Document:

Exhibit 10.7

REVOLVING NOTE

	
  
Date:  December 8, 2005
  	
  
Amount:  $5,000,000.00
  	
  
Maturity Date:  March 8, 2006
  

	
  
Bank:
  	
  
Borrower:
  
	
  
 
  	
  
 
  
	
  
Bank of America, N.A.
  	
  
Private Business, Inc.
  
	
  
Banking Center:
  	
  
9010 Overlook Boulevard
  
	
   
  	
  
Brentwood, TN    37027
  
	
  
Attn:  Brian   Sallee
  	
  
 
  
	
  
414 Union Street
  	
  
 
  
	
  
Nashville, TN    37239
  	
  
 
  
	
  
 
  	
  
 
  

          FOR VALUE RECEIVED, the undersigned Borrower unconditionally promises to pay to the order of Bank, its successors and assigns, without setoff, at Bank’s offices identified above, or at any other place Bank designates, the principal amount of Five Million and No/100 Dollars ($5,000,000.00), or so much thereof as may be advanced from time to time, in immediately available funds, together with interest computed daily on the outstanding principal balance at an annual interest rate, and in accordance with the payment schedule, indicated below. This Note is delivered pursuant to that Credit Agreement dated January 19, 2004, as amended by the First Amendment to Credit Agreement between Borrower, Bank and the Guarantors (collectively, the “Credit Agreement”), the First Amendment being executed contemporaneously herewith.  Capitalized terms not defined herein shall have the meaning contained in
the Credit Agreement.

          1.          Rate.  Interest shall accrue as set forth in the Credit Agreement.

          Notwithstanding any provision of this Note, Bank does not intend to charge and Borrower shall not be required to pay any amount of interest or other charges that exceed the maximum permitted by applicable law. Any payment in excess of that maximum amount will be refunded to Borrower or credited against principal, at Bank’s option.

          2.          Accrual Method.  Unless otherwise indicated, interest at the Rate set forth above will be calculated by the 365/360 day method (a daily amount of interest is computed for a hypothetical year of 360 days; that amount is multiplied by the actual number of days for which any principal is outstanding hereunder).

          3.          Rate Change Date.  The Rate is a fluctuating index or base rate, as described in the Credit Agreement, and will change each time and as of the date that the index or base rate changes, as described in the Credit Agreement.  In the event the index or fluctuating rate is discontinued, Bank shall substitute an index determined by Bank to be comparable, in its sole discretion.

          4.          Note Term and Payment Schedule.  Principal is due and payable as set forth in the Credit Agreement. All outstanding principal plus accrued and unpaid interest shall be due and payable on March 8, 2006 (the “Maturity Date”).  Total or partial prepayments may be made at any time, subject to any Breakage Costs as set forth in the Credit Agreement.  If an Event of Default exists under the Credit Agreement, Bank may demand payment of the balance outstanding under this Note in full immediately.

          All payments will be applied first to any expense or charge due under this Note or any other documents executed in connection with this Note, then to interest due and payable; and then to principal, or in such other order as Bank determines, at its option.

          5.          Revolving Feature.  Except as limited in this Section and in the Credit Agreement, Borrower may borrow, repay and reborrow under this Note at any time, up to the principal amount of this Note, provided that Borrower is not in default under this Note or any other Loan Document, and provided that the borrowings hereunder do not exceed any applicable other borrowing limitations. Bank shall incur no liability for refusing to advance funds based on its determination that any conditions of future advances have not been met. Bank records of the amounts borrowed from time to time shall be conclusive proof of those borrowings.

          6.          Waivers, Consents and Covenants.  Borrower, and any endorser or any other party to this Note (“Obligor”), jointly and severally: (a) waive presentment, demand, protest, and any notice required to be given under the law in connection with the delivery, acceptance, performance, default or enforcement of this Note; (b) consent to all delays, extensions, renewals or other modifications of this Note or the Loan Documents, or waivers of any provisions of the Note or the Loan Documents, or Bank’s release or discharge of any such party, or release, substitution or exchange of any security for the payment of this Note, or Bank’s failure to act, or any indulgence shown by Bank and agree that no such action, failure to act or failure to exercise any right or remedy by Bank shall in any way affect the obligations of any such
party or be construed as a waiver by Bank of, or otherwise affect, any of Bank’s rights under this Note, or under any of the Loan Documents; and (c) agree to pay, on demand, all costs and expenses of collection or defense of this and/or the enforcement or defense of Bank’s rights with respect to, or the administration, supervision, preservation, or protection of, or realization upon, any property securing payment hereof, including, without limitation, reasonable attorneys’ fees related to any suit, mediation or arbitration proceeding, out of court payment agreement, trial, appeal, bankruptcy proceedings or other proceeding, in such amount as may be determined reasonable by an arbitrator or court as appropriate.

          7.          Delinquency Charge.  To the extent permitted by law, Bank may impose a delinquency charge of up to four percent (4%) of any payment that is more than fifteen days late.

          8.          Events of Default.  The following are events of default under this Note: an Event of Default under the Credit Agreement.

          9.          Remedies upon Default.  Whenever there is an Event of Default under this Note (a) the entire balance outstanding under this Note and all other obligations of any Obligor to Bank shall, at the option of Bank, become immediately due and payable and any obligation of Bank to permit further borrowing under this Note shall immediately cease and terminate, and/or (b), to the extent permitted by law, the rate of interest on the unpaid principal shall be increased at Bank’s discretion up to the Default Rate. Imposition of a Default Rate shall not extend the time for any payment on this Note. At Bank’s option, any accrued and unpaid interest, fees or charges

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may, for purposes of computing and accruing interest on a daily basis after the due date of this Note or any installment thereof, be deemed to be a part of the principal balance, and interest shall accrue on a daily compounded basis after such date at the Default Rate provided in this Note until the entire outstanding balance of principal and interest is paid in full. Whenever there is a default under this Note, Bank is authorized at any time, at its option and without notice or demand, to set off and charge against any deposit accounts of any Obligor (and against any money, instruments, securities, documents, chattel paper, credits, claims, demands, income and any other property, rights and interests of any Obligor), which come into the possession or custody or under the control of Bank or any of its agents, affiliates or correspondents, any and all obligations due under this Note. Additionally, Bank shall have all rights and remedies available under each of the
Loan Documents, as well as all rights and remedies available at law or in equity.

          10.          Non-Waiver.  Bank’s failure to exercise any option or any other right under this Note is not a waiver of that right or option, and will not bar Bank’s exercise of any options or rights at a later date. All rights and remedies of Bank are cumulative and may be pursued singly, successively or together, at Bank’s option. Bank’s acceptance of any partial payment is not a waiver of any default or of any of Bank’s rights under this Note. Any waiver of Bank’s rights and any modification of this Note must be in writing and duly signed on behalf of Bank; any such waiver shall apply only to the specific instance involved, and will not impair the rights of Bank or the obligations of Borrower to Bank in any other respect or at any other time.

          11.          Applicable Law.  This Note and the rights and obligations of Borrower and Bank shall be governed by and interpreted under the law of the State of Tennessee. 

          12.          Partial Invalidity.  The unenforceability or invalidity of any provision of this Note shall not affect the enforceability or validity of any other provision of this Note and the invalidity or unenforceability of any provision of this Note to any person or circumstance shall not affect the enforceability or validity of such provision to any other persons or circumstances.

          13.          Binding Effect.  This Note shall be binding upon and inure to the benefit of Borrower, Obligors and Bank and their respective successors, assigns, heirs and personal representatives, but no obligations of Borrower or Obligor hereunder can be assigned without prior written consent of Bank.

          14.          Controlling Document.  To the extent that this Note conflicts with or is in any way incompatible with any other document related specifically to the loan evidenced by this Note, this Note shall control over any other such document, and if this Note does not address an issue, then each other such document shall control to the extent that it deals most specifically with that issue.

          15.          Arbitration and Waiver of Jury Trial.  

                              (a)          This paragraph concerns the resolution of any controversies or claims between the parties, whether arising in contract, tort or by statute, including but not limited to controversies or claims that arise out of or relate to: (i) this agreement (including any renewals, extensions or modifications); or (ii) any document related to this agreement (collectively a “Claim”).  For the purposes of this arbitration provision only, the term “parties” shall include any parent corporation, subsidiary or affiliate of the Bank involved in the servicing, management or administration of any obligation described or evidenced by this agreement.

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                              (b)          At the request of any party to this agreement, any Claim shall be resolved by binding arbitration in accordance with the Federal Arbitration Act (Title 9, U.S. Code) (the “Act”).  The Act will apply even though this agreement provides that it is governed by the law of a specified state.  The arbitration will take place on an individual basis without resort to any form of class action.

                              (c)          Arbitration proceedings will be determined in accordance with the Act, the then-current rules and procedures for the arbitration of financial services disputes of the American Arbitration Association or any successor thereof (“AAA”), and the terms of this paragraph.  In the event of any inconsistency, the terms of this paragraph shall control.  If AAA is unwilling or unable to (i) serve as the provider of arbitration or (ii) enforce any provision of this arbitration clause, any party to this agreement may substitute another arbitration organization with similar procedures to serve as the provider of arbitration.

                              (d)          The arbitration shall be administered by AAA and conducted, unless otherwise required by law, in any U.S. state where real or tangible personal property collateral for this credit is located or if there is no such collateral, in the state specified in the governing law section of this agreement.  All Claims shall be determined by one arbitrator; however, if Claims exceed Five Million Dollars ($5,000,000), upon the request of any party, the Claims shall be decided by three arbitrators.  All arbitration hearings shall commence within ninety (90) days of the demand for arbitration and close within ninety (90) days of commencement and the award of the arbitrator(s) shall be issued within thirty (30) days of
the close of the hearing.  However, the arbitrator(s), upon a showing of good cause, may extend the commencement of the hearing for up to an additional sixty (60) days.  The arbitrator(s) shall provide a concise written statement of reasons for the award.  The arbitration award may be submitted to any court having jurisdiction to be confirmed, judgment entered and enforced.

                              (e)          The arbitrator(s) will give effect to statutes of limitation in determining any Claim and may dismiss the arbitration on the basis that the Claim is barred. For purposes of the application of the statute of limitations, the service on AAA under applicable AAA rules of a notice of Claim is the equivalent of the filing of a lawsuit.  Any dispute concerning this arbitration provision or whether a Claim is arbitrable shall be determined by the arbitrator(s).  The arbitrator(s) shall have the power to award legal fees pursuant to the terms of this agreement.

                              (f)          This paragraph does not limit the right of any party to: (i) exercise self-help remedies, such as but not limited to, setoff; (ii) initiate judicial or non-judicial foreclosure against any real or personal property collateral; (iii) exercise any judicial or power of sale rights, or (iv) act in a court of law to obtain an interim remedy, such as but not limited to, injunctive relief, writ of possession or appointment of a receiver, or additional or supplementary remedies.

                              (g)          The filing of a court action is not intended to constitute a waiver of the right of any party, including the suing party, thereafter to require submittal of the Claim to arbitration.

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                              (h)          By agreeing to binding arbitration, the parties irrevocably and voluntarily waive any right they may have to a trial by jury in respect of any Claim.  Furthermore, without intending in any way to limit this agreement to arbitrate, to the extent any Claim is not arbitrated, the parties irrevocably and voluntarily waive any right they may have to a trial by jury in respect of such Claim.  This provision is a material inducement for the parties entering into this agreement.

          16.          Renewal and Substitution.  This Revolving Note is given in renewal of and in substitution for that certain Revolving Note, dated January 20, 2004, in the original principal amount of $6,000,000.  This Revolving Note does not constitute payment or satisfaction of the original Revolving Note or of the Term Note, dated January 20, 2004, but is given in renewal of and in substitution for the Term Note, in the original principal amount of $5,000,000.  This Revolving Note does not constitute payment or satisfaction of the original Revolving Note, dated January 20, 2004, nor of the original Term Note, dated January 20, 2004.  A portion of the proceeds of this Note are being used to pay off the outstanding amount of the Term Note.

          Borrower represents to Bank that the proceeds of this loan are to be used primarily for business, commercial or agricultural purposes. Borrower acknowledges having read and understood, and agrees to be bound by, all terms and conditions of this Note and hereby executes this Note under seal as of the date here above written.

          NOTICE OF FINAL AGREEMENT. THIS WRITTEN PROMISSORY NOTE REPRESENTS THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

	
  
 
  	
  
PRIVATE BUSINESS, INC.,   a Tennessee   corporation
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
By:
  	
  
/s/ Henry M. Baroco
  
	
  
 
  	
  
 
  	
  

  
	
   
  	
  Name:
  	
  Henry M. Baroco
  
	
   
  	
  Title:
  	
  CEO
  

-5-Exhibit 10.8

EMPLOYMENT AGREEMENT

          This Employment Agreement (this “Agreement”) is made by and between Private Business, Inc., a Tennessee corporation (the “Company”), and G. Lynn Boggs, an individual resident of Georgia (the “Executive”), as of the 9th day of December, 2005 (the “Effective Date”).

          The Company desires to employ the Executive as its Chief Executive Officer. The Board of Directors of the Company (the “Board”) recognizes that the Executive’s contribution to the growth and success of the Company will be substantial. The Board desires to encourage the dedication of the Executive to the Company, which will promote the best interests of the Company and its shareholders. The Executive is willing to serve the Company on the terms and conditions herein provided.

          Certain capitalized terms used in this Agreement are defined in Section 18.

          In consideration of the foregoing, the mutual covenants contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree (as of the Effective Date) that:

          1.     Employment. The Company shall employ the Executive, and the Executive shall serve the Company, as Chief Executive Officer of the Company upon the terms and conditions set forth herein. The Executive shall have such authority and responsibilities as are consistent with his position and which may be set forth in the Bylaws or assigned by the Board from time to time. The Executive shall devote his full business time, attention, skill and efforts to the performance of his duties hereunder, except during periods of illness or periods of vacation and leaves of absence consistent with Company policy. The Executive may devote reasonable periods of time to serve as a director or advisor to other organizations, to perform charitable and other community activities, and to manage his personal investments; provided, however, that such activities do not materially
interfere with the performance of his duties hereunder and are not in conflict or competitive with, or adverse to, the interests of the Company.

          2.     Service on the Board.  The Executive shall fill the vacancy created on the date hereof on the Board by the resignation of Henry Baroco (to be designated as a “Continuing Director” as that term is defined in that certain Securityholders Agreement dated January 20, 2004, between the Company and Lightyear PBI Holdings, LLC).  Upon the appointment or election of the Executive to the Board, the Company shall execute and deliver to the Executive the standard form of indemnification agreement, if any, entered into by the Company for the benefit of its directors generally.

          3.     Term. Unless earlier terminated as provided herein, the Executive’s employment under this Agreement shall be for a continuing term of two (2) years (the “Term”), which shall be extended automatically (without further action of the Company or the Executive) each day for an additional day so that the remaining term shall continue to be two years; provided, however, that either party may at any time, by written notice to the other, fix the Term to a finite term of two years, without further automatic extension, commencing with the date of such notice.

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          4.     Compensation and Benefits.

	
  
 
  	
  
 
  	
  
a.
  	
  
The Company   shall pay the Executive a minimum salary of $400,000 per annum in accordance   with the salary payment practices of the Company. The Board (or the   Compensation Committee) shall review the Executive’s salary at least annually   (on or before November 1, 2006 for the first review); provided, however,   that the salary of the Executive shall not be decreased to a rate less than   $400,000 per annum.  In addition, as   of the date hereof the Company shall pay the Executive in a lump sum an   amount equal to the accrued salary of the Executive (plus applicable taxes   associated therewith) from April 1, 2005 through the date hereof at a rate of   $25,000 per month.  The Company shall   also pay to the Executive directors’ fees for his service on the Board of the   Company or any of its subsidiaries in accordance with the director   compensation practices of the Company, it being understood that currently no   such fees
are payable to officers of the Company under the existing   compensation policy.
  
	
   
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
b.
  	
  
The   Executive shall be eligible to participate in any management incentive   programs established by the Company and to receive incentive compensation   based upon achievement of targeted levels of performance and such other   criteria as the Board or Compensation Committee may establish from time to   time. In addition, the Board or the Compensation Committee shall annually   consider the Executive’s performance and determine if any additional bonus is   appropriate.  For the fiscal year   2006, Executive’s minimum annual bonus shall be at least $200,000, of which   $100,000 shall be payable quarterly in increments of $25,000 by the Company   on the last day of each calendar quarter, with the first such payment being   due on March 31, 2006.
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
c.
  	
  
The   Executive may participate in the Plan and shall be eligible for the grant of   stock options, restricted stock and other awards thereunder. Upon execution   of this Agreement, Executive will receive the stock options set forth on Exhibit A   attached hereto.
  
	
   
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
d.
  	
  
The   Executive shall participate in and the Company shall pay all retirement,   welfare, deferred compensation, life and health insurance (including health   insurance for Executive’s spouse and his dependents), and other benefit plans   or programs of the Company now or hereafter applicable to the Executive or   applicable generally to a class of executives that includes senior executives   of the Company; provided, however, that during any period during   the Term that the Executive is subject to a Disability, and during the   180-day period of physical or mental infirmity leading up to the Executive’s   Disability, the amount of the Executive’s compensation provided under this   Section 4 shall be reduced by the sum of the amounts, if any, paid to   the Executive for the same period under any disability benefit or pension   plan of the Company or any of its subsidiaries.
  

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e.
  	
  
The Company   shall reimburse the Executive’s expenses for Executive’s initiation fees,   dues and capital assessments for country and dining club memberships; provided,   however, that if the Executive during the Term ceases his membership   in any such clubs and any bonds posted or other capital payments made by the   Company are repaid to the Executive, the Executive shall pay over such   payments to the Company.
  
	
   
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
f.
  	
  
The Company   shall reimburse the Executive for travel, seminar and other expenses related   to the Executive’s duties which are incurred and accounted for in accordance   with the practices of the Company.
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
g.
  	
  
When and if   the Executive agrees to relocate to the Nashville, Tennessee greater   metropolitan area, the Company shall reimburse Executive for up to One   Hundred Thousand Dollars ($100,000) in relocation expenses associated with   such relocation to the Nashville, Tennessee greater metropolitan area.  The expenses that may be reimbursed   include, but are not limited to, closing costs and realtor fees incurred in   the sale and/or purchase of a residence.    The Company shall reimburse Executive within thirty (30) days of   Executive’s submission of such expenses.
  

          5.     Termination.

	
  
 
  	
  
 
  	
  
a.
  	
  
The   Executive’s employment under this Agreement may be terminated prior to the   end of the Term only as follows:
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  	
  
(i)
  	
  
by the   Company upon the death of the Executive;
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
   
  	
  
 
  	
  
 
  	
  
(ii)
  	
  
by the   Company due to the Disability of the Executive after delivery of a Notice of   Termination to the Executive;
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  	
  
(iii)
  	
  
by the   Company for Cause upon delivery of a Notice of Termination to the Executive;
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  	
  
(iv)
  	
  
by the   Company without Cause upon no less than thirty (30) days written notice to   the Executive, provided the Company satisfies the provisions of   Section 5(c) (if such termination is after a Change of Control) and   Section 5(d) (if such termination occurs prior to a Change of Control);
  
	
   
  	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  	
  
(v)
  	
  
by the   Executive with Adequate Justification upon delivery of written notice to the   Company; and
  

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(vi)
  	
  
by the   Executive for any reason, including without Adequate Justification, upon   delivery of a Notice of Termination to the Company no less than thirty (30)   days in advance of the effective termination date provided therein.
  
	
   
  	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
b.
  	
  
If the   Executive’s employment with the Company shall be terminated during the Term   (i) by reason of the Executive’s death, (ii) by the Company for   Disability or Cause or (iii) by the Executive without Adequate Justification   , the Company shall pay to the Executive (or in the case of his death, the   Executive’s estate) within 15 days after the Termination Date, a lump sum   cash payment equal to the Accrued Compensation and, if such termination is   other than by the Company for Cause, the Pro Rata Bonus.
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
c.
  	
  
If the   Executive’s employment with the Company shall be terminated after a Change in   Control either (i) by the Company without Cause or (ii) by the   Executive pursuant to Section 5(a)(v), in addition to other rights and   remedies available in law or equity, then the following shall apply:
  
	
   
  	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  	
  
(i)
  	
  
the Company   shall pay the Executive in cash within 15 days of the Termination Date an   amount equal to all Accrued Compensation and the Pro Rata Bonus;
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  	
  
(ii)
  	
  
the Company   shall pay to the Executive in cash within 15 days of the Termination Date an   amount equal to the sum of (1) two multiplied the Base Amount plus (2) two   multiplied by the Bonus Amount;
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
   
  	
  
 
  	
  
 
  	
  
(iii)
  	
  
for the   twenty four (24) consecutive thirty (30) day periods following the   Termination Date (the “Continuation Period”), the Company shall at its   expense continue on behalf of the Executive and his dependents and   beneficiaries the life insurance, disability, medical, dental and   hospitalization benefits at the highest levels provided to the Executive   during the ninety (90) days immediately prior to such termination. The   coverage and benefits (including deductibles and costs) provided in this   Section 5(c)(iii) during the Continuation Period shall not be materially   less favorable to the Executive and his dependents and beneficiaries than the   most favorable of such coverages and benefits during any of the periods   referred to above. The Company’s obligation hereunder with respect to the   foregoing benefits shall be limited to the extent that the Executive obtains   any such benefits pursuant to a subsequent
employer’s benefit plans, in which   case the Company may reduce the coverage of any benefits it is required to   provide the Executive hereunder as long as the aggregate coverages and   benefits of the combined benefit plans are not materially less favorable to   the Executive than the coverages and benefits required to be provided   hereunder. This subsection (iii) shall not be interpreted so as to limit any   benefits to which the Executive or his dependents or beneficiaries may be   entitled under any of the Company’s Executive benefit plans, programs or   practices following the Executive’s termination of employment, including   without limitation, retiree medical and life insurance benefits; and
  

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(iv)
  	
  
the   restrictions on any outstanding incentive awards (including stock options)   granted to the Executive under the Plan or under any other incentive plan or   arrangement shall lapse and such incentive award shall become 100% vested,   and all stock options and stock appreciation rights granted to the Executive   shall become immediately exercisable, shall become 100% vested and shall   remain in effect until the expiration of their respective terms   notwithstanding that the Executive has left the Company’s employment.
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
d.
  	
  
If, prior to   a Change in Control, the Company terminates the Executive without Cause or if   the Executive terminates his employment with Adequate Justification, then the   following shall apply:
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
   
  	
  
 
  	
  
 
  	
  
(i)
  	
  
the Company   shall pay the Executive in cash within 15 days of the Termination Date an   amount equal to all Accrued Compensation and the Pro Rata Bonus;
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  	
  
(ii)
  	
  
the Company   shall pay to the Executive in cash within 15 days of the Termination Date an   amount equal to the sum of (1) two multiplied the Base Amount plus (2) two   multiplied by the Bonus Amount;
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  	
  
(iii)
  	
  
for the   twenty four (24) consecutive thirty (30) day periods following the   Termination Date, the Company shall at its expense continue on behalf of the   Executive and his dependents and beneficiaries the life insurance,   disability, medical, dental and hospitalization benefits at the highest   levels provided to the Executive during the ninety (90) days immediately   prior to such termination. The coverage and benefits (including deductibles   and costs) provided in this Section 5(d)(iii) shall not be materially   less favorable to the Executive and his dependents and beneficiaries than the   most favorable of such coverages and benefits during any of the periods   referred to above. The Company’s obligation hereunder with respect to the   foregoing benefits shall be limited to the extent that the Executive obtains   any such benefits pursuant to a subsequent employer’s benefit plans, in which   case the Company may reduce the
coverage of any benefits it is required to   provide the Executive hereunder as long as the aggregate coverages and   benefits of the combined benefit plans are not materially less favorable to   the Executive than the coverages and benefits required to be provided   hereunder. This subsection (iii) shall not be interpreted so as to limit   any benefits to which the Executive or his dependents or beneficiaries may be   entitled under any of the Company’s Executive benefit plans, programs or   practices following the Executive’s termination of employment, including without   limitation, retiree medical and life insurance benefits; and
  

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(iv)
  	
  
the   restrictions on any outstanding incentive awards (including stock options)   granted to the Executive under the Plan or under any other incentive plan or   arrangement shall lapse and such incentive award shall become 100% vested,   and all stock options and stock appreciation rights granted to the Executive   shall become immediately exercisable, shall become 100% vested and shall   remain in effect until the expiration of their respective terms   notwithstanding that the Executive has left the Company’s employment.
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
e.
  	
  
The   Executive shall not be required to mitigate the amount of any payment   provided for in this Agreement by seeking other employment or otherwise, and   no such payment shall be offset or reduced by the amount of any compensation   or benefits provided to the Executive in any subsequent employment except as   provided in Section 5(c)(iii).
  
	
   
  	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
f.
  	
  
In the event   that any payment or benefit (within the meaning of Section 280G(b)(2) of   the Internal Revenue Code of 1986, as amended (the “Code”)) to the Executive   or for his benefit paid or payable or distributed or distributable pursuant   to the terms of this Agreement or otherwise in connection with, or arising   out of, his employment or cessation of employment with the Company or a   Change of Control (a “Payment” or “Payments”), would be considered a payment   of nonqualified deferred compensation or subject to any excise tax imposed by   the Code or any interest or penalties are incurred by the Executive with   respect to such excise tax (such excise tax, together with any such interest   and penalties, are hereinafter collectively referred to as the “Excise Tax”),   then the Executive will be entitled to receive an additional payment (a   “Gross-Up Payment”) in an amount such that after payment
by the Executive of   all taxes (including any interest or penalties, other than interest and   penalties imposed by reason of the Executive’s failure to file timely a tax   return or pay taxes shown due on his return, imposed with respect to such   Payments and the Excise Tax), excluding any Excise Tax imposed upon the   Gross-Up Payment, the Executive retains an amount of the Gross-Up Payment   equal to the Excise Tax imposed upon the Payments.  In addition, if earlier than the date on which any such Payment   is required by the terms of this Agreement to be made, all Payments required   to be made under this Agreement shall be paid in full to the Executive within   two and one-half months of the end of the taxable year in which Executive’s   rights with respect to such Payment first vest.
  
	
   
  	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
g.
  	
  
Except as   otherwise expressly provided herein, the severance pay and benefits provided   for in this Section 5 shall be in lieu of any other severance or   termination pay to which the Executive may be entitled under any Company   severance or termination plan, program, practice or arrangement. The   Executive’s entitlement to any other compensation or benefits shall be   determined in accordance with the Company’s Executive benefit plans and other   applicable programs, policies and practices then in effect.
  

6

          6.     Protection of Trade Secrets and Confidential Information.

	
  
 
  	
  
 
  	
  
a.
  	
  
Through   exercise of his rights and performance of his obligations under this   Agreement, Executive will be exposed to Trade Secrets and Confidential   Business Information. Executive agrees to cooperate with any and all   confidentiality requirements of the Company and Executive shall immediately   notify the Company of any unauthorized disclosure or use of any Trade Secrets   of which Executive becomes aware.
  
	
   
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
b.
  	
  
Except as   required to perform his obligations under this Agreement or except with   Company’s prior written permission, Executive shall not use, redistribute,   market, publish, disclose or divulge to any other person or entity any Trade   Secrets of the Company. The Executive’s obligations under this provision   shall remain in force (during or after the Term) for so long as such   information or data shall continue to constitute a “trade secret” under   applicable law.
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
c.
  	
  
The   Executive agrees to maintain in strict confidence and, except as necessary to   perform his duties for the Company, not to use or disclose any Confidential   Business Information at any time, either during the term of his employment or   for a period of one (1) year after the Executive’s last date of employment.
  
	
   
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
d.
  	
  
Upon   termination of employment, the Executive shall leave with the Company all   business records relating to the Company and its affiliates including,   without limitation, all contracts, calendars, and other materials or business   records concerning its business or customers, including all physical,   electronic, and computer copies thereof, whether or not the Executive   prepared such materials or records himself. Upon such termination, the   Executive shall retain no copies of any such materials.
  

7

	
  
 
  	
  
 
  	
  
e.
  	
  
Nothing in   this Section 6 shall prevent the Executive from disclosing Trade Secrets   or Confidential Business Information pursuant to a court order or   court-issued subpoena, so long as the Executive first notifies the Company of   said order or subpoena and makes a reasonable effort to give such notice in   sufficient time to allow the Company to seek an appropriate protective order.   The Executive agrees that if he receives any formal or informal discovery   request, court order, or subpoena requesting that he disclose Trade Secrets   or Confidential Business Information, he will immediately notify the Company   and provide the Company with a copy of said request, court order, or   subpoena.
  
	
   
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
f.
  	
  
During the   term of this Agreement and following its termination or expiration for any   reason, the Executive shall not disparage, verbally or in writing, the   Company or any of its officers, directors, employees or customers.
  

          7.     Non-Solicitation and Non-Competition.

	
  
 
  	
  
 
  	
  
a.
  	
  
If the   Executive is terminated for cause or without Cause or if the Executive   resigns with Adequate Justification, and provided (except in the case of a   for Cause termination, where such payment is not required) that the Company   has made the payment in full required by Section 7(c) below when due as   specified therein, then for a period of twenty four (24) consecutive   30-day periods following the date of termination, the Executive shall not   (except on behalf of or with the prior written consent of the Company) either   directly or indirectly, on the Executive’s own behalf or in the service or on   behalf of others, within the United States (i) own or hold any   Proprietary Interest (as defined below) in or be employed by or receive   compensation from a Competing Business; (ii) solicit, divert, or   appropriate to or for a Competing Business, or attempt to solicit, divert, or   appropriate to or for a Competing Business, any
person or entity that was   (x) a customer of the Company on the date of termination or (y) a   prospective customer of the Company on the date of termination with whom the   Executive had direct material contact within six months of the Executive’s last   date of employment; (iii) solicit, divert, or hire away, or attempt to   solicit, divert, or hire away any employee of or consultant to the Company or   any of its affiliates engaged or experienced in the Business, regardless of   whether the employee or consultant is full-time or temporary, the employment   or engagement is pursuant to written agreement, or the employment is for a   determined period or is at will.  For   purposes of this Agreement, “Proprietary Interest” means legal or equitable   interest (including options, warrants, rights and convertible interests) in a   Competing Business, provided, however, that ownership of less   than five percent (5%) of the securities of a publicly
held company   shall not be deemed to be a Proprietary Interest.
  

8

	
  
 
  	
  
 
  	
  
b.
  	
  
The   covenants, restrictions and obligations of Executive described in this   Section 7 shall apply only if the Company, at its sole option, agrees to   pay and in fact timely pays the full amount set forth in Section 7(c)   below.  The Company shall include with   the payment required by Section 7(c) a written notice stating that the   payment delivered to Executive is the full amount required to be paid by the   Company to Executive pursuant to and in compliance with Section 7(c) and   that therefore the covenants, restrictions and obligations of Executive   described in this Section 7 shall apply.  In the event that the Company (i) fails to make the   payment required by Section 7(c) in a timely manner, (ii) fails to   make the full payment required by Section 7(c) and/or (iii) fails   to provide the notice required by this Section 7(b), the covenants,   restrictions and obligations of Executive
described in this Section 7   shall not apply.
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
   
  	
  
 
  	
  
c.
  	
  
In addition   to payment of all other amounts for severance payments and other obligations   of the Company, including those described in Section 5 above, the   Company shall pay to Executive in cash within 15 days of the Termination Date   an additional amount equal to the sum of the Base Amount plus the Bonus   Amount.
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
d.
  	
  
The   Executive acknowledges and agrees that great loss and irreparable damage   would be suffered by the Company if the Executive should breach or violate   any of the terms or provisions of the covenants and agreements set forth in   this Section 7. The Executive further acknowledges and agrees that each   of these covenants and agreements is reasonably necessary to protect and   preserve the interests of the Company. The parties agree that money damages   for any breach of clauses (a) and (b) of this Section 7 will   be insufficient to compensate for any breaches thereof, and that the   Executive or any of the Executive’s affiliates, as the case may be, will, to   the extent permitted by law, waive in any proceeding initiated to enforce   such provisions any claim or defense that an adequate remedy at law exists.   The existence of any claim, demand, action, or cause of action against the   Company, whether predicated upon this
Agreement or otherwise, shall not   constitute a defense to the enforcement by the Company of any of the covenants   or agreements in this Agreement; provided, however, that the   failure by the Company to pay when due all amounts owed to Executive pursuant   to Section 7(c) above shall absolve the Executive of any obligation to   perform pursuant to this Section 7; and provided, further that   nothing in this Agreement shall be deemed to deny the Executive the right to   defend against this enforcement on the basis that the Company has no right to   its enforcement under the terms of this Agreement.
  
	
   
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
e.
  	
  
The   Executive acknowledges and agrees that: (i) the covenants and agreements   contained in clauses (a) through (f) of this Section 7   are the essence of this Agreement; (ii) the Executive has received good,   adequate and valuable consideration for each of these covenants; and   (iii) each of these covenants is reasonable and necessary to protect and   preserve the interests and properties of the Company. The Executive also   acknowledges and agrees that: (i) irreparable loss and damage will be   suffered by the Company should the
  

9

	
  
 
  	
  
 
  	
  
 
  	
  
Executive   breach any of these covenants and agreements; (ii) each of these   covenants and agreements in clauses (a) and (b) of this   Section 7 is separate, distinct and severable not only from the other   covenants and agreements but also from the remaining provisions of this   Agreement; and (iii) the unenforceability of any covenants or agreements   shall not affect the validity or enforceability of any of the other covenants   or agreements or any other provision or provisions of this Agreement. The   Executive acknowledges and agrees that if any of the provisions of   clauses (a) and (b) of this Section 7 shall ever be deemed to   exceed the time, activity, or geographic limitations permitted by applicable   law, then such provisions shall be and hereby are reformed to the maximum   time, activity, or geographical limitations permitted by applicable law.
  
	
   
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
f.
  	
  
The   Executive and the Company hereby acknowledge that it may be appropriate from   time to time to modify the terms of this Section 7 and the definition of   the term “Business” to reflect changes in the Company’s business and affairs   so that the scope of the limitations placed on the Executive’s activities by   this Section 7 accomplishes the parties’ intent in relation to the then   current facts and circumstances. Any such amendment shall be effective only   when completed in writing and signed by the Executive and the Company.
  

          8.     Successors; Binding Agreement.

	
  
 
  	
  
 
  	
  
a.
  	
  
This   Agreement shall be binding upon and shall inure to the benefit of the   Company, its Successors and Assigns and the Company shall require any   Successors and Assigns to expressly assume and agree to perform this   Agreement in the same manner and to the same extent that the Company would be   required to perform it if no such succession or assignment had taken place.
  
	
   
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
b.
  	
  
Neither this   Agreement nor any right or interest hereunder shall be assignable or   transferable by the Executive, his beneficiaries or legal representatives,   except by will or by the laws of descent and distribution. This Agreement   shall inure to the benefit of and be enforceable by the Executive’s legal   personal representative.
  

          9.     Fees and Expenses. The Company shall pay all reasonable legal fees and related expenses (including but not limited to the costs of experts, accountants and counsel) incurred by the Executive as they become due as a result of (a) the termination of the Executive’s employment (including all such fees and expenses, if any, incurred in contesting or disputing any such termination of employment) and (b) the Executive seeking to obtain or enforce any right or benefit provided by this Agreement; provided, however, that the circumstances set forth in clauses (a) and (b) above occurred on or after a Change in Control.

10

          10.     Notice. For the purposes of this Agreement, notices and all other communications provided for in this Agreement (including the Notice of Termination) shall be in writing and shall be deemed to have been duly given when personally delivered or sent by certified mail, return receipt requested, postage prepaid, addressed to the respective addresses last given by each party to the other; provided, however, that all notices to the Company shall be directed to the attention of the Board with a copy to the Secretary of the Company. All notices and communications shall be deemed to have been received on the date of delivery thereof.

          11.     Settlement of Claims. The Company’s obligation to make the payments provided for in this Agreement and otherwise to perform its obligations hereunder shall not be affected by any circumstances, including, without limitation, any set-off, counterclaim, recoupment, defense or other right which the Company may have against the Executive or others. The Company may, however, withhold from any benefits payable under this Agreement all federal, state, city, or other taxes as shall be required pursuant to any law or governmental regulation or ruling.

          12.     Modification and Waiver. No provisions of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is agreed to in writing and signed by the Executive and the Company. No waiver by any party hereto at any time of any breach by the other party hereto of, or compliance with, any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time.

          13.     Governing Law. This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Georgia without giving effect to the conflict of laws principles thereof. Any action brought by any party to this Agreement shall be brought and maintained in a court of competent jurisdiction in State of Georgia.

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

          15.     Entire Agreement. This Agreement constitutes the entire agreement between the parties hereto and supersedes all prior agreements, if any, understandings and arrangements, oral or written, between the parties hereto with respect to the subject matter hereof.

          16.     Headings. The headings of Sections herein are included solely for convenience of reference and shall not control the meaning or interpretation of any of the provisions of this Agreement.

          17.     Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument.

11

          18.     Definitions. For purposes of this Agreement, the following terms shall have the following meanings:

          “Accrued Compensation” shall mean an amount which shall include all amounts earned or accrued through the Termination Date but not paid as of the Termination Date including (i) base salary, (ii) reimbursement for reasonable and necessary expenses incurred by the Executive on behalf of the Company during the period ending on the Termination Date, and (iii) bonuses and incentive compensation (other than the Pro Rata Bonus).

          “Act” shall mean the Securities Act of 1933, as amended.

          “Adequate Justification” shall mean the occurrence of any of the following events or conditions: (i) a material failure of the Company to comply with the terms of this Agreement and such failure remains uncured after the Company had twenty (20) days to cure such failure; (ii) any relocation of the Executive outside the metropolitan area where Executive resides at the time relocation is required; or (iii) other than as provided for herein, the removal of the Executive from the position of Chief Executive Officer or as a member of the Board or any other substantial diminution in the Executive’s authority or the Executive’s responsibilities.

          “Agreement” shall have the meaning set forth in the recitals.

          “Base Amount” shall mean the greater of the Executive’s annual base salary (i) at the rate in effect on the Termination Date or (ii) at the highest rate in effect at any time during the 90-day period prior to the Change in Control (if applicable), and shall include all amounts of his base salary that are deferred under the qualified and non-qualified employee benefit plans of the Company or any other agreement or arrangement.

          “Board” shall have the meaning set forth in the recitals.

          “Bonus Amount” shall mean, subject to the requirements of the minimum bonus amount in Section 4(b) above, the greater of (i) the most recent annual bonus paid or payable to the Executive, or, if greater, the annual bonus paid or payable for the full fiscal year ended prior to the fiscal year during which a Change in Control occurred or (ii) the average of the annual bonuses paid or payable during the three full fiscal years ended prior to the Termination Date or, if greater, the three full fiscal years ended prior to the Change in Control (if applicable) (or, in each case, such lesser period for which annual bonuses were paid or payable to the Executive).

          “Business” shall mean any financial services business or other business that provides any goods or services competitive with the goods and services provided by PBiz or any of its Subsidiaries as of the date of Termination.

          “Bylaws” shall mean the bylaws of the Company, as amended, restated, supplemented or otherwise modified from time to time.

          “Cause” shall mean the result of:

12

	
  
 
  	
  
          (i)   any act that (X) constitutes, on the part of the Executive, fraud,   dishonesty, or gross malfeasance of duty, and (Y) is demonstrably likely to   lead to material injury to the Company or resulted or was intended to result   in direct or indirect material gain to or material personal enrichment of the   Executive; provided, however, that such conduct shall not constitute   Cause:
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
          (A)   unless (1) there shall have been delivered to the Executive a written   notice setting forth with specificity the reasons that the Board believes the   Executive’s conduct constitutes the criteria set forth in clause (i), (2) the   Executive shall have been provided the opportunity, if such behavior is   susceptible to cure, to cure the specific inappropriate behavior within 30   days following written notice, (3) after such 30-day period, the Board   of Directors determines that the behavior has not been cured, and   (4) the termination is evidenced by a resolution adopted in good faith   by two-thirds of the members of the Board (other than the Executive if the   Executive is on the Board at the time); or
  
	
   
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
          (B)   if such conduct (1) was believed by the Executive in good faith to have   been in or not opposed to the interests of the Company, and (2) was not   intended to and did not result in the direct or indirect material gain to or   material personal enrichment of the Executive; or
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
          (ii)   the conviction (from which no appeal may be or is timely taken) of the   Executive of a felony involving moral turpitude.
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
          “Change   in Control” shall mean the occurrence during the Term of any the following   events:
  
	
   
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
          (i)   An acquisition (other than directly from the Company) of any voting   securities of the Company (the “Voting Securities”) by any “Person” (as the   term person is used for purposes of Section 13(d) or 14(d) of the   Securities Exchange Act of 1934 (the “1934 Act”)) immediately after which   such Person has “Beneficial Ownership” (within the meaning of Rule 13d-3   promulgated under the 1934 Act) of 50% or more of the combined voting power   of the Company’s then outstanding Voting Securities; provided, however,   that in determining whether a Change in Control has occurred, Voting   Securities which are acquired in a “Non-Control Acquisition” (as hereinafter   defined) shall not constitute an acquisition which would cause a Change in   Control.  A “Non-Control Acquisition”   shall mean an acquisition by
(1) an employee benefit plan (or a trust   forming a part thereof) maintained by (x) the Company or (y) any   corporation or other Person of which a majority of its voting power or its   equity securities or equity interest is owned directly or indirectly by the   Company (a “Subsidiary”), (2) the Company or any Subsidiary, or   (3) any Person in connection with a “Non-Control Transaction” (as   hereinafter defined);
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
   
  	
  
          (ii)   Subject to clause (v) of this “Change in Control” definition below, the   individuals who, as of the date of this Agreement, are members of the Board   (the “Incumbent Board”) cease for any reason to constitute at least a   majority of the Board; 
  

13

	
  
 
  	
  
provided,   however, that if the election, nomination for election by the Company’s   stockholders, of any new director was approved by at least two-thirds of the   Incumbent Board, such new director shall, for purposes of this Agreement, be   considered a member of the Incumbent Board; or
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
          (iii)   Approval by stockholders of the Company of:
  
	
   
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
          (A)   A merger, consolidation or reorganization involving the Company, unless the   stockholders of the Company, immediately before such merger, consolidation or   reorganization, own, directly or indirectly, immediately following such   merger, consolidation or reorganization, at least two-thirds of the combined   voting power of the outstanding voting securities of the corporation   resulting from such merger or consolidation or reorganization (the “Surviving   Corporation”) in substantially the same proportion as their ownership of the   Voting Securities immediately before such merger, consolidation or   reorganization, such transaction herein referred to as a “Non-Control   Transaction”;
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
          (B)   A complete liquidation or dissolution of the Company; or
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
   
  	
  
 
  	
  
          (C)   An agreement for the sale or other disposition of all or substantially all of   the assets of the Company to any Person (other than a transfer to a   Subsidiary).
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
          (iv)   Notwithstanding anything contained in this Agreement to the contrary, if the   Executive’s employment is terminated prior to a Change in Control and the   Executive reasonably demonstrates that such termination (A) was at the   request of a third party who has indicated an intention or taken steps   reasonably calculated to effect a Change in Control and who effectuates a   Change in Control (a “Third Party”) or (B) otherwise occurred in   connection with, or in anticipation of, a Change in Control which actually   occurs, then for all purposes of this Agreement, the date of a Change in   Control with respect to the Executive shall mean the date immediately prior   to the date of such termination of the Executive’s employment.
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
          (v)   Notwithstanding the foregoing, the disposition by Lightyear of any or all of   its Series A Preferred Stock or warrants or reduction in the number of   Lightyear directors serving on the Board will not constitute a Change in   Control.
  

          “Company “shall have the meaning set forth in the recitals.

          “Compensation Committee” shall mean the compensation committee of the Board.

          “Competing Business” shall mean any business that, in whole or in part, is the same or substantially the same as the Business.

          “Confidential Business Information” shall mean any non-public information of a competitively sensitive or personal nature, other than Trade Secrets, acquired by the Executive, directly or indirectly, in connection with the Executive’s employment (including his employment 

14

with the Company prior to the date of this Agreement), including (without limitation) oral and written information concerning the Company or its affiliates relating to financial position and results of operations (revenues, margins, assets, net income, etc.), annual and long-range business plans, marketing plans and methods, account invoices, oral or written customer information, and personnel information. Confidential Business Information also includes information recorded in manuals, memoranda, projections, minutes, plans, computer programs, and records, whether or not legended or otherwise identified by the Company and its affiliates as Confidential Business Information, as well as information which is the subject of meetings and discussions and not so recorded; provided, however, that Confidential Business Information shall not include information that is generally available to the public, other than as a result of disclosure, directly or
indirectly, by the Executive, or was available to the Executive on a non-confidential basis prior to its disclosure to the Executive.

          “Continuation Period” shall have the meaning ascribed to it in Section 5(c)(iii).

          “Disability” shall mean the inability of the Executive to perform substantially all of his current duties as required hereunder for a continuous period of 90 days because of mental or physical condition, illness or injury.

          “Effective Date” shall mean the date set forth in the recitals.

          “Excise Tax” shall have the meaning ascribed to it in Section 5(f).

          “Executive” shall have the meaning set forth in the recitals.

          “Gross-Up Payment” shall have meaning ascribed to it in Section 5(f).

          “Notice of Termination” shall mean a written notice of termination from the Company or the Executive which specifies an effective date of termination, indicates the specific termination provision in this Agreement relied upon, and sets forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of the Executive’s employment under the provision so indicated.

          “Payment” shall have meaning ascribed to it in Section 5(f).

          “Plan” shall mean any of the Company’s stock option, incentive award or other similar plans.

          “Pro Rata Bonus” shall mean an amount equal to the Bonus Amount multiplied by a fraction the numerator of which is the number of days in the fiscal year through the Termination Date and the denominator of which is 365.

          “Successors and Assigns” shall mean a corporation or other entity acquiring all or substantially all the assets and business of the Company (including this Agreement), whether by operation of law or otherwise.

15

          “Term” shall have the meaning set forth in Section 3 of this Agreement.

          “Termination Date” shall mean, in the case of the Executive’s death, his date of death, and in all other cases, the date specified in the Notice of Termination.

          “Trade Secrets” shall mean information or data of or about the Company or any affiliated entity, including, but not limited to, technical or nontechnical data, formulas, patterns, compilations, programs, devices, methods, techniques, drawings, processes, financial data, financial plans, products plans, or lists of actual or potential customers, clients, distributors, or licensees, that: (i) derive 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 their disclosure or use; and (ii) are the subject of efforts that are reasonable under the circumstances to maintain their secrecy. To the extent that the foregoing definition is inconsistent with a definition of “trade secret” mandated under applicable law, the latter definition shall govern for purposes of
interpreting Executive’s obligations under this Agreement.

16

          IN WITNESS WHEREOF, the Company has caused this Agreement to be executed and its seal to be affixed hereunto by its officers thereunto duly authorized, and the Executive has signed and sealed this Agreement, effective as of the date first above written.

	
   
  	
  
PRIVATE   BUSINESS, INC.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
By:
  	
  
/s/ Henry M.   Baroco
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
Name:
  	
  
Henry M.   Baroco
  
	
  
 
  	
  
Title:
  	
  
CEO
  
	
  
 
  	
  
 
  	
  
 
  
	
   
  	
  
 
  	
  
 
  
	
  
 
  	
  
EXECUTIVE
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
/s/ G. Lynn   Boggs
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
 
  	
  
G. Lynn   Boggs
  

EXHIBIT A

Stock Option Grants

Options to acquire 779,710 shares of common stock of the Company at an exercise price of $1.32 per share (as adjusted to reflect stock splits, dividends and similar events).

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