Document:

Flexible Long-Term Incentive Program

 Exhibit 10.1 
  
 FIRST ADVANTAGE CORPORATION 
 “FLEXIBLE” LONG-TERM INCENTIVE PROGRAM 
 FY2006 Summary Program Document

  
 1. ELIGIBILITY 
  
 The Compensation Committee shall designate key members of management as eligible
Participants for the program. These Participants are employees that will ensure that FADV achieves its long-term goals and objectives. Participants in the Program will be identified at the beginning of each year, and participation in the Flexible
LTIP may vary from year to year. 
  
 2. AWARD TYPE 
  
 You will have the choice between receiving stock options and/or restricted stock/units:

  

	 	1.	Stock Options — Stock options provide you with the voluntary opportunity, but not obligation, to buy Company stock at a pre-set exercise price, which is set at
fair market value on the date of grant, for a specified period of years. The specified period of time you can exercise your stock option is 10 years from the date of grant, provided you have met the vesting requirements. When you exercise your stock
option for a gain, you are then responsible for all associated taxes. 

  

	 	2.	Restricted Stock — Restricted Stock is an award of full-value shares of stock, which carry voting rights and dividend rights, but which cannot be sold,
transferred or pledged until vested. At the time of vesting, the share restrictions are released and the shares are fully transferable. However, at this time you are also responsible for all associated taxes. 

  

	 	3.	Restricted Stock Units (RSUs) — RSUs are full-value phantom units that mirror the stock price of FADV and convert into real shares of FADV stock on the
“Settlement Date.” The Settlement Date is a future date you select; this date must be later than the original vesting date. In other words, this vehicle allows you to defer actual receipt of the shares, and all associated taxes. If you
choose this vehicle as a part of your “Flexible” LTIP Award, you must choose a Settlement Date for receiving the shares on the Preference Form. RSUs do not entitle you to voting or dividend rights until you actually take receipt of the
shares on the Settlement Date. 

  
 3. AWARD OPPORTUNITIES

  
 The Compensation Committee, together with recommendations from the CEO
and President, shall determine Awards to provide a Participant. The Compensation Committee intends to generally provide market-competitive Awards based on Participant’s assigned tier based on responsibility and level within the FADV
organization. 
  
 Awards are determined based on a Participant’s assigned
tier at the beginning of the fiscal year. Awards will be communicated via “Point” assignments. You choose how to “spend” your “Points.” Stock options cost 1 point and restricted stock/units cost 3 points. 
  
 Awards will be granted as of February 20, 2006. New Hires employed after the first grant
on February 20th may receive a pro rated Award at the time of the next quarterly Award cycle, if so approved by
the CEO and/or Compensation Committee. 
  
 4. AWARD FREQUENCY 

 
 Subject to the Compensation Committee’s sole discretion, you may be eligible to
receive Awards annually. If deemed a Participant, your Award will be granted to you in the first year on February 20, 2006. 
  

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 5. AWARD VESTING 
  
 Vesting will occur at one-third (33.3%) per year on each anniversary of the grant date for all equity Awards — stock options, restricted stock, and restricted
stock units. The Award becomes fully vested after 3 years. If you terminate employment prior to vesting, you forfeit your award. Vested RSUs that have not yet been Settled will be paid to you at the Settlement Date or your Termination Date,
whichever is earlier; certain exceptions may apply under the new deferred compensation regulations, Code Section 409(A). In the event of a termination due to a (i.) Reduction-In-Force (RIF), (ii.) Retirement, (iii.) Disability, (iv.) Death, or
(v.) “Change-In-Control,” please see the next section for additional details. 
  
 6. TERMINATION PROVISIONS 
  
 In the event of a
Participant’s Termination of employment with the Company, the Compensation Committee shall, in its sole discretion, determine the amount, timing, and form or any “Flexible” LTIP Awards payable. For the FY2006 Award, it is the
Committee’s intention to treat Awards in following manner, if applicable, depending upon the type of Termination: 
  

					
	 Type of Termination

	  	 Treatment of
Unvested Awards

	  	 Timing of Award
Payment

			
	Involuntary/Voluntary
Termination	  	100% forfeited.	  	n/a
			
	Reduction-In-Force	  	 Pro rata vesting
 adjusted for the # of
 full months worked.
	  	 Typically settled 30
 days after termination.

	Qualified Retirement	  	  
	Qualified Disability	  	  
	Death	  	  

  
 7. ADMINISTRATION OF THE PROGRAM

  
 The Compensation Committee shall have the full power and authority to
interpret, construe, and administer this Program and the interpretations, construction, and administration thereof, and actions taken thereunder, including the determination of each executive’s Awards, shall be binding and conclusive on all
persons for all purposes. The Committee reserves the right to terminate, amend, or supplement the program at any time. No officer or director of the Company shall be liable to any person for any action taken or omitted in connection with the
interpretation, construction, and administration of this Program unless such action is attributable to his or her own willful misconduct. 
  
 This Summary Program Document should not be interpreted as a contract of employment or to bind either the associate or the Company to a specific period of employment.

  
 8. PROSPECTUS 
  
 This document constitutes part of a prospectus covering securities that have been registered
under the Securities Act of 1933, as amended. (A prospectus is a legal document that describes the terms of a stock offering. You are encouraged to retain this prospectus for future reference.) 
  
 The date of this prospectus is February 1, 2006. 
  
 This prospectus covers 7,000,000 shares of Class A common stock, par value $0.001, of
First Advantage Corporation, which may be issued from time to time to eligible employees who elect to participate in the First Advantage Corporation 2003 Incentive Compensation Plan, as amended. These shares have been registered pursuant to a
registration statement on Form S-8 (No. 333-128349). 
  

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 This prospectus and all references to “you” and “your” apply only to employees of First Advantage
Corporation, or its participating subsidiaries, who are eligible to participate in the Plan and who elect to participate in the Plan. This prospectus summarizes the material provisions of the Plan. Because this prospectus is a summary, it does not
contain all of the information that may be important to you. You should read the Plan for a full statement of all of the terms and conditions governing your participation under the Plan. If the information in this prospectus differs from the
provisions of the Plan, you should rely on the provisions of the Plan. 
  

 Page 3Form of Incentive Stock Option Agreement

 Exhibit 10.2 
  
 STOCK OPTION AWARD AGREEMENT 
  

This Stock Option Award Agreement (this “Agreement”), dated [INSERT DATE OF GRANT], is made between FIRST ADVANTAGE CORPORATION, a
Delaware corporation (the “Company”), and [INSERT NAME OF OPTIONEE] (the “Optionee”). All capitalized terms used herein that are not defined herein shall have the respective meanings given to such terms in the First
Advantage Corporation 2003 Incentive Compensation Plan (the “Plan”). 
  
 W I T N E S S E T H : 
  
 1. Grant of Option. Pursuant to the provisions of the Plan, the Company hereby grants to the Optionee, subject to the terms and conditions of the
Plan and subject further to the terms and conditions herein set forth, the right and option to purchase from the Company all or any part of an aggregate of [INSERT NUMBER OF SHARES] shares of the common stock of the Company, $0.001 par value
(“Stock”), at a per share purchase price equal to $[INSERT STRIKE PRICE] (the “Option”), such Option to be exercisable as hereinafter provided. 
  
 2. Terms and Conditions. It is understood and agreed that the Option evidenced hereby is subject to the following
terms and conditions: 
  
 (a) Expiration
Date. The Option shall expire ten (10) years after the date indicated above. 
  
 (b) Exercise of Option. 
  
 (i) Subject to the other terms of this Agreement and the Plan, 33.4% of the Option may be exercised on or after the first annual
anniversary of the date hereof, 33.3% on or after the second annual anniversary of the date hereof and 33.3% on or after the third annual anniversary of the date hereof. 
  
 (ii) Any exercise of all or any part of the Option shall be accompanied by Notice to the Company specifying
the number of shares of Stock as to which the Option is being exercised, which Notice shall be delivered not less than three business days prior to the proposed exercise date. Upon the valid exercise of all or any part of the Option, a certificate
(or certificates) for the number of shares of Stock with respect to which the Option is exercised shall be issued in the name of the Optionee, subject to the other terms and conditions of this Agreement and the Plan. 
  
 (c) Consideration. At the time of any exercise of the
Option, the purchase price of the shares of Stock as to which the Option shall be exercised shall be paid to the Company in (i) in United States dollars by personal check, bank draft or money order; (ii) if permitted by applicable law and
approved by the Committee in accordance with the Plan, with Stock, duly endorsed for transfer to the Company, already owned by the Optionee (or by the Optionee and his spouse jointly) for at least six (6) months prior to the tender thereof and
not used for another such exercise during such six (6) month period, having a total Fair Market Value on the date of such exercise of the Option, equal 

  

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to such purchase price of such shares of Stock; (iii) a combination of the consideration provided for in the foregoing clauses (i) and
(ii) having a total Fair Market Value on the date of such exercise of the Option equal to the purchase price of such shares of Stock or (iv) such other form as the Committee shall in its discretion determine. 
  
 (d) Nontransferability. Subject to the terms of the
Plan, the Option shall not be transferable otherwise than by will or the laws of descent and distribution, and is exercisable, during the lifetime of the Optionee, only by him or her; provided that the Option may be exercised after the
Optionee’s death by the beneficiary most recently named by the Optionee in a written designation thereof filed by the Optionee with the Company, in accordance with the Plan. 
  
 (e) Withholding Taxes. At the time of receipt of Stock upon the exercise of all or any part of the
Option, the Optionee shall be required to pay to the Company in cash (or make other arrangements, in accordance with Article XVI of the Plan, for the satisfaction of) any taxes of any kind required by law to be withheld with respect to such Stock;
provided, however, such tax withholding obligations may be met, in whole or in part, pursuant to procedures, if any, approved by the Committee in its discretion and in accordance with applicable law, by (i) the withholding by the
Company of Stock otherwise deliverable to the Optionee pursuant to the Option with a Fair Market Value on the date of such exercise equal to such tax liability (provided, however, that the amount of any Stock so withheld shall not
exceed the amount necessary to satisfy required Federal, state and local tax withholding obligations using the minimum statutory withholding rates that are applicable to supplemental taxable income) and/or (ii) tendering to the Company Stock,
duly endorsed for transfer to the Company, owned by the Optionee (or by the Optionee and his spouse jointly) and acquired more than six (6) months prior to such tender with a Fair Market Value on the date of such exercise equal to such tax
liability. In no event shall Stock be delivered to the Optionee until the Optionee has paid to the Company in cash, or made arrangements satisfactory to the Company regarding the payment of, the amount of any taxes of any kind required by law to be
withheld with respect to the Stock subject to the Option, and the Company shall have the right to deduct any such taxes from any payment of any kind otherwise due to the Optionee. 
  
 (f) No Rights as Stockholder. Neither the Optionee nor any other person shall become the beneficial
owner of the shares of Stock subject to the Option, nor have any rights to dividends or other rights as a shareholder with respect to any such shares, until the Optionee has exercised the Option in accordance with the provisions hereof and of the
Plan. 
  
 (g) No Right to Continued Employment
or Service. None of the Plan, the Option nor any terms contained in this Agreement shall confer upon the Optionee any express or implied right to be retained in the service of the Company or an Affiliate or Subsidiary for any period or at all,
nor restrict in any way the right of the Company or any Affiliate or Subsidiary, which right is hereby expressly reserved, to terminate his or her service or employment at any time with or without cause. The Optionee acknowledges and agrees that any
right to exercise the Option is earned only by 

  

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continuing as an Employee, Consultant or Director of the Company or an Affiliate or Subsidiary at the will of the Company or any such Affiliate or
Subsidiary, or satisfaction of any other applicable terms and conditions contained in this Agreement and the Plan, and not through the act of being hired, being granted the Option or acquiring shares of Stock hereunder. 
  
 (h) Inconsistency with Plan. Notwithstanding any
provision herein to the contrary, the Option provides the Optionee with no greater rights or claims than are specifically provided for under the Plan, which is incorporated herein by reference. If and to the extent that any provision contained in
this Agreement is inconsistent with the Plan, the Plan shall govern. 
  
 (i) Compliance with Laws and Regulations. The Option and the obligation of the Company to sell and deliver shares of Stock hereunder shall be subject in all respects to (i) all applicable Federal and state
laws, rules and regulations and (ii) any registration, qualification, approvals or other requirements imposed by any government or regulatory agency or body which the Committee shall, in its discretion, determine to be necessary or applicable,
in all respects. Moreover, the Option may not be exercised if its exercise, or the receipt of shares of Stock pursuant thereto, would be contrary to applicable law. If at any time the Company shall determine, in its discretion, that the listing,
registration or qualification of shares of Stock upon any national securities exchange or quotation system, or under any state or Federal law, or the consent or approval of any governmental regulatory body, is necessary or desirable, the Company
shall not be required to deliver any certificates for shares of Stock to the Optionee or any other person unless and until such listing, registration, qualification, consent or approval shall have been effected or obtained, or otherwise provided
for, free of any conditions not acceptable to the Company. 
  
 3.
Investment Representation. If at the time of exercise of all or part of the Option the Stock is not registered under the Securities Act and/or there is no current prospectus in effect under the Securities Act with respect to the Stock, the
Optionee shall execute, prior to the issuance of any shares of Stock to the Optionee by the Company, an agreement (in such form as the Committee may specify) in which the Optionee, among other things, represents, warrants and agrees that the
Optionee is purchasing or acquiring the shares acquired under this Agreement for the Optionee’s own account, for investment only and not with a view to the resale or distribution thereof, that the Optionee has knowledge and experience in
financial and business matters, that the Optionee is capable of evaluating the merits and risks of owning any shares of Stock purchased or acquired under this Agreement, that the Optionee is a person who is able to bear the economic risk of such
ownership and that any subsequent offer for sale or distribution of any of such shares shall be made only pursuant to (i) a registration statement on an appropriate form under the Securities Act, which registration statement has become
effective and is current with regard to the shares being offered or sold, or (ii) a specific exemption from the registration requirements of the Securities Act, it being understood that to the extent any such exemption is claimed, the Optionee
shall, prior to any offer for sale or sale of such shares, obtain a prior favorable written opinion, in form and substance satisfactory to the Committee, from counsel for or approved by the Committee, as to the applicability of such exemption
thereto. 
  

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 4. Certain Other Representations and Covenants of the Optionee. The Optionee hereby acknowledges
receipt of a copy of the Plan and represents that he or she is familiar with the terms and provisions thereof. The Optionee hereby represents and acknowledges that he has reviewed the Plan and this Agreement in their entirety, has had an opportunity
to obtain the advice of counsel prior to executing this Agreement and fully understands all provisions of the Plan and this Agreement. The Optionee hereby agrees to be bound by all of the terms and provisions of the Plan and this Agreement,
including the terms and provisions adopted after the granting of the Option but prior to the complete exercise hereof, subject to Sections 15.1 and 15.3 of the Plan as in effect on the date hereof. The Optionee hereby agrees to accept as binding,
conclusive and final all decisions and interpretations of the Committee or the Board upon any questions arising under the Plan, this Agreement or otherwise relating to the Option. 
  
 5. Notices. Any Notice or other communication required or permitted hereunder shall be in accordance with the Plan,
and, if to the Company, may be delivered in person to the Company, attention: Controller, by facsimile at (727) 214-3472 (or such other facsimile as the Company shall designate in writing), or sent by certified or registered mail or overnight
courier, prepaid, addressed to the Company at One Progress Plaza, Suite 2400, St. Petersburg, Florida 33701 (or such other address as the Company shall designate in writing), and, if to the Optionee, shall be addressed to him at the address set
forth below his or her signature hereon, subject to the right of either party to designate at any time hereafter in writing some other address. 
  
 6. Governing Law. The validity, interpretation, construction and performance of this Agreement shall be governed by the laws of the State of
Delaware applicable to contracts executed and to be performed entirely within such state, without regard to the conflict of law provisions thereof. 
  
 7. Severability. If any of the provisions of this Agreement should be deemed unenforceable, the remaining provisions shall remain in full force and
effect. 
  
 8. Entire Agreement; Modification. This
Agreement and the Plan constitute the entire understanding between the Optionee and the Company regarding the Option. Any prior oral or written agreements or understandings concerning the Option are superseded by this Agreement. Except as otherwise
permitted by the Plan, this Agreement may not be modified or amended, nor may any provision hereof be waived, in any way except in writing signed by the parties hereto. 
  
 9. Counterparts. This Agreement has been executed in two counterparts, each of which shall constitute one and the
same instrument. 
  
 *            *            * 
  

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 IN WITNESS WHEREOF, First Advantage Corporation has caused this Agreement to be executed by a duly
authorized officer and the Optionee has executed this Agreement, both as of the day and year first written above. 
  

			
	FIRST ADVANTAGE CORPORATION
		
	By	 	 
	 Name:
	 	 
	 Title:
	 	 

	
	
	 
	 [INSERT NAME OF OPTIONEE]

	
	 Address:

	
	 
	 
	 
	 

  

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