Document:

Ex-10.5 Employment Agreement

Exhibit 10.5

EMPLOYMENT, SEVERANCE AND NON-SOLICITATION AGREEMENT

     This
Employment, Severance and Non-Solicitation Agreement (this
“Agreement”) is entered
into between Private Business, Inc., a Tennessee corporation
(“Company”), and David Peterson,
an
individual resident of Georgia (“Employee”), effective as of January      , 2006 (the “Effective
Date”).

     Company has purchased a business for which Employee served as an executive and has offered
employment to Employee in connection with such acquisition. As part of such acquisition, Company
has agreed to provide employee with a severance agreement, and employee has agreed to enter into a
non-solicitation agreement. Now, therefore, for and in consideration of the foregoing and other
consideration exchanged as part of the acquisition, the mutual covenants contained herein, and
other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:

ARTICLE I. TERMS OF EMPLOYMENT

     Section 1.01 Employment. Company shall employ Employee, and Employee shall serve
Company, in the capacity of Senior Vice President of the Goldleaf division of Company upon the
terms and conditions set forth herein. Employee shall have such authority, responsibilities and
duties as are consistent with his title, subject to the oversight by
Company’s CEO (the “CEO”) and
Company’s Board of Directors (the “Board”). Employee shall devote his full business time,
attention, skill and efforts to the performance of his duties hereunder, except during periods of
illness or periods of vacation and leaves of absence consistent with Company’s company policies.
Notwithstanding the foregoing, Employee may devote reasonable periods of time to serve as a
director or advisor to other organizations, to perform charitable and other community activities,
and to manage his personal investments; provided,
however, that such activities do not
materially interfere with the performance of his duties hereunder and are not in conflict or
competitive with, or adverse to, the interests of Company, as determined by the CEO or the Board.

     Section 1.02
Term. This Agreement shall be for a term of six months (the
“Term”), and
shall be extended one day for each day it is in effect, such that the Term shall always remain six
months.

     Section 1.03 Compensation and Benefits.

     (a) Company shall pay employee a signing bonus of $171,500 upon the execution of this
Agreement.

     (b) Company shall pay Employee a base salary at a rate of $200,000 per annum in
accordance with the normal salary payment practices of Company. The CEO (or the Board or the
compensation committee thereof if the Board or such committee so chooses) shall review and may
increase, but shall not decrease, Employee’s base salary at least annually.

     (c) Employee shall participate in Company’s executive bonus plan, which shall provide
Employee with an opportunity to earn a bonus dependent on Employee and Company meeting
individual, division and corporate performance goals as determined by the CEO (or the Board or
the
compensation committee thereof if the Board or such committee so chooses).

 

 

     (d) Employee shall be entitled to participate in all retirement, life and health insurance,
disability and other similar benefit plans or programs of Company now or hereafter applicable
to Employee or applicable generally to employees’ of Company, provided that Employee shall not be
required to pay the premiums for such benefits that Company requires other emplpyees to pay
(although Employee acknowledges that the amount of such premiums paid by Purchaser on
Employee’s behalf shall be considered compensation to Employee for tax purposes);
provided,
however, that during any period during the Term that Employee is disabled, and during
the 180-day
period of physical or mental infirmity leading up to Employee’s disability, the amount of
Employee’s compensation provided under this Section 1.03 shall be reduced by the sum of the
amounts, if any, paid to Employee for the same period under any disability benefit or pension
plan
of Company or any of its subsidiaries, For purposes of this Section 1.03(d), Employee shall
be
deemed “disabled” upon the earlier of: (i) a written determination by a duly licensed
physician or
psychologist following a personal examination of Employee that Employee is not capable of
performing the normal duties attendant to his position with or without reasonable
accommodation
and that such condition appears to be permanent or of indefinite duration; (ii) a
determination by a
court of competent jurisdiction that Employee is not capable of managing his or her own person
or
property and that such condition appears to be permanent or of indefinite duration; (iii) a
determination by any duly licensed insurance company maintaining a policy of disability
insurance
covering Employee that Employee is disabled to the point that benefits are payable pursuant to
the
terms of such policy; or (iv) Employee has been unable to perform the normal duties attendant
to bis
position with or without reasonable accommodation for a continuous period of 180 days.

     (e) Employee shall be eligible for the grant of stock options, restricted stock and other
awards under Company’s equity incentive plan. On January 23, 2005, as an inducement to
Employee to enter into this Agreement, Company granted Employee options to purchase 250,000
shares of Company’s common stock at an exercise price of $1.33 per share, the closing price of
Company’s common stock on the Nasdaq Small Cap Market on the previous trading day.

ARTICLE II. COVENANTS OF EMPLOYEE

     Section 2.01
Covenant Not to Solicit Employees or Customers. Employee covenants and
agrees that, for and during the period of his employment with Company and for a period of two
years thereafter:

     (a) Employee shall not individually or through or with any other person or affiliate of
Employee, solicit for employment or hire any individual who was employed by Company on the
Effective Date or the date of termination of employment of Employee, without the prior written
consent of Company; or

     (b) solicit any Person that was an active customer of Company on the Effective Date or the
date of termination of employment of Employee, for the purpose of contracting with such Person for
the goods and services which comprise the Subject Business.

 

 

     Section 2.02
Covenant To Maintain Confidentiality.

     (a) Employee shall not divulge or appropriate for his own use any Trade Secrets (as
defined below) of Company, from and after the Effective Date of this Agreement, for as long as
the
information remains a Trade Secret, and shall not make any unauthorized disclosure of
Confidential
Information (as defined below) about Company for and during the period of his employment with
Company and for a period of two years thereafter. “Trade
Secrets” shall mean any information
of
Company (including but not limited to technical or non-technical data, a formula, a pattern, a
compilation, a program, a device, a method, a technique, a drawing, a process, financial data,
financial plans, product plans, or a list of actual or potential customers or suppliers
provided that
such list is not available to the general public) which derives economic value, actual or
potential,
from not being generally known to, and not being readily ascertainable by proper means by,
other
persons who can obtain economic value from its disclosure or use, and is the subject of
efforts that
are reasonable under the circumstances to maintain its secrecy, or such other definition as
may be
provided under applicable law. “Confidential Information” means any valuable,
nonpublic,
competitively sensitive information (other than Trade Secrets) concerning Company, its
business, or
its financial position, results of operations, annual and long range business plans, product
or service
plans, marketing plans and methods, training, educational and administrative manuals, client
lists or
employee lists obtained by Employee from Company during the period of his employment;
provided,
however, that Confidential Information shall not include information to the extent
that it is or
becomes publicly known or generally utilized (other than because of the unauthorized
disclosure of
such information by Employee) by others engaged in the same business or activities in which
Company utilized, developed or otherwise acquired such information.

     (b) Disclosure of Trade Secrets or Confidential Information shall not be precluded, if
such disclosure is:

     (i) in response to a valid order of a court or other governmental body or
otherwise required by law; provided, however, that Employee shall first have given
notice to Company and made a reasonable effort to obtain a protective order requiring that
the information and/or documents so disclosed be used only for the purposes for which the
order was issued; or

     (ii) necessary to establish rights under this Agreement (but only to the extent
necessary to do so).

     (c) Promptly following the termination of Employee’s employment with Company,
Employee shall promptly transfer to Company or destroy (as directed by Company) all tangible
information containing Trade Secrets or Confidential Information in his possession or within
his
control which is not already in the possession or control of Company, and shall promptly
certify in
writing to Company such transfer or destruction.

     (d) The obligations set forth in this Section 2.03 are in addition to and not in lieu of any
confidentiality obligations in the Stock Purchase Agreement dated the date of this Agreement
by
and among Company and the stockholders of Goldleaf Technologies, Inc., including Employee (the
“Stock Purchase Agreement”).

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     Section 2.03
Survival. The covenants of Employee contained in this Article II shall
survive the termination of this Agreement and the termination of Employee’s employment with
Company, and shall remain enforceable in accordance with their terms as set forth herein.

ARTICLE III. TERMINATION

     Section 3.01
Termination by Company. This Agreement, and Employee’s employment with
Company, shall automatically terminate upon his death, and may otherwise be terminated by Company
by giving notice during the Term upon the occurrence of one or more of the following events:

     (a) Employee’s disability (as defined in Section 1.03(d) hereof), provided that such
disability arises from a condition which appears to be permanent or of indefinite duration;

     (b) without Cause (as defined in the following paragraph), effectively immediately upon
delivery of written notice to Employee following a determination by the Board to terminate
Employee’s employment, provided that (i) the Board may elect to specify in such written notice
that
the effective date of termination shall be a date up to and including the 90th day
following the
delivery of such written notice to Employee; and (ii) Employee shall be entitled to payment as
provided in Section 3.03 below as severance pay following any such termination without Cause,
unless and until Employee breaches any of the covenants set forth in Article II hereof; or

     (c) for
“Cause” which for purposes of this Agreement shall mean that Employee shall
have:

     (i) committed an act of fraud, embezzlement or theft in connection with bis
duties or in the course of Ms employment with Company;

     (ii) inflicted intentional damage to any material asset of Company;

     (iii) intentionally committed any act resulting in liability in tort, under
employment laws, or for breach of contract by Company pursuant to which Company has
actually paid damages to any Person in an amount in excess of $20,000;

     (iv) materially failed or refused to perform his duties as are consistent with his
title as set forth in Section 1.01 of this Agreement, or breached any other material
provision of this Agreement, which failure is not fully corrected within 90 days following
written notification by Company to Employee specifically detailing such failure; or

     (v) been convicted of any felony or a misdemeanor involving moral turpitude.

     Section 3.02 Termination by Employee. This Agreement, and Employee’s employment with
Company, may be terminated by Employee for Good Reason (as hereinafter defined) within 12 months
following a Change of Control (as hereinafter defined).

     (a) For
purposes of the foregoing, “Change of Control” means any transaction or
series of transactions or the approval by the shareholders of Company of a transaction that would
result in

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     (i) 40% or more of the combined voting power of Company’s then outstanding
voting securities being held by a third party other than a current shareholder (or an
affiliate of such current shareholder), current board member, or any employee benefit plan
maintained by Company or any subsidiary;

     (ii) a merger, consolidation or reorganization involving Company, unless the
shareholders of Company immediately before such merger, consolidation or reorganization
continue to own a majority of the combined voting power of the outstanding voting
securities of the entity resulting from such merger, consolidation or reorganization;

     (iii) a plan of liquidation or dissolution of Company under the provisions of Title
11 of the United States Code, a state receivership proceeding or other applicable state
law; or

     (iv) the sale or other disposition of all or substantially all of the business or assets
of Company to a third party.

     (b) For
purposes of this Agreement, “Good Reason” shall mean any of the following:

     (i) the assignment to Employee by Company of duties inconsistent with
Employee’s position, duties, responsibilities or status with Company immediately prior to a
Change in Control, or a change in Employee’s titles or offices as in effect immediately
prior to a Change in Control;

     (ii) reduction in Employee’s base salary or target bonus as in effect prior to the
Change in Control; or

     (iii) relocation of Employee’s principal office to a location more than 50 miles
from Employee’s principal office prior to a Change in Control.

     Section 3.03
Severance Compensation .If Company terminates Employee pursuant to
Section 3.01(b), or if Employee terminates his employment for Good Reason pursuant to Section
3.02, Company shall: (i) pay (at Company’s regular pay intervals) to Employee the amount of his
then current base salary for the remainder of the Term, and (ii) continue to permit Employee to
participate in all retirement, life and health insurance, disability and other similar benefit
plans or programs of Company applicable to Employee or applicable generally to employees of
Company, without charge for premiums as described in Section 1.03(d); provided, however,
that in no event shall Company be obligated to make severance payments and provide benefits to
Employee for longer than six months following the date of the termination of Employee’s employment
with Company.

     Section 3.04
Effect of Severance on Pay and Benefits. The severance pay and benefits
provided for in this Section 3 shall be in lieu of any other severance or termination pay to which
Employee may be entitled under any Company severance or termination plan, program, practice or
arrangement. Employee’s entitlement to any other compensation or benefits (other than severance or
termination pay) shall be determined in accordance with Company’s executive benefit plans and
other applicable programs, policies and practices then in effect.

5

 

ARTICLE IV. GENERAL PROVISIONS

     Section 4.01 Withholding of Taxes. Company may withhold from any amounts of
compensation payable under this Agreement all federal, state, city or other taxes and withholdings
as shall be required pursuant to any applicable law, rule or regulation.

     Section 4.02
Notices. For purposes of this Agreement, all communications including,
without limitation, notices, consents, requests or approvals, provided for herein shall be in
writing and shall be deemed to have been duly given when personally delivered or three business
days after having been mailed by United States registered mail or certified mail, return receipt
requested, postage prepaid, addressed to Company (to the attention of the Secretary of Company) at
its principal office, or to Employee at his principal residence as reflected in the records of
Company, or to such other address as any party may have furnished to the other in writing and in
accordance herewith, except that notices of change of address shall be effective only upon
receipt.

     Section 4.03
Validity. It is not the intent of any party hereto to violate any public policy
of any jurisdiction in which this Agreement may be enforced. If any provision of this Agreement or
the application of any provision hereof to any person or circumstances is held invalid,
unenforceable or otherwise illegal, the remainder of this Agreement and the application of such
provision to any other person or circumstances shall not be affected, and the provision so held to
be invalid, unenforceable or otherwise illegal shall be reformed to the extent (and only to the
extent) necessary to make it valid, enforceable and legal.

     Section 4.04 Entire Agreement. This Agreement supersedes any other agreements, oral
or written, between the parties with respect to the subject matter hereof, and contain all of the
agreements and understandings between the parties with respect to the employment of Employee by
Company. Any waiver or modification of any term of this Agreement shall be effective only if it is
set forth in a writing signed by all parties hereto.

     Section 4.05 Successors and Binding Agreement. This Agreement shall be binding upon
and inure to the benefit of Company and any successor or permitted assignee of or to Company,
including any successor or permitted assignee of Company pursuant to the Stock Purchase Agreement.
This Agreement requires the personal services of Employee and shall not be assignable in whole or
in part by Employee.

     Section 4.06 Captions. The captions in this Agreement are solely for convenience of
reference and shall not be given any effect in the construction or interpretation of this
Agreement.

     Section 4.07 Definitions. Capitalized terms used in this Agreement and not otherwise
defined or limited herein shall have the meaning ascribed to them in the Stock Purchase
Agreement.

     Section 4.08 Counterparts. This Agreement may be executed in two or more
counterparts, each of which shall be deemed to be an original but all of which together will
constitute one and the same Agreement.

     Section 4.09 Modification and Waiver. No provisions of this Agreement may be
modified, waived or discharged unless such waiver, modification or discharge is agreed to in
writing and signed by the parties hereto. No waiver by any party hereto at any time of any breach

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by another party hereto of, or compliance with, any condition or provision of this Agreement to be
performed by such other party shall be deemed a waiver of similar or dissimilar provisions or
conditions at the same or at any prior or subsequent time.

     Section 4.10
Governing Law; Arbitration.

     (a) This Agreement shall be governed by and construed and enforced in accordance with
the laws of the State of Tennessee without giving effect to the conflict of laws principles
thereof.

     (b) Any controversy, claim or dispute arising from, out of or relating to this Agreement,
or any breach thereof, including but not limited to any dispute concerning the scope of this
arbitration clause, claims based in tort or contract, claims for discrimination under federal,
state or
local law, and/or claims for violation of any federal, state or local
law (“Claims”) shall be
resolved
in accordance with the National Rules for the Resolution of Employment Disputes of the
American
Arbitration Association then in effect. Such arbitration shall take place in the greater
Nashville,
Tennessee metropolitan area. The arbitrator’s award shall be final and binding upon both
parties.

     (c) A demand for arbitration shall be made within a reasonable time after the Claim has
arisen. In no event shall the demand for arbitration be made after the date when an
institution of
legal and/or equitable proceedings based on such Claim would be barred by the applicable
statute of
limitations. Each party to the arbitration will be entitled to be represented by counsel and
shall have
the right to subpoena witnesses and documents for the arbitration hearing. The arbitrator
shall be
experienced in employment arbitration and licensed to practice law in the state of Tennessee.
The
arbitrator shall have the authority to hear and grant a motion to dismiss and/ or motion for
summary
judgment, applying the standards governing such motions under the Federal Rules of Civil
Procedure. The arbitrator shall have the power to compel discovery consistent with the
Federal
Rules of Civil Procedure.

     (d) Except as otherwise awarded by the arbitrator, each party shall pay the fees of its
respective attorneys, the expenses of its witnesses and any other expenses connected with
presenting its Claim or defense. Except as otherwise awarded by the arbitrator, other costs
of
arbitration, including arbitrator’s fees and expenses, any transcript costs or other
administrative fees
shall be paid equally by the parties.

     (e) Employee acknowledges that his breach or threatened or attempted breach of any
provision of Article II of this Agreement would cause irreparable harm to Company not
compensable in monetary damages and that Company shall be entitled, in addition to all other
applicable remedies, to obtain a temporary and permanent injunction and a decree for specific
performance of the terms of Article II from a court of competent jurisdiction without being
required
to prove damages or furnish any bond or other security. The parties agree that Company’s
seeking
such equitable relief from a court of competent jurisdiction will not affect the agreement of
the
parties to arbitrate all other matters concerning or arising from this Agreement. The parties
agree
that temporary injunctive relief may be entered by a court of competent jurisdiction pending a
hearing in arbitration of any matter relating to or arising from this Agreement.

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The parties indicate their acceptance of the foregoing arbitration requirement by initialing below:

	 	 	 
	 

	 	/s/ David Peterson
	 

	 	 
	For Company

	 	For Employee

     Section 4.11
Severability. The provisions of this Agreement shall be deemed severable
and the invalidity or unenforceability of any provision shall not affect the validity or
enforceability of the other provisions hereof.

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement, effective as of the
Effective Date set forth herein.

	 	 	 
	Private Business, Inc.:

	 	Employee:
	 
	 	 
	/s/ G. Lynn Boggs

	 	/s/ David Peterson
	 

	 	 
	G. Lynn Boggs, CEO

	 	David Peterson

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ADDENDUM TO

EMPLOYMENT, SEVERANCE AND NON-SOLICITATION AGREEMENT

     This
Addendum to Employment, Severance and Non-Solicitation Agreement
(this “Addendum”) is
entered into between Private Business, Inc., a Tennessee corporation
(“Company”), and the
undersigned employee (“Employee”), effective as of January 31, 2006. This Addendum amends and
supplements the Agreement (as defined below). The parties hereto, in consideration of the mutual
benefits adhering to the parties hereto, and to induce Company to close the purchase of a business
for which Employee served as an executive, agree as follows:

     1. Ownership. Employee agrees and acknowledges that all Work Product and all works
of
authorship and inventions, including without limitation products, goods, programming code,
know-how,
Trade Secrets and Confidential Information, and any improvements, modifications, enhancements,
derivative
works, and/or revisions to existing Work Products, products, goods, programming code,
know-how, Trade
Secrets and/or Confidential Information, in any form and in whatever stage of creation or
development,
arising from, or in connection with, the services provided by Employee to Company under this
Agreement or
at any time prior to the date of this
Agreement (collectively
“Property”), as they now exist
or are currently
used by Company or otherwise, or as they may exist in the future or have existed in the past,
are works made
for hire and shall be the sole and exclusive property of Company. Employee transfers and
assigns to
Company any and all right, title and interest in the Property and upon the future creation,
Employee
automatically assigns to Company, without further consideration, all Property later created,
in whatever form,
including all worldwide copyrights, patents, trade secrets, moral rights and confidential and
proprietary rights
there in and agrees to execute such documents as Company may reasonably request for the
purpose of
effectuating the rights of Company herein.

     2. Definitions. The following definitions shall apply to this Addendum but not to
the
Agreement, as defined below:

     “Agreement” means that certain Employment, Severance and Non-Solicitation Agreement between
Employee and Company dated the date of this Addendum.

     “Confidential
Information” means all of Company’s confidential business information
or proprietary information, other than Trade Secrets, of value to Company that is treated as
confidential, including, without limitation, to the extent consistent with the foregoing,
technical and financial information and customer or client lists, relating to Company or its
business, salaries or bonus earned by Employee or other employees, programs or procedures,
information received by Company from actual or potential clients or customers of Company or other
third parties under confidential conditions, software, methods of production and distribution,
research, sales, sources of supply, Customers, Customer needs, marketing and promotional
strategies, price characteristics, policies, wage and salary structure, production and business
plans and schedules, and production and Customer specifications.

     “Customer” means any bank or financial institution and any business, professional, individual
or entity with which Employee has had contact during the last two (2) years while employed by
Company and with which Company has entered into an agreement by which Company is to provide
products or services to such Customer. Customer also means any business, professional, individual
or entity whose accounts receivable are acquired or financed by a bank or financial institution
that Employee has had contact with during the last two (2) years while employed by Company and
which is a customer of Company. Customer also means any bank or financial institution and any
business, professional, individual or entity with which Employee has had contact during the last
two (2) years while employed by Company and with which Company has communicated regarding, or is
negotiating for, the provision of products or services on the date of separation of Employee from
employment with Company.

 

 

     “Trade
Secrets” means information of Company, its licensers, suppliers, customers, or
prospective licensers or customers, including, but not limited to, technical or nontechnical data,
formulas, patterns, compilations, programs, devices, methods, techniques, drawings, processes,
financial data, financial plans, products plans, or a list of actual or potential customers or
suppliers, which (a) derives economic value, actual or potential, from not being generally known
to, and not being readily ascertainable by proper means by, other persons who can obtain economic
value from its disclosure or use; and (b) is the subject of efforts that are reasonable under the
circumstances to maintain its secrecy.

     The
terms “Confidential Information” and “Trade
Secrets” do not include: (a)
information which Employee establishes was already known to Employee without obligation to keep
such information confidential, at the time of its receipt from Company, as evidenced by documents
in the possession of Employee prepared or received prior to the receipt of the Trade Secrets or
Confidential Information; (b) information which Employee establishes was received by Employee in
good faith from a third party lawfully in possession and having no obligation to keep such
information confidential; or (c) information which Company establishes was publicly known at the
time of its receipt by Employee or has become publicly known other than by a breach of this
Agreement or other action by Employee.

     For
purposes of this Addendum, “Work Product” shall mean the data, materials, documentation,
computer programs, inventions (whether or not patentable), pictures, audio, video, artistic works,
and all works of authorship, including all worldwide rights therein under patent, copyright, trade
secret, confidential information, or other property right, created or developed in whole or in
part by Employee, whether prior to the date of this Agreement or in the future, either (i) while
retained by Company and that have been or will be paid for by Company, or (ii) while employed by
Company (whether developed during work hours or not.) All Work Product shall be considered works
made for hire by the Employee and owned by Company. Company shall have the right to obtain and
hold in its own name copyrights, registrations, and any other protection available in the
Property.

	 	 	 
	Private Business, Inc.:

	 	Employee:
	 
	 	 
	/s/ G. Lynn Boggs

	 	/s/ David L. Peterson
	 

	 	 
	G. Lynn Boggs, CEO

	 	Signature
	 
	 	 
	 

	 	 David L. Peterson
	 

	 	 
	 

	 	Please print name

2Ex-10.6 Employment Agreement

Exhibit
10.6

Acknowledgement & Acceptance:

My signature below indicates that I accept my employment with Goldleaf pursuant to the terms
provided herein. I acknowledge that I have received, read and understand the policies of the
Employee Handbook referenced above. I understand that failure to comply with these policies could
result in disciplinary action up to and including termination of employment.

If I have any question on any Goldleaf policy, I understand that I am responsible for asking my
supervisor or Human Resources for clarification, if necessary. Subject to my employment agreement
assumed by Goldleaf, I understand that Goldleaf may change, rescind or add to any policies,
benefits or practices described in the Employee Handbook from time to time at its sole discretion,
with or without prior notice.

Resignation and Former Agreements

I hereby resign my position as chief executive officer of Alogent, effective at the effective time
of the merger. Concurrent with my resignation as chief executive officer, I resign my position as a
director on Alogent’s board.

I understand that Goldleaf will assume my employment covenants agreement and my employment
agreement. As such, in reliance on the representations made to me by Goldleaf, I hereby agree that
(i) the transition of my employment from Alogent to Goldleaf will not constitute a termination of
my employment for any purpose under my employment agreement and (ii) as of the date hereof, my
salary, duties and responsibilities with Goldleaf are consistent with my salary, duties and
responsibilities with Alogent prior to the transaction, and I waive any right I may have to
terminate my employment with “good reason” under my employment agreement by reason of my employment
on the terms described above by Goldleaf. I also agree that my resignation as chief executive
officer and director of Alogent shall not constitute “good reason” for me to terminate my
employment and seek the severance and termination benefits under my employment under my employment
agreement as a result. In clarification of the foregoing, my employment agreement is hereby amended
to change my title to “Executive Vice President, Goldleaf Enterprise Payments division” in Section
1(A) thereof and to revise the definition of “good reason” in Exhibit A to my employment agreement
to delete “Board” from subsection (B) and replace that word with the phrase “the chief executive
officer of Goldleaf Financial Solutions, Inc.”

Overpayment

To the extent permitted by applicable law, I agree to allow Goldleaf to deduct from my wages any
overpayments of unearned benefits or other advances, including but not limited to, used but not
accrued vacation, travel advances, or tuition reimbursements made in error or advanced to me by
Goldleaf following the merger.

Signature:
/s/ Brian Geisel                                        

Printed Name: Brian Geisel

Date: January 17, 2008

 

 

EXECUTIVE EMPLOYMENT AGREEMENT

BETWEEN

ALOGENT CORPORATION

AND

BRIAN
R. GEISEL

APRIL 29, 2005

 

 

EMPLOYMENT AGREEMENT

     THIS EMPLOYMENT AGREEMENT (the “Agreement”) by and between Alogent Corporation (the
“Company”), and Brian R. Geisel (“You” or “Your”)1 (collectively, the “Parties”),
is entered into and effective as of the 29th of April, 2005 (the “Effective Date”). Unless
otherwise indicated, all capitalized terms used in this Agreement are defined in Exhibit A,
which is incorporated by reference and is included in the definition of “Agreement.”

WHEREAS, You are currently employed as Chief Executive Officer of the Company (“CEO”);

WHEREAS, the Company desires that You continue to serve as CEO, and You desire to continue
said employment;

WHEREAS, Your position is a position of trust and responsibility with access to Confidential
Information (as defined in Section 1D of the Employment Covenants Agreement executed by You
on September 9, 1999 (the “Covenants Agreement”)), Trade Secrets (as defined in Section 1D of
the Covenants Agreement), and information concerning employees and customers of the Company;

WHEREAS, the Trade Secrets and Confidential Information, and the relationship between the
Company and each of its employees and customers, are valuable assets of the Company and may
not be used for any purpose other than the Company’s Business;

WHEREAS, the Company has agreed to continue to employ You in exchange for Your
compliance with the terms of this Agreement;

WHEREAS, the Company and You desire to express the terms and conditions of Your continued
employment in this Agreement.

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the Parties agree as follows:

     1. Employment and Duties

          A. Position. The Company shall employ You as CEO.

          B. Duties. You agree to perform all Mutually Established duties that are
consistent with Your position and that may otherwise be assigned to You by the Board of
Directors of the Company (the “Board”) from time to time. When action is required or
discretion is bestowed on the Board pursuant to this Agreement, such action or discretion shall
be taken by a majority of the members of the Board; provided, however, You shall not
participate in such action or discretion.

          C. Reporting. You shall report directly to the Board.

          D. Devotion of Time. You agree to (i) devote all necessary working time required
of Your position, (ii) devote Your best efforts, skill, and energies to promote and advance the
business and/or interests of the Company, and (iii) fully perform Your obligations

 

			
	1	 	For purposes of this Agreement only, “You” or “Your” shall mean You or Your
estate, as the case may be.

2

 

under this Agreement. During Your employment, You shall not render services to any other business
entity, regardless of whether You receive compensation, without the prior written consent of the
Board. You may, however, (A) engage in community, charitable, and educational activities, (B)
manage Your personal investments, and (C) with the prior written consent of the Board, serve on
corporate boards or committees ((A) - (C) collectively the “Permissible Activities”), provided that
such Permissible Activities do not conflict or interfere with the performance of Your obligations
under this Agreement or conflict with the interests of the Company.

          E. Company Policies. You agree to comply with the policies and procedures of the
Company as may be adopted and changed from time to time, including those described in the Company’s
employee handbook. If this Agreement conflicts with such policies or procedures, this Agreement
shall control.

          F. Service on the Board. Subject to the terms of the voting agreement between You
and certain shareholders of the Company dated April 17, 2001, as amended by a First Amendment dated
April 29, 2005 (the “Voting Agreement”), and subject to Section 6D hereof, You shall serve on the
Board if elected by the Company’s shareholders to serve in such capacity for so long as you
continue to be CEO, and thereafter if you meet the conditions of (i) Section 6D below, and (ii) the
Voting Agreement.

          G. Fiduciary Duties. As a director and officer of the Company, You owe a duty of care
and loyalty to the Company, as well as a duty to perform Your Duties in a manner that is in the
best interests of the Company. You owe such duties to the Company in addition to duties imposed
upon You under applicable law.

     2. Term. Unless this Agreement is terminated earlier in accordance with Section 4 below, You
shall provide services to the Company under this Agreement for a term of two (2) years, commencing
on April 29, 2005 and terminating on April 29, 2007 (the “Term”), and this Agreement shall
automatically be renewed after the expiration of the Term for successive one- year periods (each,
an “Extension”); provided, however, this Agreement may be terminated if advance written notice is
given by either Party ninety (90) days prior to the expiration of the Term or the then-current
Extension (the “Termination Notice Period”). During the Termination Notice Period, the Company
shall have the option to relieve You of all titles, duties, and responsibilities as an employee of
the Company, but the Company will continue to pay Your then current Base Salary (as defined below)
throughout the remainder of such Termination Notice Period.

     3. Compensation.

          A. Base Salary. During the Employment Period, the Company will pay You an annual base
salary of $327,000.00 (“Base Salary”), minus applicable withholdings, in accordance with the
Company’s normal payroll practices. The Board shall review Your Base Salary at least annually to
determine whether to adjust Your Base Salary. Adjustments to Your Base Salary will be determined
by the Board in its sole discretion based upon whether You and the Company meet certain
performance objectives and criteria established from year to year by the Board.

3

 

          B. Bonus. During the Employment Period, You will be eligible to receive an annual
bonus (a “Bonus”) equal to forty percent (40%) of Your then current Base Salary if, but only if, as
determined by the Board in its sole discretion, You and the Company meet certain criteria Mutually
Established in advance of each fiscal year. You will not be entitled to receive any such Bonus if
You and the Company do not meet such criteria. In addition, except as
set forth in Section 5
below, You will not receive any Bonus if, for any reason, You are not employed on the last day of
the fiscal year for which the Bonus is to be paid. The Bonus, if any, will be subject to all
applicable withholdings and will be paid within thirty (30) days after the end of the fiscal year.

          C. Options. You shall be eligible (i) to participate in the Company’s 2001 Stock
Incentive Plan and other option plans as adopted by the Board from time to time, and (ii) for a
grant of options if (a) the Board, or (b) the Compensation Committee of the Board, grants stock
options to other members of the senior management team (other than with regard to new hires). The
extent of Your participation in any option plan and the amount of any grant of option(s) to You
shall be determined by the Board in its sole discretion.

          D. Benefits Plans. During the Employment Period, You are eligible to participate in
all benefit plans in effect for senior executives of the Company, subject to the terms and
conditions of such plans.

          E. Vacation. During the Employment Period and except as provided below, You shall be
entitled to accrue four (4) weeks of paid vacation per calendar year (the “Yearly Vacation
Allotment”). All accrued unused vacation from each Yearly Vacation Allotment shall be forfeited on
the first day of the succeeding calendar year, except that You may carry forward up to ten (10)
days accrued unused vacation from each Yearly Vacation Allotment consistent with Company policy.
Notwithstanding anything to the contrary contained in this Section 3E, (i) You shall not accrue
more than a total of six (6) weeks of unused vacation (the “Vacation Accrual Maximum”), and all
accruals will cease during the time period Your total amount of accrued unused vacation is at the
Vacation Accrual Maximum, (ii) You shall be entitled to take a maximum of six (6) weeks of vacation
per calendar year, and (iii) the Board shall pre-approve all vacation requests under this Section
3E; provided, however, such vacation approval shall not be unreasonably withheld.

          F. Mobile Telephone. During the Employment Period, the Company will provide You with
a mobile telephone. The Company will reimburse You for all business-related charges incurred in the
use of the mobile telephone in accordance with the policies and procedures of the Company. You will
be responsible for all damage to the mobile telephone.

     4. Termination. This Agreement and Your employment with the Company may be terminated
in advance of the expiration of the Term or any Extension by any of the following events:

          A. Death. Your death;

          B. Disability. Your disability which renders You unable to perform the material
duties of Your job even with reasonable accommodation, as determined in the Board’s sole
discretion;

4

 

          C. For Cause. “For Cause” shall mean a termination by the Company at any time
for any of the following events:

	 	1.	 	Your willful act that has a material adverse
impact on or has caused material injury to the Company;
	 
	 	2.	 	Your negligence or misconduct in violation of
Your fiduciary duty to the Company;
	 
	 	3.	 	Your dishonesty, fraud, or malfeasance;
	 
	 	4.	 	Your repeated and/or material failure (after
notice and at least thirty (30) days opportunity to cure) to (i)
satisfactorily perform Your Mutually Established duties, or (ii)
follow the policies, procedures, and rules of the Company; however,
Your repeated and/or material failure to satisfactorily perform Your
Mutually Established duties or to follow Company policies, procedures,
and rules, if such failure is due to a disability (as defined in
Section 4B above), shall not be grounds for termination for Cause; or
	 
	 	5.	 	Your arrest, indictment for, conviction of,
or entry of a plea of guilty or no contest to, (i) a felony, or (ii) a
crime involving moral turpitude.

          D. Resignation for Good Reason. Your resignation for Good Reason;

          E. Voluntary Resignation. Your resignation for any reason other than Good Reason at
any time upon at least ninety (90) days advance written notice to the Company; or

          F.
Without Cause. “Without Cause” shall mean any termination of Your employment with the
Company which is not defined in Sections 4A - 4E above. In the event the Company elects not to
renew the Term or any Extension of the Agreement, such election shall be treated as a termination
Without Cause.

     5. Company’s Post-Termination Obligations

          A. Except as provided in Section 16 below, if this Agreement terminates for any reason listed
in Section 4A, 4B, 4D, or 4F above, then the Company will pay You all accrued but unpaid wages
through the termination date based on Your then current Base Salary (the “Accrued Wages”). In
addition, if this Agreement terminates for any reason set forth in the preceding sentence, then
after Your “separation from service” (as defined in Code §409A(a)(2)(A)(i)) from the Company, the
Company shall pay You (i) separation payments equal to eighteen (18) months of Your then current
Base Salary, to be paid over a period of eighteen (18) months in equal installments (the
“Payment(s) Over Time”), and (ii) one hundred percent (100%) of the Bonus established for You
during the fiscal year this Agreement  terminates, to be paid within thirty (30) days after the
end of the fiscal year in which this Agreement terminates (the
“Bonus Payment”)((i) - (ii)
collectively referred to as the “Separation Payments”). The Company’s obligation to provide the
Separation Payments under this Section 5A, if any, shall not cease if You become employed or
affiliated with another company. Notwithstanding anything to the contrary in this Section 5A, the
Company’s obligation to

5

 

provide the Separation Payments to You shall be conditioned upon the following (collectively, the
“Separation Conditions”):

	 	(i)	 	Your execution and non-revocation of a Separation and
Release Agreement in a form attached as Exhibit B; provided, however, the
Company reserves the right to revise Exhibit B based on (a) changes and/or
requirements in applicable law, or (b) material changes in the circumstances
of Your employment with the Company. You will have twenty-one (21) days to
execute a Separation and Release Agreement; provided, however, if this
Agreement terminates in connection with a reduction in force, You shall have
forty-five (45) days to execute a Separation and Release Agreement; and
	 
	 	(ii)	 	Your compliance with the covenants contained in this
Agreement and all other post-termination obligations to which You are
subject, including, but not limited, the obligations contained in
Sections 1 - 3 of the Covenants Agreement.

          The Company will pay You the first Payment Over Time sixty (60) days after this Agreement
terminates (the “First Payment Date”), and the Company will then pay You the remaining Payments
Over Time in equal installments on the first (1st) day of each succeeding month which
follows the First Payment Date; provided, however, (i) if the first month to succeed the
First Payment Date is within fifteen (15) days of the First Payment Date, then the next payment
following the First Payment Date shall be on the first day of the second month which succeeds the
First Payment Date, and (ii) You must execute and not revoke an effective Separation and Release
Agreement as set forth above. If You do not execute a Separation and Release Agreement as set
forth above, the Company shall have no obligation to provide any Separation Payments under this
Section 5A or any other payments to You. The Company’s obligation to provide any Separation
Payments under this Section 5A shall terminate immediately upon any breach by You of any
post-termination obligations to which You are subject (the “Breach”), including, but not limited
to, the covenants contained in Sections 1 - 3 of the Covenants
Agreement. If a court of competent
jurisdiction determines that You committed a Breach, all appeals periods have expired, and, if
appealed, the competent appellate court(s) has determined that You committed a Breach (the “Breach
Judgment”), (i) You shall, within ten (10) calendar days after the Breach Judgment, return to the
Company any Separation Payments which You received from the Company, and (ii) You shall forfeit
all vested and unvested options on the day of such Breach Judgment.

          The Company may elect to purchase insurance on Your life and You agree to cooperate with the
Company should it elect to secure such insurance coverage (the “Insurance Coverage”), and any
payments made to You pursuant to such Insurance Coverage shall be credited against the Company’s
obligations under this Agreement. In addition, any excess amounts (beyond the amounts owed to You
under this Agreement) that the Company receives as a result of the Insurance Coverage shall be
the sole property of the Company.

          The Separation Payments and the Accrued Wages are subject to all applicable withholdings,
including, but not limited to, withholdings required by Code §3401. The Separation Payments set
forth in this Section 5A shall constitute full satisfaction of the Company’s obligations under this
Agreement, and the Company shall have no other obligations to You if this Agreement terminates
for any reason listed in this Section 5A, including under any

6

 

provision of this Agreement, Company policy, or otherwise; however, You shall continue to be bound
by all post-termination obligations to which You are subject, including, but not limited to, the
covenants contained in Sections 1 - 3 of the Covenants Agreement.

          B. If this Agreement terminates for any reason listed in Section 4C or 4E above, then the
Company will pay You all Accrued Wages. The Accrued Wages shall constitute full satisfaction of
the Company’s obligations under this Agreement, and the Company shall have no further obligations
to You if this Agreement terminates for any reason listed in Section 4C or 4E above, including
under any provision of this Agreement, Company policy, or otherwise; however, You shall continue
to be bound by all post-termination obligations to which You are subject, including, but not
limited to, the covenants contained in Sections 1 - 3 of the Covenants Agreement.

     6. Your Post-Termination Obligations.

          A. Return of Materials. Upon the termination of this Agreement for any reason or
upon the Company’s request at any time, You will return to the Company all of the Company’s
property, including, but not limited to, keys, passcards, credit cards, customer lists, rolodexes,
tapes, laptop computer, software, computer files, marketing and sales materials, and any other
property, record, document or piece of equipment belonging to the Company. You will not (i)
retain any copies of the Company’s property, including any copies existing in electronic form,
which are in Your possession or control, or (ii) destroy, delete, or alter any Company property,
including, but not limited to, any laptop computer, without the Company’s consent.

          B. Non-Disparagement. After the termination of this Agreement for any reason, You
will not make any disparaging or defamatory statements, whether written or verbal, regarding the
Company. In addition, You will not make any statement or take any action which may have a material
negative impact on the Company’s ability to close those business transactions that You were,
directly or indirectly, working on or had knowledge of during the course of Your employment with
the Company. The prohibitions set forth in this Section 6B do not apply to Your actions or Your
statements made to the Company’s employees or the Board, or to independent contractors retained by
the Company, so long as Your actions or Your statements are made in the normal course of business
while You are employed or retained by the Company, as the case may be. Similarly, the Company
agrees that (i) the members of the Board, and (ii) the senior executives of the Company ((i) and
(ii) collectively the “Applicable Persons”) will not make any disparaging or defamatory statements,
whether written or verbal, regarding You (the “Company Non-Disparagement”). The Company
Non-Disparagement shall only apply to Applicable Persons who are employed or retained, as the case
may be, on the date this Agreement terminates.

          C. Post-Employment Disclosure. During the Non-Solicitation Period (as defined in
Section 2 of the Covenants Agreement), You shall provide a copy of this Agreement to persons and/or
entities for whom You work or consult as an owner, partner, joint venturer, employee or independent
contractor. If, during the Non-Solicitation Period, You work or consult for another person or
entity as an owner, partner, joint venturer, employee or independent contractor, You shall provide
the Company with such person or entity’s name, the nature of such person or entity’s business, Your
job title, and a general description of the services You will provide.

7

 

          D. Resignation. Upon the termination of this Agreement for any reason, You shall
deliver to the Company a written resignation from all offices of the Company, Your membership on
the Board, and any other fiduciary positions in which You serve;
provided, however, if the
Company terminates this Agreement Without Cause or if You resign for Good Reason, then You may
remain a member of the Board in accordance with the terms of the Voting Agreement so long as (i)
You continue to hold at least 10% of the capital stock of the Company, and (ii) You perform Your
duties as a member of the Board in good faith and in the best interests of the Company.

     7. Change of Control. Notwithstanding anything to the contrary contained in this
Agreement, immediately prior to a Change of Control the Company shall accelerate and vest all
unvested options granted to You by the Company (the “Accelerated Vesting Date”); provided, however,
(i) You must be employed by the Company on the Accelerated Vesting Date, and (ii) the Company’s
2001 Stock Incentive Plan, or other applicable option plan, shall continue to govern such options
after the Accelerated Vesting Date.

     8. Injunctive Relief. You agree that if You breach this Agreement: (i) the Company
would suffer irreparable harm; (ii) it would be difficult to determine damages, and money damages
alone would be an inadequate remedy for the injuries suffered by the Company, and (iii) if the
Company seeks injunctive relief to enforce this Agreement, You will waive and will not (a) assert
any defense that the Company has an adequate remedy at law with respect to the breach, (b) require
that the Company submit proof of the economic value of any Trade Secret or Confidential
Information, or (c) require the Company to post a bond or any other security. Nothing contained in
this Agreement shall limit the Company’s right to any other remedies at law or in equity.

     9. Independent
Enforcement. The covenants set forth in Sections 1 - 3 of the Covenants
Agreement shall be construed as agreements independent of any other agreements or any other
provision in this Agreement, and the existence of any claim or cause of action by You against the
Company, whether predicated on this Agreement or otherwise, regardless of who was at fault and
regardless of any claims that either You or the Company may have against the other, shall not
constitute a defense to the enforcement by the Company of the
covenants set forth in Sections 1 - 3
of the Covenants Agreement. The Company shall not be barred from enforcing the restrictive
covenants set forth in Sections 1 - 3 of the Covenants Agreement by reason of any breach of any
other part of this Agreement or any other agreement with You.

     10. Severability. The provisions of this Agreement are severable. If any provision is
determined to be invalid, illegal, or unenforceable, in whole or in part, the remaining provisions
and any partially enforceable provisions shall remain in full force and effect.

     11. Attorneys’ Fees. In the event of litigation relating to this Agreement, the
prevailing party shall be entitled to recover attorneys’ fees and costs of litigation in addition
to all other remedies available at law or in equity.

     12. Waiver. The Company’s failure to enforce any provision of this Agreement shall not
act as a waiver of that or any other provision. The Company’s waiver of any breach of this
Agreement shall not act as a waiver of any other breach.

8

 

     13. Entire Agreement. This Agreement, including Exhibits A and B which are
incorporated by reference, and the Covenants Agreement (the “Prior Agreement”)(collectively, the
“Agreements”) constitute the entire agreement between the Parties. The Prior Agreement is
incorporated by reference, and any post-termination obligations contained in the Prior Agreement
shall remain in full force and effect, and shall survive cessation of Your employment. You
acknowledge that the post-termination obligations contained in the Prior Agreement are valid,
enforceable and reasonably necessary to protect the interests of the Company, and You agree to
abide by such obligations, including, but not limited to, the post-termination obligations
contained in Sections 1 - 3 of the Prior Agreement. These Agreements supersede any prior
communications, agreements or understandings, whether oral or written, between the Parties arising
out of or relating to Your employment and the termination of that employment. Other than this
Agreement, no other representation, promise or agreement has been made with You to cause You to
sign this Agreement.

     14. Conflict With Covenants Agreement. If any term in the Covenants Agreement is
inconsistent or in conflict with this Agreement, then this Agreement shall
control. Notwithstanding the previous sentence, the Parties acknowledge and agree that the
following provisions contained in the Covenants Agreement shall be replaced by this Agreement: (i)
the definitions of the “Business” of the Company contained in the Covenants Agreement shall be
replaced with the definition of the “Business” listed in Exhibit A to this Agreement, (ii) Section
8 of the Covenants Agreement shall be replaced by Section 2 of this Agreement, and (iii) Section 11
of the Covenants Agreement shall be replaced by Section 20 of this Agreement.

     15. Amendments. This Agreement may not be amended or modified except in writing
signed by both Parties.

     16. Successors and Assigns. This Agreement shall be assignable to, and shall inure to
the benefit of, the Company’s successors and/or assigns, including, without limitation,
successors through merger, name change, consolidation, or sale of a majority of the Company’s stock
or assets, and shall be binding upon You. You shall not have the right to assign Your rights or
obligations under this Agreement. The covenants contained in the Agreements shall survive
cessation of Your employment with the Company, regardless of who causes the cessation or the reason
for the cessation.

     In the event of a Change of Control, the Company agrees that it shall require as a condition
of such Change of Control that any successor or assign assume this Agreement for a period of
twenty-four (24) months immediately following the effective date of the Change of Control (the
“24-Month Assignment”). During the 24-Month Assignment, this Agreement shall be binding upon and
enforceable against such successor or assign. During the 24-Month Assignment and after the
24-Month Assignment expires, (i) the Company shall have no obligations under this Agreement to
You, including, but not limited to, any obligation to pay You the Separation Payments set forth
above or any other payments, and (ii) You shall have no right to enforce this Agreement against
the Company. After the 24-Month Assignment expires, (i) the successor or assign to this Agreement
shall have no obligations under this Agreement to You, including, but not limited to, any
obligation to pay You the Separation Payments set forth above or any other payments, and (ii) You
shall have no right to enforce this Agreement against the successor or assign to this Agreement.
Notwithstanding anything to the contrary contained in this Section 16, Your post-termination
obligations shall continue to remain in full force and

9

 

effect after the 24-Month Assignment expires, including, but not limited to, the post-termination
obligations contained in the Prior Agreement.

     17. Governing Law. The laws of the State of Georgia shall govern this Agreement. If
Georgia’s conflict of law rules would apply another state’s laws, the Parties agree that Georgia
law shall still govern.

     18. No Strict Construction. If there is a dispute about the language of this
Agreement, the fact that one Party drafted the Agreement shall not be used in its interpretation.

     19. Notice. Whenever any notice is required, it shall be given in writing addressed as
follows:

	 	 	 	 	 
	 

	 	To Company:
	 	Alogent Corporation
	 

	 	 	 	c/o Chief Financial Officer
	 

	 	 	 	4005 Windward Plaza
	 

	 	 	 	Second Floor
	 

	 	 	 	Alpharetta, Georgia 30005
	 
	 	 	 	 
	 

	 	To Executive:
	 	Brian R. Geisel
	 

	 	 	 	2025 Drummond Pond Road
	 

	 	 	 	Alpharetta, Georgia 30004

     Notice shall be deemed given and effective (i) one (1) business day after sending such notice
via overnight delivery to the appropriate address as set forth above, or (ii) when actually
received. Either Party may change the address to which notices shall be delivered or mailed by
notifying the other party of such change in accordance with this Section 21.

     20. Consent to Jurisdiction and Venue. You and the Company agree that any claim
arising out of or relating to this Agreement shall be brought in a state or federal court of
competent jurisdiction in Georgia. You and the Company consent to the personal jurisdiction of the
state and/or federal courts located in Georgia. You and the Company waive (i) any objection to
jurisdiction or venue, or (ii) any defense claiming lack of jurisdiction or improper venue, in any
action brought in such courts.

     21. AFFIRMATION. YOU ACKNOWLEDGE THAT YOU HAVE CAREFULLY READ THIS AGREEMENT, YOU KNOW AND
UNDERSTAND ITS TERMS AND CONDITIONS, AND YOU HAVE HAD THE OPPORTUNITY TO ASK THE COMPANY ANY
QUESTIONS YOU MAY HAVE HAD PRIOR TO SIGNING THIS AGREEMENT.

     IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the day and year
first above written.

	 	 	 	 	 
	 	ALOGENT CORPORATION:

 	 
	 	By:  	/s/ William Gilmour
 	 
	 	 	William Gilmour 	 
	 	 	Chief Financial Officer 	 
	 

10

 

	 	 	 	 	 
	 

	 	Date: 4/29/05
	 	 
	 
	 	 	 	 
	 

	 	BRIAN R. GEISEL:	 	 
	 
	 	 	 	 
	 

	 	/s/
Brian R. Geisel	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	Date: 4/29/05	 	 

11

 

EXHIBIT A

DEFINITIONS

	A.	 	“Business” shall mean the business of developing software products and providing consulting
services with a primary focus on providing check image payment systems and transaction
processing solutions for financial, banking, and billing clients.
	 
	B.	 	“Change of Control” shall exist if any of the following occurs (i) the merger or
consolidation of the Company into or with another company or entity in which the shareholders
of the Company immediately preceding such merger or consolidation (solely by virtue of their
shares or other securities of the Company) shall own less than fifty percent (50%) of the
voting securities of the surviving corporation; (ii) the sale, transfer or lease (but not
including a transfer or lease by pledge or mortgage to a bona fide lender), whether in a
single transaction or pursuant to a series of related transactions or plan, of all or
substantially all of the assets of the Company (including the capital stock of subsidiaries),
and its subsidiaries taken as a whole; or (iii) the sale, transfer or lease (but not including
a transfer or lease by pledge or mortgage to a bona fide lender), whether in a single
transaction or pursuant to a series of related transactions, of all or substantially all of
the assets of the subsidiaries of the Company, the assets of which constitute all or
substantially all of the assets of the Company and such subsidiaries taken as a whole.
	 
	C.	 	“Employment Period” means the period commencing on the Effective Date and continuing until
the termination of this Agreement for any reason, including the Term and any Extension.
	 
	D.	 	“Good Reason” shall exist if the Company, without Your written consent, (A) takes any action
which results in the material reduction of Your then current title, duties or
responsibilities, (B) requires You to report to any person other than the Board, (C) reduces
Your then current Base Salary or the percentage of Base Salary used to compute Your Bonus, (D)
reduces the benefits to which You are entitled on the Effective Date, unless a similar
reduction is made for all other senior executives, (E) commits a material breach of this
Agreement which, after written notice from You of such breach, is not remedied by the Company
within ten (10) days of such notice for nonpayment or within thirty (30) days of such notice
for nonperformance, or (F) requires You to relocate more than fifty (50) miles from the
location of the Company’s headquarters on the Effective Date.
	 
	E.	 	“Mutually Established” means You and the Board have conferred in good faith to reach a
mutually acceptable agreement concerning Your Bonus and/or Your duties, as the case may be;
provided, however, if You and the Board cannot reach a mutually acceptable agreement, the
Board shall in good faith establish Your Bonus and/or Your duties, as the case may be,
consistent with the business needs of the Company.

12

 

EXHIBIT B

SEPARATION AND RELEASE AGREEMENT

[Date]

Brian R. Geisel

2025 Drummond Pond Road

Alpharetta, Georgia 30004

Re: Your separation from Alogent Corporation

Dear Brian:

You have expressed an intention to voluntarily resign from the employ of Alogent Corporation (the
“Company”)1 or Alogent Corporation (the “Company”)2 has decided to
terminate the employment relationship with you] effective «Separation Date» (the “Separation
Date”). This letter agreement (the “Agreement”) sets forth the terms under which your employment
with the Company is ending. In addition, this Agreement effectively terminates the Employment
Agreement between You and the Company dated April 29, 2005 (the “Employment Agreement”), except as
set forth below. As we discussed, we desire to resolve any and all issues relating to your
employment and the conclusion of your employment with the Company
amicably and on mutually satisfactory terms. Specifically, you (“You” or
“Your”)3 and the Company (collectively, the “Parties”) agree:

A. Separation Terms

1. Separation Benefits. Provided that You satisfy the conditions of this Agreement and do
not revoke this Agreement, the Company will:

	 	(a)	 	Separation Payments. Make payments to You in equal installments for a
period of eighteen (18) months (the “Separation Payments”). The Separation Payments
shall total $                      . On the eighth day after You return an executed version of
this Agreement to the Company’s CFO, the Company will inform its Accounting department
to process Your first payment; and
	 
	 	(b)	 	Bonus. Pay You $
                     (the “Bonus Payment”).

The Separation Payments and the Bonus Payment (collectively the “Payments”) will be subject to
applicable withholdings, including taxes and Social Security. Because You are no longer

 

			
	1	 	The term “Company” includes the company’s patents, subsidiaries, affiliates and all
related companies, as well as their respective officers, directors, shareholders, employees,
agents and any other representatives, any employee benefits plan of the Company, and any fiduciary
of those plans.
	 
	2	 	The term “Company” includes the company’s parents, subsidiaries, affiliates and all
related companies, as well as their respective officers, directors, shareholders, employees,
agents and any other representatives, any employee benefits plan of the Company, and any fiduciary
of those plans.
	 
	3	 	For purposes of this Agreement only, “You” or “Your” shall mean You or Your estate, as
the case may be.

1

 

employed, Your rights to any particular employee benefit will be governed by applicable law and
the terms and provisions of the Company’s various employee benefit plans and arrangements. You
acknowledge that Your Separation Date will be the date used in determining benefits under all
Company employee benefit plans. The Company’s obligation to provide any Payments shall terminate
immediately upon any breach by You of any post-termination obligations to which You are subject
(the “Breach”), including, but not limited to, the
covenants contained in Sections 1 - 3 of the
Employment Covenants Agreement executed by You on September 9, 1999 (the “Covenants Agreement”).
If a court of competent jurisdiction determines that You committed a Breach, all appeals periods
have expired, and, if appealed, the competent appellate court(s) has determined that You
committed a Breach (the “Breach Judgment”), (i) You shall, within ten (10) calendar days after
the Breach Judgment, return to the Company any Separation Payments which You received from the
Company, and (ii) You shall forfeit all vested and unvested options on the day of such Breach
Judgment.

2. Release. In exchange for the separation benefits stated above, You release and
discharge the Company from any claim or liability, whether known or unknown, arising out of any
event, act or omission occurring on or before the day You sign this Agreement, including, but not
limited to, claims arising out of Your employment or the cessation of Your employment, claims
arising out of or relating the Employment Agreement, claims arising by virtue of Your status as a
shareholder or director of the Company, claims for breach of contract, tort, employment
discrimination, retaliation, or harassment, as well as any other statutory or common law claims,
at law or in equity, recognized under any federal, state, or local law. You also release any
claims for unpaid back pay, sick pay, vacation pay, expenses, bonuses, claims to stock options,
claims to the vesting of stock options, commissions, attorneys’ fees, or any other compensation.

     You agree that You are not entitled to any additional payment or benefits from the Company,
except as set forth in this Agreement. You further agree that You have suffered no harassment,
retaliation, employment discrimination, or work-related injury or illness.

3. ADEA/OWBPA Waiver. By agreeing to this provision, You release and waive any right or
claim against the Company arising out of Your employment or the termination of Your employment
with the Company under the Age Discrimination in Employment Act, as amended, 29 U.S.C. § 621
et seq. (“ADEA”), the Older Workers Benefit Protection Act, 29 U.S.C. § 621
te seq. (“OWBPA”), or the Georgia Prohibition of Age Discrimination in Employment,
O.C.G.A. § 34-1-2, (the “Waiver”). You understand and agree that:

	 	(i)	 	this Agreement is written in a manner that You understand;
	 
	 	(ii)	 	You do not release or waive rights or claims that may arise
after You sign this Agreement;
	 
	 	(iii)	 	You waive rights and claims You may have had under the ADEA
and the OWBPA, but only in exchange for payments and/or benefits in addition
to anything of value to which You are already entitled;
	 
	 	(iv)	 	You have been advised to consult with an attorney before
signing this Agreement;
	 
	 	(v)	 	You have 21 days (the “Offer Period”) from receipt of this
Agreement to consider whether to sign it. If You sign before the end of the
Offer Period,

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You acknowledge that Your decision to do so was knowing, voluntary, and not
induced by fraud, misrepresentation, or a threat to withdraw, alter, or
provide different terms prior to the expiration of the Offer Period. You
agree that changes or revisions to this Agreement, whether material or
immaterial, do not restart the running of the Offer Period;

	 	(vi)	 	You have 7 days after signing this Agreement to revoke this
Agreement (the “Revocation Period”). If You revoke, the Agreement shall not be
effective or enforceable and You shall not be entitled to the separation
benefits stated above. To be effective, the revocation must be in writing and
received by the CFO of Alogent at 4005 Windward Plaza, 2nd Floor,
Alpharetta, GA 30005 or successor, within the Revocation Period; and
	 
	 	(vii)	 	this Waiver will not become effective or enforceable until
the Revocation Period has expired.

B. Your Ongoing Obligations

1. Return of Company Property. You will, on the Separation Date, return to the Company all
of the Company’s property, including, but not limited to, computers, computer equipment, office
equipment, cell phone, keys, passcards, calling cards, credit cards, customer lists, rolodexes,
tapes, software, computer files, marketing and sales materials, and any other record, document or
piece of equipment belonging to the Company. You will not retain any copies of the Company’s
property, including any copies existing in electronic form, which are in Your possession or
control. You acknowledge that You have not and will not destroy, delete, or alter any Company
property without the Company’s prior written consent.

2.
Future Employment. You agree that the Company has no obligation to consider You for employment
should You apply in the future.

3. Confidentiality. You acknowledge and agree that You, either directly or indirectly, have
not made nor shall You make any disclosures concerning the existence
or terms of this Agreement to
any person or entity, including, but not limited to, any representative of the media, Internet web
page or “chat room,” judicial or administrative agency or body, business entity, or association,
except: (i) Your spouse; (ii) Your attorneys, accountants, or financial advisors; or (iii) any
court or government agency pursuant to an official request by such government agency, court order,
or legally enforceable subpoena. If You are contacted, served, or learn that You will be served
with a subpoena to compel Your testimony or the production of documents concerning this Agreement
or Your employment with the Company, You agree to immediately notify the Company’s CFO by telephone
and as soon as possible thereafter in writing. If You disclose the existence or terms of this
Agreement pursuant to sub-clauses (i) or (ii) of this paragraph, You shall inform such person or
entity (a) of this confidentiality provision, and (b) to maintain the same level of confidentiality
required by this provision. Any breach of this provision by such person or entity will be
considered a breach by You. You may not use this Agreement as evidence, except in a proceeding in
which a breach of this Agreement is alleged.

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C. General Provisions

1. No Admission of Liability. This Agreement is not an admission of liability by the
Company. The Company denies any liability whatsoever. The Company enters into this Agreement
to reach a mutual agreement concerning Your separation from the Company.

2.
Attorneys’ Fees. In the event of litigation relating to this Agreement other than a challenge
to the ADEA/OWBPA Waiver set forth in Section A(3) above, the prevailing party shall be entitled to
recover attorneys’ fees and costs of litigation, in addition to all other remedies available at law
or in equity.

3. Waiver. The Company’s failure to enforce any provision of this Agreement shall not act
as a waiver of that or any other provision. The Company’s waiver of any breach of this Agreement
shall not act as a waiver of any other breach.

4. Severability. The provisions of this Agreement are severable. If any provision is
determined to be invalid, illegal, or unenforceable, in whole or in part, the remaining provisions
and any partially enforceable provisions shall remain in full force and effect.

5. Governing Law. The laws of the State of Georgia shall govern this Agreement. If
Georgia’s conflict of law rules would apply another state’s laws, the Parties agree that Georgia
law shall still govern.

6. Entire Agreement. This Agreement constitutes the entire agreement between the Parties;
provided, however, (i) Sections 6B, 6C, and 9 of the Employment Agreement are incorporated by
reference, and (ii) Your post-termination obligations contained in the Covenants Agreement are
incorporated by reference ((i) and (ii) collectively the “Incorporated Provisions”). The
Incorporated Provisions shall remain in full force and effect, and shall survive cessation of Your
employment. You acknowledge that Your post-termination obligations contained in the Covenants
Agreement are valid, enforceable and reasonably necessary to protect the interests of the Company,
and You agree to abide by such obligations. This Agreement supersedes any prior communications,
agreements or understandings, whether oral or written, between the Parties arising out of or
relating to Your employment and the termination of that employment; provided, however, that the
Parties acknowledge and agree that this Agreement does not supersede the Incorporated Provisions.
Other than this Agreement, no other representation, promise or agreement has been made with You to
cause You to sign this Agreement.

7.
Amendments. This Agreement may not be amended or modified except in writing signed by both
Parties.

8. Successors and Assigns. This Agreement shall be assignable to, and shall inure to the
benefit of, the Company’s successors and assigns, including, without limitation, successors through
merger, name change, consolidation, or sale of a majority of the Company’s stock or assets, and
shall be binding upon You and Your heirs and assigns.

9. Consent to Jurisdiction and Venue. You and the Company agree that any claim arising out
of or relating to this Agreement shall be brought in a state or federal court of competent
jurisdiction in Georgia. You and the Company consent to the personal jurisdiction of the state
and/or federal courts located in Georgia. You and the Company waive (i) any objection to

4

 

jurisdiction or venue, or (ii) any defense claiming lack of jurisdiction or improper venue, in
any  action brought in such courts.

If the terms set forth in this Agreement are acceptable, please sign below and return the signed
original to me on or before                     , 20 ___. If the Company does not receive a signed original on or before
the above-stated date, then this offer shall be revoked and You shall not be entitled to any of the
separation benefits stated above.

Sincerely,

Bill Gilmour

CFO

I
acknowledge the validity of this  ____ page Agreement and represent that I have the legal capacity
to enter into this Agreement. I have carefully read the Agreement, know and understand the
terms and conditions, including its final and binding effect, and sign it voluntarily.

	 	 	 
	 

	 	 
	Brian R. Geisel

	 	Date

5

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