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                                                                    EXHIBIT 10.2

                        EXECUTIVE EMPLOYMENT AGREEMENT OF
                                  THOMAS BLACK

   This Executive Employment Agreement ("AGREEMENT") is entered into between
PRIVATE BUSINESS, INC., a Tennessee corporation ("COMPANY"), and THOMAS BLACK, a
resident of Nashville, Tennessee ("EXECUTIVE"). The Company and Executive are
sometimes referred to herein as the "PARTIES."

1. Introduction. The Company has employed Executive as its President and Chief
Executive Officer since February 1, 2001. Accordingly, the Company and Executive
intend by this Agreement to specify the terms and conditions of Executive's
current employment relationship with the Company.

2. Employment. The Company confirms the employment of Executive and Executive
hereby confirms its acceptance of employment with the Company upon terms and
conditions set forth herein, in each instance effective February 1, 2001.

3. Duties and Responsibilities.

   3.1 Extent of Service. Executive shall, during the term of this Agreement,
devote such of his entire time, attention, energies and business efforts to his
duties as an executive of the Company as are reasonably necessary to carry out
his duties specified in Paragraph 3.2 below. Executive shall not, during the
term of this Agreement, engage in any other business activity (whether or not
such business activity is pursued for gain, profit or other pecuniary advantage)
if such business activity would impair Executive's ability to carry out his
duties hereunder. This Paragraph 3.1, however, shall not be construed to prevent
Executive from investing his personal assets as a passive investor or from
serving on the boards of directors of companies whose Business Activities (as
defined in Section 10.1) are not competitive with either (i) any of the Business
Activities conducted or offered by the Company or its subsidiaries or
affiliates, which Business Activities shall include in any event and without
limitation, providing software products and marketing, training, management,
billing, collection and insurance brokerage services to entities in the business
of purchasing or financing accounts receivable or in the factoring business, or
(ii) any other Business Activities which the Company or its subsidiaries or
affiliates conducts or offers, or is actively planning to conduct or offer.

   3.2 Position and Duties. Subject to the power of the Board of Directors of
the Company to elect and remove officers and the power of the stockholders to
remove directors, Executive shall serve the Company as President and Chief
Executive Officer and Director and shall be nominated for re-election as a
Director at the Company's Annual Meeting of Shareholders; and shall perform,
faithfully and diligently, the services and functions relating to such office
(or otherwise reasonably incident to such office) as may be designated from time
to time by the Board of Directors of the Company or its designee(s); provided
that all such services and functions shall be reasonable and within

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Executive's area of expertise, and provided further that Executive shall be
physically capable of performing the same.

   3.3 Place of Employment. During the term of this Agreement, the Company shall
maintain its principal executive offices in the Nashville, Tennessee area, and
Executive's primary place of employment shall be at such principal executive
offices. During the term of this Agreement, the Company will provide Executive
with a private office and other customary staff support services commensurate
with the services and functions to be performed by him hereunder.

4. Salary and Other Benefits. Subject to the terms and conditions of this
Agreement:

   4.1 Salary. As compensation for his services during the term of his
employment under this Agreement, Executive shall be paid at an annual rate of
not less than Two Hundred Ten Thousand Dollars ($210,000), payable in accordance
with the then current payroll policies of the Company. Such salary shall be
subject to increase by the Board of Directors of the Company (or the appropriate
committee thereof) from time to time. The annual salary payable from time to
time by the Company to Executive pursuant to this Paragraph 4.1 is herein
sometimes referred to as his "BASE SALARY."

   4.2 Incentive Bonus Eligibility. Beginning with calendar year 2001, Executive
shall be eligible to be paid an annual incentive cash bonus ("BONUS") of up to
one hundred percent (100%) of his Base Salary subject to performance criteria
for the Company and Executive established from time to time by the Board of
Directors, or its designee(s), and Executive. The initial performance criteria
are set forth in Annex A to this Agreement.

   4.3 Method of Payment.

       (a) No later than January 1 of each year, Executive may elect to take all
   or any portion of his Base Salary for such year in cash and/or common stock
   of the Company. Executive hereby elects to receive all of his Base Salary for
   his employment from February 1, 2001 through December 31, 2001 in common
   stock of the Company. If Executive elects to take any portion of his Base
   Salary in common stock of the Company as to any calendar year, the Company
   shall pay Executive as of January 1 of such year such number of restricted
   shares (the "RESTRICTED SHARES") equal to the amount of Base Salary to be
   paid in common stock, net of all applicable tax and other standard payroll
   deductions (resulting in "NET Pay"), divided by the closing price of the
   common stock on December 31 of the preceding calendar year (except that Net
   Pay shall be divided by $3.00 for employment during 2001). With respect to
   Executive's election in the second sentence of this Section 4.3(a) as to his
   employment from February 1, 2001 through December 31, 2001, such formula
   shall result in Executive receiving 43,608 shares, subject to the other terms
   and conditions in this Agreement. The Restricted Shares shall vest one
   twelfth (1/12th) per month (or one-eleventh (1/11th) per month as to 2001)
   and shall be subject to a Restricted Stock Agreement dated as of January 1 of
   such year (or on or about the date hereof with respect to 2001) in
   substantially the form attached hereto as Exhibit A. (With respect to the
   share and option calculations in Sections 4.3 and 4.4, all amounts have been
   calculated after taking into effect the Company's one-for-three reverse stock
   split effective August 9, 2001.)

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       (b) Executive may also elect to take all or any portion of his Bonus
   described in Section 4.2 in cash and/or common stock of the Company, within
   ten (10) days of the date the Board of Directors sets the amount of such
   Bonus. If Executive elects to take any portion of his Bonus in common stock
   of the Company, the Company shall issue Executive such number of shares of
   common stock equal to the amount of Bonus to be paid in common stock, net of
   all applicable tax and other standard payroll deductions, divided by the
   closing price of the common stock on the date the Board approves the amount
   of the Bonus. Such stock shall not be subject to a Restricted Stock Agreement
   substantially in the form attached as Exhibit A.

       (c) In the event Executive elects to receive any shares of common stock
   of the Company as provided in this Section 4.3, it shall be Executive's sole
   responsibility to determine whether or not to make an election pursuant to
   Section 83(b) of the Internal Revenue Code and if he determines to make such
   election, it shall be his sole responsibility to file such election with the
   IRS.

   4.4 Stock Option Grants. Executive may be granted options to acquire shares
of the Company's common stock at anytime at the discretion of the Board. Such
grant shall be made pursuant to an Incentive Stock Option Agreement between the
Company and Executive to the extent Executive is eligible for incentive options
under applicable tax laws and, with respect to any excess, a Non-Qualified Stock
Option Agreement between the Company and Executive. Such agreement will provide
for vesting of such options over four (4) years at the rate of 1/48th per month,
unless otherwise determined by the Board. Executive shall be granted options to
acquire 333,333 shares of common stock pursuant to a separate Stock Option
Agreement dated on or about the date hereof. Such Agreement shall generally
provide for immediate vesting of 166,667 options as of the date of grant and
ratable vesting over four (4) years (1/48th per month) of the remaining 166,666
options, subject to other provisions of such Stock Option Agreement. The 166,667
options immediately vested upon grant shall have an exercise price of $3.00 per
share; 83,333 options shall have an exercise price of $12.00 per share; and
83,333 options shall have an exercise price of $18.00 per share. In all events
all options shall be subject to the terms and conditions of the Company's 1999
Amended and Restated Stock Option Plan, as the same may be amended from time to
time (the "STOCK OPTION PLAN").

   4.5 Other Benefits. As long as Executive is employed by the Company,
Executive shall be entitled to receive the following benefits in addition to his
Base Salary:

       (a) Executive shall have the right to participate in all group benefit
   plans of the Company in accordance with the Company's regular practices with
   respect to its senior officers.

       (b) Executive shall be entitled to reimbursement from the Company for
   reasonable out-of-pocket expenses incurred by him in the course of the
   performance of his duties hereunder, subject to compliance with the Company's
   standard expense policies and procedures.

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       (c) Executive shall be entitled to such vacation, holidays and other paid
   or unpaid leaves of absence as are consistent with the Company's policy for
   other senior officers.

5. Term. The term of this Agreement shall be for an initial period of four (4)
years and ending on January 31, 2005, and shall thereafter automatically be
extended for an additional period of one (1) year on a yearly basis, unless on
or before December 1 of any subsequent year, either Executive or the Company
gives the other party notice that the term of this Agreement will not be so
extended, in which case the term of this Agreement will end on the end of the
year designated in the notice.

6. Termination and Resignation. Notwithstanding Section 5, the Company shall
have the right to terminate Executive's employment hereunder at any time and for
any reason, and upon any such termination Executive shall be entitled to receive
from the Company prompt payment of the amount determined pursuant to the
applicable subparagraph of Paragraph 7 below. Executive shall have the right to
terminate his employment hereunder at any time by resignation, and he shall
thereupon be entitled to receive from the Company payment of the amount
determined pursuant to the applicable subparagraph of Paragraph 7 below.

7. Payments Upon Termination and Resignation.

   7.1 Pro Rata Payments Upon Termination for Cause, Resignation Prior to Change
in Control, Death or Disability. If (a) the Company at any time terminates
Executive's employment for Cause (as defined below), or (b) prior to the
occurrence of a Change In Control (as defined below) of the Company, Executive
voluntarily resigns for any reason other than because of a Constructive
Discharge by the Company, then in each case Executive shall be entitled to
receive only his Base Salary on a pro rata basis to the date of termination plus
any amounts due Executive through the date of termination in accordance with
Paragraph 4.5. If Executive during the term of this Agreement dies or becomes
disabled (being the inability of Executive to perform his normal employment
duties for any six (6) months during any twelve (12) month period because of
either physical or mental incapacity), Executive or his estate shall be entitled
to receive any amounts due Executive pursuant to Section 4.5 and to receive his
Base Salary plus Bonus on a pro rata basis to the date of termination or
resignation. For purposes of this Paragraph 7.1, "pro rata" shall mean the
product of Executive's annual Base Salary and Bonus that would have been payable
had Executive's employment not terminated multiplied by a fraction the
denominator of which is 365 and the numerator of which is the number of days
during the calendar year that have passed through the date of the termination of
Executive's employment.

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   7.2 Base Salary and Average Bonus Payment Upon Termination Prior to Initial
Change in Control Event or Upon Constructive Discharge Prior to Change in
Control. If (a) prior to the occurrence of an Initial Change in Control Event
(as defined below), the Company terminates Executive's employment because of a
Discharge Event (as defined below), or if (b) prior to the occurrence of a
Change in Control of the Company, Executive's employment ceases due to
Constructive Discharge, then in each case Executive shall be entitled to receive
a lump sum payment equal to his Base Salary and Average Bonus (as defined
below). If prior to the occurrence of an Initial Change in Control Event the
Company terminates Executive's employment without Cause (other than due to
Constructive Discharge) and without a Discharge Event, then Executive shall be
entitled to receive a lump sum payment equal to two times his Base Salary and
Average Bonus.

   7.3 Payment Upon Termination After Initial Change of Control Event or Upon
Termination or Resignation After a Change in Control.

       (a) If after the occurrence of an Initial Change of Control Event of the
   Company, the Company terminates Executive's employment hereunder because of a
   Discharge Event, or without Cause and without any Discharge Event, including
   by Constructive Discharge, then in either case:

           (i) in the event the closing trading price of the Company's common
   stock on the date of the Initial Change of Control equals or exceeds three
   (3) times the closing trading price of such stock on February 1, 2001, the
   Company will pay Executive a lump sum payment equal to two (2) times the sum
   of Executive's Base Salary and his Average Bonus (as defined below); or

           (ii) in the event the closing trading price of the Company's common
   stock on the date of the Initial Change of Control is less than three (3)
   times the closing trading price of such stock on February 1, 2001 (such
   closing price being $1.28), or $3.84 after adjustment for the Company's
   one-for-three reverse stock split effective August 9, 2001 the Company will
   pay Executive a lump sum payment equal to one (1) times the sum of
   Executive's Base Salary and Average Bonus.

       (b) Notwithstanding the foregoing Subsection 7.3(a), the Company shall
   pay Executive a termination payment equal to one (1) times his Base Salary
   and Average Bonus if Section 7.3(a) is triggered but the Initial Change in
   Control Event constitutes a "going private transaction," as defined in
   Section 13(e)(3) of the Exchange Act of 1934 (other than an acquisition of
   the Company by a third party not owned or controlled by "Affiliates" of the
   Company, as "Affiliates" is also defined in Section 13(e)(3)).

       (c) Notwithstanding Subsection 7.3(a), the Company shall pay Executive a
   termination payment equal to one and one-half (1.5) of his Base Salary and
   Average Bonus if, within one (1) year following a Change in Control Event,
   Executive voluntarily resigns for any reason other than death, disability or
   Constructive Discharge.

   7.4 Certain Definitions. The following terms not defined elsewhere in this
Agreement shall have the following definitions:

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       (a) "AVERAGE BONUS" shall mean that result obtained by dividing the sum
   of the Bonuses, if any, actually paid to Executive pursuant to Paragraph 4.2
   above in respect of the two (2) years immediately preceding the year in which
   Executive is terminated by two; provided, however, that with respect to a
   termination of employment that occurs prior to January 1, 2003, the Average
   Bonus of Executive shall be equal to the Bonus Executive actually received
   with respect to his employment during 2001, as annualized.

       (b) Termination by the Company of Executive's employment for "CAUSE"
   shall mean termination upon the willful misappropriation of funds or
   properties of the Company or the willful contravention of the standards
   referred to in the last sentence of Paragraph 9 below. For purposes of this
   definition, no act, or failure to act, on Executive's part shall be
   considered "willful" unless done, or omitted to be done, by Executive not in
   good faith and without reasonable belief that Executive's action or omission
   was in the best interest of the Company. Notwithstanding the foregoing,
   Executive shall not be deemed to have been terminated for Cause unless and
   until there shall have been delivered to Executive a copy of a resolution,
   duly adopted by the affirmative vote of not less than one-half (1/2) of the
   entire membership of the Board of Directors of the Company at a meeting of
   the Board duly called and held (after reasonable notice to Executive and an
   opportunity for Executive, together with his counsel, to be heard before the
   Board) finding that in the good faith opinion of the Board Executive was
   guilty of the conduct set forth above and specifying the particulars thereof
   in detail.

       (c) A "CHANGE IN CONTROL" shall be conclusively deemed to have occurred
   if (and only if) any of the following shall have taken place: (i) a change in
   control is reported by the Company in response to either Item 6(e) of
   Schedule 14A of Regulation 14A promulgated under the Securities Exchange Act
   of 1934, as amended ("EXCHANGE ACT"), or Item 1 of Form 8-K promulgated under
   the Exchange Act; (ii) any person (as such term is used in Section 13(d) and
   14(d)(2) of the Exchange Act) is or becomes the beneficial owner (as defined
   in Rule 13d-3 under the Exchange Act) directly or indirectly, of securities
   of the Company representing forty percent (40%) or more of the combined
   voting power of the Company's then outstanding securities; or (iii) following
   the election or removal of directors, a majority of the Board consists of
   individuals who were not members of the Board two (2) years before such
   election or removal, unless the election of each director who was not a
   director at the beginning of such two-year period has been approved in
   advance by directors representing at least a majority of the directors then
   in office who were directors at the beginning of the two-year period.

       (d) The "CODE" shall refer to the Internal Revenue of 1986, as amended.

       (e) A "CONSTRUCTIVE DISCHARGE" by the Company shall mean either of the
   following: (i) a material diminution in the authority, status or
   responsibilities of Executive, (ii) failure to pay Executive's Base Salary
   for more than thirty (30) days after the regularly scheduled due date for any
   portion thereof (other than resulting from unintentional clerical error), or
   (iii) relocation of Company's principal executive

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   offices outside of Davidson or Williamson Counties, Tennessee; provided that
   in no event will termination for Cause constitute Constructive Termination.

       (f) A "DISCHARGE EVENT" shall have occurred if Executive shall have
   received a copy of a resolution duly adopted by the affirmative vote of a
   majority of the members of the Compensation Committee of the Board of
   Directors of the Company finding that, upon the recommendation of and for the
   reasons cited by the Chairman of the Company, Executive is no longer
   discharging his duties in a manner consistent with the effective
   administration of the affairs of the Company and hence the continued
   employment of Executive is no longer in the best interest of the Company.

       (g) An "INITIAL CHANGE IN CONTROL EVENT" shall be conclusively deemed to
   have occurred when any individual, group, partnership, corporation, trust or
   other entity ("PERSON") initiates a course of action or conduct that, in the
   good faith judgment of the Board of Directors of the Company, might
   reasonably be expected to lead to a Change in Control of the Company. For
   example and without limiting the scope of the foregoing, an Initial Change in
   Control Event would include the public announcement or other disclosure by a
   Person of its intention (i) to acquire by private or open market purchase,
   tender offer, exchange offer, or otherwise forty percent (40%) or more of the
   combined voting power of the Company's outstanding securities, or (ii) to
   solicit proxies or consents for the removal of a majority of incumbent
   directors or the election of persons to serve as a majority of directors of
   the Company in opposition to nominees proposed by the Board of Directors of
   the Company.

8. Exercise of Options.

   8.1 In the event, prior to a Change in Control:

       (a) Executive's employment is terminated by the Company for any reason
   other than for Cause, including termination by Constructive Discharge,
   Executive's stock options which are vested as of such time shall remain
   exercisable for a period of no less than two (2) years, as determined by the
   Company's Board of Directors or committee established by the Board of
   Directors to administer the Stock Option Plan, subject to the terms and
   conditions of the Stock Option Plan including, without limitation, provisions
   regarding the maximum period during which incentive stock options may be
   exercised;

       (b) Executive's employment is terminated by the Company for Cause,
   Executive's stock options shall terminate in accordance with the Stock Option
   Plan;

       (c) Executive's employment is terminated pursuant to Executive's death or
   permanent disability, Executive's vested stock options shall remain
   exercisable until the earlier of the expiration of the option term specified
   in the applicable options agreement(s), or a period of no less than two (2)
   years from the Date of Termination, as determined by the Company's Board of
   Directors or committee established by the Board of Directors to administer
   the Stock Option Plan, subject

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   to the terms and conditions of the Stock Option Plan regarding the maximum
   period during which incentive stock options may be exercised; or

       (d) Executive's employment is terminated pursuant to Executive's
   resignation, Executive's vested stock options shall remain exercisable for
   ninety (90) days after the Date of Termination, unless a longer period is
   established by the Company's Board of Directors or committee established by
   the Board of Directors to administer the Stock Option Plan, subject in all
   events to the terms and conditions of the Stock Option Plan including,
   without limitation, provisions regarding the maximum period during which
   incentive stock options may be exercised.

   8.2 Contemporaneously with the occurrence of a Change in Control of the
Company, all outstanding options previously granted to Executive under any then
existing Company stock option, stock appreciation or other employee incentive
plan that are not otherwise exercisable by Executive at the time the Change in
Control of the Company occurs will immediately vest and become exercisable. In
the event, after a Change in Control:

       (a) Executive's employment is terminated by the Company for any reason
   other than for Cause, including termination by Constructive Discharge, then:

           (i) Executive's stock options shall remain exercisable until the
       earlier of the expiration of the option term specified in the applicable
       option agreement(s), or five (5) years from the Date of Termination,
       subject to the terms and conditions of the Stock Option Plan regarding
       the maximum period during which incentive stock options may be exercised;
       and

           (ii) In addition to payments due Executive pursuant to Section 7.2,
       the expiration of any restrictions on common stock awarded Executive
       pursuant to his election under Section 4.3 in lieu of Base Salary for the
       year in which the Change in Control occurs shall automatically be
       accelerated, and such restrictions shall terminate as of the date
       Executive's employment is so terminated.

       (b) Executive's employment is terminated by the Company for Cause,
   Executive's stock options shall terminate in accordance with the Stock Option
   Plan;

       (c) Executive's employment is terminated pursuant to Executive's death or
   permanent disability, Executive's vested stock options shall remain
   exercisable until the earlier of the expiration of the option term specified
   in the applicable option agreement(s), or a period of no less than two (2)
   years from the Date of Termination, as determined by the Company's Board of
   Directors or committee established by the Board of Directors to administer
   the Stock Option Plan, subject to the terms and conditions of the Stock
   Option Plan regarding the maximum period during which incentive stock options
   may be exercised; or

       (d) Executive's employment is terminated pursuant to Executive's

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   resignation, Executive's vested stock options shall remain exercisable until
   the earlier of the expiration of the option term specified in the applicable
   option agreement(s), or five (5) years from the Date of Termination, subject
   in all events to the terms and conditions of the Stock Option Plan regarding
   the maximum period during which incentive stock options may be exercised.

   8.3 For purposes of Sections 8.1 and 8.2, the "maximum period during which
incentive stock options may be exercised" shall be determined without regard to
any requirement in the Plan that incentive stock options be exercised within a
certain time after termination of Executive's employment. Accordingly, in the
event Executive ceases to be employed by the Company, any incentive stock option
issued to Executive that is not exercised within the time period specified in
Section 7.8, 7.9 or 7.10 of the Stock Option Plan, as applicable, may continue
to be exercisable as a non-qualified stock option for the term specified in
Section 8.1(a) or (c) or Section 8.2(a), (c) or (d) hereof, as applicable.

9. Preservation of Business; Fiduciary Responsibility. Executive shall use his
best efforts to preserve the business and organization of the Company, to keep
available to the Company the services of present employees and to preserve the
business relations of the Company with suppliers, distributors, customers and
others. Executive shall not knowingly commit any act, or in any way assist
others to commit any act, which would directly injure the Company. So long as
Executive is employed by the Company, Executive shall observe and fulfill proper
standards of fiduciary responsibility attendant upon his service and office.

10. Restrictive Covenants.

   10.1 Non-Compete. During the term of this Agreement (including any renewal
periods as provided in Paragraph 5) and for a period of twenty-four (24) months
following the termination of Executive's employment with the Company under this
Agreement, whether Executive's employment terminates pursuant to the provisions
of Paragraph 6 of this Agreement or otherwise (collectively, the "RESTRICTED
PERIOD"), Executive covenants and agrees that he will not, without the express
approval of the Board of Directors, directly or indirectly anywhere in the
continental United States engage in any activity which is, or participate or
invest in, or provide or facilitate the provision of financing to, or assist
(whether as owner, shareholder, member, partner, director, officer, trustee,
employee, agent or consultant, or in any other capacity), any business,
organization or person other than the Company (or any subsidiary or affiliate of
the Company) whose business, activities, products or services (collectively,
"BUSINESS ACTIVITIES") are competitive with either (i) any of the Business
Activities conducted or offered by the Company or its subsidiaries or affiliates
during any period in which Executive is employed by the Company or any of its
subsidiaries or affiliates, or has served as a director of the Company, which
Business Activities shall include in any event and without limitation providing
software products and marketing, training, management, billing, collection and
insurance brokerage services to entities in the business of purchasing or
financing accounts receivable or in the factoring business, or (ii) any other
Business Activities which the Company or its subsidiaries or affiliates conducts
or offers on, or is actively planning and actually conducts or offers within
twelve (12) months after the date Executive's employment with the Company
terminates. Notwithstanding the foregoing, Executive may (i) own, directly or
indirectly, solely as an investment, securities of any entity if Executive (A)
is not a

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controlling person with respect to such entity and (B) does not, directly or
indirectly, own five percent (5%) or more of any class of the securities of such
entity; and (ii) serve on the boards of directors of companies whose Business
Activities are not competitive with either (A) any of the Business Activities
conducted or offered by the Company or its subsidiaries or affiliates, which
Business Activities shall include in any event and without limitation, providing
software products and marketing, training, management, billing, collection and
insurance brokerage services to entities in the business of purchasing or
financing accounts receivable or in the factoring business, or (B) any other
Business Activities which the Company or its subsidiaries or affiliates conducts
or offers, or is actively planning to conduct or offer.

   10.2 Trade Secrets; Confidential Information. Executive covenants and agrees
that, at all times during and after the Restricted Period, he shall keep secret
and not disclose to others or appropriate to his own use or the use of others
any trade secrets, or secret or confidential information or knowledge pertaining
to the Company Business or the affairs of the Company or any of its affiliates
including without limitation trade know-how, trade secrets, consultant
contracts, customer lists, pricing policies, operational methods, marketing
plans or strategies, product development techniques or plans, business
acquisition plans, new personnel acquisition plans, technical processes, designs
and design projects, inventions and research projects; provided, however, that
the following shall not constitute a breach or violation of this Paragraph: any
disclosure made by Executive in the course of his employment by the Company as
provided in this Agreement, or any disclosure reasonably believed by Executive
to be compelled by law or legal process. Information shall not be deemed
confidential or secret for purposes of this Agreement if it is generally known
in the industry.

   10.3 Employees of the Company. During the Restricted Period, Executive shall
not directly or indirectly hire away or solicit to hire away from the Company or
any of its affiliates any employee of the Company or its affiliates, other than
employment resulting from general media advertisements of employment
opportunities.

   10.4 Property of the Company. All memoranda, notes, lists, records and other
documents (and all copies thereof) made or compiled by Executive or made
available to Executive during his employment by the Company concerning the
business or affairs of the Company or any of its affiliates, other than any of
such which may pertain primarily personally to Executive, shall be the exclusive
property of the Company and shall be delivered to the Company promptly upon the
termination of Executive's employment with the Company or at any other time on
request by the Board of Directors of the Company or such affiliates; provided,
however, that the Company shall allow Executive to make copies of any such
documents that are not directly related to the Business Activities of the
Company and are not likely to result in injury to the Company.

   10.5 Rights and Remedies Upon Breach. If Executive breaches, or threatens to
commit a breach of, any of the provisions of Paragraphs 10.1 through 10.4 of
this Agreement (collectively, the "RESTRICTIVE COVENANTS"), the Company shall
have the following rights and remedies, each of which shall be independent of
the other and severally enforceable, and all of which shall be in addition to,
and not in lieu of, any other rights and remedies available to the Company: (a)
the right and remedy to have any of the

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Restrictive Covenants specifically enforced by any court having jurisdiction and
in Tennessee by an arbitration panel as provided in Paragraph 13 of this
Agreement, it being hereby acknowledged and agreed by Executive that any such
breach or threatened breach will cause irreparable injury to the Company and
that money damages will not provide an adequate remedy to the Company; and (b)
the right and remedy to require Executive to account for and pay over to the
Company all compensation, profits, monies, accruals, increments or other
benefits derived or received by Executive as a result of any transactions
constituting a breach of any of the Restrictive Covenants, and Executive shall
account for and pay over such benefits to the Company.

   10.6 Severability of Covenants. If it is determined that any of the
Restrictive Covenants, or any part thereof, is invalid or unenforceable, the
remainder of the Restrictive Covenants shall not thereby be affected and shall
be given full effect, without regard to the invalid portions. If it is
determined that any of the Restrictive Covenants, or any part thereof, is
unenforceable because of the duration of such provision, the geographical area
covered thereby, or any other determination of unreasonableness of the
provision, the arbitration panel making such determination shall have the power
to reduce the duration, area or scope of such provision and, in its reduced
form, such provision shall then be enforceable and shall be enforced.

11. Notice. All notices, requests, demands and other communications given under
or by reason of this Agreement shall be in writing and shall be deemed given
when delivered in person or when mailed, by certified mail (return receipt
requested), postage prepaid, addressed as follows (or to such other address as a
party may specify by notice pursuant to this provision):

        (a)      To the Company:

                 Private Business, Inc
                 9010 Overlook Boulevard
                 Brentwood, Tennessee 37027
                 Attention:  Chairman

                 With a copy to:

                 Lee C. Dilworth
                 Harwell Howard Hyne Gabbert & Manner, P.C.
                 315 Deaderick Street
                 Suite 1800
                 Nashville, Tennessee 37238

        (b)      To Executive:

                 Tom Black
                 6204 Harding Road
                 Nashville, Tennessee 37205

<PAGE>   12

12. Controlling Law and Performability. The execution, validity, interpretation
and performance of this Agreement shall be governed by the laws of the State of
Tennessee.

13. Arbitration. Any dispute or controversy arising under or in connection with
this Agreement shall be settled by arbitration in Nashville, Tennessee. In the
proceeding Executive shall select one (1) arbitrator, the Company shall select
one (1) arbitrator and the two (2) arbitrators so selected shall select a third
(3rd) arbitrator. The decision of a majority of the arbitrators shall be binding
on Executive and the Company. Should one party fail to select an arbitrator
within five (5) days after notice of the appointment of the an arbitrator by the
other party or should the two (2) arbitrators selected by Executive and the
Company fail to select an arbitrator within ten (10) days after the date of the
appointment of the last of such two (2) arbitrators, any person sitting as a
Judge of the United States District Court for the Middle District of Tennessee,
Nashville Division, upon application of Executive or the Company, shall appoint
an arbitrator to fill such space with the same force and effect as though such
arbitrator had been appointed in accordance with the first sentence of this
Paragraph 13. Any arbitration proceeding pursuant to this Paragraph 13 shall be
conducted in accordance with the rules of the American Arbitration Association.
Judgment may be entered on the arbitrators' award in any court having
jurisdiction.

14. No Obligation to Mitigate. Executive shall not be required to mitigate the
amount of any payment provided for in Paragraph 7 by seeking other employment or
otherwise, nor shall the amount of any payment provided for in Paragraph 7 be
reduced by any compensation earned by Executive as a result of employment by
another employer or otherwise.

15. Additional Instruments. The Parties shall execute and deliver any and all
additional instruments and agreements that may be necessary or proper to carry
out the purposes of this Agreement.

16. Entire Agreement and Amendments. This Agreement, together with stock option
agreements and the Stock Option Plan contemplated by Section 4.4, contains the
entire agreement of the Parties relating to the matters contained herein and
supersedes all prior agreements and understandings, oral or written, between the
Parties with respect to the subject matter hereof. This Agreement may be changed
only by an agreement in writing signed by the Party against whom enforcement of
any waiver, change, modification, extension or discharge is sought.

17. Separability. If any provision of the Agreement is rendered or declared
illegal or unenforceable by reason of any existing or subsequently enacted
legislation or by the decision of any arbitrator or by decree of a court of last
resort, the Parties shall promptly meet and negotiate substitute provisions for
those rendered or declared illegal or unenforceable to preserve the original
intent of this Agreement to the extent legally possible, but all other
provisions of this Agreement shall remain in full force and effect.

18. Assignments. The Company may assign this Agreement and in the event of an
assignment of this Agreement, all covenants, conditions and provisions hereunder
shall inure to the benefit of and be enforceable against the Company's
successors and assigns.

<PAGE>   13

The rights and obligations of Executive under this Agreement are personal to
him, and no such rights, benefits or obligations shall be subject to voluntary
or involuntary alienation, assignment or transfer.

19. Effect of Agreement. Subject to the provisions of Paragraph 18 with respect
to assignments, this Agreement shall be binding upon Executive and his heirs,
executors, administrators, legal representatives and assigns and upon the
Company and respective successors and assigns.

20. Execution. This Agreement may be executed in multiple counterparts each of
which shall be deemed an original and all of which shall constitute one and the
same instrument.

21. Waiver of Breach. The waiver by either Party of a breach of any provision of
the Agreement by the other Party shall not operate or be construed as a waiver
by such Party of any subsequent breach by such other Party.

   IN WITNESS WHEREOF, the Parties have executed this Agreement as of the
date(s) below, effective as set forth above.

                                    PRIVATE BUSINESS, INC.

                                    By:
                                           -------------------------------------
                                    Title:
                                           -------------------------------------

                                    August 13, 2001

                                    EXECUTIVE

                                    --------------------------------------------
                                    THOMAS BLACK

                                    August 13, 2001<PAGE>   1
                                                                  EXHIBIT 10.4.4

                       AMENDMENT NO. 4 TO CREDIT AGREEMENT

                  AMENDMENT NO. 4, dated as of June 30, 2001 (this "Amendment")
to Credit Agreement, by and among Private Business, Inc., a Tennessee
corporation (the "Borrower"), the Lenders and Fleet National Bank, as the
Initial Issuing Bank, the Swing Line Bank and the Administrative Agent.

                             PRELIMINARY STATEMENTS

                  (A) The Borrower, the Lenders and Fleet National Bank, as the
Initial Issuing Bank, the Swing Line Bank and the Administrative Agent, are
parties to the Credit Agreement, dated as of August 7, 1998 (as amended to the
date hereof, the "Credit Agreement").

                  (B) The Borrower has requested that the Lenders consent to (i)
the merger (the "Towne Merger") of Towne Acquisition Corporation, a Tennessee
corporation and a wholly-owned subsidiary of the Borrower ("Merger Sub"), with
and into Towne Services, Inc., a Georgia corporation ("Towne"), and (ii) the
issuance of up to 40,032 shares of Series B Preferred Stock of the Borrower (the
"Series B Preferred Stock") in connection with the Towne Merger.

                  (C) The Borrower has requested that the Lenders amend the
Credit Agreement as more fully set forth below.

                  (D) The Administrative Agent and the Lenders are willing to
consent to the Towne Merger and the issuance of up to 40,032 shares of Series B
Preferred Stock and to amend the Credit Agreement on the terms and conditions
set forth herein.

                  (E) The terms defined in the Credit Agreement and not
otherwise defined herein shall have the meanings ascribed to them in the Credit
Agreement.

                  NOW, THEREFORE, in consideration of the premises and of the
mutual covenants and agreements contained herein, the parties hereto hereby
agree as follows:

ARTICLE 1. Consents to Towne Merger.

         Section 1.1. Notwithstanding the provisions of Section 6.4 of the
Credit Agreement, the Lenders hereby consent to the Towne Merger.

         Section 1.2. Notwithstanding the provisions of Section 6.19 of the
Credit Agreement, the Lenders hereby consent to the issuance by the Borrower of
up to 40,032 shares of Series B Preferred Stock on the terms and conditions set
forth in the Designations of Preferences, Limitations and Relative Rights
attached as Exhibit A hereto.

         Section 1.3. The consents set forth in this Section 1 are subject to
the satisfaction of each of the conditions precedent set forth in Section 5 of
this Amendment and shall be limited precisely as written and shall not be deemed
to (a) be a waiver, amendment or modification of any term or condition of the
Credit Agreement or any other Loan Document, except as set forth in this Section
1 (subject to the terms and conditions set forth herein), or (b) prejudice any
right, power or remedy which the Administrative Agent or any Lender Party now
has or may have in the future under or in connection with the Credit Agreement
or any other Loan Document.

<PAGE>   2

ARTICLE 2. Amendments to Credit Agreement.

         Section 2.1. Amendment. This Amendment shall be deemed to be an
amendment to the Credit Agreement and shall not be construed in any way as a
replacement or substitution therefor. All of the terms and conditions of, and
terms defined in, this Amendment are hereby incorporated by reference into the
Credit Agreement as if such terms and provisions were set forth in full therein.

         Section 2.2. Amendments to Credit Agreement. Effective upon the
satisfaction of the conditions precedent set forth in Article 4 hereof, the
Credit Agreement is hereby amended as follows:

                  (a) The aggregate amount of the Revolving Credit Commitments
         are reduced from $10,000,000 to $7,500,000. The Revolving Credit
         Commitment of each Revolving Credit Lender shall be reduced pro rata
         such that the new Revolving Credit Commitment of each Revolving Credit
         Lender shall be as set forth below:

<TABLE>
<CAPTION>
                                                                   Revolving
                  Revolving Credit Lender                      Credit Commitment
                  -----------------------                      -----------------
<S>                                                            <C>
                  Fleet National Bank                            $3,409,090.91

                  Citizens Bank of Massachusetts                 $2,045,454.55

                  LaSalle Bank National Association              $1,363,636.37

                  Credit Lyonnais New York Branch                  $681,818.18
</TABLE>

                  (b) Section 1.1 is amended by inserting the following as a new
         clause (vii) in the definition of EBITDA after existing clause (vi):
         "and (vii) costs and expenses related to the merger of Towne
         Acquisition Corporation, a wholly-owned Subsidiary of Borrower, with
         Towne Services, Inc. up to an amount not to exceed $5,500,000".

                  (c) Section 6.17 is amended by deleting the maximum amount of
         Capital Expenditures for Fiscal Year 2001 and replacing it with the
         amount "$3,500,000".

                  (d) Section 8.1 is amended by deleting the minimum EBITDA
         covenant levels for the period ending on or about June 30, 2001 and all
         periods thereafter and replacing them with the following:

<TABLE>
<CAPTION>
         Four Fiscal Quarters ending on or about:      Minimum EBITDA
         ----------------------------------------      --------------
<S>                                                    <C>
         June 30, 2001                                   $13,750,000
         September 30, 2001                              $11,500,000
         December 31, 2001                               $12,500,000

         March 31, 2002                                  $15,000,000
         June 30, 2002                                   $16,000,000
         September 30, 2002                              $16,500,000
         December 31, 2002                               $16,500,000
</TABLE>

                                      -2-
<PAGE>   3

<TABLE>
<S>                                                    <C>
         March 31, 2003                                  $16,500,000
         June 30, 2003                                   $16,500,000
         September 30, 2003                              $17,000,000
         December 31, 2003                               $17,000,000

         March 31, 2004                                  $17,000,000
         June 30, 2004                                   $17,500,000
         September 30, 2004                              $17,500,000
         December 31, 2004                               $18,000,000

         March 31, 2005                                  $18,000,000
         June 30, 2005                                   $18,000,000
         September 30, 2005                              $18,500,000
         December 31, 2005                               $18,500,000

         March 31, 2006                                  $18,500,000
         June 30, 2006 and thereafter                    $20,000,000
</TABLE>

                  (e) Section 8.2 is amended by deleting the maximum Ratio of
         Consolidated Debt to EBITDA covenant levels for the periods ending on
         or about June 30, 2001, September 30, 2001 and December 31, 2001 and
         replacing them with the following:

<TABLE>
<CAPTION>
         Four Fiscal Quarters ending on or about:             Ratio
         ----------------------------------------             -----
<S>                                                           <C>
         June 30, 2001                                        3.25:1
         September 30, 2001                                   3.00:1
         December 31, 2001                                    2.75:1
</TABLE>

                  (f) Section 8.3 is amended by deleting the minimum Interest
         Coverage Ratio covenant levels for the periods ending on or about June
         30, 2001 and September 30, 2001 and replacing them with the following:

<TABLE>
<CAPTION>
         Four Fiscal Quarters ending on or about:             Ratio
         ----------------------------------------             -----
<S>                                                           <C>
         June 30, 2001                                        3.00:1
         September 30, 2001                                   3.00:1
</TABLE>

ARTICLE 3. Confirmations and References.

         Section 3.1. Continuing Effect. The Credit Agreement and the other Loan
Documents delivered in connection therewith are, and shall continue to be, in
full force and effect, and are hereby ratified and confirmed in all respects,
except that, on and after the date hereof, (a) all references in the Loan
Documents (i) to the "Credit Agreement," "thereto," "thereof," "thereunder" or
words of like import referring to the Credit Agreement shall mean the Credit
Agreement as amended hereby and (ii) to the "Loan Documents" shall be deemed to
include this Amendment; and (b) all references in the Credit Agreement to "this
Agreement," "hereto," "hereof," "hereunder" or words of like import referring to
the Credit Agreement shall mean the Credit Agreement as amended hereby.

                                      -3-
<PAGE>   4

         Section 3.2. Confirmation of Liens. The Liens granted pursuant to the
Collateral Documents secure, without limitation, the Obligations of the Borrower
and its Subsidiaries to the Lenders and the Administrative Agent under the
Credit Agreement as amended by this Amendment. The term "Obligations" as used in
the Collateral Documents (or any other term used therein to refer to the
liabilities and obligations of the Borrower and its Subsidiaries to the Lenders
and the Administrative Agent), include, without limitation, Obligations to the
Lenders and the Administrative Agent under the Credit Agreement as amended by
this Amendment.

ARTICLE 4. Representations and Warranties.

         The Borrower and each Loan Party hereby represent and warrant to the
Lenders and the Administrative Agent that:

         Section 4.1. Existing Representations. Each of the representations and
warranties contained in Article 4 of the Credit Agreement is true in all
material respects on, and as though made as of, the date hereof, other than any
such representation or warranty that, by its terms, refers to a specific date,
in which case, as of such specific date.

         Section 4.2. No Default. As of the date hereof, there exists no Default
or Event of Default under the Credit Agreement, as amended hereby, and no event
which, with the giving of notice or lapse of time, or both, would constitute a
Default or Event of Default.

         Section 4.3. Power, Authority, Consents. The Borrower and each of its
Subsidiaries has the power to execute, deliver and perform the Credit Agreement,
as amended by this Amendment and to consummate each of the transactions
consented to in Section 1 hereof. The Borrower and each of its Subsidiaries has
taken all necessary action to authorize the execution, delivery and performance
of this Amendment and the consummation of each of the transactions consented to
in Section 1 hereof. No consent or approval of any Person is required in
connection with the execution, delivery or performance by the Borrower or any of
its Subsidiaries of this Amendment or the consummation of any of the
transactions consented to in Section 1 hereof.

         Section 4.4. No Violation of Law or Agreements. The execution, delivery
and performance by the Borrower and each of its Subsidiaries of this Amendment
and the consummation of each of the transactions consented to in Section 1
hereof, will not violate any provision of law presently in effect and will not
conflict with or result in a breach of any order, writ, injunction, ordinance,
resolution, decree, or other similar document or instrument presently in effect
of any court or governmental authority, bureau or agency, domestic or foreign,
or the certificate of incorporation or by-laws of the Borrower or such
Subsidiary, or create (with or without the giving of notice or lapse of time, or
both) a default under or breach of any agreement, bond, note or indenture
presently in effect to which the Borrower or any Subsidiary is a party, or by
which any of them is bound or any of their properties or assets is affected, or
result in the imposition of any Lien of any nature whatsoever upon any of the
properties or assets owned by or used in connection with the business of the
Borrower or any of its Subsidiaries, except for the Liens created and granted
pursuant to the Collateral Documents as acknowledged and confirmed herein.

         Section 4.5. Binding Effect. This Amendment has been duly executed and
delivered by the Borrower and each of its Subsidiaries and constitutes the valid
and legally binding

                                      -4-
<PAGE>   5

obligation of the Borrower and each of its Subsidiaries, except as such
enforceability may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or other similar laws, now or hereafter in effect,
relating to or affecting the enforcement of creditors' rights generally, and
except that the remedy of specific performance and other equitable remedies are
subject to judicial discretion.

ARTICLE 5. Conditions to Amendment.

         The effectiveness of the amendments contained in Article 1 shall be
subject to the fulfillment of the following conditions precedent:

         Section 5.1. Amendment. The Borrower, the Required Lenders and
Revolving Credit Lenders holding greater than 50% of the aggregate Revolving
Credit Commitments shall have executed and delivered to the Administrative Agent
this Amendment.

         Section 5.2. No Default. There shall exist no Event of Default or
Default under the Credit Agreement.

         Section 5.3. Representations and Warranties. The representations and
warranties contained in Article 4 hereof shall be true and correct in all
material respects on the date hereof.

         Section 5.4. Amendment Fee. The Borrower shall have paid an amendment
fee to the Administrative Agent, for the account of each Lender which has
approved this Amendment, as evidenced by such Lender's timely execution and
delivery of a counterpart signature page to this Amendment, in an amount equal
to 0.50% (i.e. 50 basis points) of the aggregate of such approving Lenders'
Commitments immediately after the effectiveness of this Amendment.

         Section 5.5. Towne Merger Conditions and Deliveries.

                  (a) Merger Sub shall have executed and delivered a Subsidiary
         Guaranty Supplement, a Security Agreement Supplement, an Intellectual
         Property Security Agreement Supplement, all such documents to be in
         form and substance satisfactory to the Administrative Agent.

                  (b) The Borrower shall have delivered to the Administrative
         Agent copies of all legal opinions delivered by counsel to the Borrower
         or to Towne in connection with the Towne Merger, in form and substance
         satisfactory to the Administrative Agent, and the Administrative Agent
         and the Lenders shall be permitted to rely on such opinions.

                  (c) The Borrower shall have delivered to the Administrative
         Agent executed copies of the Agreement and Plan of Merger among the
         Borrower, Merger Sub and Towne, dated April 12, 2001, along with all
         exhibits and disclosure schedules thereto, and all amendments thereto,
         all of which shall be in form and substance satisfactory to the
         Administrative Agent.

                  (d) The Borrower shall have delivered to the Administrative
         Agent a copy of the filed Designations of Preferences, Limitations and
         Relative Rights of the Series B Preferred Stock, certified by the
         Secretary of State of the State of Tennessee.

                                      -5-
<PAGE>   6

ARTICLE 6. Post-Closing Covenants.

         Section 6.1. Covenants. The Borrower hereby agrees to deliver to the
Administrative Agent the following documents, in form and substance satisfactory
to the Administrative Agent, and/or to take the following actions in a manner
acceptable to the Administrative Agent:

                  (a) On the second Business Day after the effective date of the
         Towne Merger, the Borrower shall prepay the Advances in an amount of at
         least $6,000,000 and, notwithstanding the provisions of Section 2.6(a)
         of the Credit Agreement, such prepayment shall be applied solely to
         scheduled principal installments under the Term B Facility in inverse
         order of maturity.

                  (b) Immediately after the effectiveness of the Towne Merger,
         Towne and each of Towne's Subsidiaries shall execute and deliver to the
         Administrative Agent a Subsidiary Guaranty Supplement, a Security
         Agreement Supplement, an Intellectual Property Security Agreement
         Supplement and such other Collateral Documents as the Administrative
         Agent shall request in order to grant to the Administrative Agent, for
         its benefit and the ratable benefit of the Secured Parties, a perfected
         first priority security interest in all personal property of each such
         company (including, without limitation, all stock or other equity
         interests of each Subsidiary of each such company).

                  (c) Within 5 Business Days after the effectiveness of the
         Towne Merger, the Borrower shall deliver to the Administrative Agent
         stock certificates representing all of the issued and outstanding
         shares of Towne and each of Towne's Subsidiaries, along with an undated
         stock power duly executed in blank for each such stock certificate.

                  (d) Within 60 days after the effectiveness of the Towne
         Merger, the Borrower, Towne and each of their respective Subsidiaries
         shall execute and deliver a Mortgage with respect to each parcel of
         real property owned by any of them creating a valid and enforceable
         first priority lien on each such parcel in favor of the Administrative
         Agent for its benefit and the ratable benefit of the Secured Parties,
         together with such mortgagee title insurance policies, surveys, local
         counsel opinions and other documents, certificates or instruments which
         shall be reasonably requested by the Administrative Agent, all in form
         and substance satisfactory to the Administrative Agent.

         Section 6.2. Event of Default. The failure of the Borrower or any of
its Subsidiaries (including, without limitation, Towne and each of its
Subsidiaries) to perform or comply with any of the covenants set forth in this
Article 6 within the time periods set forth herein shall automatically be an
Event of Default under the Credit Agreement.

ARTICLE 7. Miscellaneous.

         Section 7.1. Continued Effectiveness. Except as specifically amended
herein, the Credit Agreement and each of the other Loan Documents shall remain
in full force and effect in accordance with their respective terms.

         Section 7.2. Governing Law. This Amendment shall be governed and
construed in accordance with the laws of the State of New York.

                                      -6-
<PAGE>   7

         Section 7.3. Severability. The provisions of this Amendment are
severable, and if any clause or provision shall be held invalid or unenforceable
in whole or in part in any jurisdiction, then such invalidity or
unenforceability shall affect only such clause or provision, or part thereof, in
such jurisdiction and shall not in any manner affect such clause or provision in
any other jurisdiction, or any other clause or provision in this Amendment in
any jurisdiction.

         Section 7.4. Counterparts. This Amendment may be signed in any number
of counterparts with the same effect as if the signatures thereto and hereto
were upon the same instrument. Delivery of an executed counterpart of this
Amendment by facsimile shall be as effective as delivery of an originally
executed counterpart.

         Section 7.5. Binding Effect; Assignment. This Amendment shall be
binding upon and inure to the benefit of the Borrower and its respective
successors and to the benefit of the Administrative Agent and the Lenders and
their respective successors and assigns. The rights and obligations of the
Borrower under this Amendment shall not be assigned or delegated without the
prior written consent of the Lenders, and any purported assignment or delegation
without such consent shall be void.

         Section 7.6. Expenses. The Borrower shall pay the Administrative Agent
upon demand for all reasonable expenses, including reasonable fees of counsel
for the Administrative Agent, incurred by the Administrative Agent in connection
with the preparation, negotiation and execution of this Amendment and any
documents required to be furnished herewith.

                            [Signature Pages Follow]

<PAGE>   8

                  IN WITNESS WHEREOF, the parties hereto have caused this
Amendment to be executed by their respective officers thereunto duly authorized
on the date first above written.

                                    PRIVATE BUSINESS, INC.,
                                    AS BORROWER

                                    By: /s/ Fred P. Read
                                        ----------------------------------------
                                    Title: Chief Financial Officer
                                           -------------------------------------

                                    ACKNOWLEDGED AND CONSENTED TO:

                                    PRIVATE BUSINESS INSURANCE, INC.

                                    By: /s/ Fred P. Read
                                        ----------------------------------------
                                    Title: Chief Financial Officer
                                           -------------------------------------

                                    PRIVATE BUSINESS CAPITAL, INC.

                                    By: /s/ Fred P. Read
                                        ----------------------------------------
                                    Title: Chief Financial Officer
                                           -------------------------------------

                                    PRIVATE BUSINESS PROCESSING, INC.

                                    By: /s/ Fred P. Read
                                        ----------------------------------------
                                    Title: Chief Financial Officer
                                           -------------------------------------

                                    TOWNE ACQUISITION CORPORATION

                                    By: /s/ Fred P. Read
                                        ----------------------------------------
                                    Title: Chief Financial Officer
                                           -------------------------------------

<PAGE>   9

                                    FLEET NATIONAL BANK,
                                    AS INITIAL ISSUING BANK,
                                    AS SWING LINE BANK,
                                    AS ADMINISTRATIVE AGENT AND
                                    AS LENDER

                                    By: /s/ Stephen M. Curran
                                        ----------------------------------------
                                    Title: Director
                                           -------------------------------------

<PAGE>   10

                                    CITIZENS BANK OF MASSACHUSETTS,
                                    AS LENDER

                                    By: /s/ Lawrence E. Jacobs
                                        ----------------------------------------
                                    Title: Vice President
                                           -------------------------------------

<PAGE>   11

                                    PILGRIM PRIME RATE TRUST,
                                    AS LENDER

                                    By: Pilgrim Investments, Inc.,
                                    as its Investment Manager

                                    By: /s/ Michael Prince
                                        ----------------------------------------
                                    Title: Vice President
                                           -------------------------------------

<PAGE>   12

                                    LASALLE BANK NATIONAL ASSOCIATION,
                                    AS LENDER

                                    By: /s/ Todd M. Kostelnik
                                        ----------------------------------------
                                    Title: Corporate Banking Officer
                                           -------------------------------------

<PAGE>   13

                                    CREDIT LYONNAIS NEW YORK BRANCH,
                                    AS LENDER

                                    By:
                                        ----------------------------------------
                                    Title:
                                           -------------------------------------

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