Document:

Exhibit

Exhibit 10.3

EMPLOYMENT AGREEMENT

EMPLOYMENT AGREEMENT (the “Agreement”) is effective as of April 8, 2013, (the “Effective Date”), by and between LPS MANAGEMENT LLC, a Delaware limited liability company (the “Company”), and SHELLEY LEONARD (the “Employee”). In consideration of the mutual covenants and agreements set forth herein, the parties agree as follows:
1.Purpose and Release. The purpose of this Agreement is (i) except as otherwise specifically provided in this Agreement, to terminate all prior agreements between the Company, and any of its affiliates, and Employee relating to the subject matter of this Agreement, (ii) to recognize Employee's significant contributions to the overall financial performance and success of the Company, (iii) to protect the Company's business interests through the addition of restrictive covenants, and (iv) to provide a single, integrated document which shall provide the basis for Employee's continued employment by the Company. In consideration of the execution of this Agreement and the termination of all such prior agreements (except to the extent otherwise specifically provided in this Agreement), the parties each release all rights and claims that she has or may have had arising under such prior agreements.
2.Employment and Duties. Subject to the terms and conditions of this Agreement, the Company employs Employee to serve as its Senior Vice President, Business Strategy. Employee accepts such employment and agrees to undertake and discharge the duties, functions and responsibilities commensurate with the aforesaid position and such other duties and responsibilities as may be prescribed from time to time by the Executive Vice President and Chief Information Officer (the “Designated Officer”). Employee shall devote substantially all of her business time, attention and effort to the performance of her duties hereunder and shall not engage in any business, profession or occupation, for compensation or otherwise without the express written consent of the Designated Officer, other than personal investment, charitable, or civic activities or other matters that do not conflict with Employee's duties.
3.Term. This Agreement shall commence on the Effective Date and, unless terminated as set forth in Section 9, continue through December 31, 2015. This Agreement shall be extended automatically for successive one (1) year periods (the initial period and any extensions being collectively referred to as the “Employment Term”), unless either party terminates this Agreement as of the end of the then-current  period  by giving written notice at least ninety (90) days prior to the end of that period, Notwithstanding any termination of this Agreement or Employee's  employment,  in addition  to provisions  of this Agreement to which Section 17 refers, Sections 9 and 10 shall remain in effect until all obligations and benefits that accrued prior to termination are satisfied.
4.Salary. During the Employment Term, Company shall pay Employee an annual base salary, before deducting all applicable withholdings, of no less than $300,000 per year, payable at the time and in the manner dictated by Company's standard payroll policies. Such minimum annual base salary may be periodically reviewed and increased (but not decreased without Employee's express written consent) at the discretion of the Designated Officer to reflect, among other matters, cost of living increases and performance results (such annual base salary, including any increases pursuant to this Section 4,  the “Annual Base Salary”).
5.Other Compensation and Fringe Benefits. In addition to any executive bonus, pension, deferred compensation and long-term incentive plans which Company or an affiliate of Company may from time to time make available to Employee, Employee shall be entitled to the following  during the Employment Term:
		
	(a)
	the standard Company benefits enjoyed by Company's other similarly situated executives as a group;

		
	(b)
	medical and other insurance coverage (for Employee and any covered dependents) provided by Company to its other similarly  situated executives;

		
	(c)
	an annual incentive bonus opportunity under Company's annual incentive plan (“Annual Bonus Plan”) with such opportunity to be earned based upon attainment of performance objectives established by the Designated Officer (“Annual Bonus”). Employee's target and maximum Annual Bonus shall be designated on an annual basis by the Company (collectively, the target and maximum are referred to as the “Annual Bonus Opportunity”). In the event of the Company's failure to designate an Annual Bonus Opportunity by March 15th of the calendar year to which the Annual Bonus Opportunity relates, the target Annual Bonus for such year shall be not less than the target Annual Bonus for the preceding calendar year. The Annual Bonus, if any, shall be paid no later than the March 15th first following the calendar year to which the Annual Bonus relates. For all years during the Employment Term, the extent to which Employee has earned the Annual Bonus at any level shall be determined by the Designated Officer in his sole and absolute discretion; and

		
	(d)
	subject to approval by the Compensation Committee of the Board of Directors, Company shall grant to Employee from time to time restricted stock, restricted stock units, stock options, stock appreciation rights and/or other long-term incentive compensation under the Company's equity incentive plans.

6.Vacation. For and during each calendar year within the Employment Term, Employee shall be entitled to reasonable paid vacation periods consistent with Employee's position and in accordance with Company's standard policies, or as the Designated Officer may approve. In addition, Employee shall be entitled to such holidays consistent with Company's standard policies or as the Designated Officer may approve.
7.Expense Reimbursement. In addition to the compensation and benefits provided herein, Company shall, upon receipt of appropriate documentation, reimburse Employee each month for her reasonable travel, lodging, entertainment, promotion and other ordinary and necessary business expenses to the extent such reimbursement is permitted under Company’s expense reimbursement policy.
8.Indemnification. To the maximum extent permitted under applicable law, and in addition to any other indemnification to which Employee may be entitled under state statute or any articles of incorporation, bylaws, resolution, or agreement (but without duplication of payments with respect to indemnified amounts), Company hereby agrees to hold harmless and indemnify Employee to the full extent allowed under applicable law, including, but not limited to, holding harmless and indemnifying Employee against any and all expenses (including attorneys' fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by the Employee in connection with any threatened, pending, or completed action, lawsuit, or proceeding, whether civil, criminal, administrative, or investigative (including an action by or in the right of Company), to which the Employee is, was, or at any time becomes a party, or is threatened to be made a party, by reason of the fact that the Employee is, was, or at any time becomes a director, officer, employee or agent of Company, or is or was serving or at any time serves at the request of Company as a director, officer, employee, or agent of another corporation, partnership, joint venture, trust, or other enterprise. For purposes of clarity, under no circumstances shall the indemnification provided for in this Section 8 obligate Company to indemnify Employee against any expenses (including attorneys' fees), judgments, fines and/or amounts paid in settlement which relate to actions taken by Employee which were outside of or beyond the scope of her employment with Company or her position as a director of Company [or with respect to conduct by the Employee that is determined by a court of competent jurisdiction to be willful misconduct or grossly negligent].
9.Termination of Employment. Company or Employee may terminate Employee's employment at any time and for any reason in accordance with Subsection 9(a) below. The Employment Term shall be deemed to have ended on the last day of Employee's employment. The Employment Term shall terminate automatically upon Employee's death.

		
	(a)
	Notice of Termination. Any purported termination of Employee's employment (other than by reason of death) shall be communicated by written Notice of Termination (as defined herein) from one party to the other in accordance with the notice provisions contained in Section 26. For purposes of this Agreement, a “Notice of Termination” shall mean a notice that indicates the Date of Termination (as that term is defined in Subsection 9(b)) and, with respect to a termination due to Cause (as that term is defined in Subsection 9(d)), Disability (as that term is defined in Subsection 9(e)) or Good Reason (as that term is defined in Subsection 9(f)), sets forth in reasonable detail the facts and circumstances that are alleged to provide a basis for such termination. A Notice of Termination from Company shall specify whether the termination is with or without Cause or due to Employee's Disability. A Notice of Termination from Employee for Good Reason must expressly specify that the termination is with Good Reason.

		
	(b)
	Date of Termination. For purposes of this Agreement, “Date of Termination” shall mean the date specified in the Notice of Termination (but in no event shall such date be earlier than the thirtieth (30th) day following the date the Notice of Termination is given for reasons other than Cause) or the date of Employee's death.

		
	(c)
	No Waiver. The failure to set forth any fact or circumstance in a Notice of Termination, which fact or circumstance was not known to the party giving the Notice of Termination when the notice was given, shall not constitute a waiver of the right to assert such fact or circumstance in an attempt to enforce any right under or provision of this Agreement.

		
	(d)
	Cause. For purposes of this Agreement, a termination for “Cause” means a termination by Company based upon Employee's: (i) persistent failure to perform duties consistent with a commercially reasonable standard of care (other than due to a physical or mental impairment or due to an action or inaction directed by Company that would otherwise constitute Good Reason), whether prior to or after the effective date of this Agreement; (ii) willful neglect of duties (other than due to a physical or mental impairment or due to an action or inaction directed by Company that would otherwise constitute Good Reason), whether prior to or after the effective date of this Agreement; (iii) conviction of, or pleading nolo contendere to, criminal or other illegal activities involving dishonesty; (iv) material breach of this Agreement; or (v) failure to materially cooperate with or impeding an investigation authorized by the Board. If the Company seeks to terminate Employee for Cause under Subsections 9(d)(i), (ii) or (v), the Notice of Termination shall provide for a period of sixty (60) days to cure the Cause detailed in the Notice of Termination under Subsection 9(d)(i) or (ii), or for a period of five (5) days to cure the Cause detailed in the Notice of Termination under Subsection 9(d)(v). In the event such Cause as stated in the Notice of Termination is not cured within the applicable cure period (which may be extended at the discretion of the Board), then the termination for Cause shall be effective at the end of the cure period.

		
	(e)
	Disability. For purposes of this Agreement, a termination based upon “Disability” means a termination by Company based upon Employee being determined disabled for purposes of long-term disability benefits under Company's long-term disability plan or policy, as the case may be, as in effect on the Date of Termination.

		
	(f)
	Good Reason. For purposes of this Agreement, a termination for “Good Reason” means a termination by Employee during the Employment Term based upon the occurrence (without Employee's express written consent) of any of the following:

		
	i.
	a material diminution in Employee's Annual Base Salary or Annual Bonus Opportunity, except when replaced with another form of compensation of reasonable replacement value or as the result of an across the board reduction for similarly situated executives;

		
	ii.
	a material change in the geographic location of Employee's principal place of employment, which is currently Jacksonville, Florida (e.g., the Company has determined that a relocation of more than thirty-five (35) miles would constitute such a material change; or

		
	iii.
	a material breach by the Company of any of its obligations under this Agreement.

Employee's continued employment shall not constitute consent to, or a waiver of rights with respect to any act or failure to act constituting Good Reason hereunder; provided, however, that no such event described above shall constitute Good Reason unless: (1) Employee gives Notice of Termination to Company specifying the condition or event relied upon for such termination either within ninety (90) days of the initial existence of such event; and (2) Company fails to cure the condition or event constituting Good Reason within thirty (30) days following receipt of Employee's Notice of Termination.
10.Obligations of Company Upon Termination.
		
	(a)
	Termination by Company for a Reason Other than Cause, Death or Disability and Termination by Employee for Good Reason. If Employee's employment is terminated by: (1) Company for any reason other than Cause, Death or Disability; or (2) Employee for Good Reason:

		
	i.
	Company shall pay Employee the following (for the avoidance of doubt, the amounts payable under this Section 10(a)(i) shall be referred to collectively as the “Accrued Obligations”): (A) within five (5) business days after the Date of Termination, any earned but unpaid Annual Base Salary; (B) within a reasonable time following submission of all applicable documentation, any expense reimbursement payments owed to Employee for expenses incurred prior to the Date of Termination; and (C) no later than March 15th of the year in which the Date of Termination occurs, any earned but unpaid Annual Bonus payments relating to the prior calendar year;

		
	ii.
	Company shall pay Employee no later than March 15th of the calendar year following the year in which the Date of Termination occurs, a prorated Annual Bonus based upon the actual Annual Bonus that would have been earned by Employee for the year in which the Date of Termination occurs (based upon the target Annual Bonus Opportunity in the year in which the Date of Termination occurred, or the prior year if no target Annual Bonus Opportunity has yet been determined, and the actual satisfaction of the applicable performance measures, but ignoring any requirement under the Annual Bonus plan that Employee must be employed on the payment date), multiplied by the percentage of the calendar year completed before the Date of Termination;

		
	iii.
	Company shall pay Employee, beginning on the 60th day following the Date of Termination for a period of twelve (12) months and payable in accordance with the Company's standard payroll policies, an amount equal to 200% of Employee's Annual Base Salary in effect immediately prior to the Date of Termination (disregarding any reduction in Annual Base Salary to which Employee did not expressly consent in writing); provided however, that in the event the Employee violates the Employee's obligations under Section 13 or 14 hereof at any point during such twelve (12) month period, the Employee shall forfeit any unpaid amounts under this Section l0(a)(iii);

		
	iv.
	All stock options, restricted stock and other equity-based incentive awards granted by Company that were outstanding but not vested as of the Date of Termination shall become immediately vested and/or payable, as the case may be, unless the equity incentive awards are based upon satisfaction of performance criteria, in which case they will vest or their restrictions shall lapse only pursuant to their express terms 

(which may include the ability to meet the performance criteria following the termination of Employee's employment); and
		
	v.
	Company shall pay Employee on the sixtieth (60th) day following the Date of Termination a lump sum equal to twelve (12) times the full monthly premiums for COBRA coverage as in effect on the Employee's Date of Termination.

		
	(b)
	Termination by Company for Cause and by Employee without Good Reason. If Employee's employment is terminated by Company for Cause or by Employee without Good Reason, Company's only obligation under this Agreement shall be payment of any Accrued Obligations.

		
	(c)
	Termination due to Death or Disability. If Employee's employment is terminated due to death or Disability, Company shall pay Employee (or to Employee's estate or personal representative in the case of death), within thirty (30) days following termination of employment, a lump-sum payment equal to the sum of: (i) any Accrued Obligations; plus (ii) a prorated Annual Bonus based upon the target Annual Bonus opportunity in the year in which the Date of Termination occurred (or the prior year if no target Annual Bonus opportunity has yet been determined) multiplied by the percentage of the calendar year completed before the Date of Termination.

		
	(d)
	Six-Month Delay. To the extent Employee is a “specified employee,” as defined in Section 409A(a)(2)(B)(i)of the Internal Revenue Code of 1986, as amended (the “Code”) and the regulations and other guidance promulgated thereunder and any elections made by the Company in accordance therewith, notwithstanding the timing of payment provided in any other Section of this Agreement, no payment, distribution or benefit under this Agreement that constitutes a distribution of deferred compensation (within the meaning of Treasury Regulation Section l.409A-1(b)) upon separation from service (within the meaning of Treasury Regulation Section l.409A-l(h)), after taking into account all available exemptions, that would otherwise be payable during the six­ month period after separation from service, will be made during such six­ month period, and any such payment, distribution or benefit will instead be paid on the first business day after such six-month period.

11.Change in Control.
		
	(a)
	Definition of Change in Control. For purposes of this Agreement, the term “Change in Control” shall mean any one of the following:

		
	i.
	the acquisition, directly or indirectly, by any “person” (within the meaning of Section 3(a)(9) of the Securities and Exchange Act of 1934, as amended (the “Exchange Act”) and used in Sections 13(d) and 14(d) thereof) of “beneficial ownership” (within the meaning of Rule 13d-3 of the Exchange Act) of securities of Company possessing more than 50% of the total combined voting power of all outstanding securities of Company;

		
	ii.
	a merger or consolidation in which Company is not the surviving entity, except for a transaction in which the holders of the outstanding voting securities of Company immediately prior to such merger or consolidation hold, in the aggregate, securities possessing more than 50% of the total combined voting power of all outstanding voting securities of the surviving entity immediately after such merger or consolidation;

		
	iii.
	a reverse merger in which Company is the surviving entity but in which securities possessing more than 50% of the total combined voting power of all outstanding 

voting securities of Company are transferred to or acquired by a person or persons different from the persons holding those securities immediately prior to such merger;
		
	iv.
	during any period of two (2) consecutive years during the Employment Term or any extensions thereof, individuals, who, at the beginning of such period, constitute the Board, cease for any reason to constitute at least a majority thereof, unless the election of each director who was not a director at the beginning of such period has been approved in advance by directors representing at least two-thirds of the directors then in office who were directors at the beginning of the period;

		
	v.
	the sale, transfer or other disposition (in one transaction or a series of related transactions) of assets of Company that have a total fair market value equal to or more than one­ third of the total fair market value of all of the assets of Company immediately prior to such sale, transfer or other disposition, other than a sale, transfer or other disposition to an entity (x) which immediately following such sale, transfer or other disposition, owns, directly or indirectly, at least 50% of Company's outstanding voting securities or (y) 50% or more of whose outstanding voting securities is immediately following such sale, transfer or other disposition owned, directly or indirectly, by Company. For purposes of the foregoing clause, the sale of stock of a subsidiary of Company (or the assets of such subsidiary) shall be treated as a sale of assets of Company; or

		
	vi.
	Shareholder approval of the liquidation or dissolution of Company.

12.Non-Delegation of Employee's Rights. The obligations, rights and benefits of Employee hereunder are personal and may not be delegated, assigned or transferred in any manner whatsoever, nor are such obligations, rights or benefits subject to involuntary alienation, assignment or transfer.
13.Confidential Information. Employee acknowledges that she will occupy a position of trust and confidence and will have access to and learn substantial information about Company and its affiliates and their operations that is confidential or not generally known in the industry including, without limitation, information that relates to purchasing, sales, customers, marketing, and the financial positions and financing arrangements of Company and its affiliates. Employee agrees that all such information is proprietary or confidential, or constitutes trade secrets and is the sole property of Company and/or its affiliates, as the case may be. Employee will keep confidential, and will not reproduce, copy or disclose to any other person or firm, any such information or any documents or information relating to Company's or its affiliates methods, processes,  customers,  accounts, analyses, systems,  charts, programs, procedures, correspondence or records, or any other documents used or owned by Company or any of its affiliates, nor will Employee advise, discuss with or in any way assist any other person, firm or entity in obtaining or learning about any of the items described in this Section 13. Accordingly, Employee agrees that during the Employment Term and at all times thereafter she will not disclose, or permit or encourage anyone else to disclose, any such information, nor will he utilize any such information, either alone or with others, outside the scope of her duties and responsibilities with Company and its affiliates.
14.Non-Competition.
		
	(a)
	During Employment Term. Employee agrees that, during the Employment Term, she will devote such business time, attention and energies reasonably necessary to the diligent and faithful performance of the services to Company and its affiliates, and she will not engage in any way whatsoever, directly or indirectly, in any business that is a direct competitor with Company's or its affiliates principal business, nor solicit customers, suppliers or employees of Company or affiliates on behalf of, or in any other manner work for or assist any business which is a direct competitor with Company's or its affiliates' principal business. In addition, during the Employment Term, Employee will undertake no planning for or organization of 

any business activity competitive with the work she performs as an employee of Company, and Employee will not combine or conspire with any other employee of Company or any other person for the purpose of organizing any such competitive business activity.
		
	(b)
	After Employment Term. The parties acknowledge that Employee will acquire substantial knowledge and information concerning the business of Company and its affiliates as a result of her employment. The parties further acknowledge that the scope of business in which Company and its affiliates are engaged as of the Effective Date is national and very competitive and one in which few companies can successfully compete. Competition by Employee in that business after the Employment Term would severely injure Company and its affiliates. Accordingly, for a period of one (1) year after Employee's employment terminates for any reason whatsoever Employee agrees: (1) not to become an employee, consultant, advisor, principal, partner or substantial shareholder of any firm or business that directly competes with Company or its affiliates in their principal products and markets; and (2), on behalf of any such competitive firm or business, not to solicit any person or business that was at the time of such termination and remains a customer or prospective customer, a supplier or prospective supplier, or an employee of Company or an affiliate.

15.Return of Company Documents. Upon termination of the Employment Term, Employee shall return immediately to Company all records and documents of or pertaining to Company or its affiliates and shall not make or retain any copy or extract or any such record or document, or any other property of Company or its affiliates.
16.Improvements and Inventions. Any and all improvements or inventions that Employee may make or participate in during the Employment Term, unless wholly unrelated to the business of Company and its affiliates and not produced within the scope of Employee's employment hereunder, shall be the sole and exclusive property of Company. Employee shall, whenever requested by Company, execute and deliver any and all documents  that  Company deems appropriate in order to apply for and obtain patents or copyrights in improvements or inventions or in order to assign and/or convey to Company the sole and exclusive right, title and interest in and to such improvements, inventions, patents, copyrights or applications.
17.Actions. The parties agree and acknowledge that the rights conveyed by this Agreement are of a unique and special nature and that Company will not have an adequate remedy at law in the event of a failure by Employee to abide by its terms and conditions, nor will money damages adequately compensate for such injury. Therefore, it is agreed between and hereby acknowledged by the parties that, in the event of a breach by Employee of any of the obligations of this Agreement, Company shall have the right, among other rights, to damages sustained thereby and to obtain an injunction or decree of specific performance from any court of competent jurisdiction to restrain or compel Employee to perform as agreed herein. Employee hereby acknowledges that obligations under Sections and Subsections 13, 14(b), 15, 16, 17 and 18 shall survive the termination of employment and be binding by their terms at all times subsequent to the termination of employment for the periods specified therein. Nothing herein shall in any way limit or exclude any other right granted by law or equity to Company.
18.Release. Notwithstanding any provision herein to the contrary, Company may require that, prior to payment of any amount or provision of any benefit under Section 10(a) (other than due to Employee's death), Employee shall have executed a complete release of Company and its affiliates and related parties in such form as is reasonably required by Company, and any waiting periods contained in such release shall have expired. With respect to any release required to receive payments owed pursuant to Section l0(a): (i) Company must provide Employee with the form of release no later than seven (7) days after the Date of Termination; (ii) the release must be signed by Employee and returned to Company effective and irrevocable,  no later than fifty (50) days after the Date of Termination  as  applicable;  and (iii) payments owed under Section 10(a) shall be paid on the sixtieth (60th) day following the Date of Termination, unless Section 10(a) provides that such payments shall be made on a later date. The Company shall not be required to make these termination payments in the absence of the execution by Employee of the release provided under this Section 18.

19.No Mitigation. Company agrees that, if Employee's employment hereunder is terminated during the Employment Term, Employee is not required to seek other employment or to attempt in any way to reduce any amounts payable to Employee by Company hereunder. Further, the amount of any payment or benefit provided for hereunder shall not be reduced by any compensation earned by Employee as the result of employment by another employer, by retirement benefits or otherwise. 
20.Entire Agreement and Amendment. This Agreement embodies the entire agreement and understanding of the parties hereto in respect of the subject matter of this Agreement, and, except as expressly provided otherwise in this Agreement) supersedes and replaces all prior agreements, understandings and commitments with respect to such subject matter. This Agreement may be amended only by a written document signed by both parties to this Agreement.
21.Governing Law. The Employee acknowledges and agrees that the Company's headquarters is located in Jacksonville, Florida and that this Agreement shall be governed by, and construed in accordance with, the laws of the State of Florida, excluding any conflicts or choice of law rule or principle that might otherwise refer construction or interpretation of this Agreement to the substantive law of another jurisdiction. Any litigation pertaining to this Agreement shall be adjudicated in courts located in Duval County, Florida.
22.Successors. This Agreement may not be assigned by Employee. In addition to any obligations imposed by law upon any successor to Company, Company will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the stock, business and/or assets of Company, to expressly assume and agree to perform this Agreement in the same manner and to the same extent that Company would be required to perform it if no such succession had taken place. Failure of Company to obtain such assumption by a successor shall be a material breach of this Agreement. Employee agrees and consents to any such assumption by a successor of Company, as well as any assignment of this Agreement by Company for that purpose. As used in this Agreement, “Company” shall mean Company as herein before defined as well as any such successor that expressly assumes this Agreement or otherwise becomes bound by all of its terms and provisions by operation of law.
23.Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.
24.Attorneys' Fees. If any party finds it necessary to employ legal counsel or to bring an action at law or other proceedings against the other party to interpret or enforce any of the terms hereof, and the matter is litigated, the party prevailing on the majority of the significant issues as determined by the court and not a jury shall be promptly paid by the other party its reasonable legal fees, court costs, litigation expenses, all as determined by the court and not a jury, and such payment shall be made by the non-prevailing party no later than the end of the Employee's tax year following the Employee's tax year in which the payment amount becomes known and payable; provided, however, that on or after a Change in Control, and following Employee's termination of employment with the Company, if any party finds it necessary to employ legal counsel or to bring an action at law or other proceedings against the other party to interpret or enforce any of the terms hereof, Company shall pay (on an ongoing basis) to Employee to the fullest extent permitted by law, all legal fees, court costs and litigation expenses reasonably incurred by Employee or others on her behalf (such amounts collectively referred to as the “Reimbursed Amounts”); provided, further, that Employee shall reimburse Company for the Reimbursed Amounts if it is determined that a majority of Employee's claims or defenses were frivolous or without merit. Requests for payment of Reimbursed Amounts, together with all documents required by the Company to substantiate them, must be submitted to Company no later than ninety (90) days after the expense was incurred. The Reimbursed Amounts shall be paid by Company within ninety (90) days after receiving the request and all substantiating documents requested from Employee. The payment of Reimbursed Amounts during Employee's tax year will not impact the Reimbursed Amounts for any other taxable year. The rights under this Section 24 shall survive the termination of employment and this Agreement until the expiration of the applicable statute of limitations.

25.Severability. If any section, subsection or provision hereof is found for any reason whatsoever to be invalid or inoperative, that section, subsection or provision shall be deemed severable and shall not affect the force and validity of any other provision of this Agreement. If any covenant herein is determined by a court to be overly broad thereby making the covenant unenforceable, the parties agree and it is their desire that such court shall substitute a reasonable judicially enforceable limitation in place of the offensive part of the covenant and that as so modified the covenant shall be as fully enforceable as if set forth herein by the parties themselves in the modified form. The covenants of Employee in this Agreement shall each be construed as an agreement independent of any other provision in this Agreement, and the existence of any claim or cause of action of Employee against Company, whether predicated on this Agreement or otherwise, shall not constitute a defense to the enforcement by Company of the covenants in this Agreement.
26.Notices. Any notice, request, or instruction to be given hereunder shall be in writing and shall be deemed given when personally delivered, when delivered by a reputable overnight courier, or three (3) days after being sent by United States Certified Mail, postage prepaid, with Return Receipt Requested, to the parties at their respective addresses set forth below:
To Company:

Lender Processing Services, Inc. 
601 Riverside Avenue
Jacksonville, Florida 32204 
Attention: General Counsel

To Employee:

Shelley Leonard

27.Waiver of Breach. The waiver by any party of any provisions of this Agreement shall not operate or be construed as a waiver of any prior or subsequent breach by the other party.
28.Tax Withholding. Company or an affiliate may deduct from all compensation and benefits payable under this Agreement any taxes or withholdings Company is required to deduct, pursuant to state, federal or local laws.
29.Code Section 409A. To the extent applicable, it is intended that this Agreement and any payment made hereunder shall comply with the requirements of Section 409A of the Code, and any related regulations or other guidance promulgated with respect to such Section by the U.S. Department of the Treasury or the Internal Revenue Service (“Code Section 409A”). For purposes of this Agreement, a termination of employment will be determined consistent with the rules relating to a “separation from service” as defined in Code Section 409A. To the extent any provision of this Agreement is ambiguous as to its compliance with Code Section 409A, the provision will be read in such a manner so that all payments hereunder comply with Code Section 409A. To the extent any payment under this Agreement may be classified as a “short-term deferral” within the meaning of Code Section 409A, such payment shall be deemed a short-term deferral, even if it may also qualify for an exemption from Code Section 409A  under another provision of Section 409A. Payments pursuant to Sections 5 and 10 hereof are intended to constitute separate payments for purposes of Section 1.409A-2(b)(2) of the Treasury Regulations. Any reimbursement of expenses shall be paid no later that the last day of the calendar year following the year in which the expense was incurred and is not in exchange for another benefit. Any provision that would cause the Agreement or any payment hereof to fail to satisfy Code Section 409A shall have no force or effect until amended to comply with Code Section 409A, which amendment may be retroactive to the extent permitted by Code Section 409A.

[Signature page follows.]

IN WITNESS WHEREOF the parties have executed this Agreement to be effective as of the date first set forth above.

	
			
	 
	LPS MANAGEMENT LLC

	 
	By:
	/s/ Joseph M. Nackashi

	 
	Name:
	Joseph M. Nackashi

	 
	Title:
	EVP, CIO

	 
	 
	 

	 
	/s/ Shelley Leonard

	 
	SHELLEY LEONARDExhibit

Exhibit 10.1

THE PERRIGO EMPLOYEE SEVERANCE PROGRAMME

IRELAND

Strictly Confidential    

	
		
	SECTION 1
	INTRODUCTION

	SECTION 2
	TERMS OF SEVERANCE PROGRAMME

	SECTION 3
	WHAT HAPPENS TO ALL BENEFITS

	SECTION 4
	REDUNDANCY TAXATION

	SECTION 5
	SOCIAL WELFARE ENTITLEMENTS

	SECTION 6
	OTHER INFORMATION/ADVICE

	SECTION 7
	PRACTICAL “TO DO” LIST UPON LEAVING PERRIGO

	SECTION 8
	USEFUL FUTURE CONTACT DETAILS

	

IMPORTANT NOTICES

1.    The information in this Booklet, and indeed any individual advice that you may receive from the Company (or the advisors it retained at a later stage), is based on the Company’s understanding of current legislation, particularly in the tax, pension and social welfare areas. It will, of course, be up to the relevant authorities to determine your exact tax position and your Social Welfare entitlements. Pension benefits will be determined in accordance with and subject to the relevant pension deeds and rules as well as Revenue limits. You should take appropriate advice on the information contained in the Booklet.

2.    This Severance Programme contains the entire terms of severance for employees of Perrigo and all previous programmes, plans, agreements, understandings, assurances, statements, promises, warranties, representations (whether written or oral) provided by Elan or Perrigo are
superseded by this Severance Programme.

1

		
	1.
	INTRODUCTION

The Severance Programme commenced on 18 December 2013 for a period of three years to 18 December 2016. On 8 November 2016 the Severance Programme was approved for a further period of three years and will terminate on 18 December 2019.  On 10 November 2019 the Severance Programme was amended and approved for a further period of three years and will terminate on 18 December 2022.

The Severance Programme will apply where you are

		
	1.
	made redundant; or

		
	2.
	terminated without cause; or

		
	3.
	relocated from your existing place of work; or

		
	4.
	subject to a material diminution of your authority, duties or responsibilities; or

		
	5.
	subject to a material diminution in your salary,

The Severance Programme outlines:

		
	•
	the financial terms and conditions of the Programme;

		
	•
	details of how it will operate in practice, and

		
	•
	the support services made available to you.

The Company will engage the services of specialist advisors who will be able to provide additional guidance in the areas of:

		
	•
	Your estimated tax position;

		
	•
	Your pension entitlements; and

		
	•
	Outplacement service for career planning and guidance.

Throughout this process, all information will be treated in confidence. The Company encourages you to make full use of the services provided to help you effectively prepare for your future.

2

		
	2.
	TERMS OF SEVERANCE PROGRAMME

		
	2.1
	Statutory Redundancy

	
		
	Terms
	Employees with 104 weeks or more weeks’ continuous service with the Company are eligible for a statutory redundancy payment.

Statutory Redundancy is calculated on the basis of: -

a.    Two weeks pay for each year of service
plus
b.    One week’s additional pay.

	Eligible Pay
	

Statutory Redundancy is calculated by reference to your continuous years of service and is based on your actual gross weekly wage at the date of your notification of redundancy.

There is a statutory ceiling of €600 per week; any excess of this limit is not included in the calculation of your statutory redundancy payment – e.g. if an employee’s basic pay is €650 per week the €600 amount is used.

	Service
	

Statutory Payment is based on years of reckonable service. If the total amount of reckonable service is not an exact number of years, the “excess” days are credited as a proportion of a year. Reckonable service includes the following:

v    All or part of a week an employee is at work
v    Period of up to 52 consecutive weeks absence due to occupational injury
v    Period of up to 26 weeks due to illness or non occupational injury
v    Any authorised absences by the employer which includes holidays, compassionate leave, career break or short-time
v    Any periods whilst an employee is on protected leave – including maternity, additional maternity leave, parental leave, carer’s leave and adoptive leave.

3

		
	2.2
	Discretionary Ex-Gratia Payment

Perrigo provides an enhanced severance payment over & above the statutory entitlement as set out below
for all employees through Band B:

	
		
	Terms
	Each affected employee with 2 or more year’s continuous reckonable service will receive 6 WEEKS PAY PER EACH YEAR OF SERVICE (exclusive of Statutory) plus 1 additional week.

Employees with 1.5 years of continuous reckonable service but less than 2 years of continuous reckonable service the ex-gratia payment will receive 12 weeks pay plus 1 additional week.

Employees with less than 1.5 years of continuous reckonable service will receive 8 weeks pay plus 1 additional week.

The maximum ex-gratia payment will be 79 weeks of pay i.e. 78 weeks plus 1 additional week.

	Eligible Pay
	

The Discretionary Ex-Gratia lump sum will be based on your actual gross weekly wage at the date of your notification of redundancy.

Calculation of ex-gratia payments does not include potential amounts available under any discretionary Company bonus programme (‘bonuses’), fixed allowances or amounts ‘in lieu of benefits’ such as Company cars.

The cap of €600 per week does not apply in respect of the Company’s additional Ex-Gratia payment.

	Service
	

The Discretionary Ex-Gratia Payment is based on years of reckonable service. If the total amount of reckonable service is not an exact number of years, part-years of 6 months or more will count as an additional year (e.g. 5 years & 7 months service will be rounded to 6 years) “

4

The Discretionary Ex-Gratia Terms for Employees at Band A (Vice President) level and above, which are not in addition to the Band B and below Ex-Gratia payment, are as follows:

	
		
	Employment
Classification
	Discretionary Ex-Gratia Terms for 
Bands A or higher

	Band A (VP)
	Seventy-eight (78) Weeks of Pay plus an amount equal to the Eligible Employee’s target annual bonus for the year in which the Severance date occurs.

	Band A (SVP)
	Two times (2x) the sum of (a) fifty-two weeks (52) Weeks of Pay (prior to any reduction due to a Significant reduction in Scope or Base Compensation, is applicable) and (b) the Eligible Employee’s target annual bonus for the year in which the Severance Date occurs. Furthermore, the Eligible Employee will be entitled to the benefits of the Excise Tax Gross-Up Payment, if applicable.

	EVP
	Two and one half times (2.5x) the sum of (a) fifty-two weeks (52) Weeks of Pay (prior to any reduction due to a Significant reduction in Scope or Base Compensation, if applicable) and (b) the Eligible Employee’s target annual bonus for the year in which the Severance Date occurs.

Eligible Pay
 
The Discretionary Ex-Gratia lump sum will be based on your actual gross weekly wage at the date of your notification of redundancy.

Calculation of ex-gratia payments does not include fixed allowances or amounts ‘in lieu of benefits’ such as Company cars.

The cap of €600 per week does not apply in respect of the Company’s additional Ex-Gratia payment.
Service

The Discretionary Ex-Gratia Payment is based on years of reckonable service. If the total amount of reckonable service is not an exact number of years, part-years of 6 months or more will count as an additional year (e.g. 5 years & 7 months service will be rounded to 6 years

Conditions of Receipt of the Discretionary Ex-Gratia Payment.  The Discretionary Ex-Gratia amount is subject to the employee’s co-operation being provided during their transition period and remaining with the Company until the termination date, agreed with the Company.

This payment is discretionary on behalf of the Company and will be subject to and will only be paid on receipt of a Voluntary Settlement Agreement/ Termination Letter signed by the employee. The terms of this benefit are at all times at the sole discretion of the Company and may be subject to review and amendment at any time. If an employee elects not to sign the Voluntary Settlement Agreement/ Termination Letter the employee will receive their statutory entitlements only.

5

		
	2.3
	Notice Periods

Your notice period is as stated in your individual contract of employment (e.g., a month for employee’s in Bands 1 to 3 or 3 months notice for employee’s at Associate Director or above). The Minimum Notice & Terms of Employment Act lays down statutory minimum periods of notice which are dependent on an employee’s length of service as follows:

	
		
	Length of Service
	Notice Period

	13 weeks but less than 2 years
	1 weeks notice

	2 years but less than 5 years
	2 weeks notice

	5 years but less than 10 years
	4 weeks notice

	10 years but less than 15 years
	6 weeks notice

	15 years or more
	8 weeks notice

You will be entitled to receive the higher of the two notice periods. For example, if you have 2 month’s notice under your contract of employment but have 5 years service with the Company you will be entitled to the 2 month’s notice.

Employees are expected to be available for and to work at a minimum 2 weeks of their notice period; however, the Company ultimately reserves the right to make payment in lieu of notice periods in full or part. Where an employee on their own request seeks an earlier release date and the Company agrees to facilitate this, no payments shall be made in lieu of notice period.

When monies are paid in lieu of notice the date of termination for Statutory Redundancy purposes is the date in which the minimum notice (identified in the above table), had it been given, would have expired. Notice required under the Redundancy Acts may run concurrently with other notice requirements.

6

		
	3.
	WHAT HAPPENS TO ALL BENEFITS

The following list will advise eligible employees on how each Perrigo benefit will be treated. Please review the following details to ensure you fully understand the status of each benefit that may apply to you.

Please Note: Where these benefits continue for a period of time after you have left Perrigo payroll due to being paid in lieu of notice – existing benefits will remain in place until your termination of employment.

Pension (including AVCs)

Employer contributions to your pension fund will be paid up until the termination of your employment. In addition, employee contributions will also continue to be deducted from your payroll up until your termination date. Upon termination Mercer will send you out a withdrawal statement to your home address within a couple of weeks. This statement will outline all pension options available to you.

As your pension entitlement can impact your overall tax liability, with regard to any severance lump sum payment that you may receive, the Company will make arrangements for a representative of Mercer to be on site to provide you with information and advice on the options available to you. Prior to this meeting with Mercer, individual details will be submitted to Mercer to determine pension augmentation options and tax implications.

Life Assurance

You will continue to have Death in Service Benefit up until your termination date (inclusive of notice period). In addition, Perrigo has arranged to provide you with a special Death in Service Benefit for a period of 6 months from your termination date at the end which the extended cover will automatically lapse. This special Death in Service benefit cover will be based on your salary at the date of leaving and the level of cover will be four times your salary. Please note that where underwriting is in place and terms of cover are less than four times salary these terms will automatically be carried forward into this extended cover.

Once the six-month extended cover has been reached you have the option to continue part or all of your death benefit under the scheme however a Statement of Health form and/or medical examination will be required. This option remains available to you for one month after your leaving date. If you wish to continue part or all of your cover after this date, please discuss this with Mercer directly and they can arrange to prepare a quotation for you.

We strongly encourage you to ensure that alternative life cover is put in place before the extended period finishes.

Disability Benefit/ Permanent Health Insurance

You will have Disability Benefit cover up until your termination date (inclusive of notice period). After this period, your cover under the Perrigo plan will cease.

Health Insurance

Your current health insurance cover will remain in place up until your date of termination. If you are paying for your health insurance cover via payroll deduction, the cost of this cover up until your termination date will be deducted from your final payroll. In addition, any health insurance allowance being paid to you via payroll will cease as of your termination date. If you currently are not paying for health insurance cover via payroll deduction and instead are paying the health insurer directly please ensure that you submit a health insurance allowance claim form along with proof of payment immediately to HR or Payroll in order to claim for any health insurance allowance that may be due to you. This allowance would be processed in your final payroll (subject to applicable withholdings).
7

Upon termination of employment it will be your responsibility to pay your Health Insurance provider directly in order to maintain cover. If you are currently a member of the Perrigo Group Scheme with VHI and would like to transfer your healthcare cover to an individual membership from the date of leaving Perrigo please contact the following:

		
	•
	VHI Healthcare – Krystle Fitzpatrick 01 887 1749

TaxSaverCommuter

Where applicable, the total amount owing on the cost of your tax saver commuter ticket will be fully deducted from your final payroll cheque as the ticket cannot be cancelled. Please note that Annual Tickets are non transferable. Only the person named on the ticket may use it for travel. It cannot be resold or used by anyone else.

Employee Assistance Program

You will continue to have access to the Employee Assistance Program (Optum) through the last day of the month of your termination date.

Annual Leave

You will be paid in lieu for any holidays that you have accrued or accrue during your employment up to the date of termination. These will be paid in your final payroll and taxed as normal. If you have taken more than your accrued entitlement, the excess will be deducted from your final payroll.

Employee Education Assistance

There will be no claw backs on money already advanced and paid out by the Company in association with education courses.

Sports & Social Club Benefits

Membership of the Sports & Social Club will cease upon termination of employment.

Company Property

All  Company property  without  exception  must  be  returned  on  or  before  your  last  day of employment.    This includes, but is not limited to:

		
	•
	Laptop Computers

		
	•
	Blackberry/IPhone/other cell phone

		
	•
	Computer & printer hardware

		
	•
	ID Badges

		
	•
	Company Credit Cards

		
	•
	Phone Cards

8

		
	4.
	REDUNDANCY TAXATION

The following is a general description of the Irish tax consequences of severance payments and is based on Irish tax law in effect at December 2019 This should not be construed as tax advice. The actual tax consequences of a severance payment will depend on an individual’s specific facts and circumstances and you should contact your own tax adviser in this regard.

Statutory redundancy and certain ex-gratia lump sums may be subject to favourable tax exemptions and reliefs on termination.

Severance packages generally form two parts – Statutory Redundancy and an additional ex-gratia payment that may be made available by an employer. Statutory redundancy payments are exempt from income tax, if due. The current tax rules relating to severance in excess of statutory redundancy are somewhat complex.

A brief summary of the main tax exemptions and reliefs available on the additional ex-gratia payment that an employer may provide are outlined below.

Employees may also be entitled to claim the highest of the following three tax exemptions, on the additional ex- gratia amount:

		
	a)
	Basic Exemption, or

		
	b)
	Increased Exemption, or

		
	c)
	Standard Capital Superannuation Benefit

The tax exemptions relevant to an individual are based on personal circumstances, for example years’ service in the employment, remuneration, pension entitlements. These tax exemptions are calculated using complete years’ service only. The date of termination for tax exemption purposes is the date that the employment actually ceases and the individual leaves the employment.

It should be noted that the total exemptions an employee can claim over their lifetime is capped at €200,000. The Increased Exemption is also restricted if the employee claimed any tax exemption other than the Basic Exemption in the last 10 years.

		
	a)
	Basic Exemption:

The basic exemption is €10,160 plus €765 for each complete year of service with the Company.

If we take the example of a person who joined the Company in December 2001 and leaves the Company in 2013, they would have 11 full years of service, so their basic exemption would be €10,160 plus €765 x 11 = €18,575.

		
	b)
	Increased Exemption:

The basic exemption of €10,160, plus €765 for each full year of service can be increased by a further €10,000. The increased exemption is only available to individuals who have not made any claims in respect of a lump sum received in the previous ten tax years.

9

If you are a member of the Company pension scheme, the increased exemption of €10,000 is reduced by the amount of:

		
	•
	Any tax-free lump sum from the pension scheme to which you may be immediately entitled or

		
	•
	The present day value at the date of leaving employment of any tax-free lump sum which may be receivable from the pension scheme in the future.

Employees will have the option of waiving their entitlements to their tax-free lump sum from the Company pension scheme in order to avail of the full €10,000 increased exemption. A waiver form must be signed in this regard. If the lump sum from the pension scheme is more than €10,000 and you do not waive your entitlement to same, you are not due the increased exemption.

Revenue approval is required for the Increased Exemption.

		
	c)
	SCSB (Standard Capital Superannuation Benefit):

This relief generally applies to those employees who have high earnings and/or long service with the Company. The formula for calculating the SCSB is:
A X B / 15 - C

Where:

A is the average annual remuneration for the last 36 months service to the date of termination

B is the number of complete years of service

C is the value of any tax-free lump sum received/receivable under the Company approved pension scheme.

Because of the interaction of taxation and your pension it is important that you receive independent advice on this. The Company will engage the services of Mercer to provide you with guidance in this area.

10

		
	5.
	SOCIAL WELFARE ENTITLEMENTS

Social Welfare considerations post Termination of Employment

Jobseeker's Benefit is a weekly payment from the Department of Social Protection (DSP) to people who are out of work and are covered by social insurance (PRSI). Jobseeker's Benefit used to be called Unemployment Benefit. If you don't qualify for Jobseeker's Benefit you may qualify for Jobseeker's Allowance.

Further information on these benefits can be found on the following website:

http://www.citizensinformation.ie/en/social_welfare/social_welfare_payments/unemployed_people/jobseeke rs_benefit.html

See Table below for contact details of some local Department of Social Protection offices in Dublin.

	
				
	Postal Districts
	Office
	Phone Number
	Opening Hours

	

Athlone
	

Barrack Street
	

090 649 2066
	

Mon – Fri

	 
	 
	 
	9.30 – 12.00

	 
	 
	 
	2.00 – 4.00

	Dublin 1
	North Cumberland Street
	01 889 9500
	Mon – Fri

	 
	 
	 
	9.15 – 12.00

	 
	 
	 
	2.00 – 4.00

	Dublin 2
	Pearse Street
	01 636 9300
	Mon – Fri

	 
	 
	 
	9.15 – 12.00

	 
	 
	 
	2.00 – 4.00

	Other Regional Offices

	Dublin 1
	Amiens Street
	01 704 3000
	 

	Dublin 5
	Greendale Road
	01 806 3800
	 

	Dublin 7
	Navan Road
	01 882 3100
	 

	Dublin 8
	Ballyfermott
	01 616 0300
	 

	Dublin 11
	Ballymun
	01 816 5100
	 

	Dublin 11
	Finglas
	01 864 0480
	 

	Dublin 14
	Nutgrove
	01 493 5266
	 

	Dublin 15
	Blanchardstown
	01 824 6300
	 

	Dublin 22
	Clondalkin
	01 403 0000
	 

	Dublin 24
	Tallaght
	01 452 7019
	 

	Co. Dublin
	Balbriggan
	01 802 0050
	 

	Co. Dublin
	Dun Laoghaire
	01 280 0288
	 

	Co. Dublin
	Malahide
	01 806 1040
	 

11

		
	6.
	OTHER INFORMATION/ADVICE

		
	6.1
	Individual Value of Severance Terms

If you are made redundant you will receive a Preliminary Personal Statement at your initial consultation meeting. This form sets out:

		
	•
	The terms of the agreement as they relate to you (i.e. your Eligible Pay for the purpose of the lump sum calculation)

These figures will give you a near approximation of your gross entitlements. Part of your severance package may be subject to tax as per revenue guidelines.

Note: Your final figures will be calculated based on actual data at termination date and therefore may differ to preliminary estimates.

		
	6.2
	Individual Advice Sessions

Advice sessions will be available on a one-to-one basis with consultants from Mercer. They will be able to provide you with more detailed information on pension options particularly as they relate to the tax reliefs available. Further details to follow.

		
	6.3
	Outplacement Advice

Outplacement support is a range of services that will be provided with the aim of assisting employees leaving the Company. This will include workshops and guidance: preparation of CVs, jobsearch, preparing for interviews, etc.

Details will be made available over the next couple of weeks.

		
	6.4
	References

HR will provide a standard, factual reference for all employees stating when the employee commenced employment with Perrigo, how much they earned, date of last promotion (if applicable) on request from a new employer.

More detailed references may be available in response to a direct request from a potential employer. 

12

		
	7.
	PRACTICAL “TO DO LIST” UPON LEAVING PERRIGO

Ö To claim Jobseeker’s Benefit you should call to your local Social Welfare Office. Also bring with you your redundancy documentation and your last P60. 

Ö    Ensure your tax returns are up to date.

		
	Ö
	Consider your pension options (they do not need to be entered immediately). You may wish to delay this decision until you find alternate employment.

		
	Ö
	Review your need to replace Risk Benefits (e.g. life assurance, etc.) which will cease when you leave Perrigo.

Ö    Consider whether your health insurance cover needs to be maintained.

Ö    Should you change address please ensure to contact the various benefit providers in addition to payroll.

13

		
	8.
	USEFUL FUTURE CONTACT DETAILS

	
			
	PERRIGO CONTACT LIST

	

Payroll
	 
	 

	Valerie Healy
	01 709 4623
	valerie.healy@perrigo.com

	

Compensation & Benefits

	John Castanos
	01 709 4028
	john.castanos@perrigo.com

	

HR
	 
	 

	Louise Milner
	01 709 4427
	Louise.milner@perrigo.com

	
			
	BENEFIT CONTACTS

	

Pension & Risk Benefits

	Mercer - 1 6039877 
	 
	john.redmond@mercer.com

	

Health Insurance
	 
	 

	Krystle Fitzpatrick
	01 887 1749
	krystle.fitzpatrick@vhi.ie

	

Employee Assistance Program

	Optum
	1800 409 476
	www.livewell.optum.com

14

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