Document:

exv10w1

Exhibit 10.1

STOCKHOLDERS’ AGREEMENT

     This Stockholders’ Agreement, dated as of January 15, 2010 (this “Agreement”), by and between
WCA Waste Corporation, a Delaware corporation (the “Company”) and the persons listed as
stockholders on Exhibit A hereto (together with it the Related Transferees, collectively
and singly, the “Stockholders”).

RECITALS

     WHEREAS, on December 9, 2009, the Company, WCA of Massachusetts, LLC, a Massachusetts limited
liability company (“WCA Massachusetts”), WCA of Ohio, LLC, an Ohio limited liability company (“WCA
Ohio” and, together with WCA Massachusetts, “WCA Subs,” and together with the Company, the “WCA
Parties”), Live Earth LLC, a Delaware limited liability company (“Live Earth”), Champion City
Recovery, LLC, a Massachusetts limited liability company (“CC”), Boxer Realty Redevelopment, LLC, a
Massachusetts limited liability company (“BR”), Sunny Farms Landfill, LLC, an Ohio limited
liability company (“SF”) and New Amsterdam & Seneca Railroad Company, LLC, an Ohio limited
liability company (“NA,” and together with Live Earth, CC, BR and SF, the “Live Earth Parties”)
entered into an Equity Interest and Asset Purchase Agreement (the “Purchase Agreement”) pursuant to
which the Company issued an aggregate of 3,555,556 shares of common stock of the Company, par value
$0.01 per share, (“Common Stock”), and may issue up to an additional 2,000,000 shares of Common
Stock pursuant to certain earn-out provisions as partial consideration for the acquisition by the
WCA Subs of the Equity Interests and the Transferred Assets (each as defined in the Purchase
Agreement); and

     WHEREAS, 3,000,002 shares issued by the Company at Closing could deemed to be beneficially
owned by or distributed to the Stockholders and up to 777,778 shares that may be issued by the
Company to Live Earth Funding LLC pursuant to the earn-out provisions set forth in the Purchase
Agreement could be deemed to beneficially owned by or distributed to the Stockholders; and

     WHEREAS, in connection with the transactions contemplated by the Purchase Agreement, the
Stockholders have agreed to certain terms and conditions on its stock ownership as set forth
herein.

AGREEMENT

     NOW, THEREFORE, in consideration of the issuance of the Common Stock pursuant to the Purchase
Agreement and the other promises contained therein, and in consideration of the foregoing and other
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto hereby agree as follows:

ARTICLE 1

DEFINITIONS; REPRESENTATIONS AND WARRANTIES

Section 1.1 Definitions. Unless otherwise specified all references to “days” shall be deemed to be references
to calendar days. For purposes of this Agreement, the following terms shall have the following
meanings:

 

 

     “Affiliate” shall mean (a) any other Person directly or indirectly controlled by, controlling
or under common control with the Person as to which affiliation is being tested; and (b) if any
Person is an individual, any member of the immediate family (including, spouse and children) of and
sharing a household with such individual and any trust whose principal beneficiary is such
individual or one or more members of such immediate family. For purposes of this definition, it is
expressly intended that any Person who now or hereafter controls, directly or indirectly, a
Stockholder that is not an individual shall be subject to the restrictions of Section 2.1 and the
provisions of Article 3 as if it were the Stockholder, including (without limitation) any
management company, advisory, manager and/or general partner of the Stockholder.

     “Board of Directors” shall mean the Board of Directors of the Company.

     “Business Day” shall mean any day that is not Saturday, Sunday or other day when banks are
required or permitted to be closed in the State of Delaware.

     “Closing” shall mean the closing of the transactions contemplated by the Purchase Agreement.

     “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended.

     “Group” shall mean a “group” as such term is used in Section 13(d)(3) of the Exchange Act (as
in effect, and based on legal interpretations thereof existing, on the date hereof).

     “Law” shall mean any applicable foreign, federal, state and local law, statute, rule,
regulation, code and ordinance.

     “Majority Vote” shall mean (i) the affirmative vote of a majority of the entire Board of
Directors, including the affirmative vote of a majority of all of the Unaffiliated Directors,
voting separately or (ii) as regards matters within the authority of any committee of the Board of
Directors consisting entirely of Unaffiliated Directors, the affirmative vote of such committee
(including for purposes of clauses (i) and (ii), an action by unanimous written consent).

     “Management Change” shall mean if, for any reason, either (i) Tom J. Fatjo, Jr. is no longer
serving as Chief Executive Officer of the Company or (ii) Jerome M. Kruszka is no longer serving as
President of the Company.

     “Ownership” and “Own” whether or not capitalized and including all correlative terms, with
respect to the position of any Person as to any Voting Securities shall include the following:

(i) all Voting Securities of which such Person would be deemed to have “beneficial ownership”
as defined in Rule 13d-3 under the Exchange Act as in effect on the date of this Agreement;
and

(ii) all Voting Securities Owned by a Related Person.

     “Person” shall mean any individual, Group, corporation, general or limited partnership,
limited liability company, governmental entity, joint venture, estate, trust, association,
organization or other entity of any kind or nature.

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     “Related Person” shall mean, with respect to any Person, (i) any Affiliate of such Person, and
(ii) a Group in which such Person is a member.

     “Related Transferee” shall mean any Related Person who acquires Common Stock from the
Stockholder who executes an instrument in the form and substance satisfactory to the Company in
which it agrees to be bound by the terms of this Agreement as if an original signatory to this
Agreement (in which case each of the Stockholder and each such Related Transferee shall thereafter
be a “Stockholder” and collectively the “Stockholders” for all purposes of this Agreement).

     “Reorganization Transaction” shall mean: (i) any merger, consolidation, recapitalization,
liquidation, acquisition or other business combination transaction involving the Company; (ii) any
tender offer or exchange offer for any securities of the Company; or (iii) any sale or other
disposition of assets of the Company or any of its subsidiaries in a single transaction or in a
series of related transactions in each of the foregoing cases constituting individually or in the
aggregate 4.9% or more of the Company’s issued and outstanding Voting Securities.

     “Transfer” shall mean, whether or not capitalized and including such correlative terms as
“Transferring” or “Transferred,” with respect to Voting Securities or any portion thereof, (i) a
transaction by which the Stockholder or any Related Person sells, assigns, grants, gives,
exchanges, disposes or transfers to another Person or entity any legal or beneficial, or direct or
indirect, right or interest therein or with respect thereto or (ii) entry into an agreement or
understanding with respect to the foregoing.

     “Unaffiliated Directors” shall mean those Persons who are elected as directors of the Board of
Directors by the holders of Common Stock (i) who are not the designees and/or affiliated with the
Stockholder or its Related Persons (including an officer or an employee, consultant or advisor
(financial, legal or other) of the Stockholder or any Related Person of the Stockholder, or any
person who shall have served in any such capacity within the three-year period immediately
preceding the date such determination is made) and (ii) who do not otherwise have a personal or
conflicting interest in the particular matter or proposal in question.

     “Voting Securities” shall mean (i) any securities entitled, or which may be entitled at any
point in the future, to vote in the election of directors of the Company, whether upon conversion
exercise, exchange or otherwise, (ii) any securities convertible or exercisable into or
exchangeable for such securities (whether or not the right to convert, exercise or exchange is
subject to the passage of time or contingencies or both), or (iii) any direct or indirect rights or
options to acquire any such securities; provided that unexercised options granted pursuant to any
employment benefit or similar plan and rights issued pursuant to any stockholder rights plan shall
be deemed not to be “Voting Securities.”

ARTICLE 2

COVENANTS OF STOCKHOLDERS

     Section 2.1 Prohibited Actions. Unless otherwise specifically approved by a Majority
Vote of the Board of Directors (after full disclosure by the Stockholders), the Stockholders will
not, and will cause each of its Related Persons not to, directly or indirectly:

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          (a) acquire or obtain, or make an offer or enter into any arrangement that would have the
effect of acquiring or obtaining, Ownership with respect to any class of Voting Securities if,
after giving effect to any such acquisition, the Stockholders individually or collectively would
Own more than thirty percent (30%) of any class of Voting Securities; provided, that the
Stockholders will not be precluded by the foregoing from (i) an acquisition as a result of a stock
split, stock dividend or similar recapitalization, (ii) the receipt and exercise of stock options
or similar rights granted by the Company to the Stockholder in his capacity as a director or an
Affiliate of the Stockholder that is a director as compensation for performance as a director of
the Company, (iii) acquisitions of shares of Common Stock pursuant to the Purchase Agreement; or
(iv) acquisition of any rights which are granted to all stockholders of the Company (and any shares
issuable upon exercise thereof); or

          (b) enter into any arrangements or understandings with any third Person in any manner
inconsistent with the other provisions set forth in this Section 2.1.

     Section 2.2 Restriction on Sales. Unless otherwise specifically approved by a Majority
Vote of the Board of Directors (after full disclosure by the Stockholder), the Stockholders will
not, and will cause each of its Related Persons not to, directly or indirectly, Transfer Common
Stock of the Company representing more than ten percent (10%) of the Company’s issued and
outstanding shares of Common Stock in any given single transaction or series of related
transactions to any Person or entity.

ARTICE 3

VOTING AND TRANSACTIONAL APPROVALS

     Section 3.1 Voting. The Stockholders agree that they shall, and shall cause
their respective Related Persons, to:

          (a) unless otherwise approved by a Majority Vote, to take reasonable efforts to cause to be
present, in person or represented by proxy, at all meetings of stockholders of the Company so that
all Voting Securities Owned by the Stockholders and their Related Persons shall be counted for the
purpose of determining the presence of a quorum at such meetings;

          (b) in connection with any proposals submitted to stockholders of the Company, including, but
not limited to proposals as to Reorganization Transactions, the Stockholders shall vote or cause to
be voted, or consent with respect to, all Voting Securities Owned by the Stockholders in the manner
recommended by a Majority Vote; and

          (c) in connection with any “solicitation” of “proxies” to vote (as those terms are defined in
Regulation 14A under the Exchange Act) with respect to the Company or its Affiliates, the
Stockholders shall participate in any such solicitation in a manner that is consistent with and in
support of the recommendation of a Majority Vote relating to each matter as to which any such
solicitation of proxies relates.

     Section 3.2 Management of the Business. Following the Closing and except as provided
in this Agreement, management of the Company will continue to have full authority to operate the
day-to-day business affairs of the Company to the same extent as prior to the

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Closing. In this
regard, the Chief Executive Officer of the Company shall continue to be in charge of all matters
within his authority on the date hereof, subject, as required by Delaware law, to the requirement
that the business and affairs of the Company shall be managed by or under the direction of the
Board of Directors.

ARTICE 4

MISCELLANEOUS

Section 4.1 Termination of Obligations. This Agreement shall terminate and the obligations
of the Stockholders under this Agreement shall terminate upon the earlier of (a) the fifth
anniversary of the date of this Agreement and (b) the 180th day after the date on which the
Stockholders and their Related Persons collectively Own Voting Securities representing less than 5%
of the voting power associated with all outstanding Voting Securities (as long as on such date and
at all times during such 180 day period, the Stockholders and their Related Persons collectively
Own Voting Securities representing less than 5% of the voting power associated with all outstanding
Voting Securities). If a Management Change occurs on or before the date specified in the first
sentence in this Section 4.1, than, except for the Section 2.1, this Agreement shall terminate and
the remaining obligations of the Stockholders under this Agreement, other than Section 2.1, shall
terminate on the date of such Management Change.

     Section 4.2 Notices. All notices, requests, demands and other communications
required or permitted hereunder shall be made in writing by hand-delivery, registered first-class
mail, telex, fax or air courier guaranteeing delivery:

	 	 	 	 	 	 	 
	 	 	If to the Company:	 	WCA WASTE CORPORATION
	 	 	 	 	1 Riverway, Suite 1400
	 	 	 	 	Houston, TX 77056
	 

	 	 	 	Attn:
	 	Tom J. Fatjo, III
	 

	 	 	 	Phone:
	 	(713) 292-2400
	 

	 	 	 	Fax:
	 	(713) 292-2455
	 
	 	 	 	 	 	 
	 	 	With a copy to:	 	ANDREWS KURTH LLP
	 	 	 	 	600 Travis
	 	 	 	 	Suite 4200
	 	 	 	 	Houston, Texas 77002
	 

	 	 	 	Attn:
	 	Jeff C. Dodd, Esq.
	 

	 	 	 	Phone:
	 	(713) 220-4200
	 

	 	 	 	Fax:
	 	(713) 220-4285

or to such other person or address as the Company shall furnish to the Stockholders in writing;

          If to the Stockholders, to the address listed opposite each such Stockholder’s name on
Exhibit A hereto, or to such other person or address as the Stockholders shall furnish to
the Company in writing.

     All such notices, requests, demands and other communications shall be deemed to have been duly
given: at the time of delivery by hand, if personally delivered; five (5) Business Days after being
deposited in the mail, postage prepaid, if mailed domestically in the United States

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(and seven (7)
Business Days if mailed internationally); when answered back, if telexed; when receipt
acknowledged, if telecopied; and on the Business Day for which delivery is guaranteed, if timely
delivered to an air courier guaranteeing such delivery.

     Section 4.3 Legends.

          (a) Each Stockholder shall present or cause to be presented promptly all certificates
representing Voting Securities Owned by such Stockholder or any of its Affiliates, for the
placement thereon of a legend substantially to the following effect, which legend will remain
thereon as long as such Voting Securities are Owned by any Stockholder or an Affiliate of any
Stockholder:

“THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO THE PROVISIONS OF A STOCKHOLDERS’
AGREEMENT, DATED AS OF JANUARY 15, 2010, BETWEEN WCA WASTE CORPORATION AND CERTAIN STOCKHOLDERS
OF WCA WASTE CORPORATION NAMED THEREIN AND MAY NOT BE OFFERED, SOLD, TRANSFERRED, PLEDGED,
HYPOTHECATED OR OTHERWISE DISPOSED OF EXCEPT IN ACCORDANCE THEREWITH. A COPY OF SAID AGREEMENT IS
ON FILE AT THE OFFICE OF THE CORPORATE SECRETARY OF WCA WASTE CORPORATION.”

          (b) The Company may enter a stop transfer order with the transfer agent or agents of Voting
Securities against any disposition not in compliance with the provisions of this Agreement.

     Section 4.4 Enforcement. The Stockholders, on the one hand, and the Company, on the
other hand, acknowledge and agree that irreparable injury to the other party would occur in the
event any of the provisions of this Agreement were not performed in accordance with their specific
terms or were otherwise breached and that such injury would not be adequately compensable in
damages. It is accordingly agreed that, in addition to any other remedies which may be available at
law or in
equity, each party hereto (the “Moving Party”) shall be entitled to seek specific enforcement
of, and injunctive relief to prevent any violation of, the terms of this Agreement. The parties
further agree that no bond shall be required as a condition to the granting of any such relief.

     Section 4.5 Entire Agreement. This Agreement constitutes the entire agreement and
understanding of the parties with respect to the transactions contemplated hereby. This Agreement
may be amended only by a written instrument duly executed by the parties or their respective
successors or assigns; provided, however, that any amendment or waiver by the Company shall be made
only with the prior approval of a Majority Vote of the Board of Directors.

     Section 4.6 Severability. Whenever possible, each provision or portion of this
Agreement will be interpreted in such manner as to be effective and valid under applicable law, but
if any provision or portion of any provision of this Agreement is held to be invalid, illegal or
unenforceable in any respect under any applicable law, rule or regulation in any jurisdiction, such
invalidity, illegality or unenforceability will not affect any other provision or portion of any
provision in such jurisdiction, and this Agreement will be reformed, construed and enforced in

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such
jurisdiction as if such invalid, illegal or unenforceable provision or portion of any provision
shall have been replaced with a provision which shall, to the maximum extent permissible under such
applicable law, rule or regulation, give effect to the intention of the parties as expressed in
such invalid, illegal or unenforceable provision.

     Section 4.7 Headings. Descriptive headings contained in the Agreement are for
convenience only and will not control or affect the meaning or construction of any provision of
this Agreement.

     Section 4.8 Counterparts. For the convenience of the parties, any number of
counterparts of this Agreement may be executed by the parties, and each such executed counterpart
will be an original instrument.

     Section 4.9 No Waiver. Any waiver by any party of a breach of any provision of this
Agreement shall not operate as or be construed to be a waiver of any other breach of such provision
or of any breach of any other provision of this Agreement. The failure of a party to insist upon
strict adherence to any term of this Agreement on one or more occasions shall not be considered a
waiver or deprive that party of the right thereafter to insist upon strict adherence to that term
or any other term of this Agreement.

     Section 4.10 Successors and Assigns. This Agreement shall be binding upon and inure
to the benefit of the Company and Stockholders, and to their respective successors and assigns
other than, in the case of
Stockholders, transferees that are not Related Transferees, including any successors to the
Company or Stockholders or their businesses or assets as the result of any merger, consolidation,
reorganization, transfer of assets or otherwise, and any subsequent successor thereto, without the
execution or filing of any instrument or the performance of any act; provided that no party may
assign this Agreement without the other party’s prior written consent, except by the Stockholders
to a Stockholder or a Related Transferee as expressly provided in this Agreement.

     Section 4.11 Governing Law. This Agreement will be governed by and construed and
enforced in accordance with the internal laws of the State of Delaware, without giving effect to
the conflict of laws principles thereof.

     Section 4.12 Further Assurances. From time to time on and after the date of this
Agreement, the Company and Stockholders, as the case may be, shall deliver or cause to be delivered
to the other party hereto such further documents and instruments and shall do and cause to be done
such further acts as the other parties hereto shall reasonably request to carry out more
effectively the provisions and purposes of this Agreement, to evidence compliance herewith or to
assure that it is protected in acting hereunder.

     Section 4.13 Consent to Jurisdiction and Service of Process. Any legal action or
proceeding with respect to this Agreement or any matters arising out of or in connection with this
Agreement, and any action for enforcement of any judgment in respect thereof shall be brought
exclusively in the state or federal courts located in the State of Delaware, and, by execution and
delivery of this Agreement, the Company and Stockholders each irrevocably consent to service of
process out of any of the aforementioned courts in any such action or proceeding by the

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mailing of
copies thereof by registered or certified mail, postage prepaid, or by recognized international
express carrier or delivery service, to the Company or Stockholders at their respective addresses
referred to in this Agreement. The Company and Stockholders each hereby irrevocably waive any
objection which it may now or hereafter have to the laying of venue of any of the aforesaid actions
or proceedings arising out of or in connection with this Agreement brought in the courts referred
to above and hereby further irrevocably waives and agrees, to the extent permitted by applicable
Law, not to plead or claim in any such court that any such action or proceeding brought in any such
court has been brought in an inconvenient forum. Nothing in this Agreement shall affect the right
of any party hereto to serve process in any other manner permitted by Law.

[SIGNATURE PAGE FOLLOWS]

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     IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the
date first referred to above.

	 	 	 	 	 
	 	WCA WASTE CORPORATION

 	 
	 	By:  	 	/s/ Tom J. Fatjo, Jr.
 	 
	 	Name:  	Tom J. Fatjo, Jr. 	 
	 	Title:  	Chairman and Chief Executive Officer 	 
	 
	 	STOCKHOLDERS:

 	 
	 	/s/ Joseph E. LoConti
 	 
	 	Joseph E. LoConti 	 
	 	 	 
	 	     /s/ Daniel J. Clark
 	 
	 	Daniel J. Clark 	 
	 	 	 
	 	GREGORY J. SKODA REVOCABLE TRUST

 	 
	 	/s/ Gregory J. Skoda
 	 
	 	Gregory J. Skoda, its Trustee 	 
	 	 	 
	 	PATRICIA A. SKODA REVOCABLE TRUST

 	 
	 	/s/ Patricia A. Skoda
 	 
	 	Patricia A. Skoda, its Trustee 	 
	 	 	 

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Exhibit A

Stockholders

	 	 	 
	Joseph E. LoConti

	 	6140 Parkland Blvd, Suite 300
Mayfield Heights, Ohio 44124
	 
	 	 
	Daniel J. Clark

	 	35875 Michael Drive, Solon, Ohio 44139
	 
	 	 
	Gregory J. Skoda Revocable Trust, Gregory J. Skoda, its Trustee

	 	13390 Ledgebrook Lane, Chagrin Falls, Ohio 44022
	 
	 	 
	Patricia A. Skoda Revocable Trust, Patricia A. Skoda, its Trustee

	 	13390 Ledgebrook Lane, Chagrin Falls, Ohio 44022Exhibit 10.1

Exhibit 10.1

January 12, 2010

Meigan Putnam

Dear Meigan:

Your employment relationship with S1 Corporation (the “Company”) terminated effective January
4, 2010 (the “Separation Date”). In order to ensure a smooth transition of responsibilities, the
Company has agreed to engage you on a consulting basis and make certain payments to you as set
forth in this letter agreement (“Agreement”), which sets forth the terms under which your
employment with the Company is ending. We desire to resolve any and all issues relating to your
employment and the conclusion of your employment with the Company amicably on mutually satisfactory
terms. Specifically, you (“You” or “Your”) and the Company (collectively, the “Parties”) agree:

A. Separation Terms

1. Payments. Provided that You satisfy the conditions of this Agreement and the Covenants
Agreement attached as Exhibit A hereto (the “Covenants Agreement”), and provided that You
do not revoke the Waiver (defined below) contained in this Agreement, the Company will:

	 	(a)	 	Pay You, within thirty (30) days of the expiration of the Revocation Period
(defined below) without You revoking the Waiver, (i) an amount equal to Seven Thousand
Six Hundred Sixty Two Dollars ($7,662) pursuant to the 2009 Management Incentive Plan,
and (ii) the aggregate sum of Two Hundred Thirty Five Thousand Two Hundred Eighty Two
Dollars ($235,282), which sum equals the average annual bonus actually paid to You for
the immediately prior three calendar years;

	 	(b)	 	In consideration of the Consulting Services (as defined in Section B.1.) to be
provided to the Company as set forth below, pay You the aggregate amount of One Hundred
Twelve Thousand Five Hundred Dollars ($112,500), payable in equal installments as of
the 15th and last day of each month during the six month period following
the Separation Date (or payable sooner if required pursuant to Section B.1 below);

	 	(c)	 	Assign and transfer to you any rights it may have to that certain Lenovo X61
laptop computer, serial # LVR144N; and

	 	(d)	 	Reimburse your COBRA premiums under the Company’s major medical group health
plan on a monthly basis for the next six (6) months upon submission of paid receipts by
You.

Additionally, and regardless of whether You sign this Agreement, You will be paid, on or before
January 31, 2010, any unpaid salary through the Separation Date and any un-reimbursed business
expenses incurred by You as of the Separation Date in accordance with Company policy. All payments (except for reimbursement of business expenses) will be subject to applicable withholdings,
including taxes and social security. Because You are no longer employed as of the Separation Date,
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
the Separation Date will be the date used in determining benefits under all Company employee
benefit plans. You further acknowledge that You are not entitled to any payments or benefits from
the Company following the Separation Date other than those expressly set forth in this Agreement
and that the payments and benefits set forth in (a) through (d) above are consideration for Your
promises in this Agreement (including without limitation the General Release of Claims and the
Waiver) and the Covenants Agreement. The Company’s obligations listed in (a) through (d) above
will terminate immediately upon any breach by You of this Agreement or the Covenants Agreement.

 

 

 

2. General Release of Claims. In exchange for the payments and benefits stated in (a)
through (d) in A.1. above, You release and discharge the Company and its directors, officers,
employees and affiliated and related companies (and the directors, officers and employees of the
affiliated and related companies) (collectively, the “Released Parties”), 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 or any employment agreement, 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. Except for any obligations expressly set forth in this Agreement, You also release the
Released Parties from any claims for unpaid back pay, sick pay, vacation pay, expenses, bonuses,
commissions, attorneys’ fees, or any other compensation or benefits. You further agree that You
have suffered no harassment, retaliation, employment discrimination, or work-related injury or
illness.

3. OWBPA/ADEA 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”), and the Older Workers Benefit Protection Act, 29 U.S.C. § 621 et
seq. (“OWBPA”) (such release and waiver to be referred to as 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 OWBPA and the ADEA, 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 forty-five (45) 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, 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;

	 	(vi)	 	You have seven (7) days after signing this Agreement to revoke the Waiver (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 in
(a) through (d) of Section A.1. To be effective, the revocation must be in writing and
received by Sandy Fountain, VP Human Resources at S1 Corporation, 705 Westech Drive,
Norcross, Georgia 30092, or her successor, within the Revocation Period; and

	 	(vii)	 	this Agreement will not become effective or enforceable until the Revocation
Period has expired without your revoking the Waiver.

B. Your Ongoing Obligations

1. Consulting Services. During the period beginning the day after the expiration of the
Revocation Period without You revoking this Agreement until June 30, 2010 (or such earlier date as
provided in this Section B.1., the “Consulting Term”), You will provide such consulting services as
a member of the Company’s senior management team shall reasonably request from time to time (the
“Consulting Services”); provided, that, notwithstanding the foregoing, the Consulting Term may be
terminated by the Company at any time upon notice to You. In the event the Consulting Term is
terminated prior to June 30, 2010, or in the event of Your death prior to such date, the Company
shall, within fifteen (15) days following the date of termination, pay You (or pay Your estate as
soon as practicable following Your death), subject to applicable withholdings, including taxes and
social security, an amount equal to difference between (i) One Hundred Twelve Thousand Five Hundred
Dollars ($112,500), and (ii) any amounts previously paid to you for the Consulting Services
pursuant to Section A.1.(b) above. You will at all times during the Consulting Term be an
independent contractor of the Company, and You shall have no authority, nor shall You represent to
any person or entity that You have authority, to bind the Company in any matter without the prior
written consent of the Company. During the Consulting Term, You shall be entitled to make Your
services
available to, and perform work for, other companies, subject to Your obligations in this Agreement
and the Covenants Agreement.

 

 

 

2. Return of Company Property. You will, not later than January 30, 2010, return to the
Company all of the Company’s property, including, but not limited to, keys, pass 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 in electronic form. You acknowledge
that You have not and will not destroy, delete, or alter any Company property without the Company’s
consent.

3. Non-Disparagement. You will not make any disparaging or defamatory statements, whether
written or verbal, regarding the Company or its officers, directors or employees.

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

5. Covenants Agreement. On the same date that You sign this Agreement, You shall sign the
Covenants Agreement attached as Exhibit A hereto. This Agreement shall not be effective
unless You sign the Covenants Agreement too.

6. Cooperation. You agree to cooperate with the Company in its defense in any
investigation, litigation or administrative proceeding regarding matters occurring during Your
employment. The Company shall fully reimburse You for reasonable out-of-pocket expenses incident to
such cooperation provided they are properly documented.

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 Waiver set forth in Section A.3. above, the Company shall, if it is the prevailing
party, 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 or any other state’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 and the Covenants Agreement attached hereto as
Exhibit A (collectively, the “Agreements”) constitute the entire agreement between the
Parties with respect to the subject matter herein. The Covenants Agreement is incorporated by
reference, and any post-termination obligations contained in the Covenants Agreement shall remain
in full force and effect in accordance with the terms thereof. You acknowledge that the
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. 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, including without limitation that certain Agreement between You and
the Company dated December 24, 2008, as amended by Amendment to Agreement dated August 18, 2009.
Other than the Agreements, 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. You may not assign Your rights and obligations in this
Agreement without the Company’s prior written consent. 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 permitted assigns.

If the terms set forth in this Agreement are acceptable, please sign below and return the signed
original to me.

	 	 	 	 	 
	 	Sincerely,

 	 
	 	/s/ Gregory D. Orenstein
 	 
	 	Gregory D. Orenstein 	 
	 	SVP, Chief Legal Officer and Secretary 	 
	 

I acknowledge the validity of this 4 page Agreement, and the attached Exhibit A, and
represent that I have the legal capacity to enter into this Agreement. I acknowledge that I
have had the opportunity to consult with an attorney before signing 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.

	 	 	 	 	 	 	 
	/s/ Meigan Putnam
 

	 	 
	 	January 12, 2010
 

	 	 
	Meigan Putnam

	 	 	 	Date	 	 

 

 

 

EXHIBIT A

COVENANTS AGREEMENT

This COVENANTS AGREEMENT (the “Agreement”) is made this 12th day of January, 2010,
between S1 Corporation (the “Company”) and Meigan Putnam (“You” or “Your”) (collectively, the
“Parties”).1

For and in consideration of the Company’s promises in the separation and consulting letter
agreement (the “Separation and Consulting Agreement”) to which this Agreement is attached, and for
and in consideration of the premises, as well as the obligations herein made and undertaken, the
sufficiency of which is acknowledged, You agree to the following terms:

1. Acknowledgments. You acknowledge that:

	 	(a)	 	While an employee of the Company, You were in a position of trust and responsibility
with access to Confidential Information, Trade Secrets, and information concerning
Employees and Customers of the Company;

	 	(b)	 	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; and

	 	(c)	 	the restrictions contained in this Agreement are reasonable and necessary to protect
the legitimate business interests of the Company, and will not impair or infringe upon Your
right to work or earn a living following the termination of Your employment with the
Company.

2. Trade Secrets and Confidential Information.

	 	(a)	 	You represent and warrant that You are not subject to any legal or contractual duty or
agreement that would prevent or prohibit You from complying with this Agreement or the
Separation and Consulting Agreement.

	 	(b)	 	You will not:

	 	(i)	 	use, disclose, or reverse engineer any Trade Secrets or Confidential Information for
any purpose except as authorized in writing by the Company; or

	 	(ii)	 	(a) retain any Trade Secrets or Confidential Information, including any copies existing
in any form (including electronic form), or (b) destroy, delete, or alter any Trade Secrets
or Confidential Information without the Company’s written consent.

	 	(c)	 	The obligations under this Agreement shall:

	 	(i)	 	with regard to the Trade Secrets, remain in effect as long as the information
constitutes a trade secret under applicable law; and

	 	(ii)	 	with regard to the Confidential Information, remain in effect during the Restricted
Period.

	 	(d)	 	The confidentiality, property, and proprietary rights protections available in this Agreement
are in addition to, and not exclusive of, any and all other rights to which the Company is
entitled under federal and state law, including, but not limited to, rights provided under
copyright laws, trade secret and confidential information laws, and laws concerning fiduciary
duties.

3. Non-Recruit of Employees. During the Restricted Period, You will not, directly or
indirectly, solicit, recruit or induce any Employee to (i) terminate his or her employment
relationship with the Company, or (ii) work as an employee or independent contractor for any other
person or entity engaged in the Business.

4. Injunctive Relief. If You breach this Agreement, You agree that:

	 	(a)	 	the Company would suffer irreparable harm;

	 	(b)	 	it would be difficult to determine damages, and money damages alone would be an
inadequate remedy for the injuries suffered by the Company; and

 

	 	 	 
	1	 	Unless otherwise indicated, all capitalized terms used in this
Agreement are defined in the “Definitions” section of Attachment A. Attachment
A is incorporated by reference and is included in the definition of
“Agreement.”

 

 

 

	 	(c)	 	if the Company seeks injunctive relief to enforce this Agreement, You will waive and
will not (i) assert any defense that the Company has an adequate remedy at law with respect
to the breach, (ii) require that the Company submit proof of the economic value of any
Trade Secret or Confidential Information, or (iii) 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, including any rights in the Separation and Consulting Agreement to terminate any
payments or benefits due You.

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

6. 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.

7. Modification; Severability. The provisions of this Agreement are capable of
modification and severable. If any provision is determined to be invalid, illegal, or
unenforceable, in whole or in part, it shall be modified so it is valid, legal, and enforceable.
If it is not capable of modification, such provision shall be severed and the remaining provisions
and any partially enforceable provisions shall remain in full force and effect.

8. 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.

9. 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.

10. Entire Agreement. This Agreement, including Attachment A which is incorporated
by reference, constitutes the entire agreement between the Parties concerning the subject matter of
this Agreement. This Agreement supersedes any prior communications, agreements or understandings,
whether oral or written, between the Parties relating to the subject matter of this Agreement.

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

12. 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. You shall not have the right to assign Your rights or obligations under
this Agreement.

13. 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 have signed this Agreement as of the date set forth above.

S1 Corporation

	 	 	 	 	 	 	 	 	 	 	 
	By:	 	/s/ Gregory D. Orenstein	 	 	 	/s/ Meigan Putnam	 	 
	 	 	 	 	 	 	 	 	 
	 

	 	Name:
	 	Gregory D. Orenstein
	 	 	 	Meigan Putnam	 	 
	 

	 	Title:
	 	SVP, Chief Legal Officer and Secretary	 	 	 	 	 	 

 

 

 

ATTACHMENT A

DEFINITIONS

	A.	 	“Business” shall mean the business of developing, designing, and implementing software
applications that allow financial institutions, retailers and/or processors to enable their
customers to access financial information and/or conduct transactions over various delivery
channels including, without limitation, the Internet, telephone, branch, call center, ATM and
POS.

	B.	 	“Confidential Information” means (a) information of the Company, to the extent not considered
a Trade Secret under applicable law, that (i) relates to the business of the Company, (ii)
possesses an element of value to the Company, and (iii) is not generally known to the
Company’s competitors, and (b) information of any third party provided to the Company which
the Company is obligated to treat as confidential. Confidential Information includes, but is
not limited to, (i) future business plans, (ii) the composition, description, schematic or
design of products, future products or equipment of the Company, (iii) communication systems,
audio systems, system designs and related documentation, (iv) advertising or marketing plans,
(v) information regarding independent contractors, employees, clients and customers of the
Company, and (vii) information concerning the Company’s financial structure and performance
and methods and procedures of operation. Confidential Information shall not include any
information that (i) is or becomes generally available to the public other than as a result of
an unauthorized disclosure, (ii) has been independently developed and disclosed by others
without violating this Agreement or the legal rights of any party, or (iii) otherwise enters
the public domain through lawful means.

	D.	 	“Employee” means any person who (i) was employed by the Company at the time Your employment
with the Company ended, (ii) was employed by the Company during the last year of Your
employment with the Company, or (iii) is employed by the Company during the Restricted Period.

	G.	 	“Restricted Period” means the time period for eighteen (18) months after Your employment with
the Company ended.

	H.	 	“Trade Secrets” means information of the Company, and its licensors, suppliers, clients and
customers, without regard to form, 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 which is not commonly known by or available to the public and
which information (i) 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 (ii) is the subject of efforts that are
reasonable under the circumstances to maintain its secrecy.

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