is meant to compete with, any Company Group (as defined below) line of business, product or service offered by the Company Group as of the date of termination or planned to be offered by the Company Group within the 12 months following termination, including, but not limited to, the following: LiveRamp Holdings, Inc.; The Dun & Bradstreet Corporation; Equifax, Inc.; Experian Group Limited; Fair Isaac Corporation; Reed Elsevier/LexisNexis; Verisk Analytics, Inc.; and Thomson Reuters Corporation. For the purposes of this document, the “Company Group” means, collectively, the Parent and any of its subsidiaries. 

“Lookback Period” means: (A) the twelve (12)-month period prior to the termination of your employment; or (B) if your employment has not been terminated, at any time within the prior twelve (12)-month period.

15.NON-SOLICITATION OF CUSTOMERS 
During the Restricted Period, you agree that you shall not, without the prior written consent of the Parent, regardless of the reason for the termination of your employment or who initiates it, directly or indirectly, (a) solicit business from any Customer (as defined below) in connection with any Competitive Business, (b) attempt to direct any Customer away from the Parent or its subsidiaries, (c) encourage any Customer to discontinue or alter any one or more of their relationships with the Parent or its subsidiaries, or (b) in any way interfere with the relationship between any Customer and the Parent or its subsidiaries.

“Customer” means a customer or client of the Parent or its subsidiaries that you, in the course of performing your employment duties, had direct and personal contact with or supervised an employee who had direct and personal contact with, in each case during the Lookback Period.
 

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16.NON-SOLICITATION OF EMPLOYEES
During the Restricted Period, you agree that you shall not, without the prior written consent of Parent, regardless of the reason for the termination of your employment or who initiates it, directly or indirectly, (a) induce or attempt to induce any Employee (as defined below) to leave the employ of the Company or its affiliates, as applicable, (b) in any way interfere with the relationship between the Company or its affiliate and any Employee; or (b) hire any Employee or any person who was to your knowledge an employee or consultant of the Company or any of its affiliates at any time during the previous six (6) months .

“Employee” means a person who, to your knowledge, is an employee or consultant of the Company or any of its affiliates. 

17.NON-DISPARAGEMENT 
You agree that you shall not, directly or indirectly, disparage the Parent and/or its subsidiaries and/or communicate, either in writing or orally, any statement that bears negatively on their reputation, services, products, principals, customers, policies, adherence to the law (unless otherwise required by law), shareholders, officers, directors, officials, executives, employees, agents, representatives, business or other legitimate interests of the Parent and/or its subsidiaries.

18.CONFLICT OF INTEREST
During your employment with the Parent and/or its subsidiaries, you will (a) ensure that your direct or indirect personal interests do not, whether potentially or actually, conflict with their interests or create a perceived conflict of interest (“Conflicts”); (b) promptly report to the CEO any Conflicts, including any direct or indirect business relationships and other related party transactions and arrangements between you, or your family members, and the Parent and/or its subsidiaries or a third-party doing business with, or who has submitted a business proposal to, the Parent and/or its subsidiaries; and (c) not be an investor, shareholder, joint venturer or partner in any enterprise, association, corporation, joint venture or partnership in any Competitive Business. 
Notwithstanding the foregoing, you shall not be in default under this provision solely by virtue of holding, strictly for investment purposes and as a passive investor, not more than five percent (5%) of the issued and outstanding shares of a Competitive Business, the shares of which are listed on a recognized stock exchange.
19.ACKNOWLEDGEMENTS
You acknowledge that the restrictions contained in this Agreement do not preclude you from earning a livelihood, nor do they unreasonably impose limitations on your ability to earn a living. You acknowledge that you have carefully read this Agreement and have given careful consideration to the restraints imposed upon you by this Agreement and you are in full agreement regarding their necessity for the reasonable and proper protection of the business goodwill and competitive positions of the Parent and/or its subsidiaries now existing or to be developed in the future and that each and every restraint imposed by this Agreement is reasonable with respect to subject matter, time period and geographical area. 

 

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You also acknowledge and agree that any breach or threatened breach of any of the provisions of this Agreement could cause irreparable damage to the Parent and/or its subsidiaries, that such harm could not be adequately compensated by their recovery of monetary damages, and that in the event of a breach or threatened breach thereof, the Parent and/or its subsidiaries shall have, in addition to any and all remedies at law or in equity, the right to an injunction, specific performance or other equitable relief as well as any equitable accounting of all your profits or benefits arising out of any such breach. It is further acknowledged and agreed that the remedies of the Parent and/or its subsidiaries specified in this paragraph are in addition to and not in substitution for any rights or remedies at law or in equity and that all such rights and remedies are cumulative and not alternative and that the Parent and/or its subsidiaries may have recourse to any one or more of its available rights or remedies as it shall see fit.

20.PERSONAL INFORMATION
For purposes of processing or administering your employment relationship, personal information that you provide to the Parent and/or its subsidiaries may be transferred to and accessed by an affiliate, or agents and contractors (such as payroll companies, insurance companies, information technology consultants, etc.) that provide services to the Parent and/or its subsidiaries, that may be located in the United States or elsewhere.

21.COMPLIANCE WITH EMPLOYMENT STANDARDS LEGISLATION

(a)It is the intention of you and the Company to comply with the ESA. Accordingly, this Agreement shall: (i) not be interpreted as in any way waiving or contracting out of the ESA; and (ii) be interpreted to achieve compliance with the ESA. This Agreement contains our mutual understanding and there shall be no presumption of strict interpretation against either party. 
(b)It is understood and agreed that all provisions of this Agreement are subject to all applicable minimum requirements under the ESA. In the event that the ESA provides for superior entitlements upon termination of employment or otherwise (“Statutory Entitlements”) than provided for under this Agreement, the Company shall provide you with your Statutory Entitlements in substitution for your rights under this Agreement.

22.GOVERNING LAW & ABSENCE OF CLAIMS     
The terms and conditions of your employment under this Agreement will be governed by and construed in accordance with the laws of the province or territory in which you are employed and the federal laws of Canada applicable in that province or territory. In exchange for good and sufficient consideration, including the signing bonus, you agree that you have no claims against the Parent and/or its subsidiaries in respect of your employment prior to the date you execute this Agreement, whether under common law, contract or statute, including the ESA and human rights legislation, and that, by signing below, you fully and finally release all such claims.

23.SEVERABILITY
If, in any jurisdiction, any of these terms and conditions or their application to any party or circumstance is restricted, prohibited or unenforceable, such provision will, as to such jurisdiction, be ineffective only to the extent of such restriction, prohibition or unenforceability without invalidating the remaining terms and conditions and without affecting the validity or enforceability of such provision in any other jurisdiction or without affecting its application to other parties or circumstances.
 

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24.ENTIRE AGREEMENT
You acknowledge and agree that this Agreement contains the whole understanding between you and the Company with respect to the subject matter herein and supersedes and replaces all oral or written prior negotiations, representations or agreements (including your employment agreement dated July 24, 2014). Your agreement to the terms and conditions in this Agreement have not been induced by, nor do you rely upon or regard as material, any representations or writings whatsoever not incorporated into or made a part of these terms and conditions. You further agree that the terms and conditions cannot be amended, modified or supplemented except by subsequent written agreement signed by you and the Company. This Agreement may be executed in counterparts and the counterparts may be executed and delivered by electronic means, with all the counterparts together constituting one agreement.

25.COUNTERPARTS
This Agreement may be executed in separate counterparts (including by means of electronic signature pages) each of which is deemed to be an original and all of which taken together constitute one and the same agreement.

26.SUCCESSORS AND ASSIGNS
Except as otherwise provided herein, this Agreement shall bind and inure to the benefit of and be enforceable by you and the Company and its respective successors and assigns; provided that your rights and obligations under this Agreement may not be assigned or delegated without the prior written consent of the Company and provided further that the assignment cannot increase the nature and scope of the restrictive covenants without your written consent.

27.CURRENCY AND DEDUCTIONS
The Parent and/or its subsidiaries may withhold from any amounts payable to you federal, provincial or other taxes and statutory or authorized deductions, including contributions to the cost of employee benefits, if any. Unless otherwise specified, all references to money in this agreement are to Canadian currency.  

 

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You acknowledge and agree that you have been given the opportunity to obtain your own independent legal advice concerning this offer and that by signing below, you acknowledge and agree that all the conditions of this offer are fair and reasonable and you have accepted this offer of your own free will. You specifically acknowledge that the termination clause in this agreement displaces any entitlement to reasonable notice of termination under common law. 

[Signatures to follow.]

 

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IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the date first written above.

PARENT:

TransUnion

By: /s/ Christopher A. Cartwright            
    Christopher A. Cartwright
President & Chief Executive Officer

COMPANY:

Trans Union of Canada, Inc.

By:     /s/ Todd M. Cello                
    Todd M. Cello
    Vice President & Treasurer

EXECUTIVE:

By:    /s/ Todd Skinner                
Todd SkinnerDocument

Exhibit 10.3

TRANSUNION

SEVERANCE AND RESTRICTIVE COVENANT AGREEMENT
THIS AGREEMENT is made as of [INSERT DATE], between TransUnion, a Delaware corporation (together with all of its current and future direct and indirect subsidiaries, the “Company”), and [          ] (the “Executive”). Capitalized terms are defined either in the text of this Agreement or Section 10 hereof.
WHEREAS, Executive is employed as a senior management employee of the Company, and will have significant responsibility for the Company’s continued growth and success;
WHEREAS, in his role, Executive will be in receipt of the Company’s confidential information and trade secrets concerning all aspects of the Company’s business and as a result, the Company is requiring that Executive enter into this Severance and Restrictive Covenant Agreement as a condition of continued employment with the Company; and
WHEREAS, in order to protect such confidential information and trade secrets and in order to incent Executive to perform to the highest possible standards, Executive and the Company desire to enter into this Severance and Restrictive Covenant Agreement.
NOW, THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and Executive hereby agree as follows:
Section 1.Severance.  Upon either (i) the Company’s termination of Executive’s employment without Cause or (ii) Executive’s resignation for Good Reason (each a “Covered Termination”), Executive shall be entitled to receive, subject to the conditions set forth herein, each of the following amounts or other benefits:
(a)Executive’s Base Salary Multiple;
(b)if a Covered Termination occurs on or after July 1 in a given calendar year, a Pro Rata portion of Executive’s Bonus for the year in which a Covered Termination occurs;
(c)a lump sum amount equal to the Company’s estimate of the COBRA premiums for the 18-month period following a Covered Termination if Executive, for himself and his eligible dependents, continued on COBRA for such period; 
(d)the services of an outplacement agency of Executive’s choosing for a period of up to one year and with a maximum value of $35,000 USD (any payments pursuant to this Section 1(d) shall be made directly to the outplacement firm for services rendered 

upon receipt of satisfactory documentation), provided that the payment or reimbursement must be completed no later than the last day of the second calendar year following the calendar year in which the Covered Termination occurs);
(e)if a Covered Termination occurs on or after October 1 in a given calendar year, an amount equal to the Company’s discretionary non-elective 401(k) retirement contribution that Executive would have received for the year in which a Covered Termination occurs if Executive had remained employed through the last working day of that year. 
Executive shall be entitled to receive the payments and benefits provided in this Section 1 if and only if (i) Executive has executed and delivered to the Company a general release in substantially the form set forth in Exhibit A attached hereto, with any modifications as may be necessary to reflect changes in applicable law from and after the date hereof (the “General Release”), following a Covered Termination and the General Release has become effective within 60 days following the Date of such Termination (or, if greater, the minimum period required by applicable law), and (ii) Executive has complied in all respects and continues to comply in all respects with the provisions of Section 2, Section 3 and Section 5.  All payments and other benefits owed to Executive under this Section 1 shall be subject to the terms and conditions of Section 8, and shall be paid as follows, except as modified by Section 8: (a) the amounts in clause (a) shall be paid in regular equal installments in accordance with the Company’s customary payroll practices over a period not to exceed 18 months, but in no event less frequently than monthly, (b) the amounts in clause (b) shall be paid at the same time as the Company pays its other bonuses for such year, (c) the benefit in clause (c) shall be paid within 60 days following the Covered Termination, (d) the benefits in clause (d) shall be paid in accordance with their terms, and (e) the amount in clause (e) shall be paid within 60 days following the Covered Termination.  Executive shall not be entitled to any other salary, compensation or benefits following termination of employment with the Company, except as otherwise specifically provided for in the Company’s employee benefit plans, in a written agreement between the Company and Executive or as otherwise expressly required by applicable law.
This Section 1 does not govern and the General Release is not required with respect to, payment of accrued but unpaid salary, accrued but unpaid paid time off, any rights under any separate deferred compensation plan, and any rights under benefit plans such as the Company’s 401(k) Plan as of the termination of employment.
Section 2.Noncompetition.  Executive acknowledges and agrees with the Company that Executive’s services to the Company are unique in nature and that the Company would be irreparably damaged if Executive were to provide similar services to any person or entity competing with the Company.  Executive accordingly covenants and agrees with the Company that during the period commencing with the date of this Agreement and ending on the first anniversary of the Date of Termination (the “Noncompetition Period”), Executive shall not, directly or indirectly, either for himself or for any other individual, corporation, partnership, joint 
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venture or other entity, participate in any Competitive Business (including, without limitation, any division, group or franchise of a larger organization).  For purposes of this Agreement, the term “participate in” (with the term “participating in” having a correlative meaning with the foregoing) shall include, without limitation, having any direct or indirect interest in any corporation, partnership, joint venture or other entity, whether as a sole proprietor, owner, stockholder, partner, joint venturer, creditor or otherwise, or rendering any direct or indirect service or assistance to any individual, corporation, partnership, joint venture or other business entity (whether as a director, officer, manager, supervisor, employee, agent, consultant or otherwise).  The foregoing restrictions on the Executive are not applicable (i) if the Executive’s employment with the Company is terminated by the Company without Cause, and (ii) to any passive investment made by the Executive in any public entity that is or includes a Competitive Business, provided such investment is not greater than 3% of market value of such public entity.
Section 3.Nonsolicitation.  Executive further covenants and agrees that during the Noncompetition Period, Executive shall not, directly or indirectly (i) induce or attempt to induce any employee of the Company to leave the employ of the Company, or in any way interfere with the relationship between the Company and any such employee, (ii) hire directly or through another entity any person who is then an employee of the Company or was an employee of the Company within six months preceding the date of such attempted hiring, (iii) induce or attempt to induce any customer or client of the Company to (A) cease doing business with the Company or (B) acquire any Competitive Service from any person or entity other than the Company or its Affiliates or (iv) in any way interfere with the relationship between any such customer or client and the Company. For purposes of this Agreement, the term “customer or client” means, while Executive is employed, any customer or client (with client including data and information providers to the Company) of the Company during the period from the date of this Agreement to the Date of Termination and, for portions of the Noncompetition Period following the Date of Termination, any customer or client (including data providers) of the Company as of the Date of  Termination or within the six months preceding the Date of Termination.
Section 4.Geographic Scope.  The provisions of Section 2 and Section 3 shall apply, while Executive is employed, to countries in which the Company conducts business during the period from the date of this Agreement to the Date of Termination and, with respect to portions of the Noncompetition Period following the Date of Termination, to the countries in which (i) the Company conducted business as of the Date of Termination or (ii) as of the Date of Termination, the Company had approved plans to conduct business within the following 12 months.
Section 5.Nondisparagement.  Executive shall not, directly or indirectly, disparage the Company and/or communicate, either in writing or orally, any statement that bears negatively on the Company’s reputation, services, products, principals, customers, policies, adherence to the law (unless otherwise required by law), shareholders, officers, directors, 
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officials, executives, employees, agents, representatives, business or other legitimate interests of the Company. 
Section 6.Acknowledgments.  Executive acknowledges that the restrictions contained in this Agreement do not preclude Executive from earning a livelihood, nor do they unreasonably impose limitations on Executive’s ability to earn a living.  Executive agrees and acknowledges that the potential harm to the Company resulting from the non-enforcement of Section 2, Section 3, or Section 5 outweighs any potential harm to Executive of the enforcement of such provisions by injunction or otherwise.  Executive acknowledges that [she/he] has carefully read this Agreement and has given careful consideration to the restraints imposed upon Executive by this Agreement and is in full agreement regarding their necessity for the reasonable and proper protection of the business goodwill and competitive positions of the Company now existing or to be developed in the future and that each and every restraint imposed by this Agreement is reasonable with respect to subject matter, time period and geographical area.  The Company agrees that it will provide notice of any purported violations of this Agreement by Executive, as well as an opportunity during the 30 days thereafter to cure the purported violations; provided that the violations are not willful violations and can reasonably be cured within 30 days.
Section 7.Maintaining Confidential Information. Executive agrees not to disclose any confidential information acquired while an employee of the Company to any other person or use such information in any manner that is detrimental to the Company's interests, as reflected in the Inventions, Confidential Information and Trade Secrets Agreement previously signed and affirmed by Executive and the related Inventions, Confidential Information and Trade Secrets Policy #251. Executive further agrees to honor the terms of that agreement and policy including, without limitation, those terms that survive Executive’s employment with the Company.
Section 8.Section 409A Compliance.
(a)The intent of the parties is that payments and benefits under this Agreement comply with Internal Revenue Code Section 409A and the regulations and guidance promulgated thereunder (collectively “Code Section 409A”) and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be in compliance therewith.  In no event whatsoever shall the Company be liable for any additional tax, interest or penalty that may be imposed on Executive by Code Section 409A or damages for failing to comply with Code Section 409A.
(b)A termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of any amounts or benefits upon or following a termination of employment unless such termination is also a “separation from service” within the meaning of Code Section 409A and, for purposes of any 
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such provision of this Agreement, references to a “termination,” “termination of employment” or like terms shall mean “separation from service.”
(c)Notwithstanding any other payment schedule provided herein to the contrary, if you are deemed on the Date of Termination to be a “specified employee” within the meaning of that term under Code Section 409A(a)(2)(B), then each of the following shall apply:
(i)With regard to any payment that is considered “non-qualified deferred compensation” under Code Section §409A payable on account of a “separation from service,” such payment shall be made on the date which is the earlier of (A) the expiration of the six month period measured from the date of such “separation from service” of Executive, and (B) the date of Executive’s death (the “Delay Period”) to the extent required under Code Section §409A.  Upon the expiration of the Delay Period, all payments delayed pursuant to this Section 8 (whether otherwise payable in a single sum or in installments in the absence of such delay) shall be paid to Executive in a lump sum, and all remaining payments due under this Agreement shall be paid or provided for in accordance with the normal payment dates specified herein; and
(ii)To the extent that any benefits to be provided during the Delay Period are considered “non-qualified deferred compensation” under Code Section §409A payable on account of a “separation from service,” and such benefits are not otherwise exempt from Code Section §409A, Executive shall pay the cost of such benefits during the Delay Period, and the Company shall reimburse Executive, to the extent that such costs would otherwise have been paid by the Company or to the extent that such benefits would otherwise have been provided by the Company at no cost to Executive, the Company’s share of the cost of such benefits upon expiration of the Delay Period.  Any remaining benefits shall be reimbursed or provided by the Company in accordance with the procedures specified in this Agreement.
(d)To the extent that severance payments or benefits pursuant to this Agreement are conditioned upon the execution and delivery by Executive of the General Release, Executive shall forfeit all rights to such payments and benefits unless such release is signed and delivered (and no longer subject to revocation, if applicable) within 60 days following the Date of Termination.  If the General Release is executed and delivered and no longer subject to revocation as provided in the preceding sentence, then the following shall apply:
(i)To the extent any such cash payments or continuing benefits to be provided are not “non-qualified deferred compensation” for purposes of Code Section §409A, then such payments or benefits shall commence upon the first scheduled payment date immediately after the date the General Release is executed and no longer subject to revocation (the “Release Effective Date”).  The first such cash payment shall include all 
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amounts that otherwise would have been due prior thereto under the terms of this Agreement applied as though such payments commenced immediately upon the Date of Termination, and any payments made after the Release Effective Date shall continue as provided herein.  The delayed benefits shall in any event expire at the time such benefits would have expired had such benefits commenced immediately following the Date of Termination.
(ii)To the extent any such cash payments or continuing benefits to be provided are “non-qualified deferred compensation” for purposes of Code Section §409A, then such payments or benefits shall be made or commence upon the date provided in Section 8(d)(i), provided that if the 60th day following the Date of Termination falls in the calendar year following the calendar year containing the Date of Termination, the payment will be made no earlier than the first business day of that following calendar year.  The first such cash payment shall include all amounts that otherwise would have been due prior thereto under the terms of this Agreement had such payments commenced immediately upon the Date of Termination, and any payments made after the first such payment shall continue as provided herein.  The delayed benefits shall in any event expire at the time such benefits would have expired had such benefits commenced immediately following the Date of Termination. 
(e)To the extent any reimbursements or in-kind benefits under this Agreement constitute “non-qualified deferred compensation” for purposes of Code §409A, (i) all such expenses or other reimbursements under this Agreement shall be made in accordance with the Company’s normal procedures for reimbursement but in any event on or prior to the last day of the taxable year following the taxable year in which such expenses were incurred by Executive, (ii) any right to such reimbursement or in kind benefits is not subject to liquidation or exchange for another benefit, and (iii) no such reimbursement, expenses eligible for reimbursement or in-kind benefits provided in any taxable year shall in any way affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year.
(f)For purposes of Code Section §409A, Executive’s right to receive any installment payment pursuant to this Agreement shall be treated as a right to receive a series of separate and distinct payments.  Whenever a payment under this Agreement specifies a payment period with reference to a number of days (e.g., “payment shall be made within 60 days following the Date of Termination”), the actual date of payment within the specified period shall be within the Company’s sole discretion.  Notwithstanding any other provision of this Agreement to the contrary, in no event shall any payment under this Agreement that constitutes “non-qualified deferred compensation” for purposes of Code Section §409A be subject to offset, counterclaim or recoupment by any other amount unless otherwise permitted by Code Section §409A.
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Section 9. Notices.  Any notice provided for in this Agreement must be in writing and must be either personally delivered, mailed by first class mail (postage prepaid and return receipt requested) or sent by reputable overnight courier service (charges prepaid) to the recipient at the address below indicated:
To the Company: 
Attention: EVP, Human Resources, 555 W. Adams Street, Chicago, Illinois 60661
To the Executive: 
At the address contained in the Company’s personnel records
or such other address or to the attention of such other person as the recipient party shall have specified by prior written notice to the sending party.  Any notice under this Agreement shall be deemed to have been given when so delivered or the next business day if sent by overnight courier or, if mailed, five days after deposit in the U.S. mail.
Section 10.  Definitions.  For purposes of this Agreement, the following definitions will apply:
(a)“Base Salary Multiple” shall mean an amount equal to 1.5 times (or 150% of) the sum of (i) Executive’s annualized base salary during the year a Covered Termination occurs and (ii) the average of Executive’s previous two years of actual annual bonuses under the annual bonus plan maintained by the Company, or if Covered Termination occurs prior to two years of actual bonuses, an amount equal to the prior year’s bonus.
(b)“Board” shall mean the Company’s board of directors.
(c)“Bonus” shall mean with respect to Executive, the target bonus amount Executive could receive for performance during the year a Covered Termination occurs pursuant to the Company’s annual bonus plan assuming Executive had remained an employee of the Company for the remainder of the annual performance period and the performance goals established by the Board (or any Committee thereof) in conjunction with such target annual bonus were achieved.
(d)“Cause” shall have the meaning given to such term in an employment or similar agreement entered into by Executive with the Company or any of its Affiliates, or in the absence of such an agreement (or the absence of any definition of “Cause” therein) shall mean any of the following as determined by the Board in its good faith discretion: (i) a breach by Executive of the terms of any employment or similar agreement to which Executive is a party with the Company or any of its Affiliates, (ii) if Executive has no such agreement, a breach of the terms of Executive’s employment (including, without limitation, the material policies of the Company or any of its Affiliates, as applicable, relating to sexual 
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harassment or the disclosure or misuse of confidential information, or those set forth in the manuals or statements of policy of the Company and its Affiliates); (iii) the willful failure or refusal to perform Executive’s material duties for the Company or any of its Affiliates, as applicable; (iv) insubordination or the disregard of the legal directives of the Board or senior management of the Company or any of its Affiliates, as applicable, which are not inconsistent with the scope, ethics and nature of Executive’s duties and responsibilities; (v) engaging in misconduct that has, or could reasonably be expected to have, a material and adverse impact on the reputation, business, business relationships or financial condition of the Company or any of its Affiliates; (vi) the commission of an act of fraud or embezzlement or acts of personal dishonesty involving personal profit against the Company or any of its Affiliates; or (vii) any commission of acts constituting, any conviction of, or plea of guilty or nolo contendere to, a felony or a crime involving fraud or misrepresentation, or other crime that results, or could reasonably be expected to result, in material harm to the reputation, business, business relationships or financial condition of the Company or any of its Affiliates; provided,  however, that Cause shall not be deemed to exist under any of the foregoing clauses (i), (ii), (iii) or (iv) unless Executive has been given reasonably detailed written notice of the grounds for such Cause and, if curable, Executive has not effected a cure within 20 days after the date of receipt of such notice.
(e)“Competitive Business” means any business or person that has operations that generate a significant portion of its annual revenues from any line of business, product or service that competes with, or is meant to compete with, any Company line of business, product or service offered by the Company as of the Date of Termination or planned to be offered by the Company within the 12 months following the Date of Termination, including, but not limited to, the following: The Dun & Bradstreet Corporation, Equifax, Inc., Experian Group Limited, Fair Isaac Corporation, ReedElsevier/LexisNexis, Verisk Analytics, Acxiom Corporation and Thomson Reuters.
(f)“Competitive Service” means any product or service that competes with, or is meant to compete with, any line of business, product or service offered by the Company as of the date of termination or planned to be offered by the Company within the 12 months following termination.
(g)“Date of Termination” shall mean the date of the termination of the employment relationship between the Company and Executive for any reason.   
(h)“Good Reason” shall have the meaning given to such term in an employment or similar agreement entered into by Executive with the Company, or in the absence of such an agreement shall mean, with respect to Executive’s resignation of employment with the Company, the occurrence, without Executive’s consent, of any of the following events:  (i) a material reduction in position, overall responsibilities, level of authority, title or level of reporting; (ii) a material reduction in the Executive’s base compensation and annual incentive compensation opportunity, measured in the aggregate, 
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which is not the result of a uniformly applied adjustment across all similarly situated personnel within the Company; or (iii) a requirement that the Executive's location of employment be relocated by more than fifty (50) miles from the Executive’s then-current location; provided that Executive must (x) provide written notice to the Company within 90 calendar days following the occurrence of an event that Executive considers to constitute Good Reason (stating in reasonable detail the nature of the event giving rise thereto), (y) provide the Company thirty (30) days to cure the Good Reason, and, (z) if the Good Reason is not cured, end Executive’s employment with the Company within ninety (90) calendar days following such event.
(i)“person” means an individual, corporation, partnership, limited liability company, joint venture, association, trust, unincorporated organization or other entity.
(j)“Pro Rata” means the fraction, the numerator of which is the number of days in the calendar year that have elapsed to, and including, Termination, and the denominator of which is 365.
Section 11.  General Provisions.
(a)Not an Employment Agreement.  Executive and the Company acknowledge and agree that this Agreement is not intended and should not be construed to grant Executive any right to continued employment with the Company or to otherwise define the terms of Executive’s employment with the Company.
(b)Indemnification.  As a material condition to Executive’s agreeing to these new restrictions, the Company will not amend, modify, or repeal any provision of the Company’s Certificate of Incorporation or By-laws that was in effect as of the date of this Agreement if such amendment, modification or repeal would materially and adversely affect Executive’s right to indemnification by the Company, nor will the Company violate or breach any obligation of the Company to indemnify Executive or advance any expenses to Executive as a result of actions by Executive as an officer, director, agent, representative or employee of the Company.
(c)Absence of Conflicting Agreements.  Executive hereby represents and warrants to the Company that (i) the execution, delivery and performance of this Agreement by Executive do not and shall not conflict with, breach, violate or cause a default under any contract, agreement, instrument, order, judgment or decree to which Executive is a party or by which [she/he] is bound, (ii) Executive is not a party to or bound by any employment agreement, noncompete agreement or confidentiality agreement with any other person or any agreement or contract requiring Executive to assign inventions to another person and (iii) upon the execution and delivery of this Agreement by the Company, this Agreement shall be the valid and binding obligation of Executive, enforceable in accordance with its terms.  Executive hereby acknowledges and represents that [she/he] has consulted with independent 
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legal counsel regarding [her/his] rights and obligations under this Agreement and that [she/he] fully understands the terms and conditions contained herein.
(d)Severability.  If any provision of this Agreement (or any portion thereof) or the application of any such provision (or any portion thereof) to any person or circumstance shall be held invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provision hereof (or the remaining portion thereof) or the application of such provision to any other persons or circumstances.  If, at the time of enforcement of Section 2 or Section 3, a court holds that the restrictions stated herein are unreasonable under circumstances then existing, the parties hereto agree that the maximum duration, scope or geographical area reasonable under such circumstances shall be substituted for the stated period, scope or area and that the court shall be allowed to revise the restrictions contained herein to cover the maximum duration, scope and area permitted by law.
(e)Complete Agreement.  This Agreement, those documents expressly referred to herein and other documents of even date herewith embody the complete agreement and understanding among the parties with respect to the subject matter hereof and supersede and preempt any prior understandings, agreements or representations by or among the parties, written or oral, which may have related to the subject matter hereof in any way.
(f)Counterparts.  This Agreement may be executed in separate counterparts (including by means of electronic signature pages), each of which is deemed to be an original and all of which taken together constitute one and the same agreement.  
(g)Successors and Assigns.  Except as otherwise provided herein, this Agreement shall bind and inure to the benefit of and be enforceable by the Company and Executive and their respective successors and assigns; provided that the rights and obligations of Executive under this Agreement may not be assigned or delegated without the prior written consent of the Company and provided further that the assignment cannot increase the nature and scope of the restrictive covenants without Executive’s written consent.
(h)Choice of Law.  All questions concerning the construction, validity, enforcement and interpretation of this Agreement and the exhibits hereto shall be governed by the internal law, and not the law of conflicts, of the State of Illinois.
(i)WAIVER OF JURY TRIAL.  AS A SPECIFICALLY BARGAINED FOR INDUCEMENT FOR EACH OF THE PARTIES HERETO TO ENTER INTO THIS AGREEMENT (AFTER HAVING THE OPPORTUNITY TO CONSULT WITH LEGAL COUNSEL), THE COMPANY AND EXECUTIVE EACH EXPRESSLY WAIVES THE RIGHT TO TRIAL BY JURY IN ANY LAWSUIT OR PROCEEDING RELATING TO OR 
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ARISING IN ANY WAY FROM THIS AGREEMENT OR THE MATTERS CONTEMPLATED HEREBY.
(j)Remedies.  Each of the parties to this Agreement shall be entitled to enforce its rights under this Agreement specifically, to recover damages and costs (including reasonable attorneys fees) caused by any breach of any provision of this Agreement and to exercise all other rights existing in its/his/her favor.  The parties hereto agree and acknowledge that Executive’s breach of any term or provision of this Agreement shall materially and irreparably harm the Company, that money damages shall accordingly not be an adequate remedy for any breach of the provisions of this Agreement by Executive and that the Company in its sole discretion and in addition to any other remedies it may have at law or in equity shall be entitled to specific performance and/or other injunctive relief from any court of law or equity of competent jurisdiction in order to enforce or prevent any violations of the provisions of this Agreement (without posting any bond or deposit).
(k)Amendment and Waiver.  The provisions of this Agreement may be amended and waived only with the prior written consent of the Company and Executive.
(l)No Mitigation of Damages.  The provisions of this Agreement are not intended to, nor shall they be construed to, require that Executive seek or accept other employment following termination and amounts payable and welfare benefits provided under this Agreement to Executive shall not be reduced by Executive’s acceptance of (or failure to seek or accept) employment with another person.  The Company’s obligations to make the payment and provide the welfare benefits required for in this Agreement and otherwise to perform its obligations hereunder shall not be affected by any set off, counterclaim, recoupment, defense or other claim, rights or action that the Company may have against Executive or others.
*    *    *    *    *
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IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the date first written above.

COMPANY:

TRANSUNION

By:                         
    [Insert name]
[Insert title]

EXECUTIVE:

By:                        
    [Insert name] 

[Signature Page to [insert name] Severance and Restrictive Covenant Agreement]

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Exhibit A
GENERAL RELEASE
I, ______________, in  consideration of and subject to the performance by TransUnion, a Delaware Corporation (together with its subsidiaries, the “Company”), of its obligations under my Severance and Restrictive Covenant Agreement, dated as of [________, ____] (the “Severance Agreement”), do hereby release and forever discharge as of the date hereof the Company, its subsidiaries and its affiliates and all present and former directors, officers, agents, representatives, employees, successors and assigns of the Company, its subsidiaries and its affiliates and the Company’s direct or indirect owners (collectively, the “Released Parties”) to the extent provided below.
1.I understand that any payments or benefits paid or granted to me under Section 1 of the Severance Agreement represent, in part, consideration for signing this General Release and are not salary, wages or benefits to which I was already entitled.  I understand and agree that I shall not receive the payments and benefits specified in Section 1 of the Severance Agreement unless I execute this General Release and do not revoke this General Release within the time period permitted hereafter or breach this General Release.  Such payments and benefits shall not be considered compensation for purposes of any employee benefit plan, program, policy or arrangement maintained or hereafter established by the Company or its affiliates.  [I also acknowledge and represent that I have received all payments and benefits that I am entitled to receive (as of the date hereof) by virtue of any employment by the Company.]1
2.Except as provided in paragraph 4 below and except for the provisions of the Severance Agreement, I knowingly and voluntarily (for myself, my heirs, executors, administrators and assigns) release and forever discharge the Company and the other Released Parties from any and all claims, suits, controversies, actions, causes of action, cross-claims, counter-claims, demands, debts, compensatory damages, liquidated damages, punitive or exemplary damages, other damages, claims for costs and attorneys’ fees, or liabilities of any nature whatsoever in law and in equity, both past and present (through the date this General Release becomes effective and enforceable) and whether known or unknown, suspected, or claimed against the Company or any of the Released Parties which I, my spouse, or any of my heirs, executors, administrators or assigns, may have, which arise out of or are connected with my employment with, or my separation or termination from, the Company and its subsidiaries or for any other reason (including, but not limited to, any allegation, claim or violation, arising under: Title VII of the Civil Rights Act of 1964, as amended; the Civil Rights Act of 1991; the Age Discrimination in Employment Act of 1967, as amended (including the Older Workers Benefit Protection Act); the Equal Pay Act of 1963, as amended; the Americans with Disabilities Act of 1990; the Family and Medical Leave Act of 1993; the Worker Adjustment Retraining and Notification Act; the Fair Labor Standards Act of 1938, the Employee Retirement Income Security Act of 1974; any applicable Executive Order Programs; or their state or local counterparts; or under any other federal, state or local civil or human rights law, or under any 

1     Include in final when true.
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other local, state, or federal law, regulation or ordinance; or under any public policy, contract or tort, or under common law; or arising under any policies, practices or procedures of the Company; or any claim for wrongful discharge, breach of contract, infliction of emotional distress, defamation; or any claim for costs, fees, or other expenses, including attorneys’ fees incurred in these matters) (all of the foregoing collectively referred to herein as the “Claims”).
3.I represent that I have made no assignment or transfer of any right, claim, demand, cause of action, or other matter covered by paragraph 2 above.
4.The parties agree that this General Release does not waive or release any rights or claims that I may have under the Age Discrimination in Employment Act of 1967 which arise after the date I execute this General Release, nor does it waive any rights I may have to indemnification or advancement of fees and expenses in connection with indemnification.
5.I agree that I am waiving all rights to sue or obtain equitable, remedial or punitive relief from any or all Released Parties of any kind whatsoever (including, without limitation, reinstatement, back pay, front pay, attorneys’ fees and any form of injunctive relief).  Notwithstanding the above, I further acknowledge that I am not waiving and am not being required to waive any right that cannot be waived under law (including, without limitation, the right to file an administrative charge or participate in an administrative investigation or proceeding); provided that I disclaim and waive any right to share or participate in any monetary award resulting from the prosecution of such charge or investigation or proceeding.
6.In signing this General Release, I acknowledge and intend that it shall be effective as a bar to each and every one of the Claims hereinabove mentioned or implied.  I expressly consent that this General Release shall be given full force and effect according to each and all of its express terms and provisions, including, without limitation, those relating to unknown and unsuspected Claims (notwithstanding any state statute that expressly limits the effectiveness of a general release of unknown, unsuspected and unanticipated Claims), if any, as well as those relating to any other Claims hereinabove mentioned or implied.  I acknowledge and agree that this waiver is an essential and material term of this General Release and that without such waiver the Company would not have agreed to the terms of the Separation Agreement.  I further agree that in the event I should bring a Claim seeking damages against the Company or any other Released Party, or in the event I should seek to recover against the Company or any other Released Party in any Claim brought by a governmental agency on my behalf, this General Release shall serve as a complete defense to such Claims to the maximum extent permitted by law.  I further agree that I am not aware of any pending claim of the type described in paragraph 2 above as of the execution of this General Release.
7.I agree that neither this General Release, nor the furnishing of the consideration for this General Release, shall be deemed or construed at any time to be an admission by the Company, any other Released Party or myself of any improper or unlawful conduct.
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8.I agree that I will forfeit all amounts payable by the Company and its Subsidiaries pursuant to the Severance Agreement if I challenge the validity of this General Release.  I also agree that if I violate this General Release by suing the Company or any other Released Parties with respect to matters released above, I shall pay all costs and expenses of defending against the suit incurred by the Released Parties (including, without limitation, reasonable attorneys’ fees, and return all payments received by me pursuant to the Severance Agreement).
9.I agree that this General Release and the Severance Agreement are confidential and agree not to disclose any information regarding the terms of this General Release or the Severance Agreement, except to my immediate family and any tax, legal or other counsel I have consulted regarding the meaning or effect hereof or as required by law, and I shall instruct each of the foregoing not to disclose the same to anyone.  Notwithstanding the foregoing, I or my legal counsel can disclose the restrictive covenants in the Severance Agreement to any person or entity from which I am seeking employment or another relationship potentially covered by such covenants, so long as I advise such person or entity to, and they agree to, keep them confidential.
10.The non-disclosure provisions in this General Release do not prohibit or restrict me (or my attorney) from responding to any inquiry about this General Release or its underlying facts and circumstances by the Securities and Exchange Commission, the National Association of Securities Dealers, Inc., any other self-regulatory organization or governmental entity.  Furthermore, nothing in this General Release prohibits me from communicating with any federal, city or state governmental entity charged with the enforcement of any law or to file a charge or participate in the administrative process.
11.I agree to reasonably cooperate with the Company in any internal investigation, any administrative, regulatory, or judicial proceeding or any dispute with a third party.  I understand and agree that my cooperation may include, but not be limited to, making myself available to the Company and its subsidiaries upon reasonable notice for interviews and factual investigations; appearing at the Company’s request to give testimony without requiring service of a subpoena or other legal process; volunteering to the Company and its subsidiaries pertinent information; and turning over to the Company all relevant documents which are or may come into my possession all at times and on schedules that are reasonably consistent with my other permitted activities and commitments.  I understand that in the event the Company asks for my cooperation in accordance with this provision, the Company shall reimburse me solely for reasonable travel expenses (including lodging and meals) upon my submission of receipts.
12.I agree not to disparage the Company, its and its Subsidiaries’ past and present investors, officers, directors or employees or its affiliates (unless otherwise required by law) and to keep all confidential and proprietary information about the past or present business affairs of the Company and its subsidiaries and its affiliates confidential unless a prior written release from the Company is obtained or as required by law.  I further agree that as of the date hereof, I have returned to the Company any and all property, tangible or intangible, relating to its Subsidiaries’ business, which I possessed or had control over at any time (including, but not 
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limited to, company-provided credit cards, building or office access cards, keys, computer equipment, manuals, files, documents, records, software, customer data base and other data) and that I shall not retain any copies, compilations, extracts, excerpts, summaries or other notes of any such manuals, files, documents, records, software, customer data base or other data. 
13.Notwithstanding anything in this General Release to the contrary, this General Release shall not relinquish, diminish, or in any way affect any rights or claims arising out of any breach by the Company or by any Released Party of the Severance Agreement after the date hereof.
14.Whenever possible, each provision of this General Release shall be interpreted in, such manner as to be effective and valid under applicable law, but if any provision of this General Release 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 shall not affect any other provision or any other jurisdiction, but this General Release shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein.
BY SIGNING THIS GENERAL RELEASE, I REPRESENT AND AGREE THAT:
I HAVE READ IT CAREFULLY;
I UNDERSTAND ALL OF ITS TERMS AND KNOW THAT I AM GIVING UP IMPORTANT RIGHTS, INCLUDING BUT NOT LIMITED TO, RIGHTS UNDER THE AGE DISCRIMINATION IN EMPLOYMENT ACT OF 1967, AS AMENDED, TITLE VII OF THE CIVIL RIGHTS ACT OF 1964, AS AMENDED; THE EQUAL PAY ACT OF 1963, THE AMERICANS WITH DISABILITIES ACT OF 1990; AND THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED;
I VOLUNTARILY CONSENT TO EVERYTHING IN IT;
I HAVE BEEN ADVISED IN WRITING BY MEANS OF THIS GENERAL RELEASE AGREEMENT TO CONSULT WITH AN ATTORNEY BEFORE EXECUTING IT AND I HAVE DONE SO OR, AFTER CAREFUL READING AND CONSIDERATION, I HAVE CHOSEN NOT TO DO SO OF MY OWN VOLITION;
I HAVE HAD AT LEAST 21 DAYS FROM THE DATE OF MY RECEIPT OF THIS RELEASE SUBSTANTIALLY IN ITS FINAL FORM ON _______________ __, _____ TO CONSIDER IT AND THE CHANGES MADE SINCE THE _______________ __, _____ VERSION OF THIS GENERAL RELEASE ARE NOT MATERIAL AND SHALL NOT RESTART THE REQUIRED 21-DAY PERIOD OR I HAVE ELECTED TO SIGN THIS RELEASE PRIOR TO THE END OF SUCH 21-DAY PERIOD;
THE CHANGES TO THE SEVERANCE AGREEMENT SINCE _______________ ___, _____ EITHER ARE NOT MATERIAL OR WERE MADE AT MY REQUEST.
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I UNDERSTAND THAT I HAVE SEVEN DAYS AFTER THE EXECUTION OF THIS RELEASE TO REVOKE IT AND THAT THIS RELEASE SHALL NOT BECOME EFFECTIVE OR ENFORCEABLE UNTIL THE REVOCATION PERIOD HAS EXPIRED;
I HAVE SIGNED THIS GENERAL RELEASE KNOWINGLY AND VOLUNTARILY AND WITH THE ADVICE OF ANY ATTORNEY RETAINED TO ADVISE ME WITH RESPECT TO IT; AND
I AGREE THAT THE PROVISIONS OF THIS GENERAL RELEASE MAY NOT BE AMENDED, WAIVED, CHANGED OR MODIFIED EXCEPT BY AN INSTRUMENT IN WRITING SIGNED BY AN AUTHORIZED REPRESENTATIVE OF THE COMPANY AND BY ME.

DATE:  _____________                                                  _________________________________
    Executive’s Name 

    - 17 -

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