Document:

EX-10.1

 Exhibit 10.1 

Execution Copy 

EMPLOYMENT AGREEMENT 
 EMPLOYMENT
AGREEMENT (the “Agreement”), made and entered into as of March 27, 2018 by and between Equifax Inc., a Georgia corporation (together with its successors and assigns permitted under this Agreement, the
“Company”) and Mark W. Begor (“you”) (each a “Party”). 
 W I T N
E S S E T H: 
 WHEREAS, the Company desires to employ you as its Chief Executive Officer as of and following the Effective Date (as
defined below) and desires to memorialize the terms and conditions of such employment in this Agreement; 
 NOW, THEREFORE, in consideration
of the premises and mutual covenants contained herein and for other good and valuable consideration, the receipt of which is mutually acknowledged, the Parties agree as follows: 

1. TERM OF EMPLOYMENT 
 The term of employment
under this Agreement shall commence effective as of the date your employment with the Company commences (the “Effective Date”), which the Parties expect to be on or around April 16, 2018, and will continue until
terminated in accordance with the terms of Section 8 (the “Employment Period”). The Employment Period shall be freely terminable by either you or the Company, for any reason, at any time, with or without Cause or notice
(except as set forth herein). 
 2. POSITION, DUTIES, AND RESPONSIBILITIES 

(a) During the Employment Period, you shall be employed as the Chief Executive Officer of the Company and shall have the duties,
responsibilities, and authority commensurate with your position as Chief Executive Officer of a publicly traded company of similar size and type as the Company and such other duties and responsibilities as shall be reasonably determined from time to
time by the Company’s Board of Directors (the “Board”) considering your position. You, in carrying out your duties under this Agreement, shall report directly to the Board. During the Employment Period, the Company shall
nominate you for service on the Board in accordance with the terms of the Company’s Bylaws and its corporate governance guidelines and recommend to stockholders that you be elected as a member of the Board. You agree to (i) serve on such
boards of directors or other governing bodies of Affiliates of the Company (or other entities in which the Company has invested) and/or (ii) hold such officer or equivalent titles and positions of the Company and any of its Affiliates or the
other entities, as the Board may request in its sole discretion, in any such case without additional compensation therefor, provided that such service in the case of (i) and (ii) are covered by the Company’s obligations as to
indemnification and directors’ and officers’ liability insurance coverage. 

 (b) During the Employment Period, except for permitted vacation periods and periods of illness,
you shall devote substantially all of your business time and attention to the performance of your duties hereunder and shall use your efforts, skills, and abilities to promote the Company’s interests. Notwithstanding the foregoing, you may
(i) serve on any board of directors or committee thereof for an unrelated entity (whether public or private) with the prior express written consent of the Board (it being noted that the Company expects that such consent will not be sought until
after the first anniversary of the Effective Date and that you will resign from any current board service no later than the Effective Date), (ii) serve on the boards of a reasonable number of trade associations and civic or charitable organizations,
and (iii) manage personal investments, so long as such activities set forth in this Section 2(b) do not conflict or materially interfere with the effective discharge of your duties and responsibilities under Section 2(a) above or
violate the provisions of Section 13 below or any restrictive covenants agreements to which you are or become subject (collectively with Section 13 below, the “Restrictive Covenants”). 

(c) You shall perform your services as Chief Executive Officer primarily from the Company’s headquarters, which are currently located in
Atlanta, Georgia, or such other location approved by the Board, and travel as reasonably required by your job duties. You agree that you will establish a residence for you and your wife in the Atlanta metropolitan area no later than six months from
the Effective Date (the earlier of the date such residence is established or the end of such six-month period being the “Local Residence Date”). 

3. BASE SALARY 
 You will be paid an annualized
gross base salary, payable in accordance with the regular payroll practices of the Company, of $1.5 million, prorated for 2018 beginning with the Effective Date. The base salary may be increased (but not decreased) in the sole discretion of the
Board or the Compensation Committee (such amount, as it may have been increased, the “Base Salary”). 
 4. ANNUAL BONUS OPPORTUNITY

 During the Employment Period, you will be eligible to earn an annual bonus (the “Annual Bonus”) pursuant to the
terms and conditions of the Company’s Annual Cash Bonus Plans, subject to your continued employment through the date on which payments are made under the applicable Annual Cash Bonus Plan, except as otherwise provided in Section 10 hereof
related to termination of employment. For purposes of the Company’s Annual Cash Bonus Plans, your individual target bonus percentage shall be 100% of your Base Salary for the applicable year (the “Target Annual Bonus
Opportunity”), with a maximum payout of 200% of actual Base Salary. The Board will determine the specific metrics for the Annual Bonus annually, after consultation with you (it being understood that initial metrics will include, among
others, metrics related to data security remediation and absence of significant cybersecurity events). Your Target Annual Bonus Opportunity will be prorated for 2018 based on the period of time you are employed by the Company during the year. 

  
 2 

 5. EQUITY INTERESTS 

(a) As soon as practicable following the release of the Company’s first quarter earnings for 2018 but, in any event, no later than
May 15, 2018, the Company shall grant to you an initial equity award (the “Initial Award”) with a total value at grant (the “Grant Value”) of $7 million, consisting of (i) an award of
$3.5 million in performance-based restricted stock units (the “Initial PRSU Award”), with the Grant Value thereof based on the closing price per share of the Company’s common stock on the grant date (the
“Closing Price”), (ii) an award of $1.75 million in time-based restricted stock units, valued in the same manner as the Initial PRSU Award, and (iii) a stock option for shares of common stock of the Company with a
Grant Value of $1.75 million, determined based on the Company’s methodology for granting stock options with a particular Grant Value, and with an exercise price per share equal to the Closing Price. The Initial Award shall be granted under
the Equifax Inc. 2008 Omnibus Incentive Plan, Amended and Restated Effective May 2, 2013 (as it may be amended or replaced) (the “Stock Incentive Plan”), shall vest beginning with the Effective Date, and shall be subject
to the terms and conditions of the agreements and notices under which the awards set forth in clauses (i), (ii), and (iii) above are issued, which will be in the forms attached hereto as Annexes I, II, and III, respectively. 

(b) You will also receive a special grant (the “Special Grant”) with a Grant Value of $10 million, on the same
date of grant and with the same terms as the Initial Award, except as otherwise provided in this Agreement (in reflection of the Special Grant’s status as “make whole” compensation), and divided among the forms of grant in the same
proportions as the Initial Award, with the resulting forms as attached hereto as Annexes IV, V, and VI. 
 (c) You shall be eligible to
receive additional annual equity grants beginning with the grants of annual equity awards to other senior executives in 2019, with grant timing, performance and vesting conditions, and type of award, determined by the Board or the Compensation
Committee of the Board (the “Compensation Committee”), in its sole discretion, provided that the target annual Grant Value for you will be at least $7 million (the Initial Award, Special Grant and any subsequent
equity grants made by the Company to you being referred to herein as “Awards”). Such further Awards will be made using the applicable forms of agreements then used for members of the Company’s senior leadership team, as
modified to reflect or refer to the specific terms of this Agreement that are different from, or incremental to, the terms of such forms and may include further Restrictive Covenants to the extent, and only to the extent, consistent with
Section 13(a) below. 
 6. EMPLOYEE BENEFIT PROGRAMS 

During the Employment Period, you shall be entitled to participate in any employee incentive, savings, retirement, and welfare benefit plans
and programs made available to the Company’s senior executive officer level employees generally, as such plans or programs may be in effect from time to time (and excluding any plans frozen as to participation before the Effective Date, such as
the Supplemental Retirement Plan for Executives of Equifax Inc.), subject to satisfying the applicable eligibility requirements. The Company shall pay the expenses associated with your participation in such benefit plans to the same extent the
Company pays the expenses associated with the participation by other similarly situated senior executive 

  
 3 

 
officer level employees of the Company. During the Employment Period, you shall be entitled to personal excess liability insurance comparable to the program for other senior executives until such
time as the Compensation Committee may terminate such program for all senior executive officers, but you will not participate in the Company’s Executive Life and Supplemental Retirement Benefit Plan (U.S.), which is being phased out. In
addition, you will receive: 
 (i) Diagnostic Health Care. During the Employment Period, the Company will reimburse
you up to $5,000 annually (per calendar year) for physical examinations and other covered diagnostic health care services that are not otherwise covered by the Company’s medical plan. 

(ii) Financial Planning and Tax Preparation. During the Employment Period, the Company will reimburse you up to
$50,000 annually (per calendar year) incurred in financial planning and tax preparation services to be provided by the service providers of your choosing. 

(iii) Vacation. You will be entitled to five weeks’ paid vacation time per year, accruing over time, with such
accrual otherwise treated as provided by the Company’s policies as they may change from time to time. 
 7. REIMBURSEMENT OF EXPENSES 

(a) Business Expenses. You are authorized to incur reasonable expenses in carrying out your duties and responsibilities under this
Agreement and the Company shall promptly reimburse you for all reasonable business expenses incurred in connection with the performance of your duties hereunder, subject to your provision of reasonable documentation of such expenses in accordance
with the Company’s business expense reimbursement policy as may be in effect from time to time. 
 (b) Relocation. You will
receive a relocation package consistent with the Company’s Domestic Relocation Policy – Executive Program as of March 8, 2018 (the “Policy”), with the following modifications: 

(i) You will receive a payment of $10,000 per month for temporary housing from the Effective Date through the Local Residence
Date; 
 (ii) Trips (airfare) between your home and Atlanta will be provided for you and your wife through the Local
Residence Date and not be subject to the Policy’s limits; and 
 (iii) The repayment provisions under the Policy will
apply to Voluntary Resignation or termination for Cause but not resignation for Good Reason. 
 (c) Attorneys’ Fees. The Company
shall pay your reasonable attorneys’ fees incurred in connection with the negotiation of this Agreement and related agreements. Payment of attorneys’ fees shall be made directly to your attorney following prompt receipt of an invoice from
your attorney. 

  
 4 

 8. TERMINATION OF EMPLOYMENT 

(a) Death. The Employment Period shall terminate upon your death. 

(b) Disability. The Company shall be entitled to terminate your employment for Disability by written notice given to you while you are
Disabled. “Disability” shall be deemed to have occurred if you have been unable to perform your material duties for at least one hundred eighty (180) calendar days in any three hundred and sixty-five (365) day
period as a result of your physical or mental illness or incapacity. The termination of your employment by the Company for Disability shall not be considered a termination without Cause for purposes of this Agreement. 

(c) For or Without Cause or Voluntarily (Other Than for Good Reason). The Company may terminate your employment for Cause or without
Cause. You may voluntarily terminate your employment, other than for Good Reason (“Voluntary Resignation”), if you notify the Board of your intent to terminate your employment at least 30 days in advance of the Termination
Date, provided that the Board may, in its discretion, accept such resignation effective as of an earlier date than such notice provides. For purposes of this Agreement, “Cause” shall mean your 

(i) conviction or plea of guilty or nolo contendere to any felony; 

(ii) willful misconduct that is materially injurious to the Company or any of its Affiliates (whether financially,
reputationally or otherwise), where “Affiliate” of the Company means an entity that directly or indirectly Controls, is Controlled by, or is under common Control with the Company, and “Controls” means
the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of an entity, whether through the ownership of voting securities, by contract or otherwise; 

(iii) willful and continued failure to perform your duties and responsibilities (other than as a result of physical or mental
illness or injury) after receipt of written notice from the Board of such failure, provided that you shall have 30 days after the date of receipt of such notice in which to cure such failure (to the extent cure is possible); 

(iv) gross negligence in managing the material risks of the Company or its Affiliates; 

(v) material breach of this Agreement or of the Restrictive Covenants after receipt of written notice from the Board of such
breach, provided that you shall have 30 days after the date of receipt of such notice in which to cure such breach (to the extent cure is possible); 

(vi) material violations of law or the Company’s code of conduct or insider trading policy, any of which results in
material financial or reputational harm to the Company; or 
 (vii) indictment (or the legal equivalent) for any felony or
other serious crime involving moral turpitude. 

  
 5 

 If, within the 90 days (the “Review Period”) immediately following the Termination Date
(as defined in Section 9(b)), it is discovered that you engaged in conduct that could have resulted in your employment with the Company being terminated for Cause, as such term is defined above, your employment shall, at the election of the
Board, in its good faith discretion, be deemed to have been terminated for Cause retroactively to the Termination Date, or, to the extent legally permissible, to the earlier date on which the events giving rise to Cause occurred with respect to
compensation paid after such earlier date; provided, however, that no Review Period will begin or extend beyond the consummation of a Change in Control that involves at least majority control and is also a change in control event as
described in Treas. Reg. Section 1.409A-3(i)(5). 
 (d) Good Reason. You may terminate
your employment with the Company for Good Reason. For purposes of this Agreement, “Good Reason” shall mean the occurrence of any of the following events without your consent: 

(i) demotion from position as Chief Executive Officer or material diminution in your duties, authority, and responsibilities;

 (ii) reduction in Base Salary or the percentage of Base Salary under the Target Annual Bonus Opportunity; 

(iii) a relocation of your primary work location of more than 35 miles; or 

(iv) the material breach by the Company of (A) this Agreement, including the failure to make additional Awards with a
target annual Grant Value and the other terms described in Section 5(c), or (B) any other material agreement with the Company; 

provided that, within 90 days following the first occurrence of any of the events set forth in in this Section 8(d), you shall
have delivered written notice to the Company of your intention to terminate your employment for Good Reason, which notice specifies in reasonable detail the circumstances claimed to give rise to your right to terminate employment for Good Reason,
you provide the Company with at least 30 days to cure the circumstances and, if the Company is not successful in curing the circumstances, you terminate your employment within 60 days of the Company’s failure to cure such circumstances. 

9. PROCEDURE FOR TERMINATION OF EMPLOYMENT 
 (a)
Notice of Termination of Employment. Any termination of your employment with the Company (other than a termination of employment on account of your death) shall be communicated by written “Notice of Termination” to the
other party hereto in accordance with Section 26 hereof. 

  
 6 

 (b) Termination Date. The “Termination Date” shall mean:
(i) if your termination of employment occurs due to your death, the date of your death; (ii) if your termination of employment occurs due to your Disability, the date on which you receive a Notice of Termination from the Company;
(iii) if your termination of employment occurs due to your Voluntary Resignation, the date specified in the notice given pursuant to Section 8(c) hereof, which shall not be less than 30 days after Company’s receipt of the Notice
of Termination (unless the Board waives part or all of such notice period); (iv) if your termination of employment occurs due to your termination for Good Reason, the date of your termination in accordance with Section 8(d) hereof; and
(v) if your termination of employment occurs for any other reason, the date on which a Notice of Termination is given or any later date (within 30 days, or any alternative time period agreed upon by the Parties, after the giving of such
Notice of Termination) set forth in such Notice of Termination. The calendar year in which the Termination Date occurs is the “Year of Termination.” Effective as of the Termination Date, unless otherwise determined by the
Board, you shall be deemed to have resigned from any and all Board, officer, or other positions you then hold with the Company and its Affiliates and other entities in which the Company and its Affiliates have invested, and you agree to execute any
necessary documents to effect such resignations. 
 10. PAYMENTS UPON TERMINATION OF EMPLOYMENT 

(a) Termination Due to Death, Disability, Termination for Cause, or Voluntary Resignation. If your employment hereunder ends due to your
death, Disability, termination for Cause, or Voluntary Resignation, you (or your estate or your beneficiaries, in the event of your death), shall be entitled to receive: 

(i) Payment in respect of (A) your accrued but unpaid paid time off, to the extent consistent with then current Company
policy, and Base Salary through the Termination Date and (B) any substantiated but unpaid business expense or other payments or reimbursements due to you under Section 7 of this Agreement (together, the “Accrued
Amounts”), provided that any unpaid amounts under Section 7(b) would not be due on a termination for Cause or Voluntary Resignation. The Accrued Amounts shall be paid as soon as reasonably practicable, but no later than
30 days, following the Termination Date; 
 (ii) payment of vested benefits, if any, subject to and in accordance with
the applicable benefit plans and programs of the Company as in effect from time to time (including any delay of payment thereunder that may be required for compliance with Section 409A of the Internal Revenue Code of 1986, as amended (the
“Code”)); 
 (iii) on death or Disability terminations, the service element of any then outstanding
Awards shall be deemed satisfied and any performance-based Awards for which the performance period has not ended shall vest at target; and 

(iv) on death or Disability terminations, one year of financial planning and tax preparation subject to the same limit as in
Section 6(ii) (the “Post-Employment Financial Advice”). 

  
 7 

 (b) Retirement. If your employment ends through your Retirement, in addition to the
compensation and benefits described in Section 10(a), and subject to (x) your satisfaction of the Release Requirements and (y) your continued material compliance with the Restrictive Covenants, the service element of any then
outstanding equity Awards under the Stock Incentive Plan shall be deemed satisfied and shall vest, subject to satisfaction of any performance criteria if applicable. Upon Retirement, you have five years to exercise any options or similarly
exercisable grants but not beyond their expiration date, subject to the proviso that the Awards may be terminated in less than five years after the Termination Date in connection with a Change in Control (as defined below), in accordance with the
terms of the applicable Award agreement and Stock Incentive Plan under which such options or other Awards were granted, as long as you are not treated adversely relative to the treatment of other senior executives with respect to performance
criteria. You will also receive the Post-Employment Financial Advice. For purposes solely of this Agreement, “Retirement” means your ceasing to be employed for a reason other than death, Disability, or Cause on or after age
55 and completion of at least five years of service, provided that you will not be treated as ending your employment through Retirement if the Company has Cause to terminate your employment at your Termination Date or pursuant to the lookback
provisions in the definition of “Cause.” 
 (c) Termination by the Company without Cause or by you for Good Reason Other than On
or Within Two Years After a Change in Control. If, other than at or within two years after a Change in Control, your employment hereunder is (x) terminated by the Company without Cause, other than due to Disability or death or (y) you
resign for Good Reason, you shall be entitled to receive, in addition to the compensation and benefits described in Section 10(a) and the Post-Employment Financial Advice, subject to (x) your satisfaction of the Release Requirements and
(y) your continued material compliance with the Restrictive Covenants: 
 (i) A severance payment equal to twice the sum
of (x) your annual rate of Base Salary, and (y) your Target Annual Bonus Opportunity for the Year of Termination, paid ratably over a period of 24 months following the Termination Date in accordance with the Company’s usual and
customary payroll practices; 
 (ii) Any accrued but unpaid Annual Bonus earned with respect to any fiscal year ending on or
preceding the Termination Date (“Earned Bonus”); plus for the fiscal year in which the Termination Date occurs, a pro rata Annual Bonus based on actual performance for the entire performance period and calculated and paid at
the end of the performance period, at the same time as continuing executives are paid their bonuses (but no later than March 15 of the year following the year with respect to which the bonus is calculated) (“Pro-Rata Bonus”); 
 (iii) Equity Treatment 

(A) For Awards other than the Special Grant, continued vesting of outstanding equity Awards under the Stock Incentive Plan
until the second anniversary of the Termination Date (subject, in the case of performance-based Awards, to certification by the Board of the Company’s performance), with vested stock options (including those that vest by the second anniversary
following the Termination Date) being 

  
 8 

 
exercisable until the second anniversary of termination (or, to the extent such options vest within the 90 days before such second anniversary, until such 90 day period after such vesting has
elapsed) (but not beyond their original expiration date); provided that the Awards may be terminated earlier in connection with a Change in Control during the two year post-employment period, in accordance with the terms of the applicable
Award agreement and Stock Incentive Plan under which such options or other Awards were granted, as long as you shall be deemed vested in any service requirements that would have been met during the two years and are not treated adversely relative to
the treatment of other senior executives with respect to the performance criteria; and 
 (B) For the Special Grant, the
same treatment as in (A) above for the Initial Award but with full acceleration of vesting (subject, in the case of performance-based restricted stock units, to certification by the Board of the Company’s performance) as of the Termination
Date (subject to provisional vesting pending satisfaction of the Release Requirements); and 
 (iv) Access to the
Company’s health plan for two years or the lesser period permitted by the Company’s general benefits plans and applicable law, which period will run concurrently with any eligibility for continuation health coverage under
Section 4980B of the Code or comparable state law (“COBRA Coverage”) and monthly payments of or an amount equal to COBRA premiums for continuation of healthcare coverage for 24 months (even if access is for less than 24
months). 
 (d) Termination by the Company without Cause or by you for Good Reason During a Change in Control Period. If, during the
period beginning after the signing of a definitive agreement to effectuate a Change in Control (but not more than six months prior to the consummation of a Change in Control) and ending on the second anniversary of such consummation (such up to 30
month period being the “Change in Control Period”), your employment hereunder is (x) terminated by the Company without Cause, other than due to Disability or death or (y) you resign for Good Reason, you shall be
entitled to receive, in addition to the compensation and benefits described in Section 10(a) and the Post Employment Financial Advice, subject to (x) your satisfaction of the Release Requirements and (y) your continued material
compliance with the Restrictive Covenants: 
 (i) Subject to Section 10(d)(v), a severance payment in a lump sum equal
to three times the sum of (x) your Base Salary and (y) your Target Annual Bonus Opportunity for the Year of Termination payable upon satisfaction of the Release Requirements; 

(ii) Any Earned Bonus and Pro-Rata Bonus, determined and paid as provided in
Section 10(c)(ii); 

  
 9 

 (iii) For any then outstanding equity Awards, including any that, upon
consummation of a Change in Control, were granted in assumption of or substitution for Awards outstanding before the Change in Control, full vesting in the case of any time-based Awards and, in the case of performance-based Awards, satisfaction of
any service requirements with vesting of performance goals to be determined in accordance with the terms of the applicable Award agreement and Stock Incentive Plan under which such Awards were granted, but excluding from acceleration under this
Section 10(d)(iii) any equity compensation awards granted after the consummation of the Change in Control that are not in assumption of or substitution for Awards outstanding before the Change in Control; and 

(iv) Access to the Company’s health plan for two years or the lesser period permitted by the Company’s general
benefits plans and applicable law, which period will run concurrently with any eligibility for COBRA Coverage and monthly payments of or an amount equal to COBRA premiums for continuation of healthcare coverage for 24 months (even if access is for
less than 24 months). 
 (v) Notwithstanding the foregoing, if the termination was within the
six-month period prior to the Change in Control, you shall continue to receive the amounts under Section 10(c) above and shall upon the later of the Change in Control or the satisfaction of the Release
Requirements (or, if applicable, the end of the Review Period) receive as provided herein any additional amounts due under this Section 10(d) (less amounts paid under Section 10(c)). Moreover, if the Change in Control is not also a change
in control event for purposes of Treas. Reg. Section 1.409A-3(i)(5), the acceleration of any remaining payments to a lump sum will not occur, and the remaining payments and any incremental payments will
be made in installments on the same payroll schedule but over three years from the Termination Date. 
 “Change in
Control” shall, for purposes of Sections 10(d)(i) and (ii), be as defined in the Stock Incentive Plan under which the Initial Award is granted, and shall, for purposes of Section 10(d)(iii), be as defined in the applicable Award
agreement and Stock Incentive Plan. 
 (e) Subject to any delays required by Section 19, cash payments stated to be subject to the
Release Requirements shall be provided or shall commence on the 60th day after the Termination Date (the “Release Date”), provided that, as of the 52nd day after the Termination Date, the Release Requirements are satisfied. If the Release Requirements are not satisfied as of the 52nd day after
the Termination Date, then you shall not be entitled to any payments or benefits that are conditioned on a release and the Company and its Affiliates shall have no further obligations in connection therewith. If the Release Requirements are
satisfied, then the portion of any payments that would otherwise have been paid during the period between the Termination Date and the Release Date shall instead be paid as soon as reasonably practicable following the Release Date (or, if the Review
Period applies and the Board has notified you that it is reviewing your cessation of employment under the lookback provisions of the Cause definition, the end of the Review Period with regard to payments that qualify as short term deferral under
Section 409A of the Code). For purposes of your equity Awards, any 

  
 10 

 
acceleration of vesting will be provisional and no Awards vesting as a result of cessation of your employment will be distributed or can be exercised if you do not timely execute and return or
you do revoke the required release. If you do not provide the release or you revoke it, the provisionally accelerated Awards and any extended exercise periods will expire upon the earliest of the 60th day after the Termination Date, the date you
inform the Board that you will not be executing or will be revoking the release, or the date of revocation. For purposes of this Agreement, the “Release Requirements” shall be satisfied if, as of the applicable date, you have
executed a general release of claims against the Company, its Affiliates, and its directors, officers, employees, and agents on the form attached hereto as Annex VII (with the modifications such form permits), and the revocation period required by
applicable law has expired without your revocation of such release. Payments delayed for the Review Period as provided above will, to the extent due, be paid promptly, but in no event later than March 15 of the year following the year in which
the Termination Date occurs. 
 (f) No Mitigation Requirement or Offset. In the event of any termination of employment, you shall be
under no obligation to seek other employment or take any other action by way of mitigation of the amounts payable to you under any of the provisions of this Agreement, and the Company’s obligation to make the payments provided for under this
Agreement and otherwise to perform its obligations hereunder shall not be affected by any set-off or counterclaim that the Company may have against you (except as provided under the Company’s clawback
policies). 
 (g) No Other Severance Benefits. Except as specifically set forth in this Agreement, you covenant and agree that you
shall not be entitled to any other form of severance or termination payments or benefits from the Company, including payments or benefits otherwise payable under any of the Company’s regular severance plans or policies. 

11. STOCK OWNERSHIP 
 You will be required, by
the fifth anniversary of the Effective Date, to own and hold Company stock (including within owned for this purpose unvested time-based restricted stock units) having a value equal to six times Base Salary, and you are not permitted to sell Company
stock while employed by the Company, without the Board’s permission (other than to cover taxes on exercise of options or vesting of restricted stock units) prior to meeting these ownership requirements. 

12. CLAWBACKS AND RECOUPMENTS 
 You will be
subject to the Company’s clawback or recoupment policy as in effect from time to time at the discretion of the Board, including clawbacks of annual and long-term incentives upon a material restatement or as a result of materially inaccurate
financial statements or performance metrics, termination for Cause, or a material violation of the Restrictive Covenants. However, the Special Grant shall be subject to the clawback and recoupment policies only to the extent required by applicable
law, to correct actual computational errors, or as provided in the Noncompetition Agreement (as defined below), and such general clawback or recoupment policies shall not otherwise apply to the Special Grant. 

  
 11 

 13. RESTRICTIVE COVENANTS 

(a) Noncompetition Agreement. You are executing, in connection with this Agreement, the Participant Confidentiality, Non-Competition, Non-Solicitation and Assignment Agreement (the “Noncompetition Agreement”), attached as Annex VIII hereto. You agree that future
Awards may be subject to the requirement to sign new or supplementary Restrictive Covenants that extend the list of companies or business lines covered consistent with those applicable at the time to the members of the senior leadership team whose
duties encompass oversight of the Company’s range of businesses, provided that, for you, Restricted Competitors or Enterprise Competitors (as defined in the Noncompetition Agreement or comparable concepts in those future Restrictive Covenants)
will be added only if comparable in importance to those reflected in the attached Noncompetition Agreement and, except as set forth above, the duration, type, and scope of restrictions will not be expanded without your consent. 

(b) Permitted Disclosures. Notwithstanding anything to the contrary in this Agreement, the Noncompetition Agreement, or otherwise, you
shall not be restricted from disclosing or using Confidential Information or any Trade Secret (each as defined in the Noncompetition Agreement) that is required to be disclosed by law, court order or other legal process; provided, however,
that in the event disclosure is required by law, you shall provide the Company with prompt notice of such requirement so that the Company may seek an appropriate protective order prior to any such required disclosure by you. Notwithstanding anything
to the contrary, in this Agreement or otherwise, however, you are not prohibited from reporting possible violations of law or regulations to any governmental agency or entity, including to the Department of Justice, the Securities and Exchange
Commission, the Congress, and any agency Inspector General, or making other disclosures that are protected under the whistleblower provisions of law or regulation and you are not required to obtain the Company’s approval or notify the Company
that you intend to make or have made such a report or disclosure. 
 (c) Absence of Restrictions. You represent and warrant that you
are not bound by any employment agreement, restrictive covenants, confidentiality agreements, or other restrictions that prevent you from entering into employment with the Company and carrying out all of your duties as Chief Executive Officer. The
Company recognizes that you have certain confidentiality obligations with regard to your current employer and certain non-solicitation restrictions with respect to partners and certain employees of your
current employer, as well as fiduciary confidentiality restrictions with regard to the boards of directors of which you have been a member before the Effective Date. 

(d) Use of Information of Prior Employers. During the Employment Period, you will not improperly use or disclose any confidential
information or trade secrets, if any, of any former employers or any other person to whom you have an obligation of confidentiality, and will not bring onto the premises of the Company or any of its Affiliates any unpublished documents or any
property belonging to any former employer or any other person to whom you have an obligation of confidentiality unless consented to in writing by the former employer or other applicable individual, corporation, partnership, joint venture, limited
liability company, association or other entity or enterprise. You will use in the performance of your duties only information that is (i) generally known and used by persons with training and experience comparable to yours and that is
(x) common knowledge in the industry or (y) is otherwise legally 

  
 12 

 
in the public domain, (ii) is otherwise provided or developed by the Company or its Affiliates or (iii) in the case of materials, property or information belonging to any former
employer or other person to whom you have an obligation of confidentiality, approved for such use in writing by such former employer or person. 
 14.
POST-TERMINATION OBLIGATIONS 
 For two years following the Employment Period, you shall, upon reasonable notice, use your reasonable efforts
to assist and cooperate with the Company and its counsel by providing such information and assistance to the Company as may reasonably be required by the Company at the Company’s expense in connection with any existing or threatened claim,
arbitral hearing, litigation, action or governmental or other investigation involving the conduct of business of the Company or its Affiliates not commenced by you and about which you have knowledge, having to do with matters during your Employment
Period. Your obligation to cooperate and any required travel shall be reasonably limited so as not to unreasonably interfere with your other business or personal obligations. The Company shall reimburse the reasonable expenses you incur in providing
cooperation. 
 15. ARBITRATION 
 (a) Any
dispute, claim or controversy arising under or in connection with this Agreement or your employment hereunder or the termination thereof, other than injunctive relief under Section 13 hereof but including the arbitrability of the dispute
itself, shall be settled exclusively by arbitration administered by the American Arbitration Association (the “AAA”) and carried out in the State of Georgia. The arbitration shall be conducted in accordance with the AAA rules
governing commercial arbitration in effect at the time of the arbitration, except as modified herein. There shall be one arbitrator, mutually selected by the Company and you from a list of arbitrators provided by the AAA within 30 days of
receipt by respondent of the demand for arbitration. If the Company and you cannot mutually agree on an arbitrator within 30 days, then the Parties shall request that the AAA appoint the arbitrator and the arbitrator shall be appointed by the
AAA within 15 days of receiving such request. The Parties agree that the Federal Arbitration Act, 9 U.S.C. §1 et seq. and the AAA Employment Arbitration Rules shall apply to the interpretation and enforcement of this Agreement. The place of
arbitration shall be Atlanta, Georgia. 
 (b) The parties shall request, and use reasonable business efforts to insure, that arbitration
commence within 45 days after the appointment of the arbitrator; that the arbitration shall be completed within 60 days of commencement; and that the arbitrator’s award shall be made within 30 days following such completion. The
Parties may agree to extend the time limits specified in the foregoing sentence. 
 (c) The arbitrator may award any form of relief permitted
under this Agreement and applicable law, including damages and temporary or permanent injunctive relief, except that the arbitral tribunal is not empowered to award damages in excess of compensatory damages, and each Party hereby irrevocably waives
any right to recover punitive, exemplary or similar damages with respect to any dispute. The arbitrator may not award attorney’s fees. The award shall be in writing and shall state the reasons for the award. Notwithstanding the foregoing, the
Company shall pay all expenses of any arbitration (other than the expenses of your counsel). 

  
 13 

 (d) The decision rendered by the arbitral tribunal shall be final and binding on the Parties to
this Agreement. Judgment may be entered in any court of competent jurisdiction. The Parties hereto waive, to the fullest extent permitted by law, any rights to appeal to, or to seek review of such award by, any court. The Parties hereto further
agree to obtain the arbitral tribunal’s agreement to preserve the confidentiality of the arbitration. 
 16. LEGAL FEES AND INDEMNIFICATION 

(a) Except as specifically provided in Section 7(c), each Party shall bear the cost of any legal fees and other fees and expenses that may
be incurred in connection with the negotiation of, and enforcing its respective rights under, this Agreement. 
 (b) You and the Company
shall enter into the Company’s indemnification agreement and you shall be covered by the Company’s indemnification commitments and directors’ and officers’ liability insurance coverage to the same extent as other officers and
directors. The obligation under this Section shall survive any termination of your employment. 
 17. ASSIGNABILITY; BINDING NATURE 

This Agreement shall be binding upon and inure to the benefit of the Parties and their respective successors, heirs (for you) and permitted
assigns. Rights or obligations of the Company under this Agreement may be, and may only be, assigned or transferred by the Company pursuant to a merger or consolidation, or the sale or liquidation of all or substantially all of the assets of the
Company, provided that the assignee or transferee is the successor to all or substantially all of the assets of the Company and such assignee or transferee assumes the liabilities, obligations and duties of the Company, as contained in this
Agreement, either contractually or as a matter of law. You may not assign or transfer any of your rights or obligations under this Agreement other than your rights to compensation and benefits, which may be transferred only by will or operation of
law, provided that any amount due hereunder to you at the time of your death shall instead be paid to your estate or your designated beneficiary. 

18. AMENDMENT OR WAIVER 
 No provision in this
Agreement may be amended unless such amendment is agreed to in writing and signed by you and an authorized officer of the Company. No waiver by either Party of any breach by the other Party of any condition or provision contained in this Agreement
to be performed by such other Party shall be deemed a waiver of a similar or dissimilar condition or provision at the same or any prior or subsequent time. Any waiver must be in writing and signed by you or an authorized officer of the Company, as
the case may be. 
 19. SECTION 409A 
 (a) To
the extent applicable, this Agreement will be construed to comply, and administered in compliance, with Section 409A of the Code. 

  
 14 

 (b) Notwithstanding anything in this Agreement to the contrary, if as of the Termination Date you
are a “specified employee” as defined in Section 409A of the Code and the deferral of the commencement of any payments or benefits otherwise payable hereunder or otherwise as a result of such termination of employment is necessary in
order to prevent any accelerated or additional tax under Section 409A of the Code, then: 
 (i) the Company will defer
the commencement of the payment of any such payments or benefits hereunder or otherwise (without any reduction in such payments or benefits ultimately paid or provided to you) until the first business day of the seventh month following Termination
Date (or the earliest date as is permitted under Section 409A of the Code), or 
 (ii) (A) with respect to the
provision of in-kind benefits hereunder which are otherwise not exempt from the six month delay requirements, during the period beginning on the Termination Date, and ending on the six month anniversary
of such date, you may be permitted to commence use of such benefits so long as you reimburse the Company, on the last business day of each month, all or part of which occurs during such period, for the amount of any income imputed to you under
applicable tax rules as a result of any benefits provided to you during such month, and (B) in such event, on the 1st business day of seventh month following the Termination Date, the Company shall make a
one-time, lump sum cash payment to you in an amount equal to the payments made by you in accordance with Section 19(b)(ii)(A) above, and 

(iii) if any other payments of money or other benefits due to you hereunder could cause the application of an accelerated or
additional tax under Section 409A of the Code, such payments or other benefits shall be deferred to the extent that such deferral will make such payment or other benefits compliant under Section 409A of the Code, or otherwise such payment
or other benefits shall be restructured, to the extent possible, in a manner, determined by the Board, that does not cause such an accelerated or additional tax. 

(c) For purposes of Section 409A of the Code, (i) references herein to your Termination Date, “termination of employment”
or like reference shall refer to your separation from service with the Company within the meaning of Section 409A of the Code and (ii) the right to a series of installment payments under this Agreement shall be treated as a right to a
series of separate payments. 
 (d) Notwithstanding anything to the contrary herein, except to the extent any expense, reimbursement or in-kind benefit provided pursuant to this Agreement does not constitute a “deferral of compensation” within the meaning of Section 409A of the Code: (x) the amount of expenses eligible for
reimbursement or in-kind benefits provided to you during any calendar year will not affect the amount of expenses eligible for reimbursement or in-kind benefits provided
to you in any other calendar year, (y) the Company shall reimburse you for expenses and other amounts for which you are entitled to be reimbursed on or before the last day of the calendar year following the calendar year in which the applicable
expense is incurred, provided that with regard to any tax gross up such reimbursement shall be made no later than the end of the calendar year next following the calendar year in which the taxes are paid, and (z) the right to payment or
reimbursement or in-kind benefits hereunder may not be liquidated or exchanged for any other benefit. 

  
 15 

 (e) If an Award is considered deferred compensation subject to the provisions of
Section 409A of the Code, and if such Award contains provisions for payment upon a “Change in Control,” then the Board may include in such Award a definition of “Change in Control” consistent with the requirements of
Section 409A. 
 (f) The Company shall consult with you in good faith regarding the implementation of the provisions of this
Section 19. If any changes are made to Section 409A of the Code, this Section 19 shall be deemed amended to the extent necessary to cause this Agreement to comply with such changes to such law. You acknowledge that the additional
taxpayer penalty interest under Section 409A are currently assessed to you and not to the Company under the Code. 
 20. SECTION 280G. 

Notwithstanding anything contained in this Agreement to the contrary, to the extent that any of the payments and benefits provided for under
this Agreement together with any payments or benefits under any other agreement or arrangement between the Company or any of its affiliates and you (collectively, the “Payments”) would constitute a “parachute
payment” within the meaning of Section 280G of the Code, the amount of such Payments shall be reduced to the amount that would result in no portion of the Payments being subject to the excise tax imposed pursuant to Section 4999 of
the Code if and only if such reduction would provide you with an after-tax amount greater than if there was no reduction. Any reduction shall be done in a manner that maximizes the amount to be retained by
you, as determined in good faith by external advisers selected by the Company; provided that to the extent any order is required to be set forth herein, then such reduction shall be applied in the following order: (i) payments that are payable
in cash that are valued at full value under Treasury Regulation Section 1.280G-1, Q&A 24(a) will be reduced (if necessary, to zero), with amounts that are payable last reduced first;
(ii) payments due in respect of any equity valued at full value under Treasury Regulation Section 1.280G-1, Q&A 24(a) will be reduced next (if necessary, to zero), with amounts that are payable
or deliverable last reduced first; (iii) payments that are payable in cash that are valued at less than full value under Treasury Regulation Section 1.280G-1, Q&A 24 will be reduced next (if
necessary, to zero), with the highest values reduced first (as such values are determined under Treasury Regulation Section 1.280G-1, Q&A 24); (iv) payments due in respect of any equity valued at less
than full value under Treasury Regulation Section 1.280G-1, Q&A 24 will be reduced next (if necessary, to zero), with the highest values reduced first (as such values are determined under Treasury
Regulation Section 1.280G-1, Q&A 24); and (v) all other non-cash benefits will be next reduced pro-rata. 

21. SEVERABILITY 
 If any provision or portion of
this Agreement shall be determined to be invalid or unenforceable for any reason, in whole or in part, the remaining provisions of this Agreement shall be unaffected thereby and shall remain in full force and effect to the fullest extent permitted
by law so as to achieve the purposes of this Agreement. 

  
 16 

 22. SURVIVORSHIP 

The respective rights and obligations of the Parties hereunder shall survive any termination of this Agreement to the extent necessary to
achieve the intended preservation of such rights and obligations.     
 23. GOVERNING LAW 

This Agreement shall be governed in accordance with the laws of the State of Georgia without reference to its principles of conflict of laws.

 24. WITHHOLDING 
 The Company shall be
entitled to withhold from any payment to you any amount of tax withholding required by applicable law at the times dictated by applicable law. 
 25.
HEADINGS 
 The headings of the sections contained in this Agreement are for convenience only and shall not be deemed to control or affect
the meaning or construction of any provision of this Agreement. 
 26. NOTICES 

All notices and other communications required or permitted hereunder shall be in writing and shall be deemed given when (a) delivered
personally, (b) delivered by certified or registered mail, postage prepaid, return receipt requested or (c) delivered by overnight courier (provided that a written acknowledgment of receipt is obtained by the overnight courier) to the
Party concerned at the address indicated below or to such changed address as such Party may subsequently give such notice of: 
 If to
the Company: 
 Equifax Inc. 

1550 Peachtree Street, N.W. 

Atlanta, Georgia 30309 

Attention: General Counsel 

If to you, to the most recent address shown on the records of the Company. 

27. ENTIRE AGREEMENT; INTERPRETATION 
 This
Agreement contains the entire understanding and agreement between the Parties concerning the subject matter hereof and supersedes in all respects any prior agreements, understandings, discussions, negotiations, and undertakings, whether written or
oral, between the 

  
 17 

 
Parties with respect thereto. Under no circumstances shall you be entitled to any other payments or benefits of any kind, except for the payments and benefits described or referred to herein,
unless otherwise agreed to by the Company and you in writing. The Parties agree that this Agreement will be construed without regard to any presumption or rule requiring construction or interpretation against the drafting Party. References in this
Agreement to “include” or “including” should be read as though they said “without limitation” or equivalent forms. In the event of your death or a judicial determination of your incompetence,
reference in this Agreement to you shall be deemed, where appropriate, to refer to your beneficiary, estate or other legal representative. 
 28.
COUNTERPARTS 
 This Agreement may be executed in two or more counterparts, each of which will be deemed an original. 

Signatures on Following Pages 

  
 18 

 IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first written
above. 
  

	
	EQUIFAX INC.
	
	By: /s/ Mark L.
Feidler                                    
	Mark L. Feidler
	Non-Executive Chairman
	Equifax Inc. Board of Directors

 [Signature Page to Begor Employment Agreement] 

 
	
	 EXECUTIVE:

	
	 /s/ Mark W. Begor

	 Mark W. Begor

 [Signature Page to Begor Employment Agreement] 

 Annex I 

Performance Share Award Agreement—Initial Award 

EQUIFAX INC. 2008 OMNIBUS INCENTIVE PLAN 

PERFORMANCE SHARE AWARD AGREEMENT (TSR) 

2018 – 2020 Performance Period 

MARK W. BEGOR 
 Target
Number of Shares Subject to Award:                  

Grant Date:                , 2018 

Pursuant to the Equifax Inc. 2008 Omnibus Incentive Plan, as amended and restated effective May 2, 2013 (the “Plan”), Equifax Inc., a Georgia
corporation (the “Company”), has granted the above-named participant (“Participant”) Performance Shares (the “Award”) entitling Participant to earn such number of shares of Company common stock (the “Shares”)
as is set forth above, as may be increased or decreased as provided in this agreement (this “Agreement”), on the terms and conditions set forth in this Agreement and the Plan. Capitalized terms used in this Agreement and not defined herein
shall have the meanings set forth in the Plan. 
 1. Grant Date. The Award is granted to Participant on the Grant Date set forth above
and represents the right to receive Shares (and any related Dividend Equivalent Units) subject to the Award by satisfaction of the performance goals (the “Performance Goals”) set forth in Section 3 of this Agreement. Participant may
earn 0% to 200% of the Target Award, depending on the Company’s relative three-year cumulative average quarterly TSR performance for the Performance Period as set forth in Section 3. 

2. Vesting. Subject to earlier vesting in accordance with Sections 4 or 5 below, the Shares (and any related Dividend Equivalent Units)
will become vested on the later of the third anniversary of the Effective Date (as defined as of the Grant Date in the Employment Agreement) or the date on which the Committee certifies the attainment of the Performance Goals (the “Vesting
Date”) in accordance with the provisions of Section 3 below. Prior to the Vesting Date, the Shares (and any related Dividend Equivalent Units) subject to the Award shall be nontransferable and, except as otherwise provided herein, shall be
immediately forfeited upon Participant’s termination of active employment with the Company. Prior to the Vesting Date, the Award shall not be earned by Participant’s performance of services and there shall be no such vesting of the Award.
Subject to the terms of the Plan, the Committee reserves the right in its sole discretion to waive or reduce the vesting requirements. Participant acknowledges that the opportunity to obtain the Shares represents valuable consideration, regardless
of whether the Shares actually vest. 

 3. Payment of Performance Shares.  

(a) In General. The performance period for this Award begins on January 1, 2018 and ends on December 31, 2020 (the
“Performance Period”). The percentage of the Award earned and paid will be as certified by the Committee as soon as practicable (and no later than the 15th day of the third month) following the end of the Performance Period with such
percentage determined by averaging the payout percentages based upon the Company’s cumulative TSR Percentile Rank relative to the TSR of the S&P 500 through each of the last 4 quarters of the Performance Period, as more fully described in
subsection (b) below. The percentage of Performance Shares payable will be determined using the following table: 
  

					
	Performance Share Payout Table	 
	 TSR Percentile Rank

Relative to S&P 500
	  	Percentage of Performance
Shares Payable (1)	 
	 90th or greater
	  	 	200	% 
	 70th
	  	 	150	% 
	 50th
	  	 	100	% 
	 30th
	  	 	50	% 
	 Less than 30th
	  	 	0	% 

  
  

	1	Payout of Performance Shares will be capped at 100% (Target), if the Company’s average cumulative TSR Percentile Rank for the last 4 quarters is equal to or
greater than 50th percentile, but the Company’s three-year cumulative TSR for the Performance Period is negative. 

 (b)
Performance Shares Payable. The number of Performance Shares payable is the Target Award multiplied by the average of the payout percentages determined using the Company’s cumulative TSR Percentile Rank through each of the last 4
quarters of the Performance Period. For performance levels falling between the values as shown above, the percentage of Shares payable will be determined by interpolation. Payments will be made in Shares. For an illustration of this calculation, see
the Hypothetical Example below. 
 Hypothetical Example: 2018-2020 Performance Period 

 

																									
	 	  	 2018
	  	 2019
	  	 2020

	  	 Q1
	 	 Q2
	  	 Q3
	  	 Q4
	  	 Q1
	  	 Q2
	  	 Q3
	  	 Q4
	  	 Q1
	  	 Q2
	  	 Q3
	  	 Q4

	 Cumulative TSR

Percentile Rank from

January 1, 2018

through:
	  	61st	 	57th	  	72nd	  	69th	  	70th	  	62nd	  	54th	  	52nd	  	63rd	  	47th	  	45th	  	48th
	Payout Percentages	  		  		  	132%	  	93%	  	88%	  	95%
	 Percentage of Performance Shares Payable

(Average Payout Percentages of Last 4 Quarters)
	  		  	102%

  
 2 

 (c) Value of the Shares Issued as Payment for Shares Earned. The Fair Market Value of
Shares on the Vesting Date will be used by the Committee to determine the basis of the Shares earned and payable. 
 (d) Withholding.
As provided in Section 16 below, the Company shall withhold Shares having a Fair Market Value on the date the tax is to be determined for federal, state, local and other withholding taxes with respect to any taxable event arising as a result of
this Agreement. 
 (e) Timing of Payout. Payout of the Award will be made to Participant as provided in Section 8 following the
Vesting Date and written certification of performance by the Committee. 
 (f) Certain Definitions. 

“Maximum Award” means the maximum number of Shares that can be awarded to Participant as set forth in Sections 1, 2 and 3.

 “S&P 500” generally means the companies constituting the Standard & Poor’s 500 Index as of the
beginning of the Performance Period (including the Company) and which continue to be actively traded under the same ticker symbol on an established securities market though the end of the Performance Period. A component company of the S&P 500
that is acquired at any time during the Performance Period (i.e., company and ticker symbol disappear) will be eliminated from the S&P 500 for the entire Performance Period. A component company of the S&P 500 filing for bankruptcy protection
(and thus no longer publicly traded) at any time during the Performance Period will be deemed to remain in the S&P 500 (at an assumed TSR of minus 100%). 

“Target Award” means the Target Number of Shares Subject to Award specified at the beginning of this Agreement. 

“Total Shareholder Return” or “TSR” means with respect to the Company or other S&P 500 component
company: the change in the closing market price of its common stock (as quoted in the principal market on which it is traded), plus dividends and other distributions paid on such common stock during the Performance Period, divided by the closing
market price of its common stock on the last business day immediately preceding the Performance Period. The TSR for the common stock of the Company and an S&P 500 component company shall be adjusted to take into account stock splits, reverse
stock splits, and special dividends that occur during the Performance Period, and assumes that all cash dividends and cash distributions are immediately reinvested in common stock of the entity using the closing market price on the dividend payment
date. 

  
 3 

 4. Termination of Employment Events. Participant’s unvested Shares subject to the Award
shall become vested and nonforfeitable to the extent provided below in the event of Participant’s termination of employment with the Company. For purposes of this Agreement, employment with any Subsidiary of the Company shall be considered
employment with the Company and a termination of employment shall mean a termination of employment with the Company and each Subsidiary by which Participant is employed. 

(a) Death. If Participant’s termination of employment results from Participant’s death prior to the Vesting Date, then all
unvested Shares subject to the Award shall immediately become vested and nonforfeitable as of the date of Participant’s death and payout of the Shares shall be made as provided in Section 8 at the Target Award payout level (100%) to
Participant’s designated beneficiary as soon as practicable after the date of death. 
 (b) Disability. If Participant’s
employment ends as a result of Disability (as such term is defined in the Employment Agreement) while employed prior to the Vesting Date, then all unvested Shares subject to the Award shall become vested and nonforfeitable at the Target Award payout
level (100%) as of the date of Disability, and payout of the Shares shall be made as provided in Section 8. 
 (c) Retirement.
Except in the event of a termination for Cause as defined below and subject to the requirements of Section 10(b) of the Employment Agreement (including those relating to release of claims and material compliance with restrictive covenants), if
Participant’s termination of employment results from Participant’s Retirement (as such term is defined in the Employment Agreement) from the Company, for purposes of determining the number of Shares Participant is entitled to receive under
this Award, Participant shall be treated as if Participant had, as of the date of Retirement, satisfied the requirement to remain employed through the Vesting Date, with vesting and payout of Shares based upon the performance results as and when
determined by the Committee under Section 3. Payout of the Shares shall be made at the time provided in Section 3(e) and Section 8. 

(d) Termination without Cause or Resignation for Good Reason Other than during a Change in Control Period. Subject to the requirements
of Section 10(c) of the Employment Agreement (including those relating to release of claims and material compliance with restrictive covenants), if, other than during a Change in Control Period, Participant’s termination of employment
results from a termination by the Company without Cause or Participant’s resignation for Good Reason (in each case as determined under the Employment Agreement), for purposes of determining the number of Shares Participant is entitled to
receive under this Award, Participant shall be treated as if Participant had continued to remain employed through the earlier of the Vesting Date or the second anniversary of the Termination Date (the “Second Anniversary”), with vesting
and payout of Shares based upon the performance results as and when determined by the Committee under Section 3 and then prorated by the days elapsed between the Effective Date and the Second Anniversary (or, if sooner, the Vesting Date) over
the days between the Effective Date and the Vesting Date. If, as of the 

  
 4 

 
Termination Date, a definitive agreement has been signed with respect to a Change in Control, any Shares that could vest under Section 4(e) upon the later consummation of a Change in Control
during the Change in Control Period shall not be forfeited unless and until six months have passed since the signing of the definitive agreement without the consummation of a Change in Control; a consummation of a Change in Control during such six
month period shall cause any remaining unvested Shares to be vested as provided in Section 4(e). Payout of the Shares shall be made at the time provided in Section 3(e) and Section 8. To the extent of any conflict with the application
of Section 5 below, Section 5 will govern. 
 (e) Termination without Cause or Resignation for Good Reason during a Change in
Control Period. Subject to the requirements of Section 10(d) of the Employment Agreement (relating to release of claims and material compliance with restrictive covenants), if, during the portion of a Change in Control Period that ends upon
consummation of a Change in Control, Participant’s termination of employment results from a termination by the Company without Cause or Participant’s resignation for Good Reason (in each case as determined under the Employment Agreement),
for purposes of determining the number of Shares Participant is entitled to receive under this Award, Participant shall, upon the consummation of the Change in Control, be treated as having satisfied any requirement to remain employed through the
Vesting Date, with vesting and payout of Shares based upon the performance results as and when determined by the Committee under Section 3. Payout of the Shares shall be made at the time provided in Section 3(e) and Section 8. To the
extent of any conflict with the application of Section 5 below, Section 5 will govern. 
 5. Change in Control. 

(a) Double Trigger Change in Control. Subject to Section 5(b) below, if, subsequent to receiving a Replacement Award,
Participant’s employment with the Company (or its successor in the Change in Control) is terminated on the consummation of the Change in Control or within the portion of the Change in Control Period beginning on the consummation of a Change in
Control either by Participant for Good Reason or by the Company or successor (as applicable) other than for Cause, then the Replacement Award will vest and be paid out as follows: if at least one calendar year of performance during the Performance
Period has been completed prior to the consummation of the Change in Control, the Shares shall be paid out based upon the Company’s relative cumulative TSR positioning at the time of the Change in Control (without the final four quarter
averaging applicable to the three-year Performance Period); otherwise, the Target Award payout level (100%) shall be used. Payment of the Shares shall be made as provided in Section 8. 

(b) Single Trigger Change in Control. Notwithstanding Section 5(a) above, if, upon a Change in Control, Participant does not
receive a Replacement Award, then all unvested Shares subject to the Award shall immediately become vested and nonforfeitable as of the date on which the Change in Control occurs; if at least one calendar year of performance during the
Performance Period has been completed prior to the consummation of the Change in Control, the Shares shall be paid out based upon 

  
 5 

 
the Company’s relative cumulative TSR positioning at the time of the Change in Control (without the final four quarter averaging applicable to the three-year Performance Period); otherwise,
the Target Award payout level (100%) shall be used. Payment of the Shares shall be made as provided in Section 8; provided, however, if the Change in Control does not constitute a change in the ownership or effective control of the Company or a
change in the ownership of a substantial portion of the assets of the Company as provided under Code Section 409A and the Treasury Regulations and other guidance promulgated or issued thereunder (“Section 409A”, and any such
transaction, a “Section 409A Change in Control”), the right to the Shares subject to the Award shall vest as of the consummation of the Change in Control but the payout of the Shares under Section 8 shall not occur until after
the Vesting Date or other payment date specified in Section 8. 
 (c) Definition of “Cause”. For purposes of this
Award, “Cause” shall have the meaning ascribed to such term in Section 9(d) of the Employment Agreement (including the provisions described therein relating to the Review Period). 

(d) Definition of “Change in Control. For purposes of this Award, “Change in Control” shall mean a “Change of
Control” as defined in the Plan. 
 (e) Definition of “Change in Control Period”. For purposes of this Award,
“Change in Control Period” shall mean the period beginning after the signing of a definitive agreement to effectuate a Change in Control (but not more than six months prior to the consummation of a Change in Control) and ending on the
second anniversary of such consummation. 
 (f) Definition of “Employment Agreement”. For purposes of this Award,
“Employment Agreement” shall mean the employment agreement between Participant and the Company dated as of March 27, 2018, as it may be amended from time to time. 

(g) Definition of “Good Reason”. For purposes of this Award, “Good Reason” shall have the meaning ascribed to such
term in Participant’s Employment Agreement. 
 (h) Definition of “Replacement Award”. For purposes of this
Section 5, a “Replacement Award” means an award that is granted as an assumption or replacement of the Award and that has similar terms and conditions and preserves the same benefits as the Award it is replacing. 

6. Clawback Policy. This Award shall be subject to the terms and conditions of the Company’s Policy on Recovery and Recoupment of
Incentive Compensation, adopted effective March 5, 2018 and of the Participant Confidentiality, Non-Competition, Non-Solicitation and Assignment Agreement between
Participant and the Company, dated as of March 27, 2018, and is further subject to the requirements of any applicable law with respect to the recoupment, recovery or forfeiture of incentive compensation. Participant hereby agrees to be bound by
the requirements of this Section 6. The recoupment or recovery of such incentive compensation may be made by the Company or the Subsidiary that employed Participant. 

  
 6 

 7. Termination for Cause. If Participant’s employment with the Company is terminated
for Cause, the Committee may, notwithstanding any other provision in this Agreement to the contrary, cancel, rescind, suspend, withhold or otherwise restrict or limit this Award as of the date of termination for Cause. Without limiting the
generality of the foregoing, the Committee may also require Participant to pay to the Company any gain realized by Participant from the Shares subject to the Award during the period beginning six months prior to the date on which Participant engaged
or began engaging in conduct that led to his or her termination for Cause. 
 8. Payment Dates; Transfer of Vested
Shares. Stock certificates (or appropriate evidence of ownership) representing the vested Shares, if any, and any Shares with respect to related Dividend Equivalent Units will be delivered to Participant (or, if permitted by the
Company, to a party designated by Participant) on or as soon as practicable after the following payment dates, to the extent any Shares have vested as of such date pursuant to Sections 2 through 5 above: (a) the Vesting Date,
(b) Participant’s death, (c) Participant’s Disability; (d) Participant’s termination of employment with the Company other than as provided in Section 4(d) or 4(e) above; or (e) the date of a Section 409A
Change in Control; subject, in each case, if applicable, to Section 25. For the avoidance of doubt, only vested Shares are payable on each of the above payment dates; if, for example, no Shares are vested under Section 5(a) above on the
date of a Section 409A Change in Control, then no Shares are payable on such payment date. As soon as practicable shall mean within 60 days of the applicable payment date, except that Shares vested and payable on the Vesting Date shall be paid
no later than the 15th day of the third month following the end of the Performance Period. Notwithstanding the foregoing, if Participant has properly elected to defer delivery of the Shares
pursuant to a plan or program of the Company, the Shares shall be issued and delivered as provided in such plan or program, but any Shares attributable to related Dividend Equivalent Units shall be delivered to Participant as provided above and
shall not be subject to deferral. 
 9. Dividend Equivalent Units. If any dividends are paid or other distributions are made on the
Shares subject to the Award between the Grant Date and the date the Shares are transferred as provided in Section 8, Dividend Equivalent Units shall be credited to Participant, based on the Target Award shares, and shall be deemed reinvested in
additional Shares. Such Dividend Equivalent Units shall be paid to Participant in Shares at the same time as the underlying Shares subject to the Award are delivered to Participant and shall be adjusted based on the same payout percentage.
Participant will forfeit all rights to any Dividend Equivalent Units that relate to Shares that do not vest and are forfeited. 
 10. Non-Transferability of Award. Subject to any valid deferral election permitted by the Committee, until the Shares have been issued under this Award, the Shares issuable hereunder (and any related
Dividend Equivalent Units) and the rights and privileges conferred hereby may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated by operation of law or otherwise (except as permitted by the Plan). Any attempt to do
so contrary to the provisions hereof shall be null and void. 

  
 7 

 11. Conditions to Issuance of Shares. The Shares deliverable to Participant hereunder may be
either previously authorized but unissued Shares or issued Shares which have been reacquired by the Company. The Company shall not be required to issue any certificate or certificates for Shares prior to fulfillment of all of the following
conditions: (a) the admission of such Shares to listing on all stock exchanges on which such class of stock is then listed; (b) the completion of any registration or other qualification of such Shares under any state or federal law or
under the rulings and regulations of the Securities and Exchange Commission (“SEC”) or any other governmental regulatory body, which the Committee shall, in its discretion, deem necessary or advisable; (c) the obtaining of any
approval or other clearance from any state or federal governmental agency, which the Committee shall, in its discretion, determine to be necessary or advisable; and (d) the lapse of such reasonable period of time following the grant of the
Shares as the Committee may establish from time to time for reasons of administrative convenience. 
 12. No Rights as Shareholder.
Except as provided in Sections 9 and 15, Participant shall not have voting, dividend or any other rights as a shareholder of the Company with respect to the unvested Shares. Upon settlement of the Award into Shares, Participant will obtain full
voting and other rights as a shareholder of the Company with respect to such Shares. 
 13. Administration. The Committee shall have
the power to interpret the Plan and this Agreement and to adopt such rules for the administration, interpretation, and application of the Plan as are consistent therewith and to interpret or revoke any such rules. All actions taken and all
interpretations and determinations made by the Committee shall be final and binding upon Participant, the Company, and all other interested persons. No member of the Committee shall be personally liable for any action, determination, or
interpretation made in good faith with respect to the Plan or this Agreement. 
 14. Fractional Shares. Fractional shares will not be
issued, and when any provision of this Agreement otherwise would entitle Participant to receive a fractional share, that fraction will be disregarded. 

15. Adjustments in Capital Structure. In the event of a change in corporate capitalization as described in Section 18 of the Plan,
the Committee shall make appropriate adjustments to the number and class of Shares or other stock or securities subject to the Award. The Committee’s adjustments shall be effective and final, binding and conclusive for all purposes of this
Agreement. 

  
 8 

 16. Taxes. Regardless of any action the Company or a Subsidiary that employs Participant
(the “Employer”) takes with respect to any or all income tax, social insurance, payroll tax, payment on account or other tax-related withholding (“Tax-Related Items”), Participant
acknowledges and agrees that the ultimate liability for all Tax-Related Items legally due by him or her is and remains Participant’s responsibility and that the Company and/or the Employer: (a) make
no representations nor undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of this Award, including the grant or vesting of the Shares subject to this Award (and any
Shares with respect to related Dividend Equivalent Units), the subsequent sale of Shares acquired pursuant to such vesting and receipt of any dividends; and (b) do not commit to structure the terms of the grant or any aspect of this Award to
reduce or eliminate Participant’s liability for Tax-Related Items. Upon the vesting and delivery of Shares subject to this Award (including any Shares with respect to related Dividend Equivalent Units),
Participant shall pay or make adequate arrangements satisfactory to the Company and/or the Employer to withhold all applicable Tax-Related Items legally payable from Participant’s wages or other cash
compensation paid to Participant by the Company and/or the Employer or from proceeds of the sale of Shares. Alternatively, or in addition, if permissible under local law, the Company may (i) sell or arrange for sale of Shares that Participant
acquires to meet the withholding obligations for Tax-Related Items, and/or (ii) satisfy such obligations in Shares, provided that the amount to be withheld may not exceed the federal, state, local and
foreign tax withholding obligations associated with the Award to the extent needed for the Company to treat the Award as an equity award for accounting purposes and to comply with applicable tax withholding rules. In addition, Participant shall pay
the Company or the Employer any amount of Tax-Related Items that the Company or the Employer may be required to withhold as a result of Participant’s participation in the Plan that cannot be satisfied by
the means previously described. The Company may refuse to deliver the Shares if Participant fails to comply with Participant’s obligations in connection with the Tax-Related Items. 

17. Participant Acknowledgments and Agreements. By accepting the grant of this Award, Participant acknowledges and agrees that:
(a) the Plan is established voluntarily by the Company, it is discretionary in nature and may be modified, amended, suspended or terminated by the Company at any time unless otherwise provided in the Plan or this Agreement; (b) the grant
of this Award is voluntary and occasional and does not create any contractual or other right to receive future grants of Shares, or benefits in lieu of Shares, even if Shares have been granted repeatedly in the past; (c) all decisions with
respect to future grants, if any, will be at the sole discretion of the Company and the Committee; (d) Participant’s participation in the Plan shall not create a right of future employment with the Company and shall not interfere with the
ability of the Company to terminate Participant’s employment relationship at any time with or without cause and it is expressly agreed and understood that employment is terminable at the will of either party, insofar as permitted by law;
(e) Participant is participating voluntarily in the Plan; (f) this Award is an extraordinary item that is outside the scope of Participant’s employment contract, if any; (g) this Award is not part of Participant’s normal or
expected compensation or salary for any purposes, including but not limited to calculating any severance, resignation, termination, redundancy, end of service payments, bonuses, long-service awards, pension or retirement benefits or similar
payments; (h) in the event Participant is not an employee of the Company, this Award will not be interpreted to form an employment contract or relationship with the Company; 

  
 9 

 
(i) the value of the Shares may increase or decrease in value and the future value of the underlying Shares cannot be predicted; (j) in consideration of the grant of this Award, no claim or
entitlement to compensation or damages shall arise from termination of this Award or diminution in value of Shares subject to the Award resulting from termination of Participant’s employment by the Company (for any reason whatsoever and whether
or not in breach of local labor laws) and Participant irrevocably releases the Company and its Subsidiaries from any such claim that may arise; if, notwithstanding the foregoing, any such claim is found by a court of competent jurisdiction to have
arisen, then, by accepting the terms of this Agreement, Participant shall be deemed irrevocably to have waived any entitlement to pursue such claim; and (k) in the event of involuntary termination of employment (whether or not in breach of
local labor laws), Participant’s right to vest in the Award and receive any Shares will terminate effective as of the date that Participant is no longer actively employed (except as provided in herein) and will not be extended by any notice
period mandated under local statute, contract or common law; the Committee shall have the exclusive discretion to determine when Participant is no longer actively employed for purposes of this Award. 

18. Consent for Accumulation and Transfer of Data. Participant consents to the accumulation and transfer of data concerning him or her
and the Award to and from the Company (and its Subsidiaries) and UBS, or such other agent as may administer the Plan on behalf of the Company from time to time. In addition, Participant understands that the Company and its Subsidiaries hold certain
personal information about Participant, including but not limited to his or her name, home address, telephone number, date of birth, social security number, salary, nationality, job title, and details of all grants or awards, vested, unvested, or
expired (the “personal data”). Certain personal data may also constitute “sensitive personal data” within the meaning of applicable local law. Such data include but are not limited to information described above and any changes
thereto and other appropriate personal and financial data about Participant. Participant hereby provides explicit consent to the Company and its Subsidiaries to process any such personal data and sensitive personal data. Participant also hereby
provides explicit consent to the Company and its Subsidiaries to transfer any such personal data and sensitive personal data outside the country in which Participant is employed, and to the United States or other jurisdictions. The legal persons for
whom such personal data are intended are the Company and its Subsidiaries, UBS, and any company providing services to the Company in connection with compensation planning purposes or the administration of the Plan. 

19. Plan Information. Participant agrees to receive copies of the Plan, the Plan prospectus and other Plan information, including
information prepared to comply with laws outside the United States, from the Plan website at www.ubs.com/onesource/efx and shareholder information, including copies of any annual report, proxy statement, Form
10-K, Form 10-Q, Form 8-K and other information filed with the SEC, from the investor relations section of the Equifax website at
www.equifax.com. Participant acknowledges that copies of the Plan, Plan prospectus, Plan information and shareholder information are available upon written or telephonic request to the Company’s Corporate Secretary. 

  
 10 

 20. Plan Incorporated by Reference; Conflicts. The Plan, this Agreement, and the Employment
Agreement provisions referenced herein constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and Participant with respect to the
subject matter hereof. Notwithstanding the foregoing, nothing in the Plan or this Agreement shall affect the validity or interpretation of any duly authorized written agreement between the Company and Participant under which an Award properly
granted under and pursuant to the Plan serves as any part of the consideration furnished to Participant. If provisions of the Plan and this Agreement conflict, the Agreement provisions will govern. 

21. Participant Bound by Plan. Participant acknowledges receiving, or being provided with access to, a prospectus describing the material
terms of the Plan, and agrees to be bound by all the terms and conditions of the Plan. Except as limited by the Plan or this Agreement, this Agreement is binding on and extends to the legatees, distributees and personal representatives of
Participant and the successors of the Company. 
 22. Governing Law. This Agreement has been made in and shall be construed under and
in accordance with the laws of the State of Georgia, USA without regard to conflict of law provisions. 
 23. Translations. If
Participant has received this or any other document related to the Plan translated into any language other than English and if the translated version is different than the English version, the English version will control. 

24. Severability. The provisions of this Agreement are severable and if any one or more provisions are determined to be illegal or
otherwise unenforceable, in whole or in part, the remaining provisions shall nevertheless be binding and enforceable. 
 25.
Section 409A.  
 (a) General. To the extent that the requirements of
Section 409A are applicable to this Award, it is the intention of both the Company and Participant that the benefits and rights to which Participant could be entitled pursuant to this Agreement comply with or be exempt from Section 409A,
and the provisions of this Agreement shall be construed in a manner consistent with that intention. The Plan and any award agreements issued thereunder may be amended in any respect deemed by the Committee to be necessary in order to preserve
compliance with Section 409A. 
 (b) No Representations as to Section 409A Compliance. Notwithstanding the
foregoing, the Company makes no representation to Participant that the Award and any Shares issued pursuant to this Agreement are exempt from, or satisfy, the requirements of Section 409A, and the Company shall have no liability or other
obligation to indemnify or hold harmless Participant or any beneficiary for any tax, additional tax, interest or penalties that Participant or any beneficiary may incur in the event that any provision of this Agreement is deemed to violate any of
the requirements of Section 409A. 

  
 11 

 (b) Six Month Delay for Specified Participants. 

(i) To the extent applicable, if Participant is a “Specified Employee” (as defined below), then no payment or benefit
that is payable on account of Participant’s “separation from service” (as determined by the Company in accordance with Section 409A) shall be made before the date that is six months and one day after Participant’s
“separation from service” (or, if earlier, the date of Participant’s death) if and to the extent that such payment or benefit constitutes deferred compensation (or may be nonqualified deferred compensation) under Section 409A and
such deferral is required to comply with the requirements of Section 409A. Any payment or benefit delayed by reason of the prior sentence shall be paid out or provided in a single lump sum at the end of such required delay period in order to
catch up to the original payment schedule. 
 (ii) For purposes of this provision, the determination of whether Participant
is a “Specified Employee” at the time of his or her separation from service from the Company (or any person or entity with whom the Company would be considered a single employer under Section 414(b) or Section 414(c) of the Code,
applying the 20 percent common ownership standard) shall be made in accordance with the rules under Section 409A. 
 (c) No
Acceleration of Payments. Neither the Company nor Participant, individually or in combination, may accelerate any payment or benefit that is subject to Section 409A, except in compliance with Section 409A and the provisions of this
Agreement, and no amount that is subject to Section 409A shall be paid prior to the earliest date on which it may be paid without violating Section 409A. 

(d) Termination of Employment. Any provisions of this Agreement that provide for payment of compensation that is subject to
Section 409A and that has payment triggered by Participant’s termination of employment other than on account of death shall be deemed to provide for payment that is triggered only by Participant’s “separation from service”
within the meaning of Treasury Regulation Section §1.409A-1(h). 
 26. 30 Days to Accept
Agreement. Participant shall have 30 days to accept this Agreement. Participant’s Award will be forfeited if this Agreement is not accepted by Participant within 30 days of receipt of email notification from UBS including a link
to view and accept this Agreement. 

  
 12 

									
	PARTICIPANT	 		 	EQUIFAX INC.
				
		 		 	By:	 	  

	 (Signature)
	 		 		 	 Name:

		 		 		 	 Title:

	  
	 		 		 	
	(Printed Name)	 		 		 	

  
 13 

 Annex II 

Time-Based Restricted Stock Unit Agreement – Initial Award 

EQUIFAX INC. 2008 OMNIBUS INCENTIVE PLAN 

RESTRICTED STOCK UNIT AWARD AGREEMENT 

MARK W. BEGOR 
 Number
of Shares Subject to Award:                  
 Date
of Grant:                         , 2018 

Pursuant to the Equifax Inc. 2008 Omnibus Incentive Plan, as amended and restated effective May 2, 2013 (the “Plan”), Equifax Inc., a Georgia
corporation (the “Company”), has granted the above-named participant (“Participant”) Restricted Stock Units (the “Award”) entitling Participant to receive such number of shares of Company common stock (the
“Shares”) as is set forth above on the terms and conditions set forth in this agreement (this “Agreement”) and the Plan. Capitalized terms used in this Agreement and not defined herein shall have the meanings set forth in the
Plan. 
 1. Grant Date. The Award is granted to Participant on the Date of Grant (the “Grant Date”) set forth above. 

2. Vesting. Except as provided in Sections 3 or 4 below, the Restricted Stock Units and the right to the Shares (and any related Dividend
Equivalent Units) shall vest with respect to all of the number of Shares subject to the Award on the third anniversary of the Effective Date (as defined as of the Grant Date in the Employment Agreement) (the “Vesting Date”). After the
Vesting Date, the Shares will be settled and transferred in accordance with Section 7. Prior to the Vesting Date, the Restricted Stock Units subject to the Award (and any related Dividend Equivalent Units) shall be nontransferable and, except
as provided in Sections 3 and 4 below, shall be immediately forfeited upon Participant’s termination of active employment with the Company. Prior to the Vesting Date, the Award shall not be earned by Participant’s performance of services
and there shall be no such vesting of the Award. The Committee which administers the Plan reserves the right, in its sole discretion, to waive or reduce the vesting requirements. Participant acknowledges that the opportunity to receive the Shares
represents valuable consideration, regardless of whether the Shares vest. 
 3. Termination of Employment Events. Participant’s
unvested Shares subject to the Award shall become vested and nonforfeitable to the extent provided below in the event of Participant’s termination of employment with the Company. For purposes of this Agreement, employment with any Subsidiary of
the Company shall be considered employment with the Company and a termination of employment shall mean a termination of employment with the Company and each Subsidiary by which Participant is employed. 

 (a) Death. If Participant’s termination of employment results from Participant’s
death prior to the Vesting Date, then all unvested Shares subject to the Award shall immediately become vested and nonforfeitable and subject to settlement and transfer under Section 7 as of the date of Participant’s death. 

(b) Disability. If Participant’s employment ends as a result of Disability (as such term is defined in the Employment Agreement)
while employed prior to the Vesting Date, then all unvested Shares subject to the Award shall immediately become vested and nonforfeitable and subject to settlement and transfer in accordance with Section 7 after the date Participant incurs a
Disability. 
 (c) Retirement. Except in the event of a termination for Cause as defined below and subject to the requirements of
Section 10(b) of the Employment Agreement (including those relating to release of claims and material compliance with restrictive covenants), if Participant’s termination of employment results from Participant’s Retirement (as such
term is defined in the Employment Agreement) from the Company, all unvested Shares subject to the Award shall immediately become vested and nonforfeitable and subject to settlement and transfer in accordance with Section 7 after the date
Participant terminates employment through Retirement. 
 (d) Termination without Cause or Resignation for Good Reason Other than during a
Change in Control Period. Subject to the requirements of Section 10(c) of the Employment Agreement (including those relating to release of claims and material compliance with restrictive covenants), if, other than during a Change in Control
Period, Participant’s termination of employment results from a termination by the Company without Cause or Participant’s resignation for Good Reason (in each case as determined under the Employment Agreement), for purposes of determining
the number of Shares Participant is entitled to receive under this Award, Participant shall be treated as if Participant had continued to remain employed through the earlier of the Vesting Date or the second anniversary of the Termination Date (the
“Second Anniversary”), with vesting and payout of Shares prorated by the days elapsed between the Effective Date and the Second Anniversary (or, if sooner, the Vesting Date) over the days between the Effective Date and the Vesting Date.
If, as of the Termination Date, a definitive agreement has been signed with respect to a Change in Control, any Shares that could vest under Section 3(e) upon the later consummation of a Change in Control during the Change in Control Period
shall not be forfeited unless and until six months have passed since the signing of the definitive agreement without the consummation of a Change in Control; a consummation of a Change in Control during such six month period shall cause any
remaining unvested Shares to be vested as provided in Section 3(e). Payout of the Shares shall be made at the time provided in Section 7 below. To the extent of any conflict with the application of Section 4 below, Section 4 will
govern. 

  
 2 

 (e) Termination without Cause or Resignation for Good Reason during a Change in Control
Period. Subject to the requirements of Section 10(d) of the Employment Agreement (relating to release of claims and material compliance with restrictive covenants), if, during the portion of a Change in Control Period that ends upon
consummation of a Change in Control, Participant’s termination of employment results from a termination by the Company without Cause or Participant’s resignation for Good Reason (in each case as determined under the Employment Agreement),
all unvested Shares subject to the Award shall, upon the consummation of the Change in Control, immediately become vested and nonforfeitable and subject to settlement and transfer in accordance with Section 7. To the extent of any conflict with
the application of Section 4 below, Section 4 will govern. 
 4. Change in Control.  

(a) Double Trigger Change in Control. Subject to Section 4(b) below, if, subsequent to receiving a Replacement Award,
Participant’s employment with the Company (or its successor in the Change in Control) is terminated on the consummation of the Change in Control or within the portion of the Change in Control Period beginning on the consummation of a Change in
Control either by Participant for Good Reason or by the Company, or successor (as applicable) other than for Cause, then all unvested Shares subject to the Replacement Award shall immediately become vested and nonforfeitable and subject to
settlement and transfer under Section 7 as of the date of Participant’s termination of employment. 
 (b) Single Trigger Change
in Control. Notwithstanding Section 4(a) above, if, upon a Change in Control, Participant does not receive a Replacement Award, then all unvested Shares subject to the Award shall immediately become vested and nonforfeitable and
subject to settlement and transfer under Section 7 as of the date on which the Change in Control occurs; provided, however, if the Change in Control does not constitute a change in the ownership or effective control of the Company or a change
in the ownership of a substantial portion of the assets of the Company as provided under Code Section 409A and the Treasury Regulations and other guidance promulgated or issued thereunder (“Section 409A”, and any such
transaction, a “Section 409A Change in Control”), the right to the Shares subject to the Award shall vest and be nonforfeitable as of the consummation of the Change in Control but the settlement and transfer of the Shares under
Section 7 shall not occur until the Vesting Date or other payment date under Section 7. 
 (c) Definition of
“Cause”. For purposes of this Award, “Cause” shall have the meaning ascribed to such term in Section 9(d) of the Employment Agreement (including the provisions described therein relating to the
Review Period).
 (d) Definition of “Change in Control. For purposes of this Award, “Change in Control” shall mean a
“Change of Control” as defined in the Plan. 

  
 3 

 (e) Definition of “Change in Control Period”. For purposes of this Award,
“Change in Control Period” shall mean the period beginning after the signing of a definitive agreement to effectuate a Change in Control (but not more than six months prior to the consummation of a Change in Control) and ending on the
second anniversary of such consummation. 
 (f) Definition of “Employment Agreement”. For purposes of this Award,
“Employment Agreement” shall mean the employment agreement between Participant and the Company dated as of March 27, 2018, as it may be amended from time to time. 

(g) Definition of “Good Reason”. For purposes of this Award, “Good Reason” shall have the
meaning ascribed to such term in Participant’s Employment Agreement. 
 (h) Definition of “Replacement
Award”. For purposes of this Section 4, a “Replacement Award” means an award that is granted as an assumption or replacement of the Award and that has similar terms and conditions and preserves the same benefits as the
Award it is replacing. 
 5. Clawback Policy. This Award shall be subject to the terms and conditions of the Company’s Policy on
Recovery and Recoupment of Incentive Compensation, adopted effective March 5, 2018 and of the Participant Confidentiality, Non-Competition, Non-Solicitation and
Assignment Agreement between Participant and the Company, dated as of March 27, 2018, and is further subject to the requirements of any applicable law with respect to the recoupment, recovery or forfeiture of incentive compensation. Participant
hereby agrees to be bound by the requirements of this Section 5. The recoupment or recovery of such incentive compensation may be made by the Company or the Subsidiary that employed Participant. 

6. Termination for Cause. If Participant’s employment with the Company is terminated for Cause, the Committee may, notwithstanding
any other provision in this Agreement to the contrary, cancel, rescind, suspend, withhold or otherwise restrict or limit this Award as of the date of termination for Cause. Without limiting the generality of the foregoing, the Committee may also
require Participant to pay to the Company any gain realized by Participant from the Shares subject to the Award during the period beginning six months prior to the date on which Participant engaged or began engaging in conduct that led to his or her
termination for Cause. 
 7. Payment Dates; Transfer of Vested Shares. Stock certificates (or appropriate evidence
of ownership) representing the vested Shares, if any, and any Shares with respect to Dividend Equivalent Units on such vested Shares will be delivered to Participant (or, if permitted by the Company, to a party designated by Participant) on or as
soon as practicable after (but no later than 60 days after) the following payment dates, to the extent any Shares have vested as of such date pursuant to Sections 2, 3 or 4 above: (a) the Vesting Date, (b) Participant’s death,
(c) Participant’s Disability, (d) Participant’s termination of employment with the Company other than as provided in Section 3(d) or 3(e) above, or (e) the date of a Section 409A Change in Control; subject, in each
case, if applicable, to Section 24. For the avoidance of doubt, only vested Shares are payable on each of the above payment dates; if, for example, no Shares are vested under Section 4(a) above on the date of a Section 409A Change in
Control, then 

  
 4 

 
no Shares are payable on such payment date. Notwithstanding the foregoing, if Participant has properly elected to defer delivery of the Shares pursuant to a plan or program of the Company, the
Shares shall be issued and delivered as provided in such plan or program, but any Shares attributable to related Dividend Equivalent Units shall be delivered to Participant as provided above and shall not be subject to deferral. 

8. Dividend Equivalent Units. If any dividends are paid or other distributions are made on the Shares subject to the Award between the
Grant Date and the date the Shares are transferred as provided in Section 7, Dividend Equivalent Units shall be credited to Participant based on the Shares subject to the Award, and shall be deemed reinvested in additional Shares. Such Dividend
Equivalent Units shall be paid to Participant in Shares at the same time as the underlying Shares subject to the Award are delivered to Participant. Participant will forfeit all rights to any Dividend Equivalent Units that relate to Shares that do
not vest and are forfeited. 
 9. Non-Transferability of Award. Subject to any valid deferral
election permitted by the Committee, until the Shares have been issued under this Award, the Shares issuable hereunder (and any related Dividend Equivalent Units) and the rights and privileges conferred hereby may not be sold, transferred, pledged,
assigned, or otherwise alienated or hypothecated by operation of law or otherwise (except as permitted by the Plan). Any attempt to do so contrary to the provisions hereof shall be null and void. 

10. Conditions to Issuance of Shares. The Shares deliverable to Participant hereunder may be either previously authorized but unissued
Shares or issued Shares which have been reacquired by the Company. The Company shall not be required to issue any certificate or certificates for Shares prior to fulfillment of all of the following conditions: (a) the admission of such Shares
to listing on all stock exchanges on which such class of stock is then listed; (b) the completion of any registration or other qualification of such Shares under any state or federal law or under the rulings and regulations of the Securities
and Exchange Commission (“SEC”) or any other governmental regulatory body, which the Committee shall, in its discretion, deem necessary or advisable; and (c) the obtaining of any approval or other clearance from any state or federal
governmental agency, which the Committee shall, in its discretion, determine to be necessary or advisable. 
 11. No Rights as Shareholder.
Except as provided in Sections 8 and 14, Participant shall not have voting, dividend or any other rights as a shareholder of the Company with respect to the unvested Shares. Upon settlement of the Award into Shares, Participant will obtain full
voting and other rights as a shareholder of the Company with respect to such Shares. 
 12. Administration. The Committee shall have
the power to interpret the Plan and this Agreement and to adopt such rules for the administration, interpretation, and application of the Plan as are consistent therewith and to interpret or revoke any such rules. All actions taken and all
interpretations and determinations made by the Committee shall be final and binding upon Participant, the Company, and all other interested persons. No member of the Committee shall be personally liable for any action, determination, or
interpretation made in good faith with respect to the Plan or this Agreement. 

  
 5 

 13. Fractional Shares. Fractional shares will not be issued, and when any provision of this
Agreement otherwise would entitle Participant to receive a fractional share, that fraction will be disregarded. 
 14. Adjustments in Capital
Structure. In the event of a change in corporate capitalization as described in Section 18 of the Plan, the Committee shall make appropriate adjustments to the number and class of Shares or other stock or securities subject to
the Award. The Committee’s adjustments shall be effective and final, binding and conclusive for all purposes of this Agreement. 
 15.
Taxes. Regardless of any action the Company or a Subsidiary that employs Participant (the “Employer”) takes with respect to any or all income tax, social insurance, payroll tax, payment on account or other tax-related withholding (“Tax-Related Items”), Participant acknowledges and agrees that the ultimate liability for all
Tax-Related Items legally due by him or her is and remains Participant’s responsibility and that the Company and/or the Employer: (a) make no representations nor undertakings regarding the treatment
of any Tax-Related Items in connection with any aspect of this Award, including the grant or vesting of the Shares subject to this Award (and any Shares with respect to related Dividend Equivalent Units), the
subsequent sale of Shares acquired pursuant to such vesting and receipt of any dividends; and (b) do not commit to structure the terms of the grant or any aspect of this Award to reduce or eliminate Participant’s liability for Tax-Related Items. Upon the vesting and delivery of Shares subject to this Award (including any Shares with respect to related Dividend Equivalent Units), Participant shall pay or make adequate arrangements
satisfactory to the Company and/or the Employer to withhold all applicable Tax-Related Items legally payable from Participant’s wages or other cash compensation paid to Participant by the Company and/or
the Employer or from proceeds of the sale of Shares. Alternatively, or in addition, if permissible under local law, the Company may (i) sell or arrange for sale of Shares that Participant acquires to meet the withholding obligations for Tax-Related Items, and/or (ii) satisfy such obligations in Shares, provided that the amount to be withheld may not exceed the federal, state, local and foreign tax withholding obligations associated with the
Award to the extent needed for the Company to treat the Award as an equity award for accounting purposes and to comply with applicable tax withholding rules. In addition, Participant shall pay the Company or the Employer any amount of Tax-Related Items that the Company or the Employer may be required to withhold as a result of Participant’s participation in the Plan that cannot be satisfied by the means previously described. The Company may
refuse to deliver the Shares if Participant fails to comply with Participant’s obligations in connection with the Tax-Related Items. 

16. Participant Acknowledgments and Agreements. By accepting the grant of this Award, Participant acknowledges and agrees that:
(a) the Plan is established voluntarily by the Company, it is discretionary in nature and may be modified, amended, suspended or terminated by the Company at any time unless otherwise provided in the

  
 6 

 
Plan or this Agreement; (b) the grant of this Award is voluntary and occasional and does not create any contractual or other right to receive future grants of Shares, or benefits in lieu of
Shares, even if Shares have been granted repeatedly in the past; (c) all decisions with respect to future grants, if any, will be at the sole discretion of the Company and the Committee; (d) Participant’s participation in the Plan
shall not create a right of future employment with the Company and shall not interfere with the ability of the Company to terminate Participant’s employment relationship at any time with or without cause and it is expressly agreed and
understood that employment is terminable at the will of either party, insofar as permitted by law; (e) Participant is participating voluntarily in the Plan; (f) this Award is an extraordinary item that is outside the scope of
Participant’s employment contract, if any; (g) this Award is not part of Participant’s normal or expected compensation or salary for any purposes, including but not limited to calculating any severance, resignation, termination,
redundancy, end of service payments, bonuses, long-service awards, pension or retirement benefits or similar payments; (h) in the event Participant is not an employee of the Company, this Award will not be interpreted to form an employment
contract or relationship with the Company; (i) the value of the Shares may increase or decrease in value and the future value of the underlying Shares cannot be predicted; (j) in consideration of the grant of this Award, no claim or
entitlement to compensation or damages shall arise from termination of this Award or diminution in value of Shares subject to the Award resulting from termination of Participant’s employment by the Company (for any reason whatsoever and whether
or not in breach of local labor laws) and Participant irrevocably releases the Company and its Subsidiaries from any such claim that may arise; if, notwithstanding the foregoing, any such claim is found by a court of competent jurisdiction to have
arisen, then, by accepting the terms of this Agreement, Participant shall be deemed irrevocably to have waived any entitlement to pursue such claim; and (k) in the event of involuntary termination of employment (whether or not in breach of
local labor laws), Participant’s right to vest in the Award and receive any Shares will terminate effective as of the date that Participant is no longer actively employed (except as expressly provided herein) and will not be extended by any
notice period mandated under local statute, contract or common law; the Committee shall have the exclusive discretion to determine when Participant is no longer actively employed for purposes of this Award. 

17. Consent for Accumulation and Transfer of Data. Participant consents to the accumulation and transfer of data concerning him or her
and the Award to and from the Company (and its Subsidiaries) and UBS, or such other agent as may administer the Plan on behalf of the Company from time to time. In addition, Participant understands that the Company and its Subsidiaries hold certain
personal information about Participant, including but not limited to his or her name, home address, telephone number, date of birth, social security number, salary, nationality, job title, and details of all grants or awards, vested, unvested, or
expired (the “personal data”). Certain personal data may also constitute “sensitive personal data” within the meaning of applicable local law. Such data include but are not limited to information described above and any changes
thereto and other appropriate personal and financial data about Participant. Participant hereby provides explicit consent to the Company and its Subsidiaries to process any such personal data and sensitive personal data. Participant also hereby
provides explicit consent to the Company and its Subsidiaries to transfer 

  
 7 

 
any such personal data and sensitive personal data outside the country in which Participant is employed, and to the United States or other jurisdictions. The legal persons for whom such personal
data are intended are the Company and its Subsidiaries, UBS, and any company providing services to the Company in connection with compensation planning purposes or the administration of the Plan. 

18. Plan Information. Participant agrees to receive copies of the Plan, the Plan prospectus and other Plan information, including
information prepared to comply with laws outside the United States, from the Plan website at www.ubs.com/onesource/efx and shareholder information, including copies of any annual report, proxy statement, Form
10-K, Form 10-Q, Form 8-K and other information filed with the SEC, from the investor relations section of the Equifax website at
www.equifax.com. Participant acknowledges that copies of the Plan, Plan prospectus, Plan information and shareholder information are available upon written or telephonic request to the Company’s Corporate Secretary. 

19. Plan Incorporated by Reference; Conflicts. The Plan, this Agreement, and the Employment Agreement provisions referenced herein
constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and Participant with respect to the subject matter hereof. Notwithstanding
the foregoing, nothing in the Plan or this Agreement shall affect the validity or interpretation of any duly authorized written agreement between the Company and Participant under which an Award properly granted under and pursuant to the Plan serves
as any part of the consideration furnished to Participant. If provisions of the Plan and this Agreement conflict, the Agreement provisions will govern. 

20. Participant Bound by Plan. Participant acknowledges receiving, or being provided with access to, a prospectus describing the material
terms of the Plan, and agrees to be bound by all the terms and conditions of the Plan. Except as limited by the Plan or this Agreement, this Agreement is binding on and extends to the legatees, distributees and personal representatives of
Participant and the successors of the Company. 
 21. Governing Law. This Agreement has been made in and shall be construed under and
in accordance with the laws of the State of Georgia, USA, without regard to conflict of law provisions. 
 22. Translations. If
Participant has received this or any other document related to the Plan translated into any language other than English and if the translated version is different than the English version, the English version will control. 

23. Severability. The provisions of this Agreement are severable and if any one or more provisions are determined to be illegal or
otherwise unenforceable, in whole or in part, the remaining provisions shall nevertheless be binding and enforceable. 

  
 8 

 24. Section 409A.  

(a) General. To the extent that the requirements of Section 409A are applicable to this Award, it is the intention of both the
Company and Participant that the benefits and rights to which Participant could be entitled pursuant to this Agreement comply with or be exempt from Section 409A, and the provisions of this Agreement shall be construed in a manner consistent
with that intention. The Plan and any award agreements issued thereunder may be amended in any respect deemed by the Committee to be necessary in order to preserve compliance with Section 409A. 

(b) No Representations as to Section 409A Compliance. Notwithstanding the foregoing, the Company makes no
representation to Participant that the Award and any Shares issued pursuant to this Agreement are exempt from, or satisfy, the requirements of Section 409A, and the Company shall have no liability or other obligation to indemnify or hold
harmless Participant or any beneficiary for any tax, additional tax, interest or penalties that Participant or any beneficiary may incur in the event that any provision of this Agreement is deemed to violate any of the requirements of
Section 409A. 
 (c) Six Month Delay for Specified Participants. 

(i) To the extent applicable, if Participant is a “Specified Employee” (as defined below), then no payment or benefit
that is payable on account of Participant’s “separation from service” (as determined by the Company in accordance with Section 409A) shall be made before the date that is six months and one day after Participant’s
“separation from service” (or, if earlier, the date of Participant’s death) if and to the extent that such payment or benefit constitutes deferred compensation (or may be nonqualified deferred compensation) under Section 409A and
such deferral is required to comply with the requirements of Section 409A. Any payment or benefit delayed by reason of the prior sentence shall be paid out or provided in a single lump sum at the end of such required delay period in order to
catch up to the original payment schedule. 
 (ii) For purposes of this provision, the determination of whether Participant
is a “Specified Employee” at the time of his or her separation from service from the Company (or any person or entity with whom the Company would be considered a single employer under Section 414(b) or Section 414(c) of the Code,
applying the 20 percent common ownership standard) shall be made in accordance with the rules under Section 409A. 
 (d) No
Acceleration of Payments. Neither the Company nor Participant, individually or in combination, may accelerate any payment or benefit that is subject to Section 409A, except in compliance with Section 409A and the provisions of this
Agreement, and no amount that is subject to Section 409A shall be paid prior to the earliest date on which it may be paid without violating Section 409A. 

  
 9 

 (e) Termination of Employment. Any provisions of this Agreement that provide for payment
of compensation that is subject to Section 409A and that has payment triggered by Participant’s termination of employment other than on account of death shall be deemed to provide for payment that is triggered only by Participant’s
“separation from service” within the meaning of Treasury Regulation Section §1.409A-1(h). 
 25.
30 Days to Accept Agreement. Participant shall have 30 days to accept this Agreement. Participant’s Award will be forfeited if this Agreement is not accepted by Participant within 30 days of receipt of email notification
from UBS including a link to this Agreement. 
  

			
	PARTICIPANT	  	EQUIFAX INC.
		
	  
	  	By:                                     
                                         
              
	(Signature)	  	       Name:

      Title:

		
	  
	  	
	(Printed Name)	  	

  
 10 

 Annex III 

Nonqualified Stock Option Agreement – Initial Award 

EQUIFAX INC. 2008 OMNIBUS INCENTIVE PLAN 

NON-QUALIFIED STOCK OPTION AGREEMENT 

MARK W. BEGOR 
 Number
of Shares Subject to Option:                  

Option Price: $                 

Date of Grant:
                            , 2018 

Pursuant to the Equifax Inc. 2008 Omnibus Incentive Plan, as amended and restated effective May 2, 2013 (the “Plan”), Equifax Inc., a Georgia
corporation (the “Company”), has granted the above-named Participant (the “Participant”) an Option (the “Option” or the “Award”) to purchase such number of shares of common stock of the Company (the
“Shares”) as is set forth above on the terms and conditions set forth in this agreement (the “Agreement”) and in the Plan. Capitalized terms used in this Agreement and not defined herein shall have the meanings set forth in the
Plan. 
 1. Grant of Option. The Option is granted to Participant on the Date of Grant set forth above. This Agreement is not intended
to be, and shall not be treated as, an incentive stock option as defined in Section 422 of the Internal Revenue Code of 1986, as amended (the “Code”). 

2. Basic Terms and Conditions. The Option is subject to the following basic terms and conditions: 

(a) Expiration Date. Except as otherwise provided in this Agreement, the Option will expire ten years from the Date of Grant (the
“Expiration Date”). 
 (b) Exercise of Option. Except as provided in Sections 2(d) or 3, the Option shall be exercisable
with respect to one-third of the number of Shares subject to this Option on each of the first three anniversaries of the Effective Date as defined as of the Grant Date in the Employment Agreement (each such
anniversary is a “Vesting Date”) such that this Option shall be fully exercisable on the third anniversary of the Effective Date (the “Final Vesting Date”), provided Participant (i) remains actively employed by the Company
until the applicable Vesting Date or (ii) to the extent consistent with the provisions of Section 2(d), terminates employment before such date. Prior to an applicable Vesting Date, the right to exercise the Option shall not be earned by
Participant’s performance of services and there shall be no such vesting of the Option. Subject to the terms of the Plan, the Committee reserves the right in its sole discretion to waive or reduce the vesting requirements. Participant
acknowledges that the grant of the Option represents valuable consideration, regardless of whether the Option actually vests. Once exercisable, in whole or part, the Option will continue to be so exercisable until the earlier of the termination of
Participant’s exercise rights under Section 2(d) or Section 3, or the Expiration Date. 

 (c) Method of Exercise and Payment for Shares. In order to exercise the Option, it must be
vested and must not have expired, and Participant must give written notice (or such other form of notice as permitted by the Company or the Committee) in a manner prescribed by the Company from time to time together with payment of the Option Price
to the Company at the Company’s principal office in Atlanta, Georgia, or as otherwise directed by the Committee. The date of exercise (the “Date of Exercise”) will be the date of receipt of the notice in compliance with this
Section 2(c) or any later date specified in the notice. Participant must pay the Option Price (i) in cash or a cash equivalent acceptable to the Committee, (ii) by the surrender (or attestation of ownership) of Shares with an
aggregate Fair Market Value (based on the closing price of a share of common stock as reported on the New York Stock Exchange composite index on the Date of Exercise) that is not less than the Option Price, (iii) by a combination of cash and
Shares or (iv) by net settlement or cashless exercise of the Option in the manner designated by the Committee. Not all forms and methods of payment are available in every country. Except as restricted by applicable law, payment of the Option
Price may be delayed in the discretion of the Committee to accommodate proceeds of sale of some or all of the Shares to which this grant relates. 

If at the Date of Exercise, Participant is not in compliance with the Company’s minimum stock ownership guidelines then in effect for
Participant’s job grade or classification, if any, Participant will not be entitled to exercise the Option using a “cashless exercise program” of the Company (if then in effect), unless the net proceeds received by Participant from
that exercise consist only of Shares and Participant agrees to hold all those Shares for at least one year. 
 (d) Termination of
Employment. Except as provided in this Section 2(d), or Section 3, the Option will be forfeited and will not be exercisable after termination of Participant’s employment with the Company. For purposes of this Agreement, employment
with any Subsidiary of the Company shall be considered employment with the Company and a termination of employment shall mean a termination of employment with the Company and each Subsidiary by which Participant is employed. 

(i) Termination without Cause or Resignation for Good Reason Other than during a Change in Control Period. Subject to
the requirements of Section 10(c) of the Employment Agreement (including those relating to release of claims and material compliance with restrictive covenants), if, other than during a Change in Control Period, Participant’s termination
of employment results from a termination by the Company without Cause or Participant’s resignation for Good Reason (in each case as determined under the Employment Agreement), for purposes of determining the portion of the Option that is
exercisable from time to time, Participant shall be treated as continuing to vest through the earlier of the Final Vesting Date or the second anniversary of the Termination Date (the “Second Anniversary”), with the Option becoming vested
in accordance with the original vesting schedule. Participant shall have the right to exercise the Option with respect to that portion of the number of Shares for which the Option was or becomes vested and exercisable under the preceding sentence
and the remaining portion shall be forfeited and cancelled. If, as of the Termination Date, a definitive agreement has been signed with respect to a Change in Control, any incremental portions of the Option that could vest under Subsection 2(d)(ii)
upon the later consummation of a Change in Control during the Change in Control Period shall not 

  
 2 

 
be forfeited unless and until six months have passed since the signing of the definitive agreement without the consummation of a Change in Control, while a consummation of a Change in Control
during such six month period shall cause any remaining unvested portions of the Option to be vested as provided in Subsection 2(d)(ii). Except as provided in Subsection 2(d)(vi)(B) below, the right to exercise any vested portion of the Option
will continue until the earlier of the Second Anniversary (or, if later, for any portion of the Option that first becomes vested less than 90 days before the Second Anniversary, the end of the 90 day period after such vesting occurs) or the
Expiration Date. 
 (ii) Termination without Cause or Resignation for Good Reason during a Change in Control Period.
Subject to the requirements of Section 10(d) of the Employment Agreement (relating to release of claims and material compliance with restrictive covenants), if, during the portion of a Change in Control Period that ends upon consummation of a
Change in Control, Participant’s termination of employment results from a termination by the Company without Cause or Participant’s resignation for Good Reason (in each case as determined under the Employment Agreement), all unvested
portions of the Option shall, upon the consummation of the Change in Control, immediately become vested and nonforfeitable. Except as provided in Subsection 2(d)(vi)(B) below or Section 4 below, the right to exercise the Option after vesting
may be exercised until the earlier of the Second Anniversary or the Expiration Date. To the extent of any conflict with the application of Section 3 below, Section 3 will govern. 

(iii) Retirement. Except in the event of a termination for Cause as defined below and subject to the requirements of
Section 10(b) of the Employment Agreement (including those relating to release of claims and material compliance with restrictive covenants), if Participant’s termination of employment results from Participant’s Retirement (as such
term is defined in the Employment Agreement) from the Company, all portions of the Option shall immediately become vested and nonforfeitable. Except as provided in Section 2(d)(vi)(B) below or Section 4 below, the right to exercise the
Option after vesting may be exercised until the earlier of the last day of the 60-month period following the date of Retirement or the Expiration Date. To the extent of any conflict with the application of
Section 3 below, Section 3 will govern. 
 (iv) Disability. Except as provided in Sections 3 or 4 below, if
Participant’s employment ends as a result of Disability (as such term is defined in the Employment Agreement), then all unvested Shares subject to the Option shall immediately become vested and exercisable. Except as provided in
Section 2(d)(vi)(B) below, the right to exercise the vested portion of the Option will continue until the earlier of the last day of the 60-month period following the last date of Participant’s
active employment or the Expiration Date. 
 (v) Other Termination of Employment. Except as provided in Sections 3 or
4 below, if the termination of Participant’s employment results for any reason other than Cause and other than as provided in Section 2(d)(i)-(iv) or (vi) (in each case, as determined by the Committee), then Participant will continue to
have the right to exercise the Option with respect to that portion of the number of Shares for which the Option was vested and exercisable on the date of Participant’s termination of employment and the remaining portion shall be forfeited and
cancelled. Except as provided in Subsection 2(d)(vi)(B) below, the right to exercise the vested portion of the Option will continue until the earlier of the 90th day after the date of termination
of employment or the Expiration Date. 

  
 3 

 (vi) Death.  

(A) Except as provided in Sections 3 or 4 below, if the termination of Participant’s employment results from
Participant’s death, then all unvested Shares subject to the Option shall immediately become vested and exercisable, and Participant’s estate, or the person(s) to whom Participant’s rights under this Agreement pass by will or the laws
of descent and distribution, will have the right to exercise the Option with respect to all Shares subject to the Option. The right to exercise the Option will continue until the earlier of the last day of the
60-month period following Participant’s death or the Expiration Date. 
 (B) If
Participant dies following termination of employment and prior to the expiration of any remaining period during which the Option may be exercised in accordance with Subsections (i), (ii), (iii), (iv) or (v) above, or Section 3, the
remaining period during which the Option will be exercisable (by Participant’s estate, or the person(s) to whom Participant’s rights under this Agreement pass by will or the laws of descent and distribution) will be the greater of
(a) the remaining period under the applicable section or paragraph referred to above, or (b) six months from the date of death; provided that under no circumstances will the Option be exercisable after the Expiration Date. 

3. Change in Control. 
 (a)
Double Trigger Change in Control. Subject to Section 3(b) below, if subsequent to receiving a Replacement Award, Participant’s employment with the Company (or its successor in the Change in Control) is terminated on the consummation
of the Change in Control or within the portion of the Change in Control Period beginning on the consummation of a Change in Control either by Participant for Good Reason or by the Company or successor (as applicable) other than for Cause, then the
entire number of Shares represented by the Option which have not yet become vested or been exercised or forfeited will become immediately vested and exercisable (the “Unexercised Portion”). If Participant’s employment with the Company
terminates after the date on which the Change in Control occurs other than as a result of a termination by the Company for Cause, then Participant (or, if applicable, Participant’s estate or the person(s) to whom Participant’s rights under
this Agreement pass by will or the laws of descent and distribution) will have the right to exercise the Unexercised Portion. Except as provided in Section 2(d)(iv)(B) above or Section 4 below, that right may be exercised until the earlier
of the last day of the 60-month period following the termination of Participant’s employment or the Expiration Date. 

(b) Single Trigger Change in Control. Notwithstanding Section 3(a) above, if, upon a Change in Control, Participant does not
receive a Replacement Award, then the Unexercised Portion will become immediately vested and exercisable. 
 (c) Special Treatment on
Change in Control. Notwithstanding anything to the contrary in this Agreement, the Committee, in its discretion, may terminate the Option upon a Change in Control; provided, however, that at least 30 days prior to the Change in Control, the
Committee must notify Participant that the Option will be terminated and provide Participant, at 

  
 4 

 
the election of the Committee, either (i) a cash payment equal to the difference between the Fair Market Value of the vested Options (including Options that would become vested upon the
Change in Control as provided above) and the Exercise Price for such Options, computed as of the consummation of the Change in Control and to be paid no later than three business days after the Change in Control, or (ii) the right to exercise
all vested Options (including Options that would become vested upon the Change in Control as provided above) immediately prior to the Change in Control. 

(d) Definition of “Cause”. For purposes of this Award, “Cause” shall have the meaning ascribed to such term in
Section 9(d) of the Employment Agreement (including the provisions described therein relating to the Review Period). 
 (e)
Definition of “Change in Control. For purposes of this Award, “Change in Control” shall mean a “Change of Control” as defined in the Plan. 

(f) Definition of “Change in Control Period”. For purposes of this Award, “Change in Control Period” shall mean the
period beginning after the signing of a definitive agreement to effectuate a Change in Control (but not more than six months prior to the consummation of a Change in Control) and ending on the second anniversary of such consummation. 

(g) Definition of “Employment Agreement”. For purposes of this Award, “Employment Agreement” shall mean the
employment agreement between Participant and the Company dated as of March 27, 2018, as it may be amended from time to time. 
 (h)
Definition of “Good Reason”. For purposes of this Award, “Good Reason” shall have the meaning ascribed to such term in Participant’s Employment Agreement. 

(i) Definition of “Replacement Award”. For purposes of this Section 3, a “Replacement Award” means an award
that is granted as an assumption or replacement of the Award and that has similar terms and conditions and preserves the same benefits as the Award it is replacing. 

4. Clawback Policy. This Award shall be subject to the terms and conditions of the Company’s Policy on Recovery and Recoupment of
Incentive Compensation, adopted effective March 5, 2018 and of the Participant Confidentiality, Non-Competition, Non-Solicitation and Assignment Agreement between
Participant and the Company, dated as of March 27, 2018, and is further subject to the requirements of any applicable law with respect to the recoupment, recovery or forfeiture of incentive compensation. Participant hereby agrees to be bound by
the requirements of this Section 4. The recoupment or recovery of such incentive compensation may be made by the Company or the Subsidiary that employed Participant. 

5. Termination for Cause. If Participant’s employment with the Company is terminated for Cause, the Committee may, notwithstanding
any other provision in this Agreement to the contrary, cancel, rescind, suspend, withhold or otherwise restrict or limit this Option as of the date of termination for Cause. Without limiting the generality of the foregoing, the Committee may also
require Participant to pay to the Company any gain realized by Participant from the Shares subject to the Option during the period beginning six months prior to the date on which Participant engaged or began engaging in conduct that led to his or
her termination for Cause. 

  
 5 

 6. Non-Transferability of Option. The rights and
privileges conferred under this Option may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated by operation of law or otherwise (except as permitted by the Plan). Any attempt to do so contrary to the provisions hereof
shall be null and void. Upon Participant’s death, the Option may be transferred by will or by the laws of descent and distribution, in which case all of Participant’s remaining rights under this Agreement must be transferred undivided to
the same person or persons. During Participant’s lifetime, only Participant (or Participant’s legal representative if Participant is incompetent) may exercise the Option. 

7. Conditions to Exercise of Option and Issuance of Shares. The Shares deliverable to Participant upon the exercise of the Option
hereunder may be either previously authorized but unissued Shares or issued Shares which have been reacquired by the Company. The Company shall not be required to honor the exercise of the Option or issue any certificate or certificates for Shares
prior to fulfillment of all of the following conditions: (a) the admission of such Shares to listing on all stock exchanges on which such class of stock is then listed; (b) the completion of any registration or other qualification of such
Shares under any state or federal law or under the rulings and regulations of the Securities and Exchange Commission (“SEC”) or any other governmental regulatory body, which the Committee shall, in its discretion, deem necessary or
advisable; (c) the obtaining of any approval or other clearance from any state or federal governmental agency, which the Committee shall, in its discretion, determine to be necessary or advisable; and (d) the lapse of such reasonable
period of time following the grant of the Shares as the Committee may establish from time to time for reasons of administrative convenience. 
 8.
No Rights as Shareholder. Except as provided in Sections 3 or 11, Participant shall not have voting, dividend or any other rights as a shareholder of the Company with respect to the unexercised Option. Upon
exercise of a vested Option into Shares, Participant will obtain full voting and other rights as a shareholder of the Company with respect to such Shares. 

9. Administration. The Committee shall have the power to interpret the Plan and this Agreement and to adopt such rules for the
administration, interpretation, and application of the Plan as are consistent therewith and to interpret or revoke any such rules. All actions taken and all interpretations and determinations made by the Committee shall be final and binding upon
Participant, the Company, and all other interested persons. No member of the Committee shall be personally liable for any action, determination, or interpretation made in good faith with respect to the Plan or this Agreement. 

10. Fractional Shares. Fractional shares will not be issued, and when any provision of this Agreement otherwise would entitle Participant
to receive a fractional share, that fraction will be disregarded. 
 11. Adjustments in Capital Structure. In the event of a change in
corporate capitalization as described in Section 18 of the Plan, the Committee shall make appropriate adjustments to the number and class of Shares or other stock or securities subject to the Option and to the purchase price for such Shares or
other stock or securities. The Committee’s adjustments shall be effective and final, binding and conclusive for all purposes of this Agreement. 

12. Taxes. Regardless of any action the Company or a Subsidiary that employs Participant (the “Employer”) takes with
respect to any or all income tax, social insurance, payroll tax, payment on account or other tax-related withholding (“Tax-Related Items”), Participant
acknowledges and agrees that the ultimate liability for all Tax-Related Items legally due by him 

  
 6 

 
or her is and remains Participant’s responsibility and that the Company and/or the Employer: (a) make no representations nor undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of this Option, including the grant, vesting or exercise of this Option, the subsequent sale of Shares acquired pursuant to such exercise and receipt of any dividends;
and (b) do not commit to structure the terms or the grant or any aspect of this Option to reduce or eliminate Participant’s liability for Tax-Related Items. Prior to the exercise of this Option,
Participant shall pay or make adequate arrangements satisfactory to the Company and or the Employer to withhold all applicable Tax-Related Items legally payable from Participant’s wages or other cash
compensation paid to Participant by the Company and or the Employer or from proceeds of the sale of Shares. Alternatively, or in addition, if permissible under local law, the Company may (i) sell or arrange for sale of Shares that Participant
acquires to meet the withholding obligations for Tax-Related Items, and or (ii) withhold in Shares, provided that the amount to be withheld may not exceed the federal, state, local and foreign tax
withholding obligations associated with the exercise of the Option to the extent needed for the Company to treat the Option as an equity award for accounting purposes and to comply with applicable tax withholding rules. In addition, Participant
shall pay the Company or the Employer any amount of Tax-Related Items that the Company or the Employer may be required to withhold as a result of Participant’s participation in the Plan or
Participant’s purchase of Shares that cannot be satisfied by the means previously described. The Company may refuse to honor the exercise and refuse to deliver the Shares if Participant fails to comply with Participant’s obligations in
connection with the Tax-Related Items. 
 13. Participant Acknowledgments and Agreements. By
accepting the grant of this Option, Participant acknowledges and agrees that: (a) the Plan is established voluntarily by the Company, it is discretionary in nature and may be modified, amended, suspended or terminated by the Company at any time
unless otherwise provided in the Plan or this Agreement; (b) the grant of this Option is voluntary and occasional and does not create any contractual or other right to receive future grants of stock options, or benefits in lieu of stock
options, even if stock options have been granted repeatedly in the past; (c) all decisions with respect to future grants, if any, will be at the sole discretion of the Company and the Committee; (d) Participant’s participation in the
Plan shall not create a right of future employment with the Company and shall not interfere with the ability of the Company to terminate Participant’s employment relationship at any time with or without cause and it is expressly agreed and
understood that employment is terminable at the will of either party, insofar as permitted by law; (e) Participant is participating voluntarily in the Plan; (f) this Option is an extraordinary item that is outside the scope of
Participant’s employment contract, if any; (g) this Option is not part of Participant’s normal or expected compensation or salary for any purposes, including but not limited to calculating any severance, resignation, termination,
redundancy, end of service payments, bonuses, long-service awards, pension or retirement benefits or similar payments; (h) in the event Participant is not an employee of the Company, this Option award will not be interpreted to form an
employment contract or relationship with the Company; (i) the future value of the underlying Shares is unknown and cannot be predicted; (j) if the underlying Shares do not increase in value, this Option will have no value; (k) if
Participant exercises this Option and obtains Shares, the value of those Shares acquired upon exercise may increase or decrease in value, even below the Option Price; (l) in consideration of the grant of this Option, no claim or entitlement to
compensation or damages shall arise from termination of this Option or diminution in value of this Option or Shares purchased through exercise of this Option resulting from termination of Participant’s employment by the Company (for any reason
whatsoever and whether or not in breach of local labor laws) and Participant irrevocably releases the Company and its Subsidiaries from any such claim that may arise; if, notwithstanding the foregoing, any such claim is found by a court of competent
jurisdiction to have arisen, then, by accepting the 

  
 7 

 
terms of this Agreement, Participant shall be deemed irrevocably to have waived any entitlement to pursue such claim; and (m) in the event of involuntary termination of employment (whether
or not in breach of local labor laws), Participant’s right to receive stock options and vest in stock options under the Plan, if any, will terminate effective as of the date that Participant is no longer actively employed (except as expressly
provided herein) and will not be extended by any notice period mandated under local statute, contract or common law; furthermore, in the event of involuntary termination of employment (whether or not in breach of local labor laws),
Participant’s right to exercise this Option after termination of employment, if any, will be measured by the date of termination of Participant’s active employment and will not be extended by any notice period mandated under local law; the
Committee shall have the exclusive discretion to determine when Participant is no longer actively employed for purposes of this Option. The Committee shall also have the discretion to determine if any exercise of an Option was permissible and in
accordance with the terms of this Agreement and the Plan. If any Option is exercised in whole or in part by mistake, Participant agrees that the Shares may be recovered or canceled by the Company and if the Shares received upon exercise have been
sold, Participant must pay to the Company any proceeds from the sale. 
 14. Consent for Accumulation and Transfer of Data.
Participant consents to the accumulation and transfer of data concerning him or her and the Option to and from the Company (and its Subsidiaries) and UBS, or such other agent as may administer the Plan on behalf of the Company from time to time. In
addition, Participant understands that the Company and its Subsidiaries hold certain personal information about Participant, including but not limited to his or her name, home address, telephone number, date of birth, social security number, salary,
nationality, job title, and details of all options awarded, vested, unvested, or expired (the “personal data”). Certain personal data may also constitute “sensitive personal data” within the meaning of applicable local law. Such
data include but are not limited to information described above and any changes thereto and other appropriate personal and financial data about Participant. Participant hereby provides explicit consent to the Company and its Subsidiaries to process
any such personal data and sensitive personal data. Participant also hereby provides explicit consent to the Company and its Subsidiaries to transfer any such personal data and sensitive personal data outside the country in which Participant is
employed, and to the United States or other jurisdictions. The legal persons for whom such personal data are intended are the Company and its Subsidiaries, UBS and any other company providing services to the Company in connection with compensation
planning purposes or the administration of the Plan. 
 15. Plan Information. Participant agrees to receive copies of the Plan,
the Plan prospectus and other Plan information, including information prepared to comply with laws outside the United States, from the Plan website at www.ubs.com/onesource/efx and shareholder information, including copies of any annual report,
proxy statement, Form 10-K, Form 10-Q, Form 8-K or other report filed with the SEC, from the investor relations section of the
Equifax website at www.equifax.com. Participant acknowledges that copies of the Plan, Plan prospectus, Plan information and shareholder information are available upon written or telephonic request to the Company’s Corporate Secretary. 

16. Plan Incorporated by Reference; Conflicts. The Plan, this Agreement, and the Employment Agreement provisions referenced herein
constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and Participant with respect to the subject matter hereof. Notwithstanding
the foregoing, nothing in the Plan or this Agreement shall affect the validity or interpretation of any duly authorized written agreement between the Company and Participant under which an Option properly granted under and pursuant to the Plan
serves as any part of the consideration furnished to Participant. If provisions of the Plan and this Agreement conflict, the Agreement provisions will govern. 

  
 8 

 17. Participant Bound by Plan. Participant acknowledges receiving, or being provided
with access to, a prospectus describing the material terms of the Plan, and agrees to be bound by all the terms and conditions of the Plan. Except as limited by the Plan or this Agreement, this Agreement is binding on and extends to the legatees,
distributees and personal representatives of Participant and the successors of the Company. 
 18. Governing Law. This Agreement
has been made in and shall be construed under and in accordance with the laws of the State of Georgia, USA, without regard to conflict of law provisions. 

19. Translations. If Participant has received this or any other document related to the Plan translated into any language other than
English and if the translated version is different than the English version, the English version will control. 
 20. Severability. The
provisions of this Agreement are severable and if any one or more provisions are determined to be illegal or otherwise unenforceable, in whole or in part, the remaining provisions shall nevertheless be binding and enforceable. 

21. Section 409A. 

(a) General. To the extent that the requirements of Code Section 409A are applicable to this Award, it is the intention of both the
Company and Participant that the benefits and rights to which Participant could be entitled pursuant to this Agreement comply with or be exempt from Code Section 409A and the Treasury Regulations and other guidance promulgated or issued
thereunder (“Section 409A”), and the provisions of this Agreement shall be construed in a manner consistent with that intention. The Plan and any award agreements issued thereunder may be amended in any respect deemed by the Committee
to be necessary in order to preserve compliance with Section 409A. 
 (b) No Representations as to Section 409A
Compliance. Notwithstanding the foregoing, the Company makes no representation to Participant that the Award and any Shares issued pursuant to this Agreement are exempt from, or satisfy, the requirements of Section 409A, and the Company
shall have no liability or other obligation to indemnify or hold harmless Participant or any beneficiary for any tax, additional tax, interest or penalties that Participant or any beneficiary may incur in the event that any provision of this
Agreement is deemed to violate any of the requirements of Section 409A. 
 22. 30 Days to Accept Agreement. Participant shall have
30 days to accept this Agreement. Participant’s Award will be forfeited if this Agreement is not accepted by Participant within 30 days of receipt of email notification from UBS including a link to view and accept this Agreement. 

  
 9 

			
	PARTICIPANT	  	EQUIFAX INC.
		
	  
	  	By:
                                         
                                         
      
	(Signature)	  	       Name:

      Title:

	  
	  	
	(Printed Name)	  	

  
 10 

 Annex IV 

Performance Share Award Agreement—Special Grant 

EQUIFAX INC. 2008 OMNIBUS INCENTIVE PLAN 

PERFORMANCE SHARE AWARD AGREEMENT (TSR) 

2018 – 2020 Performance Period 

MARK W. BEGOR 
 Target
Number of Shares Subject to Award:                  

Grant Date:
                            , 2018 

Pursuant to the Equifax Inc. 2008 Omnibus Incentive Plan, as amended and restated effective May 2, 2013 (the “Plan”), Equifax Inc., a Georgia
corporation (the “Company”), has granted the above-named participant (“Participant”) Performance Shares (the “Award”) entitling Participant to earn such number of shares of Company common stock (the “Shares”)
as is set forth above, as may be increased or decreased as provided in this agreement (this “Agreement”), on the terms and conditions set forth in this Agreement and the Plan. Capitalized terms used in this Agreement and not defined herein
shall have the meanings set forth in the Plan. 
 1. Grant Date. The Award is granted to Participant on the Grant Date set forth above
and represents the right to receive Shares (and any related Dividend Equivalent Units) subject to the Award by satisfaction of the performance goals (the “Performance Goals”) set forth in Section 3 of this Agreement. Participant may
earn 0% to 200% of the Target Award, depending on the Company’s relative three-year cumulative average quarterly TSR performance for the Performance Period as set forth in Section 3. 

2. Vesting. Subject to earlier vesting in accordance with Sections 4 or 5 below, the Shares (and any related Dividend Equivalent Units)
will become vested on the later of the third anniversary of the Effective Date (as defined as of the Grant Date in the Employment Agreement) or the date on which the Committee certifies the attainment of the Performance Goals (the “Vesting
Date”) in accordance with the provisions of Section 3 below. Prior to the Vesting Date, the Shares (and any related Dividend Equivalent Units) subject to the Award shall be nontransferable and, except as otherwise provided herein, shall be
immediately forfeited upon Participant’s termination of active employment with the Company. Prior to the Vesting Date, the Award shall not be earned by Participant’s performance of services and there shall be no such vesting of the Award.
Subject to the terms of the Plan, the Committee reserves the right in its sole discretion to waive or reduce the vesting requirements. Participant acknowledges that the opportunity to obtain the Shares represents valuable consideration, regardless
of whether the Shares actually vest. 

 3. Payment of Performance Shares.  

(a) In General. The performance period for this Award begins on January 1, 2018 and ends on December 31, 2020 (the
“Performance Period”). The percentage of the Award earned and paid will be as certified by the Committee as soon as practicable (and no later than the 15th day of the third month) following the end of the Performance Period with such
percentage determined by averaging the payout percentages based upon the Company’s cumulative TSR Percentile Rank relative to the TSR of the S&P 500 through each of the last 4 quarters of the Performance Period, as more fully described in
subsection (b) below. The percentage of Performance Shares payable will be determined using the following table: 
  

					
	Performance Share Payout Table	 
	 TSR Percentile Rank

Relative to S&P 500
	  	Percentage of Performance
Shares Payable (1)	 
	 90th or greater
	  	 	200	% 
	 70th
	  	 	150	% 
	 50th
	  	 	100	% 
	 30th
	  	 	50	% 
	 Less than 30th
	  	 	0	% 

  

	1	Payout of Performance Shares will be capped at 100% (Target), if the Company’s average cumulative TSR Percentile Rank for the last 4 quarters is equal to or
greater than 50th percentile, but the Company’s three-year cumulative TSR for the Performance Period is negative. 

 (b)
Performance Shares Payable. The number of Performance Shares payable is the Target Award multiplied by the average of the payout percentages determined using the Company’s cumulative TSR Percentile Rank through each of the last 4
quarters of the Performance Period. For performance levels falling between the values as shown above, the percentage of Shares payable will be determined by interpolation. Payments will be made in Shares. For an illustration of this calculation, see
the Hypothetical Example below. 
 Hypothetical Example: 2018-2020 Performance Period 

																									
	 	  	2018	  	2019	  	2020
	  	Q1	  	Q2	  	Q3	  	Q4	  	Q1	  	Q2	  	Q3	  	Q4	  	Q1	  	Q2	  	Q3	  	Q4
	 Cumulative TSR

Percentile Rank from

January 1, 2018 through:
	  	61st	  	57th	  	72nd	  	69th	  	70th	  	62nd	  	54th	  	52nd	  	63rd	  	47th	  	45th	  	48th
	Payout Percentages	  		  	132%	  	93%	  	88%	  	95%
	 Percentage of Performance Shares Payable

(Average Payout Percentages of Last 4 Quarters)
	  	102%

  
 2 

 (c) Value of the Shares Issued as Payment for Shares Earned. The Fair Market Value of
Shares on the Vesting Date will be used by the Committee to determine the basis of the Shares earned and payable. 
 (d) Withholding.
As provided in Section 16 below, the Company shall withhold Shares having a Fair Market Value on the date the tax is to be determined for federal, state, local and other withholding taxes with respect to any taxable event arising as a result of
this Agreement. 
 (e) Timing of Payout. Payout of the Award will be made to Participant as provided in Section 8 following the
Vesting Date and written certification of performance by the Committee. 
 (f) Certain Definitions. 

“Maximum Award” means the maximum number of Shares that can be awarded to Participant as set forth in Sections 1, 2 and 3.

 “S&P 500” generally means the companies constituting the Standard & Poor’s 500 Index as of the
beginning of the Performance Period (including the Company) and which continue to be actively traded under the same ticker symbol on an established securities market though the end of the Performance Period. A component company of the S&P 500
that is acquired at any time during the Performance Period (i.e., company and ticker symbol disappear) will be eliminated from the S&P 500 for the entire Performance Period. A component company of the S&P 500 filing for bankruptcy protection
(and thus no longer publicly traded) at any time during the Performance Period will be deemed to remain in the S&P 500 (at an assumed TSR of minus 100%). 

“Target Award” means the Target Number of Shares Subject to Award specified at the beginning of this Agreement. 

“Total Shareholder Return” or “TSR” means with respect to the Company or other S&P 500 component
company: the change in the closing market price of its common stock (as quoted in the principal market on which it is traded), plus dividends and other distributions paid on such common stock during the Performance Period, divided by the closing
market price of its common stock on the last business day immediately preceding the Performance Period. The TSR for the common stock of the Company and an S&P 500 component company shall be adjusted to take into account stock splits, reverse
stock splits, and special dividends that occur during the Performance Period, and assumes that all cash dividends and cash distributions are immediately reinvested in common stock of the entity using the closing market price on the dividend payment
date. 
 4. Termination of Employment Events. Participant’s unvested Shares subject to the Award shall become vested and
nonforfeitable to the extent provided below in the event of Participant’s termination of employment with the Company. For purposes of this Agreement, employment with any Subsidiary of the Company shall be considered employment with the Company
and a termination of employment shall mean a termination of employment with the Company and each Subsidiary by which Participant is employed. 

  
 3 

 (a) Death. If Participant’s termination of employment results from Participant’s
death prior to the Vesting Date, then all unvested Shares subject to the Award shall immediately become vested and nonforfeitable as of the date of Participant’s death and payout of the Shares shall be made as provided in Section 8 at the
Target Award payout level (100%) to Participant’s designated beneficiary as soon as practicable after the date of death. 
 (b)
Disability. If Participant’s employment ends as a result of Disability (as such term is defined in the Employment Agreement) while employed prior to the Vesting Date, then all unvested Shares subject to the Award shall become vested and
nonforfeitable at the Target Award payout level (100%) as of the date of Disability, and payout of the Shares shall be made as provided in Section 8. 

(c) Retirement. Except in the event of a termination for Cause as defined below and subject to the requirements of Section 10(b) of
the Employment Agreement (including those relating to release of claims and material compliance with restrictive covenants), if Participant’s termination of employment results from Participant’s Retirement (as such term is defined in the
Employment Agreement) from the Company, for purposes of determining the number of Shares Participant is entitled to receive under this Award, Participant shall be treated as if Participant had, as of the date of Retirement, satisfied the requirement
to remain employed through the Vesting Date, with vesting and payout of Shares based upon the performance results as and when determined by the Committee under Section 3. Payout of the Shares shall be made at the time provided in
Section 3(e) and Section 8. 
 (d) Termination without Cause or Resignation for Good Reason. Subject to the requirements of
Section 10(c) or Section 10(d) of the Employment Agreement as applicable (including those relating to release of claims and material compliance with restrictive covenants), if Participant’s termination of employment results from a
termination by the Company without Cause or Participant’s resignation for Good Reason (in each case as determined under the Employment Agreement), for purposes of determining the number of Shares Participant is entitled to receive under this
Award, Participant shall be treated as having satisfied all service conditions as of the Termination Date, with vesting and payout of Shares based upon the performance results as and when determined by the Committee under Section 3. Payout of
the Shares shall be made at the time provided in Section 3(e) and Section 8. To the extent of any conflict with the application of Section 5 below, Section 5 will govern. 

  
 4 

 5. Change in Control. 

(a) Double Trigger Change in Control. Subject to Section 5(b) below, if, subsequent to receiving a Replacement Award,
Participant’s employment with the Company (or its successor in the Change in Control) is terminated on the consummation of the Change in Control or within the portion of the Change in Control Period beginning on the consummation of a Change in
Control either by Participant for Good Reason or by the Company or successor (as applicable) other than for Cause, then the Replacement Award will vest and be paid out as follows: if at least one calendar year of performance during the Performance
Period has been completed prior to the consummation of the Change in Control, the Shares shall be paid out based upon the Company’s relative cumulative TSR positioning at the time of the Change in Control (without the final four quarter
averaging applicable to the three-year Performance Period); otherwise, the Target Award payout level (100%) shall be used. Payment of the Shares shall be made as provided in Section 8. 

(b) Single Trigger Change in Control. Notwithstanding Section 5(a) above, if, upon a Change in Control, Participant does not
receive a Replacement Award, then all unvested Shares subject to the Award shall immediately become vested and nonforfeitable as of the date on which the Change in Control occurs; if at least one calendar year of performance during the
Performance Period has been completed prior to the consummation of the Change in Control, the Shares shall be paid out based upon the Company’s relative cumulative TSR positioning at the time of the Change in Control (without the final four
quarter averaging applicable to the three-year Performance Period); otherwise, the Target Award payout level (100%) shall be used. Payment of the Shares shall be made as provided in Section 8; provided, however, if the Change in Control does
not constitute a change in the ownership or effective control of the Company or a change in the ownership of a substantial portion of the assets of the Company as provided under Code Section 409A and the Treasury Regulations and other guidance
promulgated or issued thereunder (“Section 409A”, and any such transaction, a “Section 409A Change in Control”), the right to the Shares subject to the Award shall vest as of the consummation of the Change in Control
but the payout of the Shares under Section 8 shall not occur until after the Vesting Date or other payment date specified in Section 8. 

(c) Definition of “Cause”. For purposes of this Award, “Cause” shall have the meaning ascribed to such term in
Section 9(d) of the Employment Agreement (including the provisions described therein relating to the Review Period). 
 (d)
Definition of “Change in Control. For purposes of this Award, “Change in Control” shall mean a “Change of Control” as defined in the Plan. 

(e) Definition of “Change in Control Period”. For purposes of this Award, “Change in Control Period” shall mean the
period beginning after the signing of a definitive agreement to effectuate a Change in Control (but not more than six months prior to the consummation of a Change in Control) and ending on the second anniversary of such consummation. 

(f) Definition of “Employment Agreement”. For purposes of this Award, “Employment Agreement” shall mean the
employment agreement between Participant and the Company dated as of March 27, 2018, as it may be amended from time to time. 

  
 5 

 (g) Definition of “Good Reason”. For purposes of this Award, “Good
Reason” shall have the meaning ascribed to such term in Participant’s Employment Agreement. 
 (h) Definition of
“Replacement Award”. For purposes of this Section 5, a “Replacement Award” means an award that is granted as an assumption or replacement of the Award and that has similar terms and conditions and preserves the same
benefits as the Award it is replacing. 
 6. Clawback Policy. This Award shall be subject to the terms and conditions of (i) the
Company’s Policy on Recovery and Recoupment of Incentive Compensation, adopted effective March 5, 2018 (provided that the clawback and recoupment policies shall apply only to the extent required by applicable law or to correct actual
computational errors, and such policies shall not otherwise apply to this Award) and (ii) the Participant Confidentiality, Non-Competition, Non-Solicitation and
Assignment Agreement between Participant and the Company, dated as of March 27, 2018. Participant hereby agrees to be bound by the requirements of this Section 6. The recoupment or recovery of such incentive compensation may be made by the
Company or the Subsidiary that employed Participant. 
 7. Termination for Cause. If Participant’s employment with the Company is
terminated for Cause, the Committee may, notwithstanding any other provision in this Agreement to the contrary, cancel, rescind, suspend, withhold or otherwise restrict or limit this Award as of the date of termination for Cause. 

8. Payment Dates; Transfer of Vested Shares. Stock certificates (or appropriate evidence of ownership) representing
the vested Shares, if any, and any Shares with respect to related Dividend Equivalent Units will be delivered to Participant (or, if permitted by the Company, to a party designated by Participant) on or as soon as practicable after the following
payment dates, to the extent any Shares have vested as of such date pursuant to Sections 2 through 5 above: (a) the Vesting Date, (b) Participant’s death, (c) Participant’s Disability; (d) Participant’s termination
of employment with the Company other than as provided in Section 4(d) or 4(e) above; or (e) the date of a Section 409A Change in Control; subject, in each case, if applicable, to Section 25. For the avoidance of doubt, only
vested Shares are payable on each of the above payment dates; if, for example, no Shares are vested under Section 5(a) above on the date of a Section 409A Change in Control, then no Shares are payable on such payment date. As soon as
practicable shall mean within 60 days of the applicable payment date, except that Shares vested and payable on the Vesting Date shall be paid no later than the 15th day of the third month
following the end of the Performance Period. Notwithstanding the foregoing, if Participant has properly elected to defer delivery of the Shares pursuant to a plan or program of the Company, the Shares shall be issued and delivered as provided in
such plan or program, but any Shares attributable to related Dividend Equivalent Units shall be delivered to Participant as provided above and shall not be subject to deferral. 

  
 6 

 9. Dividend Equivalent Units. If any dividends are paid or other distributions are made on
the Shares subject to the Award between the Grant Date and the date the Shares are transferred as provided in Section 8, Dividend Equivalent Units shall be credited to Participant, based on the Target Award shares, and shall be deemed
reinvested in additional Shares. Such Dividend Equivalent Units shall be paid to Participant in Shares at the same time as the underlying Shares subject to the Award are delivered to Participant and shall be adjusted based on the same payout
percentage. Participant will forfeit all rights to any Dividend Equivalent Units that relate to Shares that do not vest and are forfeited. 
 10. Non-Transferability of Award. Subject to any valid deferral election permitted by the Committee, until the Shares have been issued under this Award, the Shares issuable hereunder (and any related
Dividend Equivalent Units) and the rights and privileges conferred hereby may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated by operation of law or otherwise (except as permitted by the Plan). Any attempt to do
so contrary to the provisions hereof shall be null and void. 
 11. Conditions to Issuance of Shares. The Shares deliverable to
Participant hereunder may be either previously authorized but unissued Shares or issued Shares which have been reacquired by the Company. The Company shall not be required to issue any certificate or certificates for Shares prior to fulfillment of
all of the following conditions: (a) the admission of such Shares to listing on all stock exchanges on which such class of stock is then listed; (b) the completion of any registration or other qualification of such Shares under any state
or federal law or under the rulings and regulations of the Securities and Exchange Commission (“SEC”) or any other governmental regulatory body, which the Committee shall, in its discretion, deem necessary or advisable; (c) the
obtaining of any approval or other clearance from any state or federal governmental agency, which the Committee shall, in its discretion, determine to be necessary or advisable; and (d) the lapse of such reasonable period of time following the
grant of the Shares as the Committee may establish from time to time for reasons of administrative convenience. 
 12. No Rights as
Shareholder. Except as provided in Sections 9 and 15, Participant shall not have voting, dividend or any other rights as a shareholder of the Company with respect to the unvested Shares. Upon settlement of the Award into Shares,
Participant will obtain full voting and other rights as a shareholder of the Company with respect to such Shares. 
 13. Administration.
The Committee shall have the power to interpret the Plan and this Agreement and to adopt such rules for the administration, interpretation, and application of the Plan as are consistent therewith and to interpret or revoke any such rules. All
actions taken and all interpretations and determinations made by the Committee shall be final and binding upon Participant, the Company, and all other interested persons. No member of the Committee shall be personally liable for any action,
determination, or interpretation made in good faith with respect to the Plan or this Agreement. 

  
 7 

 14. Fractional Shares. Fractional shares will not be issued, and when any provision of this
Agreement otherwise would entitle Participant to receive a fractional share, that fraction will be disregarded. 
 15. Adjustments in Capital
Structure. In the event of a change in corporate capitalization as described in Section 18 of the Plan, the Committee shall make appropriate adjustments to the number and class of Shares or other stock or securities subject to
the Award. The Committee’s adjustments shall be effective and final, binding and conclusive for all purposes of this Agreement. 
 16.
Taxes. Regardless of any action the Company or a Subsidiary that employs Participant (the “Employer”) takes with respect to any or all income tax, social insurance, payroll tax, payment on account or other tax-related withholding (“Tax-Related Items”), Participant acknowledges and agrees that the ultimate liability for all
Tax-Related Items legally due by him or her is and remains Participant’s responsibility and that the Company and/or the Employer: (a) make no representations nor undertakings regarding the treatment
of any Tax-Related Items in connection with any aspect of this Award, including the grant or vesting of the Shares subject to this Award (and any Shares with respect to related Dividend Equivalent Units), the
subsequent sale of Shares acquired pursuant to such vesting and receipt of any dividends; and (b) do not commit to structure the terms of the grant or any aspect of this Award to reduce or eliminate Participant’s liability for Tax-Related Items. Upon the vesting and delivery of Shares subject to this Award (including any Shares with respect to related Dividend Equivalent Units), Participant shall pay or make adequate arrangements
satisfactory to the Company and/or the Employer to withhold all applicable Tax-Related Items legally payable from Participant’s wages or other cash compensation paid to Participant by the Company and/or
the Employer or from proceeds of the sale of Shares. Alternatively, or in addition, if permissible under local law, the Company may (i) sell or arrange for sale of Shares that Participant acquires to meet the withholding obligations for Tax-Related Items, and/or (ii) satisfy such obligations in Shares, provided that the amount to be withheld may not exceed the federal, state, local and foreign tax withholding obligations associated with the
Award to the extent needed for the Company to treat the Award as an equity award for accounting purposes and to comply with applicable tax withholding rules. In addition, Participant shall pay the Company or the Employer any amount of Tax-Related Items that the Company or the Employer may be required to withhold as a result of Participant’s participation in the Plan that cannot be satisfied by the means previously described. The Company may
refuse to deliver the Shares if Participant fails to comply with Participant’s obligations in connection with the Tax-Related Items. 

  
 8 

 17. Participant Acknowledgments and Agreements. By accepting the grant of this Award,
Participant acknowledges and agrees that: (a) the Plan is established voluntarily by the Company, it is discretionary in nature and may be modified, amended, suspended or terminated by the Company at any time unless otherwise provided in the
Plan or this Agreement; (b) the grant of this Award is voluntary and occasional and does not create any contractual or other right to receive future grants of Shares, or benefits in lieu of Shares, even if Shares have been granted repeatedly in
the past; (c) all decisions with respect to future grants, if any, will be at the sole discretion of the Company and the Committee; (d) Participant’s participation in the Plan shall not create a right of future employment with the
Company and shall not interfere with the ability of the Company to terminate Participant’s employment relationship at any time with or without cause and it is expressly agreed and understood that employment is terminable at the will of either
party, insofar as permitted by law; (e) Participant is participating voluntarily in the Plan; (f) this Award is an extraordinary item that is outside the scope of Participant’s employment contract, if any; (g) this Award is not
part of Participant’s normal or expected compensation or salary for any purposes, including but not limited to calculating any severance, resignation, termination, redundancy, end of service payments, bonuses, long-service awards, pension or
retirement benefits or similar payments; (h) in the event Participant is not an employee of the Company, this Award will not be interpreted to form an employment contract or relationship with the Company; (i) the value of the Shares may
increase or decrease in value and the future value of the underlying Shares cannot be predicted; (j) in consideration of the grant of this Award, no claim or entitlement to compensation or damages shall arise from termination of this Award or
diminution in value of Shares subject to the Award resulting from termination of Participant’s employment by the Company (for any reason whatsoever and whether or not in breach of local labor laws) and Participant irrevocably releases the
Company and its Subsidiaries from any such claim that may arise; if, notwithstanding the foregoing, any such claim is found by a court of competent jurisdiction to have arisen, then, by accepting the terms of this Agreement, Participant shall be
deemed irrevocably to have waived any entitlement to pursue such claim; and (k) in the event of involuntary termination of employment (whether or not in breach of local labor laws), Participant’s right to vest in the Award and receive any
Shares will terminate effective as of the date that Participant is no longer actively employed (except as provided herein) and will not be extended by any notice period mandated under local statute, contract or common law; the Committee shall have
the exclusive discretion to determine when Participant is no longer actively employed for purposes of this Award. 
 18. Consent for Accumulation and
Transfer of Data. Participant consents to the accumulation and transfer of data concerning him or her and the Award to and from the Company (and its Subsidiaries) and UBS, or such other agent as may administer the Plan on behalf of
the Company from time to time. In addition, Participant understands that the Company and its Subsidiaries hold certain personal information about Participant, including but not limited to his or her name, home address, telephone number, date of
birth, social security number, salary, nationality, job title, and details of all grants or awards, vested, unvested, or expired (the “personal data”). Certain personal data may also constitute “sensitive personal data” within
the meaning of applicable local law. Such data include but are not limited to information described above and any changes thereto and other appropriate personal and financial data about Participant. Participant hereby provides explicit consent to
the Company and its Subsidiaries to process any such personal data and sensitive personal data. Participant 

  
 9 

 
also hereby provides explicit consent to the Company and its Subsidiaries to transfer any such personal data and sensitive personal data outside the country in which Participant is employed, and
to the United States or other jurisdictions. The legal persons for whom such personal data are intended are the Company and its Subsidiaries, UBS, and any company providing services to the Company in connection with compensation planning purposes or
the administration of the Plan. 
 19. Plan Information. Participant agrees to receive copies of the Plan, the Plan prospectus and
other Plan information, including information prepared to comply with laws outside the United States, from the Plan website at www.ubs.com/onesource/efx and shareholder information, including copies of any annual report, proxy statement, Form 10-K, Form 10-Q, Form 8-K and other information filed with the SEC, from the investor relations section of the Equifax website at
www.equifax.com. Participant acknowledges that copies of the Plan, Plan prospectus, Plan information and shareholder information are available upon written or telephonic request to the Company’s Corporate Secretary. 

20. Plan Incorporated by Reference; Conflicts. The Plan, this Agreement, and the Employment Agreement provisions referenced herein
constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and Participant with respect to the subject matter hereof. Notwithstanding
the foregoing, nothing in the Plan or this Agreement shall affect the validity or interpretation of any duly authorized written agreement between the Company and Participant under which an Award properly granted under and pursuant to the Plan serves
as any part of the consideration furnished to Participant. If provisions of the Plan and this Agreement conflict, the Agreement provisions will govern. 

21. Participant Bound by Plan. Participant acknowledges receiving, or being provided with access to, a prospectus describing the material
terms of the Plan, and agrees to be bound by all the terms and conditions of the Plan. Except as limited by the Plan or this Agreement, this Agreement is binding on and extends to the legatees, distributees and personal representatives of
Participant and the successors of the Company. 
 22. Governing Law. This Agreement has been made in and shall be construed under and
in accordance with the laws of the State of Georgia, USA without regard to conflict of law provisions. 
 23. Translations. If
Participant has received this or any other document related to the Plan translated into any language other than English and if the translated version is different than the English version, the English version will control. 

24. Severability. The provisions of this Agreement are severable and if any one or more provisions are determined to be illegal or
otherwise unenforceable, in whole or in part, the remaining provisions shall nevertheless be binding and enforceable. 

  
 10 

 25. Section 409A.  

(a) General. To the extent that the requirements of Section 409A are applicable to this Award, it is the intention of both the
Company and Participant that the benefits and rights to which Participant could be entitled pursuant to this Agreement comply with or be exempt from Section 409A, and the provisions of this Agreement shall be construed in a manner consistent
with that intention. The Plan and any award agreements issued thereunder may be amended in any respect deemed by the Committee to be necessary in order to preserve compliance with Section 409A. 

(b) No Representations as to Section 409A Compliance. Notwithstanding the foregoing, the Company makes no
representation to Participant that the Award and any Shares issued pursuant to this Agreement are exempt from, or satisfy, the requirements of Section 409A, and the Company shall have no liability or other obligation to indemnify or hold
harmless Participant or any beneficiary for any tax, additional tax, interest or penalties that Participant or any beneficiary may incur in the event that any provision of this Agreement is deemed to violate any of the requirements of
Section 409A. 
 (b) Six Month Delay for Specified Participants. 

(i) To the extent applicable, if Participant is a “Specified Employee” (as defined below), then no payment or benefit
that is payable on account of Participant’s “separation from service” (as determined by the Company in accordance with Section 409A) shall be made before the date that is six months and one day after Participant’s
“separation from service” (or, if earlier, the date of Participant’s death) if and to the extent that such payment or benefit constitutes deferred compensation (or may be nonqualified deferred compensation) under Section 409A and
such deferral is required to comply with the requirements of Section 409A. Any payment or benefit delayed by reason of the prior sentence shall be paid out or provided in a single lump sum at the end of such required delay period in order to
catch up to the original payment schedule. 
 (ii) For purposes of this provision, the determination of whether Participant
is a “Specified Employee” at the time of his or her separation from service from the Company (or any person or entity with whom the Company would be considered a single employer under Section 414(b) or Section 414(c) of the Code,
applying the 20 percent common ownership standard) shall be made in accordance with the rules under Section 409A. 
 (c) No
Acceleration of Payments. Neither the Company nor Participant, individually or in combination, may accelerate any payment or benefit that is subject to Section 409A, except in compliance with Section 409A and the provisions of this
Agreement, and no amount that is subject to Section 409A shall be paid prior to the earliest date on which it may be paid without violating Section 409A. 

  
 11 

 (d) Termination of Employment. Any provisions of this Agreement that provide for payment
of compensation that is subject to Section 409A and that has payment triggered by Participant’s termination of employment other than on account of death shall be deemed to provide for payment that is triggered only by Participant’s
“separation from service” within the meaning of Treasury Regulation Section §1.409A-1(h). 
 26.
30 Days to Accept Agreement. Participant shall have 30 days to accept this Agreement. Participant’s Award will be forfeited if this Agreement is not accepted by Participant within 30 days of receipt of email notification
from UBS including a link to view and accept this Agreement. 

  
 12 

									
	PARTICIPANT	 		 	EQUIFAX INC.
				
	  
	 		 	By:	 	  

	(Signature)	 		 		 	Name:
		 		 		 	Title:
	  
	 		 		 	
	(Printed Name)	 		 		 	

  
 13 

 Annex V 

Time-Based Restricted Stock Unit Agreement – Special Grant 

EQUIFAX INC. 2008 OMNIBUS INCENTIVE PLAN 

RESTRICTED STOCK UNIT AWARD AGREEMENT 

MARK W. BEGOR 
 Number
of Shares Subject to Award:              
 Date of Grant:
                    , 2018 
 Pursuant to the
Equifax Inc. 2008 Omnibus Incentive Plan, as amended and restated effective May 2, 2013 (the “Plan”), Equifax Inc., a Georgia corporation (the “Company”), has granted the above-named participant (“Participant”)
Restricted Stock Units (the “Award”) entitling Participant to receive such number of shares of Company common stock (the “Shares”) as is set forth above on the terms and conditions set forth in this agreement (this
“Agreement”) and the Plan. Capitalized terms used in this Agreement and not defined herein shall have the meanings set forth in the Plan. 
 1.
Grant Date. The Award is granted to Participant on the Date of Grant (the “Grant Date”) set forth above. 
 2.
Vesting. Except as provided in Sections 3 or 4 below, the Restricted Stock Units and the right to the Shares (and any related Dividend Equivalent Units) shall vest with respect to all of the number of Shares subject to the Award
on the third anniversary of the Effective Date (as defined as of the Grant Date in the Employment Agreement) (the “Vesting Date”). After the Vesting Date, the Shares will be settled and transferred in accordance with Section 7. Prior
to the Vesting Date, the Restricted Stock Units subject to the Award (and any related Dividend Equivalent Units) shall be nontransferable and, except as provided in Sections 3 and 4 below, shall be immediately forfeited upon Participant’s
termination of active employment with the Company. Prior to the Vesting Date, the Award shall not be earned by Participant’s performance of services and there shall be no such vesting of the Award. The Committee which administers the Plan
reserves the right, in its sole discretion, to waive or reduce the vesting requirements. Participant acknowledges that the opportunity to receive the Shares represents valuable consideration, regardless of whether the Shares vest. 

3. Termination of Employment Events. Participant’s unvested Shares subject to the Award shall become vested and nonforfeitable to
the extent provided below in the event of Participant’s termination of employment with the Company. For purposes of this Agreement, employment with any Subsidiary of the Company shall be considered employment with the Company and a termination
of employment shall mean a termination of employment with the Company and each Subsidiary by which Participant is employed. 

 (a) Death. If Participant’s termination of employment results from Participant’s
death prior to the Vesting Date, then all unvested Shares subject to the Award shall immediately become vested and nonforfeitable and subject to settlement and transfer under Section 7 as of the date of Participant’s death. 

(b) Disability. If Participant’s employment ends as a result of Disability (as such term is defined in the Employment Agreement)
while employed prior to the Vesting Date, then all unvested Shares subject to the Award shall immediately become vested and nonforfeitable and subject to settlement and transfer in accordance with Section 7 after the date Participant incurs a
Disability. 
 (c) Retirement. Except in the event of a termination for Cause as defined below and subject to the requirements of
Section 10(b) of the Employment Agreement (including those relating to release of claims and material compliance with restrictive covenants), if Participant’s termination of employment results from Participant’s Retirement (as such
term is defined in the Employment Agreement) from the Company, all unvested Shares subject to the Award shall immediately become vested and nonforfeitable and subject to settlement and transfer in accordance with Section 7 after the date
Participant terminates employment through Retirement. 
 (d) Termination without Cause or Resignation for Good Reason. Subject to the
requirements of Section 10(c) or Section 10(d) of the Employment Agreement as applicable (including those relating to release of claims and material compliance with restrictive covenants), if Participant’s termination of employment
results from a termination by the Company without Cause or Participant’s resignation for Good Reason (in each case as determined under the Employment Agreement), all unvested Shares subject to the Award shall immediately become vested and
nonforfeitable and subject to settlement and transfer in accordance with Section 7 after the date Participant’s employment ends. Payout of the Shares shall be made at the time provided in Section 7 below. 

4. Change in Control; Certain Definitions. 

(a) If, upon a Change in Control, Participant does not receive a Replacement Award, then all unvested Shares subject to the Award shall
immediately become vested and nonforfeitable and subject to settlement and transfer under Section 7 as of the date on which the Change in Control occurs; provided, however, if the Change in Control does not constitute a change in the ownership
or effective control of the Company or a change in the ownership of a substantial portion of the assets of the Company as provided under Code Section 409A and the Treasury Regulations and other guidance promulgated or issued thereunder
(“Section 409A”, and any such transaction, a “Section 409A Change in Control”), the right to the Shares subject to the Award shall vest and be nonforfeitable as of the date of the Change in Control but the settlement
and transfer of the Shares under Section 7 shall not occur until the Vesting Date or other payment date under Section 7. 

  
 2 

 (b) Definition of “Cause”. For purposes of this Award, “Cause” shall
have the meaning ascribed to such term in Section 9(d) of the Employment Agreement (including the provisions described therein relating to the Review Period). 

(c) Definition of “Change in Control. For purposes of this Award, “Change in Control” shall mean a “Change of
Control” as defined in the Plan. 
 (d) Definition of “Employment Agreement”. For purposes of this Award,
“Employment Agreement” shall mean the employment agreement between Participant and the Company dated as of March 27, 2018, as it may be amended from time to time. 

(e) Definition of “Good Reason”. For purposes of this Award, “Good Reason” shall have the meaning ascribed to such
term in Participant’s Employment Agreement. 
 (f) Definition of “Replacement Award”. For purposes of this
Section 4, a “Replacement Award” means an award that is granted as an assumption or replacement of the Award and that has similar terms and conditions and preserves the same benefits as the Award it is replacing. 

5. Clawback Policy. This Award shall be subject to the terms and conditions of (i) the Company’s Policy on Recovery and Recoupment of
Incentive Compensation, adopted effective March 5, 2018 (provided that the clawback and recoupment policies shall apply only to the extent required by applicable law or to correct actual computational errors, and such policies shall not
otherwise apply to this Award) and (ii) the Participant Confidentiality, Non-Competition, Non-Solicitation and Assignment Agreement between Participant and the
Company, dated as of March 27, 2018. Participant hereby agrees to be bound by the requirements of this Section 5. The recoupment or recovery of such incentive compensation may be made by the Company or the Subsidiary that employed
Participant. 
 6. Termination for Cause. If Participant’s employment with the Company is terminated for Cause, the Committee may,
notwithstanding any other provision in this Agreement to the contrary, cancel, rescind, suspend, withhold or otherwise restrict or limit this Award as of the date of termination for Cause. 

7. Payment Dates; Transfer of Vested Shares. Stock certificates (or appropriate evidence of ownership) representing
the vested Shares, if any, and any Shares with respect to Dividend Equivalent Units on such vested Shares will be delivered to Participant (or, if permitted by the Company, to a party designated by Participant) on or as soon as practicable after
(but no later than 60 days after) the following payment dates, to the extent any Shares have vested as of such date pursuant to Sections 2, 3 or 4 above: (a) the Vesting Date, (b) Participant’s death, (c) Participant’s
Disability, (d) Participant’s termination of employment with the Company other than as provided in Section 3(d) or 3(e) above, or (e) the date of a Section 409A Change in Control; subject, in each case, if applicable, to
Section 24. For the avoidance of doubt, only vested Shares are payable on each of the above payment dates; if, for example, no Shares are vested under Section 4(a) above on the date of a Section 409A Change in Control, then

  
 3 

 
no Shares are payable on such payment date. Notwithstanding the foregoing, if Participant has properly elected to defer delivery of the Shares pursuant to a plan or program of the Company, the
Shares shall be issued and delivered as provided in such plan or program, but any Shares attributable to related Dividend Equivalent Units shall be delivered to Participant as provided above and shall not be subject to deferral. 

8. Dividend Equivalent Units. If any dividends are paid or other distributions are made on the Shares subject to the Award between the
Grant Date and the date the Shares are transferred as provided in Section 7, Dividend Equivalent Units shall be credited to Participant based on the Shares subject to the Award, and shall be deemed reinvested in additional Shares. Such Dividend
Equivalent Units shall be paid to Participant in Shares at the same time as the underlying Shares subject to the Award are delivered to Participant. Participant will forfeit all rights to any Dividend Equivalent Units that relate to Shares that do
not vest and are forfeited. 
 9. Non-Transferability of Award. Subject to any valid deferral
election permitted by the Committee, until the Shares have been issued under this Award, the Shares issuable hereunder (and any related Dividend Equivalent Units) and the rights and privileges conferred hereby may not be sold, transferred, pledged,
assigned, or otherwise alienated or hypothecated by operation of law or otherwise (except as permitted by the Plan). Any attempt to do so contrary to the provisions hereof shall be null and void. 

10. Conditions to Issuance of Shares. The Shares deliverable to Participant hereunder may be either previously authorized but unissued
Shares or issued Shares which have been reacquired by the Company. The Company shall not be required to issue any certificate or certificates for Shares prior to fulfillment of all of the following conditions: (a) the admission of such Shares
to listing on all stock exchanges on which such class of stock is then listed; (b) the completion of any registration or other qualification of such Shares under any state or federal law or under the rulings and regulations of the Securities
and Exchange Commission (“SEC”) or any other governmental regulatory body, which the Committee shall, in its discretion, deem necessary or advisable; and (c) the obtaining of any approval or other clearance from any state or federal
governmental agency, which the Committee shall, in its discretion, determine to be necessary or advisable. 
 11. No Rights as Shareholder.
Except as provided in Sections 8 and 14, Participant shall not have voting, dividend or any other rights as a shareholder of the Company with respect to the unvested Shares. Upon settlement of the Award into Shares, Participant will obtain full
voting and other rights as a shareholder of the Company with respect to such Shares. 
 12. Administration. The Committee shall have
the power to interpret the Plan and this Agreement and to adopt such rules for the administration, interpretation, and application of the Plan as are consistent therewith and to interpret or revoke any such rules. All actions taken and all
interpretations and determinations made by the Committee shall be final and binding upon Participant, the Company, and all other interested persons. No member of the Committee shall be personally liable for any action, determination, or
interpretation made in good faith with respect to the Plan or this Agreement. 

  
 4 

 13. Fractional Shares. Fractional shares will not be issued, and when any provision of this
Agreement otherwise would entitle Participant to receive a fractional share, that fraction will be disregarded. 
 14. Adjustments in Capital
Structure. In the event of a change in corporate capitalization as described in Section 18 of the Plan, the Committee shall make appropriate adjustments to the number and class of Shares or other stock or securities subject to
the Award. The Committee’s adjustments shall be effective and final, binding and conclusive for all purposes of this Agreement. 
 15.
Taxes. Regardless of any action the Company or a Subsidiary that employs Participant (the “Employer”) takes with respect to any or all income tax, social insurance, payroll tax, payment on account or other tax-related withholding (“Tax-Related Items”), Participant acknowledges and agrees that the ultimate liability for all
Tax-Related Items legally due by him or her is and remains Participant’s responsibility and that the Company and/or the Employer: (a) make no representations nor undertakings regarding the treatment
of any Tax-Related Items in connection with any aspect of this Award, including the grant or vesting of the Shares subject to this Award (and any Shares with respect to related Dividend Equivalent Units), the
subsequent sale of Shares acquired pursuant to such vesting and receipt of any dividends; and (b) do not commit to structure the terms of the grant or any aspect of this Award to reduce or eliminate Participant’s liability for Tax-Related Items. Upon the vesting and delivery of Shares subject to this Award (including any Shares with respect to related Dividend Equivalent Units), Participant shall pay or make adequate arrangements
satisfactory to the Company and/or the Employer to withhold all applicable Tax-Related Items legally payable from Participant’s wages or other cash compensation paid to Participant by the Company and/or
the Employer or from proceeds of the sale of Shares. Alternatively, or in addition, if permissible under local law, the Company may (i) sell or arrange for sale of Shares that Participant acquires to meet the withholding obligations for Tax-Related Items, and/or (ii) satisfy such obligations in Shares, provided that the amount to be withheld may not exceed the federal, state, local and foreign tax withholding obligations associated with the
Award to the extent needed for the Company to treat the Award as an equity award for accounting purposes and to comply with applicable tax withholding rules. In addition, Participant shall pay the Company or the Employer any amount of Tax-Related Items that the Company or the Employer may be required to withhold as a result of Participant’s participation in the Plan that cannot be satisfied by the means previously described. The Company may
refuse to deliver the Shares if Participant fails to comply with Participant’s obligations in connection with the Tax-Related Items. 

  
 5 

 16. Participant Acknowledgments and Agreements. By accepting the grant of this Award,
Participant acknowledges and agrees that: (a) the Plan is established voluntarily by the Company, it is discretionary in nature and may be modified, amended, suspended or terminated by the Company at any time unless otherwise provided in the
Plan or this Agreement; (b) the grant of this Award is voluntary and occasional and does not create any contractual or other right to receive future grants of Shares, or benefits in lieu of Shares, even if Shares have been granted repeatedly in
the past; (c) all decisions with respect to future grants, if any, will be at the sole discretion of the Company and the Committee; (d) Participant’s participation in the Plan shall not create a right of future employment with the
Company and shall not interfere with the ability of the Company to terminate Participant’s employment relationship at any time with or without cause and it is expressly agreed and understood that employment is terminable at the will of either
party, insofar as permitted by law; (e) Participant is participating voluntarily in the Plan; (f) this Award is an extraordinary item that is outside the scope of Participant’s employment contract, if any; (g) this Award is not
part of Participant’s normal or expected compensation or salary for any purposes, including but not limited to calculating any severance, resignation, termination, redundancy, end of service payments, bonuses, long-service awards, pension or
retirement benefits or similar payments; (h) in the event Participant is not an employee of the Company, this Award will not be interpreted to form an employment contract or relationship with the Company; (i) the value of the Shares may
increase or decrease in value and the future value of the underlying Shares cannot be predicted; (j) in consideration of the grant of this Award, no claim or entitlement to compensation or damages shall arise from termination of this Award or
diminution in value of Shares subject to the Award resulting from termination of Participant’s employment by the Company (for any reason whatsoever and whether or not in breach of local labor laws) and Participant irrevocably releases the
Company and its Subsidiaries from any such claim that may arise; if, notwithstanding the foregoing, any such claim is found by a court of competent jurisdiction to have arisen, then, by accepting the terms of this Agreement, Participant shall be
deemed irrevocably to have waived any entitlement to pursue such claim; and (k) in the event of involuntary termination of employment (whether or not in breach of local labor laws), Participant’s right to vest in the Award and receive any
Shares will terminate effective as of the date that Participant is no longer actively employed (except as expressly provided herein) and will not be extended by any notice period mandated under local statute, contract or common law; the Committee
shall have the exclusive discretion to determine when Participant is no longer actively employed for purposes of this Award. 
 17. Consent for
Accumulation and Transfer of Data. Participant consents to the accumulation and transfer of data concerning him or her and the Award to and from the Company (and its Subsidiaries) and UBS, or such other agent as may administer the
Plan on behalf of the Company from time to time. In addition, Participant understands that the Company and its Subsidiaries hold certain personal information about Participant, including but not limited to his or her name, home address, telephone
number, date of birth, social security number, salary, nationality, job title, and details of all grants or awards, vested, unvested, or expired (the “personal data”). Certain personal data may also constitute “sensitive personal
data” within the meaning of applicable local law. Such data include but are not limited to information described above and any changes thereto and other appropriate personal and financial data about Participant. Participant hereby provides
explicit consent to the Company and its Subsidiaries to process any such personal data and sensitive personal data. Participant also hereby provides explicit consent to the Company and its Subsidiaries to transfer 

  
 6 

 
any such personal data and sensitive personal data outside the country in which Participant is employed, and to the United States or other jurisdictions. The legal persons for whom such personal
data are intended are the Company and its Subsidiaries, UBS, and any company providing services to the Company in connection with compensation planning purposes or the administration of the Plan. 

18. Plan Information. Participant agrees to receive copies of the Plan, the Plan prospectus and other Plan information, including
information prepared to comply with laws outside the United States, from the Plan website at www.ubs.com/onesource/efx and shareholder information, including copies of any annual report, proxy statement, Form
10-K, Form 10-Q, Form 8-K and other information filed with the SEC, from the investor relations section of the Equifax website at
www.equifax.com. Participant acknowledges that copies of the Plan, Plan prospectus, Plan information and shareholder information are available upon written or telephonic request to the Company’s Corporate Secretary. 

19. Plan Incorporated by Reference; Conflicts. The Plan, this Agreement, and the Employment Agreement provisions referenced herein
constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and Participant with respect to the subject matter hereof. Notwithstanding
the foregoing, nothing in the Plan or this Agreement shall affect the validity or interpretation of any duly authorized written agreement between the Company and Participant under which an Award properly granted under and pursuant to the Plan serves
as any part of the consideration furnished to Participant. If provisions of the Plan and this Agreement conflict, the Agreement provisions will govern. 

20. Participant Bound by Plan. Participant acknowledges receiving, or being provided with access to, a prospectus describing the material
terms of the Plan, and agrees to be bound by all the terms and conditions of the Plan. Except as limited by the Plan or this Agreement, this Agreement is binding on and extends to the legatees, distributees and personal representatives of
Participant and the successors of the Company. 
 21. Governing Law. This Agreement has been made in and shall be construed under and
in accordance with the laws of the State of Georgia, USA, without regard to conflict of law provisions. 
 22. Translations. If
Participant has received this or any other document related to the Plan translated into any language other than English and if the translated version is different than the English version, the English version will control. 

23. Severability. The provisions of this Agreement are severable and if any one or more provisions are determined to be illegal or
otherwise unenforceable, in whole or in part, the remaining provisions shall nevertheless be binding and enforceable. 

  
 7 

 24. Section 409A.  

(a) General. To the extent that the requirements of Section 409A are applicable to this Award, it is the intention of both the
Company and Participant that the benefits and rights to which Participant could be entitled pursuant to this Agreement comply with or be exempt from Section 409A, and the provisions of this Agreement shall be construed in a manner consistent
with that intention. The Plan and any award agreements issued thereunder may be amended in any respect deemed by the Committee to be necessary in order to preserve compliance with Section 409A. 

(b) No Representations as to Section 409A Compliance. Notwithstanding the foregoing, the Company makes no
representation to Participant that the Award and any Shares issued pursuant to this Agreement are exempt from, or satisfy, the requirements of Section 409A, and the Company shall have no liability or other obligation to indemnify or hold
harmless Participant or any beneficiary for any tax, additional tax, interest or penalties that Participant or any beneficiary may incur in the event that any provision of this Agreement is deemed to violate any of the requirements of
Section 409A. 
 (c) Six Month Delay for Specified Participants. 

(i) To the extent applicable, if Participant is a “Specified Employee” (as defined below), then no payment or benefit
that is payable on account of Participant’s “separation from service” (as determined by the Company in accordance with Section 409A) shall be made before the date that is six months and one day after Participant’s
“separation from service” (or, if earlier, the date of Participant’s death) if and to the extent that such payment or benefit constitutes deferred compensation (or may be nonqualified deferred compensation) under Section 409A and
such deferral is required to comply with the requirements of Section 409A. Any payment or benefit delayed by reason of the prior sentence shall be paid out or provided in a single lump sum at the end of such required delay period in order to
catch up to the original payment schedule. 
 (ii) For purposes of this provision, the determination of whether Participant
is a “Specified Employee” at the time of his or her separation from service from the Company (or any person or entity with whom the Company would be considered a single employer under Section 414(b) or Section 414(c) of the Code,
applying the 20 percent common ownership standard) shall be made in accordance with the rules under Section 409A. 
 (d) No
Acceleration of Payments. Neither the Company nor Participant, individually or in combination, may accelerate any payment or benefit that is subject to Section 409A, except in compliance with Section 409A and the provisions of this
Agreement, and no amount that is subject to Section 409A shall be paid prior to the earliest date on which it may be paid without violating Section 409A. 

  
 8 

 (e) Termination of Employment. Any provisions of this Agreement that provide for payment
of compensation that is subject to Section 409A and that has payment triggered by Participant’s termination of employment other than on account of death shall be deemed to provide for payment that is triggered only by Participant’s
“separation from service” within the meaning of Treasury Regulation Section §1.409A-1(h). 
 25.
30 Days to Accept Agreement. Participant shall have 30 days to accept this Agreement. Participant’s Award will be forfeited if this Agreement is not accepted by Participant within 30 days of receipt of email notification
from UBS including a link to this Agreement. 
  

							
	PARTICIPANT	 		 	EQUIFAX INC.
				
	  

(Signature)
	 		 	By:	 	  

	 		 		 	Name:
	  
	 		 		 	Title:
	(Printed Name)	 		 		 	

  
 9 

 Annex VI 

Nonqualified Stock Option Agreement – Special Grant 

EQUIFAX INC. 2008 OMNIBUS INCENTIVE PLAN 

NON-QUALIFIED STOCK OPTION AGREEMENT 

MARK W. BEGOR 
 Number
of Shares Subject to Option:                  

Option Price: $                    

 Date of Grant:
                            , 2018 

Pursuant to the Equifax Inc. 2008 Omnibus Incentive Plan, as amended and restated effective May 2, 2013 (the “Plan”), Equifax Inc., a Georgia
corporation (the “Company”), has granted the above-named Participant (the “Participant”) an Option (the “Option” or the “Award”) to purchase such number of shares of common stock of the Company (the
“Shares”) as is set forth above on the terms and conditions set forth in this agreement (the “Agreement”) and in the Plan. Capitalized terms used in this Agreement and not defined herein shall have the meanings set forth in the
Plan. 
 1. Grant of Option. The Option is granted to Participant on the Date of Grant set forth above. This Agreement is not intended
to be, and shall not be treated as, an incentive stock option as defined in Section 422 of the Internal Revenue Code of 1986, as amended (the “Code”). 

2. Basic Terms and Conditions. The Option is subject to the following basic terms and conditions: 

(a) Expiration Date. Except as otherwise provided in this Agreement, the Option will expire ten years from the Date of Grant (the
“Expiration Date”). 
 (b) Exercise of Option. Except as provided in Sections 2(d) or 3, the Option shall be exercisable
with respect to one-third of the number of Shares subject to this Option on each of the first three anniversaries of the Effective Date as defined as of the Grant Date in the Employment Agreement (each such
anniversary is a “Vesting Date”) such that this Option shall be fully exercisable on the third anniversary of the Effective Date (the “Final Vesting Date”), provided Participant (i) remains actively employed by the Company
until the applicable Vesting Date or (ii) to the extent consistent with the provisions of Section 2(d), terminates employment before such date. Prior to an applicable Vesting Date, the right to exercise the Option shall not be earned by
Participant’s performance of services and there shall be no such vesting of the Option. Subject to the terms of the Plan, the Committee reserves the right in its sole discretion to waive or reduce the vesting requirements. Participant
acknowledges that the grant of the Option represents valuable consideration, regardless of whether the Option actually vests. Once exercisable, in whole or part, the Option will continue to be so exercisable until the earlier of the termination of
Participant’s exercise rights under Section 2(d) or Section 3, or the Expiration Date. 

 (c) Method of Exercise and Payment for Shares. In order to exercise the Option, it must be
vested and must not have expired, and Participant must give written notice (or such other form of notice as permitted by the Company or the Committee) in a manner prescribed by the Company from time to time together with payment of the Option Price
to the Company at the Company’s principal office in Atlanta, Georgia, or as otherwise directed by the Committee. The date of exercise (the “Date of Exercise”) will be the date of receipt of the notice in compliance with this
Section 2(c) or any later date specified in the notice. Participant must pay the Option Price (i) in cash or a cash equivalent acceptable to the Committee, (ii) by the surrender (or attestation of ownership) of Shares with an
aggregate Fair Market Value (based on the closing price of a share of common stock as reported on the New York Stock Exchange composite index on the Date of Exercise) that is not less than the Option Price, (iii) by a combination of cash and
Shares or (iv) by net settlement or cashless exercise of the Option in the manner designated by the Committee. Not all forms and methods of payment are available in every country. Except as restricted by applicable law, payment of the Option
Price may be delayed in the discretion of the Committee to accommodate proceeds of sale of some or all of the Shares to which this grant relates. 

If at the Date of Exercise, Participant is not in compliance with the Company’s minimum stock ownership guidelines then in effect for
Participant’s job grade or classification, if any, Participant will not be entitled to exercise the Option using a “cashless exercise program” of the Company (if then in effect), unless the net proceeds received by Participant from
that exercise consist only of Shares and Participant agrees to hold all those Shares for at least one year. 
 (d) Termination of
Employment. Except as provided in this Section 2(d), or Section 3, the Option will be forfeited and will not be exercisable after termination of Participant’s employment with the Company. For purposes of this Agreement, employment
with any Subsidiary of the Company shall be considered employment with the Company and a termination of employment shall mean a termination of employment with the Company and each Subsidiary by which Participant is employed. 

(i) Termination without Cause or Resignation for Good Reason. Subject to the requirements of Section 10(c) or
Section 10(d) of the Employment Agreement as applicable (including those relating to release of claims and material compliance with restrictive covenants), if Participant’s termination of employment results from a termination by the
Company without Cause or Participant’s resignation for Good Reason (in each case as determined under the Employment Agreement), all unvested portions of the Option shall immediately become vested and nonforfeitable. Except as provided in
Subsection 2(d)(v)(B) below or Section 4 below, the right to exercise the Option after vesting may be exercised until the earlier of the second anniversary of the Termination Date or the Expiration Date. To the extent of any conflict with the
application of Section 3 below, Section 3 will govern. 
 (ii) Retirement. Except in the event of a
termination for Cause as defined below and subject to the requirements of Section 10(b) of the Employment Agreement (including those relating to release of claims and material compliance with restrictive covenants), if Participant’s
termination of employment results from Participant’s Retirement (as such term is defined in the Employment Agreement) from the Company, 

  
 2 

 
all portions of the Option shall immediately become vested and nonforfeitable. Except as provided in Section 2(d)(v)(B) below or Section 4 below, the right to exercise the Option after
vesting may be exercised until the earlier of the last day of the 60-month period following the date of Retirement or the Expiration Date. To the extent of any conflict with the application of Section 3
below, Section 3 will govern. 
 (iii) Disability. Except as provided in Sections 3 or 4 below, if
Participant’s employment ends as a result of Disability (as such term is defined in the Employment Agreement), then all unvested Shares subject to the Option shall immediately become vested and exercisable. Except as provided in
Section 2(d)(v)(B) below, the right to exercise the vested portion of the Option will continue until the earlier of the last day of the 60-month period following the last date of Participant’s active
employment or the Expiration Date. 
 (iv) Other Termination of Employment. Except as provided in Sections 3 or 4
below, if the termination of Participant’s employment results for any reason other than Cause and other than as provided in Section 2(d)(i)-(iii) or (v) (in each case, as determined by the Committee), then Participant will continue to have
the right to exercise the Option with respect to that portion of the number of Shares for which the Option was vested and exercisable on the date of Participant’s termination of employment and the remaining portion shall be forfeited and
cancelled. Except as provided in Subsection 2(d)(v)(B) below, the right to exercise the vested portion of the Option will continue until the earlier of the 90th day after the date of termination
of employment or the Expiration Date. 
 (v) Death.  

(A) Except as provided in Sections 3 or 4 below, if the termination of Participant’s employment results from
Participant’s death, then all unvested Shares subject to the Option shall immediately become vested and exercisable, and Participant’s estate, or the person(s) to whom Participant’s rights under this Agreement pass by will or the laws
of descent and distribution, will have the right to exercise the Option with respect to all Shares subject to the Option. The right to exercise the Option will continue until the earlier of the last day of the
60-month period following Participant’s death or the Expiration Date. 
 (B) If
Participant dies following termination of employment and prior to the expiration of any remaining period during which the Option may be exercised in accordance with Subsections (i), (ii), (iii), or (iv) above, or Section 3, the remaining
period during which the Option will be exercisable (by Participant’s estate, or the person(s) to whom Participant’s rights under this Agreement pass by will or the laws of descent and distribution) will be the greater of (a) the
remaining period under the applicable section or paragraph referred to above, or (b) six months from the date of death; provided that under no circumstances will the Option be exercisable after the Expiration Date. 

  
 3 

 3. Change in Control. 

(a) Double Trigger Change in Control. Subject to Section 3(b) below, if subsequent to receiving a Replacement Award,
Participant’s employment with the Company (or its successor in the Change in Control) is terminated on the date of the Change in Control or within the portion of the Change in Control Period beginning on the consummation of a Change in Control
either by Participant for Good Reason or by the Company or successor (as applicable) other than for Cause, then the entire number of Shares represented by the Option which have not yet become vested or been exercised or forfeited will become
immediately vested and exercisable (the “Unexercised Portion”). If Participant’s employment with the Company terminates after the date on which the Change in Control occurs other than as a result of a termination by the Company for
Cause, then Participant (or, if applicable, Participant’s estate or the person(s) to whom Participant’s rights under this Agreement pass by will or the laws of descent and distribution) will have the right to exercise the Unexercised
Portion. Except as provided in Section 2(d)(v)(B) above or Section 4 below, that right may be exercised until the earlier of the last day of the 60-month period following the termination of
Participant’s employment or the Expiration Date. 
 (b) Single Trigger Change in Control. Notwithstanding Section 3(a)
above, if, upon a Change in Control, Participant does not receive a Replacement Award, then the Unexercised Portion will become immediately vested and exercisable. 

(c) Special Treatment on Change in Control. Notwithstanding anything to the contrary in this Agreement, the Committee, in its
discretion, may terminate the Option upon a Change in Control; provided, however, that at least 30 days prior to the Change in Control, the Committee must notify Participant that the Option will be terminated and provide Participant, at the election
of the Committee, either (i) a cash payment equal to the difference between the Fair Market Value of the vested Options (including Options that would become vested upon the Change in Control as provided above) and the Exercise Price for such
Options, computed as of the date of the Change in Control and to be paid no later than three business days after the Change in Control, or (ii) the right to exercise all vested Options (including Options that would become vested upon the Change
in Control as provided above) immediately prior to the Change in Control. 
 (d) Definition of “Cause”. For purposes of this
Award, “Cause” shall have the meaning ascribed to such term in Section 9(d) of the Employment Agreement (including the provisions described therein relating to the Review Period). 

(e) Definition of “Change in Control. For purposes of this Award, “Change in Control” shall mean a “Change of
Control” as defined in the Plan. 
 (f) Definition of “Change in Control Period”. For purposes of this Award,
“Change in Control Period” shall mean the period beginning after the signing of a definitive agreement to effectuate a Change in Control (but not more than six months prior to the consummation of a Change in Control) and ending on the
second anniversary of such consummation. 
 (g) Definition of “Employment Agreement”. For purposes of this Award,
“Employment Agreement” shall mean the employment agreement between Participant and the Company dated as of March 27, 2018, as it may be amended from time to time. 

(h) Definition of “Good Reason”. For purposes of this Award, “Good Reason” shall have the meaning ascribed to such
term in Participant’s Employment Agreement. 

  
 4 

 (i) Definition of “Replacement Award”. For purposes of this Section 3, a
“Replacement Award” means an award that is granted as an assumption or replacement of the Award and that has similar terms and conditions and preserves the same benefits as the Award it is replacing. 

4. Clawback Policy. This Award shall be subject to the terms and conditions of (i) the Company’s Policy on Recovery and
Recoupment of Incentive Compensation, adopted effective March 5, 2018 (provided that the clawback and recoupment policies shall apply only to the extent required by applicable law or to correct actual computational errors, and such policies
shall not otherwise apply to this Award) and (ii) the Participant Confidentiality, Non-Competition, Non-Solicitation and Assignment Agreement between Participant
and the Company, dated as of March 27, 2018. Participant hereby agrees to be bound by the requirements of this Section 4. The recoupment or recovery of such incentive compensation may be made by the Company or the Subsidiary that employed
Participant. 
 5. Termination for Cause. If Participant’s employment with the Company is terminated for Cause, the Committee may,
notwithstanding any other provision in this Agreement to the contrary, cancel, rescind, suspend, withhold or otherwise restrict or limit this Option as of the date of termination for Cause. Without limiting the generality of the foregoing, the
Committee may also require Participant to pay to the Company any gain realized by Participant from the Shares subject to the Option during the period beginning six months prior to the date on which Participant engaged or began engaging in conduct
that led to his or her termination for Cause. 
 6. Non-Transferability of Option. The rights
and privileges conferred under this Option may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated by operation of law or otherwise (except as permitted by the Plan). Any attempt to do so contrary to the provisions
hereof shall be null and void. Upon Participant’s death, the Option may be transferred by will or by the laws of descent and distribution, in which case all of Participant’s remaining rights under this Agreement must be transferred
undivided to the same person or persons. During Participant’s lifetime, only Participant (or Participant’s legal representative if Participant is incompetent) may exercise the Option. 

7. Conditions to Exercise of Option and Issuance of Shares. The Shares deliverable to Participant upon the exercise of the Option
hereunder may be either previously authorized but unissued Shares or issued Shares which have been reacquired by the Company. The Company shall not be required to honor the exercise of the Option or issue any certificate or certificates for Shares
prior to fulfillment of all of the following conditions: (a) the admission of such Shares to listing on all stock exchanges on which such class of stock is then listed; (b) the completion of any registration or other qualification of such
Shares under any state or federal law or under the rulings and regulations of the Securities and Exchange Commission (“SEC”) or any other governmental regulatory body, which the Committee shall, in its discretion, deem necessary or
advisable; (c) the obtaining of any approval or other clearance from any state or federal governmental agency, which the Committee shall, in its discretion, determine to be necessary or advisable; and (d) the lapse of such reasonable
period of time following the grant of the Shares as the Committee may establish from time to time for reasons of administrative convenience. 
 8.
No Rights as Shareholder. Except as provided in Sections 3 or 11, Participant shall not have voting, dividend or any other rights as a shareholder of the Company with respect to the unexercised Option. Upon
exercise of a vested Option into Shares, Participant will obtain full voting and other rights as a shareholder of the Company with respect to such Shares. 

  
 5 

 9. Administration. The Committee shall have the power to interpret the Plan and this
Agreement and to adopt such rules for the administration, interpretation, and application of the Plan as are consistent therewith and to interpret or revoke any such rules. All actions taken and all interpretations and determinations made by the
Committee shall be final and binding upon Participant, the Company, and all other interested persons. No member of the Committee shall be personally liable for any action, determination, or interpretation made in good faith with respect to the Plan
or this Agreement. 
 10. Fractional Shares. Fractional shares will not be issued, and when any provision of this Agreement otherwise
would entitle Participant to receive a fractional share, that fraction will be disregarded. 
 11. Adjustments in Capital Structure. In
the event of a change in corporate capitalization as described in Section 18 of the Plan, the Committee shall make appropriate adjustments to the number and class of Shares or other stock or securities subject to the Option and to the purchase
price for such Shares or other stock or securities. The Committee’s adjustments shall be effective and final, binding and conclusive for all purposes of this Agreement. 

12. Taxes. Regardless of any action the Company or a Subsidiary that employs Participant (the “Employer”) takes with
respect to any or all income tax, social insurance, payroll tax, payment on account or other tax-related withholding (“Tax-Related Items”), Participant
acknowledges and agrees that the ultimate liability for all Tax-Related Items legally due by him or her is and remains Participant’s responsibility and that the Company and/or the Employer: (a) make
no representations nor undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of this Option, including the grant, vesting or exercise of this Option, the subsequent sale
of Shares acquired pursuant to such exercise and receipt of any dividends; and (b) do not commit to structure the terms or the grant or any aspect of this Option to reduce or eliminate Participant’s liability for Tax-Related Items. Prior to the exercise of this Option, Participant shall pay or make adequate arrangements satisfactory to the Company and or the Employer to withhold all applicable
Tax-Related Items legally payable from Participant’s wages or other cash compensation paid to Participant by the Company and or the Employer or from proceeds of the sale of Shares. Alternatively, or in
addition, if permissible under local law, the Company may (i) sell or arrange for sale of Shares that Participant acquires to meet the withholding obligations for Tax-Related Items, and or
(ii) withhold in Shares, provided that the amount to be withheld may not exceed the federal, state, local and foreign tax withholding obligations associated with the exercise of the Option to the extent needed for the Company to treat the
Option as an equity award for accounting purposes and to comply with applicable tax withholding rules. In addition, Participant shall pay the Company or the Employer any amount of Tax-Related Items that the
Company or the Employer may be required to withhold as a result of Participant’s participation in the Plan or Participant’s purchase of Shares that cannot be satisfied by the means previously described. The Company may refuse to honor the
exercise and refuse to deliver the Shares if Participant fails to comply with Participant’s obligations in connection with the Tax-Related Items. 

13. Participant Acknowledgments and Agreements. By accepting the grant of this Option, Participant acknowledges and agrees that:
(a) the Plan is established voluntarily by the Company, it is discretionary in nature and may be modified, amended, suspended or terminated by the Company at any time unless otherwise provided in the Plan or this Agreement; (b) the grant
of this Option is voluntary and occasional and does not create any contractual or other right to receive future grants of stock options, or benefits in lieu of stock options, even if stock 

  
 6 

 
options have been granted repeatedly in the past; (c) all decisions with respect to future grants, if any, will be at the sole discretion of the Company and the Committee;
(d) Participant’s participation in the Plan shall not create a right of future employment with the Company and shall not interfere with the ability of the Company to terminate Participant’s employment relationship at any time with or
without cause and it is expressly agreed and understood that employment is terminable at the will of either party, insofar as permitted by law; (e) Participant is participating voluntarily in the Plan; (f) this Option is an extraordinary
item that is outside the scope of Participant’s employment contract, if any; (g) this Option is not part of Participant’s normal or expected compensation or salary for any purposes, including but not limited to calculating any
severance, resignation, termination, redundancy, end of service payments, bonuses, long-service awards, pension or retirement benefits or similar payments; (h) in the event Participant is not an employee of the Company, this Option award will
not be interpreted to form an employment contract or relationship with the Company; (i) the future value of the underlying Shares is unknown and cannot be predicted; (j) if the underlying Shares do not increase in value, this Option will
have no value; (k) if Participant exercises this Option and obtains Shares, the value of those Shares acquired upon exercise may increase or decrease in value, even below the Option Price; (l) in consideration of the grant of this Option,
no claim or entitlement to compensation or damages shall arise from termination of this Option or diminution in value of this Option or Shares purchased through exercise of this Option resulting from termination of Participant’s employment by
the Company (for any reason whatsoever and whether or not in breach of local labor laws) and Participant irrevocably releases the Company and its Subsidiaries from any such claim that may arise; if, notwithstanding the foregoing, any such claim is
found by a court of competent jurisdiction to have arisen, then, by accepting the terms of this Agreement, Participant shall be deemed irrevocably to have waived any entitlement to pursue such claim; and (m) in the event of involuntary
termination of employment (whether or not in breach of local labor laws), Participant’s right to receive stock options and vest in stock options under the Plan, if any, will terminate effective as of the date that Participant is no longer
actively employed (except as expressly provided herein) and will not be extended by any notice period mandated under local statute, contract or common law; furthermore, in the event of involuntary termination of employment (whether or not in breach
of local labor laws), Participant’s right to exercise this Option after termination of employment, if any, will be measured by the date of termination of Participant’s active employment and will not be extended by any notice period
mandated under local law; the Committee shall have the exclusive discretion to determine when Participant is no longer actively employed for purposes of this Option. The Committee shall also have the discretion to determine if any exercise of an
Option was permissible and in accordance with the terms of this Agreement and the Plan. If any Option is exercised in whole or in part by mistake, Participant agrees that the Shares may be recovered or canceled by the Company and if the Shares
received upon exercise have been sold, Participant must pay to the Company any proceeds from the sale. 
 14. Consent for Accumulation and
Transfer of Data. Participant consents to the accumulation and transfer of data concerning him or her and the Option to and from the Company (and its Subsidiaries) and UBS, or such other agent as may administer the Plan on behalf of
the Company from time to time. In addition, Participant understands that the Company and its Subsidiaries hold certain personal information about Participant, including but not limited to his or her name, home address, telephone number, date of
birth, social security number, salary, nationality, job title, and details of all options awarded, vested, unvested, or expired (the “personal data”). Certain personal data may also constitute “sensitive personal data” within the
meaning of applicable local law. Such data include but are not limited to information described above and any changes thereto and other appropriate personal and financial data about Participant. Participant hereby provides explicit consent to the
Company and its Subsidiaries to 

  
 7 

 
process any such personal data and sensitive personal data. Participant also hereby provides explicit consent to the Company and its Subsidiaries to transfer any such personal data and sensitive
personal data outside the country in which Participant is employed, and to the United States or other jurisdictions. The legal persons for whom such personal data are intended are the Company and its Subsidiaries, UBS and any other company providing
services to the Company in connection with compensation planning purposes or the administration of the Plan. 
 15. Plan
Information. Participant agrees to receive copies of the Plan, the Plan prospectus and other Plan information, including information prepared to comply with laws outside the United States, from the Plan website at
www.ubs.com/onesource/efx and shareholder information, including copies of any annual report, proxy statement, Form 10-K, Form 10-Q, Form
8-K or other report filed with the SEC, from the investor relations section of the Equifax website at www.equifax.com. Participant acknowledges that copies of the Plan, Plan prospectus, Plan information and
shareholder information are available upon written or telephonic request to the Company’s Corporate Secretary. 
 16. Plan Incorporated by
Reference; Conflicts. The Plan, this Agreement, and the Employment Agreement provisions referenced herein constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all
prior undertakings and agreements of the Company and Participant with respect to the subject matter hereof. Notwithstanding the foregoing, nothing in the Plan or this Agreement shall affect the validity or interpretation of any duly authorized
written agreement between the Company and Participant under which an Option properly granted under and pursuant to the Plan serves as any part of the consideration furnished to Participant. If provisions of the Plan and this Agreement conflict, the
Agreement provisions will govern. 
 17. Participant Bound by Plan. Participant acknowledges receiving, or being provided with
access to, a prospectus describing the material terms of the Plan, and agrees to be bound by all the terms and conditions of the Plan. Except as limited by the Plan or this Agreement, this Agreement is binding on and extends to the legatees,
distributees and personal representatives of Participant and the successors of the Company. 
 18. Governing Law. This Agreement
has been made in and shall be construed under and in accordance with the laws of the State of Georgia, USA, without regard to conflict of law provisions. 

19. Translations. If Participant has received this or any other document related to the Plan translated into any language other than
English and if the translated version is different than the English version, the English version will control. 
 20. Severability. The
provisions of this Agreement are severable and if any one or more provisions are determined to be illegal or otherwise unenforceable, in whole or in part, the remaining provisions shall nevertheless be binding and enforceable. 

21. Section 409A. 

(a) General. To the extent that the requirements of Code Section 409A are applicable to this Award, it is the intention of both the
Company and Participant that the benefits and rights to which Participant could be entitled pursuant to this Agreement comply with or be exempt from Code Section 409A and the Treasury Regulations and other guidance promulgated

  
 8 

 
or issued thereunder (“Section 409A”), and the provisions of this Agreement shall be construed in a manner consistent with that intention. The Plan and any award agreements issued
thereunder may be amended in any respect deemed by the Committee to be necessary in order to preserve compliance with Section 409A. 

(b) No Representations as to Section 409A Compliance. Notwithstanding the foregoing, the Company makes no
representation to Participant that the Award and any Shares issued pursuant to this Agreement are exempt from, or satisfy, the requirements of Section 409A, and the Company shall have no liability or other obligation to indemnify or hold
harmless Participant or any beneficiary for any tax, additional tax, interest or penalties that Participant or any beneficiary may incur in the event that any provision of this Agreement is deemed to violate any of the requirements of
Section 409A. 
 22. 30 Days to Accept Agreement. Participant shall have 30 days to accept this Agreement. Participant’s
Award will be forfeited if this Agreement is not accepted by Participant within 30 days of receipt of email notification from UBS including a link to view and accept this Agreement. 

 

			
	PARTICIPANT	  	EQUIFAX INC.
		
	  
	  	By:
                                         
                                         
      
	(Signature)	  	       Name:

      Title:

	  
	  	
	(Printed Name)	  	

  
 9 

 Annex VII 

Form of Release1 

SEPARATION AND RELEASE AGREEMENT 

1. Separation Date. I, Mark W. Begor, hereby acknowledge that my employment by Equifax Inc. (together with its subsidiaries, the
“Company”) has ended as of (Insert Date) (the “Termination Date”). 
 2. Severance
Benefits. In exchange for the Company’s receipt of this Separation and Release Agreement (the “Release”) signed by me, and provided I do not revoke this Release in the manner specified in Paragraph 12 herein within
seven (7) days after signing it, the Company will provide to me the severance benefits, including equity acceleration and/or extension of expiration (all as described in Section     2 of my employment agreement with the Company dated March 27, 2018 (the “Employment Agreement”) on the terms and conditions set forth therein). I agree and acknowledge that
the severance payments, additional post-employment benefits, and accelerated vesting and/or extension of expiration (the “Severance Benefits”) constitute payments or benefits to which I would not be entitled if I did not sign
or did revoke this Release. The Company acknowledges that I am entitled to the Accrued Amounts set forth in Section 10(a) of the Employment Agreement irrespective of whether I execute the Release. I understand that information will be provided
to me about my right to continue health benefits through the Company through the federal law known as COBRA. 
 3. Release of Claims.

 a. General Release. In consideration of the Severance Benefits, I, on behalf of myself, my heirs, assigns, legal
representatives, successors in interest, and any person claiming through me or any of them, hereby completely release and forever discharge all Released Parties from any and all claims, demands or liabilities whatsoever, based on any act or omission
occurring before my signing of this Release, arising out of my employment with any of the Released Parties or the ending of such employment. The matters released include any claim arising under Title VII of the Civil Rights Act of 1964; the Federal
Civil Rights Act of 1991; the Fair Credit Reporting Act; the Civil Rights Acts of 1866, 1870, 1871, and 1991; Title II of the Genetic Information Nondiscrimination Act of 2008; the Worker Adjustment and Retraining Notification Act of 1988; the
Occupational Safety and Health Act of 1970; the Vietnam Era Veterans Readjustment Assistance Act of 1974; the Americans with Disabilities Act of 1990; the Federal Family and Medical Leave Act of 1993; the Equal Pay Act; the Rehabilitation Act; the
Employee Retirement Income Security Act of 1974; the Age Discrimination in 
  

 

	1 	NTD: The Parties agree that the Company may revise the release in light of additional statutes or claims so that the Company receives the benefit of the fullest legally permissible release of claims and may also change
the timing, if required, to obtain such release. This footnote and the other footnotes are part of the form of release and are to be removed only when the Company finalizes the letter agreement for execution. If the release is due after the
executive’s death, the Company will revise and provide for a comparable release by his estate or beneficiaries. 

	2 	 NTD: Cross-reference to be added based on triggering event.

 
Employment Act (“ADEA”); the Older Workers Benefit Protection Act; the Fair Labor Standards Act of 1936; the National Labor Relations Act of 1935; the Uniformed Services Reemployment
Rights Act of 1994; the Georgia Equal Employment for Persons with Disabilities Code, O.C.G.A. §§ 34-6A-1 to 34-6A-6 (prohibiting discrimination on the account of disability); the Georgia Sex Discrimination in Employment Law, O.G.C.A. §§
34-5-1 to 34-5-7; the City of Atlanta Fair Private Employment Ordinance, Atlanta, Ga.
Code of Ordinances §§ 94-110 to 94-121; [Insert any additional laws as appropriate at the Termination Date], all of the foregoing as amended; any other
federal, state or local law, regulation or ordinance regulating employment discrimination, wages, hours and working conditions, or other worker protections; or any other federal, state or local statutory or common law where I was employed or
resided pertaining to employment relations, my employment or the termination of my employment, including any action based on any alleged breach of contract, breach of the covenant of good faith and fair dealing, fraud, fraudulent inducement or any
other tort; any violation of public policy or statutory or constitutional rights; any claim for unpaid salary (other than as due in the ordinary course in a final paycheck); severance pay, bonus or similar benefit; sick leave; pension or retirement;
vacation pay (other than as due in the ordinary course in a final paycheck) or holiday pay; equity compensation; car allowance; life insurance, health or medical insurance, or any other fringe benefit; any claim for reimbursement of health or
medical costs; and any claim for disability. 
 For purposes of this Release, the term “Released Parties” means the
Company, and each of its respective parents, subsidiaries and affiliates, and all of the current and former employees, officers, directors, trustees, agents, representatives, shareholders, attorneys, accountants, partners, insurers, advisors,
partnerships, joint venturers, successors and assigns, employee benefit programs (and the trustees, administrators, fiduciaries and insurers of such programs) of any of them, in their individual and official capacities, and the respective heirs and
personal representatives of any of them, and any other persons acting by, through, under, or in concert with, any of them. 

b. Unknown Claims. I understand and agree that the claims released in Paragraph 3.a include not only claims presently
known to me, but also all unknown or unanticipated claims, rights, demands, actions, obligations, liabilities and causes of action of every kind and character that would otherwise come within the scope of the released claims as described in
Paragraph 3.a. I understand that I may hereafter discover facts different from what I now believe to be true that, if known, could have materially affected my willingness to execute and the terms of this Release, but I nevertheless waive and release
any claims or rights based on different or additional facts. 
 c. Exclusions from Release. 

1. Certain Exclusions. Notwithstanding the foregoing, the Release does not include and will not preclude:
(a) rights or claims to vested benefits under any applicable retirement and/or pension plans or to the Accrued Amounts; (b) rights under the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”); (c) any claims not
waivable by applicable law (including, where applicable, workers’ compensation claims and unemployment claims) or arising after the date I sign this Release; and/or (d) any actions to enforce this Release or to receive the Severance
Benefits 

  
 2 

 2. Indemnification. The Company agrees that I am not releasing any claims
or rights I may have for indemnification under state or other law or the governing documents of the Company and any affiliated companies, or under any indemnification agreement with the Company or under any insurance policy providing directors’
and officers’ coverage for any lawsuit or claim relating to the period when I was a director, officer, employee or agent of the Company or any affiliated company; provided, however, that (i) the Company’s acknowledgement
is not a concession, acknowledgment, or guaranty that I have any such rights to indemnification or coverage in a particular matter, and (ii) the Company retains any defenses it may have to such indemnification or coverage. 

4. No Claims. Except as permitted hereby, I agree that I will not file, nor encourage or knowingly permit another to file, any claim,
charge, action, or complaint (collectively “Claim”) concerning any matter released herein. If I have previously filed any such Claim, I agree to take all steps necessary to cause it to be withdrawn without delay;
provided, however, that nothing in this Release: (i) prevents me from filing a Claim with, cooperating with, or participating in any proceeding before the Equal Employment Opportunity Commission or a state fair employment
practices agency (except that I acknowledge that I may not recover any monetary benefits in connection with any such Claim; I further waive any rights or claims to any payment, benefit, attorneys’ fees or other remedial relief in connection
with any such charge, investigation or proceeding; and I agree that if any such Claim is filed on my behalf, I shall take all reasonable steps necessary to refuse any damages or individualized relief in connection therewith), or (ii) shall
limit or restrict my right to (a) challenge the validity of this Release under the ADEA, or (b) prosecute any ADEA claim if such claim arises after I sign this Release, and no such action on my part shall be deemed to violate this
provision or any other provision of this Release. This Release does not prohibit or prevent me from engaging in activities that are not waivable and are protected by applicable federal or state laws. Further, nothing in this Release or other
policies or contracts covering me prohibits me from communicating with government agencies about possible violations of federal, state, or local laws or otherwise providing information to government agencies, filing a complaint with government
agencies, or participating in government agency investigations or proceedings, or from receiving an award for information provided to any government agency. I have been advised that I am not required to notify the Company of any such communications;
provided, however, that nothing herein or in the Employment Agreement authorizes the disclosure of information I obtained through a communication that was subject to the attorney-client privilege. 

5. Release Negotiations Confidential. I represent and agree that I will keep the details of negotiation with respect to this Release
completely confidential, and that I will not disclose such information to anyone, except as follows: (a) to my immediate family and professional representatives (provided they are informed of this confidentiality provision); (b) to any
governmental authority; and (c) in response to subpoena or other legal process, provided that before making such disclosure (other than in response to a subpoena or other process issued by a government agency), I shall give the Company as much
prior notice thereof as practical to enable the Company to seek, at its sole discretion, an appropriate order preventing such disclosure. I am not required to maintain the confidentiality of the negotiations to the extent the Company publicly
discloses the details of such negotiations. 

  
 3 

 6. Continuing Obligations. Except as otherwise permitted by Paragraph 4 above or my
Employment Agreement, I acknowledge and reaffirm my obligation to keep confidential and not to use or disclose any and all non-public information concerning the Company that I acquired during the course of my
employment with the Company, including any non-public information concerning the Company’s business affairs, business prospects, and financial condition, provided that I may respond to subpoena or other
legal process, provided that before making such disclosure (other than in response to a subpoena or other process issued by a government agency), I shall give the Company as much prior notice thereof as practical to enable the Company to seek, at
its sole discretion, an appropriate order preventing such disclosure. I further acknowledge and reaffirm my confidentiality obligations set forth in my Employment Agreement and my continuing obligations with respect to the Restrictive Covenants as
defined in the Employment Agreement, all of which remain in full force and effect, as do the obligations under Sections 14 (Post-Termination Obligations) and 15 (Arbitration) of the Employment Agreement and the payment timing provisions of
Section 19 (Section 409A) of the Employment Agreement. 
 7. Expense Reimbursements. I acknowledge that I will be reimbursed for
any unreimbursed business expenses under Section 7(a) of the Employment Agreement only to the extent in accordance with the Company’s expense reimbursement policies, timing, and restrictions, and that I must submit any final substantiation
within 30 days after the Termination Date to receive payment or reimbursement.3 
 8.
Return of Company Property. I confirm that I have returned to the Company in good working order all Company-owned keys, files, records (and copies thereof), equipment (including computer hardware, software and printers, wireless handheld
devices, cellular phones, tablets, smartphones, etc.), Company identification, Company proprietary and confidential information, and any other Company-owned property in my possession or control; that I will have left intact with, or delivered intact
to, the Company all electronic Company documents and internal and external websites including those that I developed or helped to develop during my employment; and that I have thereafter deleted, and destroyed any hard copies of, all electronic
files relating to the Company that are in my possession or control, including any that are located on any of my personal computers or external or cloud storage. I further confirm that I have cancelled all accounts for my benefit, if any, in the
Company’s name, including credit cards, telephone charge cards, cellular phone accounts, and computer accounts. Notwithstanding the foregoing, I have been advised that I may retain my address book to the extent it contains only contact
information and that the Company will reasonably cooperate with me at to the transfer of my cell phone number. 
 9. Entire
Agreement. Except as referenced in Paragraph 7 above, this Release constitutes the entire agreement between the Company and me as to any matter referred to in this Release. This Release supersedes all other agreements between the Company and me,
other than the general benefit plans under which I am a participant and any outstanding equity awards from the Company. In executing this Release, I am not relying upon any agreement, representation, written or oral statement, understanding,
omission, or course of conduct that is not expressly set forth in this Release. 
  

	3 	 NTD: The expense reimbursement statement would be revised if there are
gross-up amounts due at a later date. 

  
 4 

 10. Governing Law; Arbitration. This Release shall be governed by and enforced in
accordance with the laws of the State of Georgia, without regard to its conflicts of law principles. I acknowledge that I previously agreed, pursuant to Section 16 of my Employment Agreement, to arbitrate any claim relating to or arising out of
my employment with the Company, and I acknowledge and affirm that such provision survives my termination from employment with the Company. For clarification, but not limitation, I further acknowledge and agree that any controversy or claim arising
out of or in any way relating to this Release or the breach thereof shall also be settled by final and binding arbitration, consistent with the terms, procedures, and exceptions set forth in Section 15 of the Employment Agreement. I understand
and agree that this arbitration provision shall not apply to claims brought in a court of competent jurisdiction by either me or any Released Party to compel arbitration under this provision, to enforce an arbitration award or to obtain preliminary
injunctive and/or other equitable relief in support of claims that may be prosecuted in an arbitration by me or any Released Party. 
 11.
Successors and Assigns. This Release will bind and inure to the benefit of the successors, assigns, heirs and personal representatives of the Released Parties and me. 

12. Review Period; Revocation. I acknowledge that prior to signing this Release, I have been advised to consult with an attorney of my
choice to review the Release, and have taken such opportunity to the extent I wish to do so. I further acknowledge that the Company has given me at least [twenty-one (21)]4 days to decide whether I wish to execute this Release. I understand that I may revoke this Release at any time during the seven (7) days after I sign it (the “Revocation
Period”), and that the Release shall not become effective until the end of that Revocation Period. I understand and agree that by executing, timely returning, and not revoking this Release, I am waiving any and all rights or claims I
might have under the Age Discrimination in Employment Act, as amended by the Older Workers Benefit Protection Act, and that I have received consideration beyond that to which I was entitled without providing this Release. If I choose to revoke the
Release, such revocation must be by means of a writing signed by me and delivered within the seven (7) day Revocation Period as follows: via facsimile or hand-delivery to
[                ] at Equifax Inc., [                    ] or by
facsimile number [                    ]. If I revoke this Release via facsimile, I agree that my facsimile signature will be valid and binding for
all purposes. 
 13. Modification in Writing. No provision of this Release may be modified, amended or waived except by a writing
signed by me and an authorized representative of the Company. 
 14. No Admission of Liability. This Release shall not at any time or
for any purpose be deemed an admission of liability of any kind by any Released Party. This Release may not be used or introduced as evidence in any legal proceeding, except to enforce or challenge its terms. 

 

	4 	NTD: To be revised when necessary, and any other OWBPA provisions added. 

  
 5 

 15. Headings; Interpretation. The headings, titles and captions contained in this Release
are inserted only for the convenience of the parties and for reference, and in no way define, limit, extend or describe the scope of this Release or the intent of any provision hereof. References in this Release to “include”
or “including” should be read as though they said “without limitation” or equivalent forms. 
 16.
Severability. If any provision of this Release shall, for any reason, be held by a court or other tribunal of competent jurisdiction to be invalid, void or unenforceable, in whole or in part, such adjudication shall in no way affect any other
provisions of this Release or the validity or enforcement of the remainder of this Release, and any provision thus affected shall itself be modified only to the extent necessary to bring the provision within the applicable requirements of the law.

 17. Automatic Revocation. If the Company determines my cessation of employment is to be treated as for “Cause” either at
or after the Termination Date (where permitted by the Employment Agreement) and acts upon such determination in a manner materially adverse to me, this Release, if already executed, is automatically revoked retroactively, and neither party is
obligated by it. 
 18. Timely Execution. To receive the Severance Benefits, I must sign this Release on or after my Separation Date,
and return it to the Company within [twenty-one (21) days] after my Separation Date, as follows: hand delivery or first-class mail to
[                                    ] or by facsimile number
[                    ]. 
 Signatures on
Following Page 

  
 6 

 EMPLOYEE’S ACCEPTANCE OF RELEASE 

I have read this Release and I understand all of its terms. I acknowledge and agree that this Release is executed voluntarily, without coercion, and with full
knowledge of its significance. I further acknowledge that I have been given [twenty-one (21)] days during which to decide whether to execute this Release, and have used that time to the extent I wish to do so.
I understand that my execution of this Release constitutes a full, unconditional general release of any and all known or unknown claims that I may have against any Released Party, despite the fact that I may become aware of claims in the future that
I did not consider prior to signing this Release. 
  

							
	Date:
                                         
                                   	 		 	  
	 	
		 		 	Mark W. Begor	 	
			
		 	Accepted:	 	
				
		 		 	Equifax Inc.	 	
				
		 		 	By:
                                         
                                         
          	 	
		 		 	[Name]	 	
		 		 	[Title]	 	

  
 7 

 Annex VIII 

Participant Confidentiality, Non-Competition, 

Non-Solicitation and Assignment Agreement 

PARTICIPANT CONFIDENTIALITY, NON-COMPETITION, 

NON-SOLICITATION AND ASSIGNMENT AGREEMENT 

This Participant Confidentiality, Non-Competition, Non-Solicitation and
Assignment Agreement (the “Restrictive Covenant Agreement”) is entered into by and between Equifax Inc. on behalf of itself, its subsidiary and/or affiliate companies (collectively “Equifax” or the “Company”) and the
aforementioned Participant (hereinafter “Participant”) (collectively, the “Parties”). 
 In consideration for Participant’s
employment, pursuant to the terms of an employment agreement between Participant and the Company, dated March 27, 2018 (the “Employment Agreement”), to which this Restrictive Covenant Agreement is appended, as well as the
Company’s provision of equity awards to Participant pursuant to the Equifax Inc. 2008 Omnibus Incentive Plan, as amended and restated effective May 2, 2013, and the Company’s intention to continue to provide Participant with training,
and exposure to existing or prospective relationships, Trade Secrets, and/or Confidential Information, Participant agrees as follows: 
 1. Definitions.
For the purposes of this Restrictive Covenant Agreement, the following capitalized terms shall be defined as follows: 
 A. “Business” means:

 1. For individuals who work in or perform work for the U.S. Information Solutions (USIS) business unit (or any division of
Equifax performing the following functions or providing the following services/products): Consumer information solutions in the United States, including: consumer credit reporting and scoring; identity management services; fraud detection and
modeling services; decisioning software services that facilitate and automate consumer credit-oriented decisions; portfolio management services; mortgage reporting; property data and analytics; consumer financial marketing services; identity and
fraud solutions solving for fraud detection and identity verification; wealth and asset data solutions; cross channel attribution products; and business information solutions, including business marketing and risk data compilation, business credit
reporting and scoring, and related portfolio analytics. 
 2. For individuals who work in or perform work for the Workforce
Solutions business unit (or any division of Equifax performing the following functions or providing the following services/products): Employment and income verification services, including identity and fraud solutions; unemployment claims
management; social security number verification; identity authentication; employment-based tax credit services; payroll-based transaction services; human resources-related analytics; and management of assessments, onboarding and I-9 compliance of new hires. 

 3. For individuals who work in or perform work for the Global Consumer Solutions
business unit (or any division of Equifax performing the following functions or providing the following services/products): Credit scores and monitoring; debt and household financial management; and identity theft products and related product
features delivered to consumers via on-line and off-line distribution channels, including through indirect channels. 

4. For individuals who work in or perform work for the International business unit (or any division of Equifax performing the
following functions): consumer and/or credit information reporting, scoring and related information solutions; credit monitoring; decisioning software services that facilitate and automate consumer credit-oriented decisions; identity and fraud
solutions; and consumer or commercial financial marketing services. 
 5. For the Participant, “Business” means and
includes all of the businesses in Paragraph 1.A.1-4 above. 
 B. “Competitive Tasks” means the same or
similar tasks that Participant performed on behalf of the Company during Participant’s last twelve (12) months of employment. 
 C.
“Confidential Information” means (a) information of the Company, to the extent not considered a Trade Secret under applicable law, that (i) relates to the business of the Company, (ii) possesses an element of value to the
Company, (iii) is not generally known to the Company’s competitors, and (iv) would damage the Company if disclosed, and (b) information of any third party provided to the Company which the Company is obligated to treat as
confidential (such third party to be referred to as the “Third Party”), including, but not limited to, information provided to the Company by its licensors, suppliers, or Customers. Confidential Information includes, but is not limited to,
(i) future business plans, (ii) the composition, description, schematic or design of products, future products or equipment of the Company or any Third Party, (iii) pricing information, (iv) advertising or marketing plans,
(v) information regarding independent contractors, employees, licensors, suppliers, Customers, or any Third Party, including, but not limited to, Customer lists compiled by the Company, and Customer information compiled by the Company, and
(vi) information concerning the Company’s or the Third Party’s financial structure and methods and procedures of operation, including, but not limited to, processes for crafting and using equipment. Confidential Information shall not
include any information that (i) is or becomes generally available to the public other than as a result of an unauthorized disclosure, (ii) has been independently developed and disclosed by others without to Participant’s knowledge
violating this Restrictive Covenant Agreement or the legal rights of any party, or (iii) otherwise enters the public domain through lawful means. 
 D.
“Contact” means any interaction that takes place in the last twelve (12) months of Participant’s employment with the Company and is between Participant and a Customer: 

1. With whom Participant dealt on behalf of the Company; 

2. Whose dealings with the Company were coordinated or supervised by Participant; 

  
 2 

 3. About whom Participant obtained Trade Secrets or Confidential Information in
the ordinary course of business as a result of Participant’s work performed on behalf of the Company; or 
 4. Who
purchases products or services from the Company, the sale or provision of which results or resulted in compensation, commissions, or earnings for Participant. 

E. “Customer” means any person or entity to whom the Company has sold its products or services or directly solicited to sell its products or
services. 
 F. “Company Worker” means any person who (i) was employed by the Company at the time Participant’s employment with the
Company ended, and (ii) remains employed by the Company during the Restricted Period. 
 G. “Enterprise Competitors” means the following
companies, as well as any successor entities: Experian; TransUnion; LexisNexis; Dun & Bradstreet; Fair Isaac Corporation; Acxiom; and CBC Companies. 

H. “Restricted Competitors” means the following companies, as well as any successor entities: 

1. For individuals who work in or perform work for the U.S. Information Solutions (USIS) business unit (or any division of
Equifax performing the functions or providing the services/products listed in Paragraph 1.A.1. above): Experian; TransUnion; LexisNexis; Dun & Bradstreet; Fair Isaac Corporation; CBCInnovis; CoreLogic; Acxiom; Verisk Analytics; LifeLock;
Neustar; and Nielsen. 
 2. For individuals who work in or perform work for the Workforce Solutions business unit (or any
division of Equifax performing the functions or providing the services/products listed in Paragraph 1.A.2. above): 
 a. Verification
services: CoreLogic; Credco; CBCInnovis; Interthinx; Kroll; LexisNexis; Experian; TransUnion; Lifelock; IDology and Credit Plus. 
 b.
Unemployment claims management: Corporate Cost Control; Employer’s Unity; Employer’s Edge; Thomas & Thorngren; and Ernst & Young. 

c. Tax-credit services: ADP; First Advantage; Ernst & Young; PWC; and SuccessFactors. 

d. Workforce analytics: Ernst & Young; ADP; HealthEfx; Tango; and Unify HR. 

e. I-9 solutions: TrackerCorp; ADP; LawLogix; HireNow; HireRight;and Form I-9. 
 f. Compliance Center solutions: Kenexa; Taleo; Workday; Silk Road; iCIMS; Ultimate Software; and
ADP. 
 3. For individuals who work in or perform work for the Global Consumer Solutions business unit (or any division of
Equifax performing the functions or providing the services/products listed in Paragraph 1.A.3. above): Experian; TransUnion; One Technologies; Credit Karma; Credit Sesame; Intuit (Mint); CSID; Lifelock; Intersections; and Affinion. 

  
 3 

 4. For individuals who work in or perform work for the International business
unit (or any division of Equifax performing the functions or providing the services/products listed in Paragraph 1.A.4. above): Experian; TransUnion; Fair Isaac Corporation; and Dun & Bradstreet. 

5. For the Participant, “Restricted Competitor” means and includes all of the entities and successors in Paragraph 1.H.1-4 above. In addition, any private equity fund, hedge fund, or other investment vehicle that invests in or holds a position in a Restricted Competitor or Enterprise Competitor shall itself be treated as a
Restricted Competitor or Enterprise Competitor for the Participant, provided that his services to such investment vehicle or its managers or advisors shall not be treated as prohibited by this Restrictive Covenants Agreement as long as he
(i) is recused from any involvement in the investment or management decisions of the Restricted Competitor set forth in Paragraph 1.H.1-4 above or Enterprise Competitors set forth in Paragraph 1.G,
(ii) does not provide services to the investment vehicle or its managers or advisors with respect to the Restricted Competitors set forth in Paragraph 1.H.1-4 above or Enterprise Competitors set forth in
Paragraph 1.G, and (iii) does not otherwise use any Confidential Information or Trade Secrets covered by this Restrictive Covenants Agreement in connection with the investment vehicle or its managers or advisers. 

I. “Restricted Period” means the time period during Participant’s employment with the Company, and for twelve (12) months after
Participant’s employment with the Company ends. 
 J. “Trade Secrets” means the Company’s trade secrets as defined by applicable
statutory or common law. 
 2. Employment. During Participant’s employment, Participant shall perform such duties for and on behalf of the
Company as may be determined and assigned to Participant from time to time by Equifax in accordance with his Employment Agreement. 
 3. Employment
Relationship. The Parties acknowledge and agree that this Restrictive Covenant Agreement does not create a contract of employment for a specified term. Unless Equifax and Participant have entered into a written agreement to the contrary,
Participant’s employment relationship with the Company is at-will. This means that Participant may terminate his employment with the Company at any time and for any reason whatsoever simply by notifying
the Company. Likewise, the Company may terminate Participant’s employment at any time with or without cause or advance notice. 
 4.
Acknowledgments. Participant acknowledges that: 
 A. Equifax is engaged in the Business as defined in Paragraph 1.A.; 

  
 4 

 B. Participant’s position is a position of trust and responsibility with Equifax and will provide
Participant with continued access to Confidential Information, Trade Secrets, and/or valuable information concerning employees and customers of the Company; 

C. the Trade Secrets and Confidential Information, and the relationship between Equifax and each of its employees and customers, are valuable assets of
Equifax; 
 D. Equifax’s competitors, including, but not limited to, the Enterprise Competitors and the Restricted Competitors, will obtain an unfair
advantage if Participant (i) discloses Confidential Information or Trade Secrets to the Company’s competitors, (ii) uses Confidential Information or Trade Secrets on behalf of any entity that competes with the Company, or
(iii) exploits the relationships Participant develops on behalf of the Company during his employment to solicit Customers or Company Workers on behalf of any entity that competes with Equifax and in violation of this Restrictive Covenant
Agreement; and 
 E. the restrictions contained in this Restrictive Covenant Agreement are reasonable and necessary to protect the legitimate business
interests of the Company, and will not impair or infringe upon Participant’s right to work or earn a living in the event Participant’s employment with the Company ends. 

5. Trade Secrets and Confidential Information.  
  

	 	A.	Participant agrees that he will not: 

  

	 	1.	Either during or for a period of two (2) years after Participant’s employment with Equifax, use or disclose the Confidential Information for any purpose other than the performance of duties in the Business on
behalf of the Company or in compliance with legal process, except as authorized in writing by Equifax, and Participant shall not use or disclose Trade Secrets indefinitely, except in the good faith performance of his duties to the Company, or in
compliance with legal process; 

  

	 	2.	During Participant’s employment with Equifax, except in compliance with legal process, use or disclose (a) any confidential information or trade secrets of any Third Party, or (b) any works of authorship
developed in whole or in part by Participant for any Third Party, unless authorized in writing by the Third Party; or 

  

	 	3.	upon the conclusion of Participant’s employment with the Company for any reason retain Trade Secrets or Confidential Information, including any copies existing in any form (including electronic form) that are in
Participant’s possession or control, unless instructed to do so in writing by Equifax. Notwithstanding the foregoing, Participant may retain his address book to the extent it only contains contact information and the Company will reasonably
cooperate with Participant as to the transfer of his cell phone number. 

  
 5 

	 	B.	Pursuant to 18 USC § 1833(b), an individual may not be held criminally or civilly liable under any federal or state trade secret law for disclosure of a trade secret: (i) made in confidence to a government
official, either directly or indirectly, or to an attorney, solely for the purpose of reporting or investigating a suspected violation of law; and/or (ii) in a complaint or other document filed in a lawsuit or other proceeding, if such filing
is made under seal. Additionally, an individual suing an employer for retaliation based on the reporting of a suspected violation of law may disclose a trade secret to his attorney and use the trade secret information in the court proceeding, so
long as any document containing the trade secret is filed under seal and the individual does not disclose the trade secret except pursuant to court order. 

6. Non-Competition with Enterprise Competitors. During the Restricted Period, Participant will not, except as
authorized in writing by Equifax’s Board of Directors (the “Board”) or its delegate, perform Competitive Tasks on behalf of any of the Enterprise Competitors. Participant acknowledges that he has authority over and/or will gain
Trade Secrets and Confidential Information regarding multiple areas of Business. Because the Enterprise Competitors compete with most or all of the Company’s Business, Participant agrees that the Company has a legitimate interest in preventing
Participant from performing Competitive Tasks on behalf of any business unit of the Enterprise Competitors. 
 7.
Non-Competition with Restricted Competitors or Other Entities. During the Restricted Period, Participant will not, except as authorized in writing by Equifax’s Board or its delegate, perform
Competitive Tasks within the United States on behalf of any of the Restricted Competitors or perform Competitive Tasks in competition with the Business on Participant’s own behalf or on behalf of any other person or entity, in the territory
where the employee is working at the time of termination. This restriction is limited to a prohibition on working on Participant’s own behalf or on behalf of any other person or entity (or a recognized division or department thereof) that
competes with the area(s) of the Business in which Participant worked or for which Participant performed work during Participant’s last twelve (12) months of employment with Equifax; this restriction does not prevent Participant from
working exclusively for a recognized division or department of another entity, that does not compete with the area(s) of the Business for which Participant performed work during Participant’s last twelve (12) months of employment with
Equifax. 
 8. Non-Solicitation of Customers. During the Restricted Period, Participant will not directly or
indirectly solicit any Customer of the Company for the purpose of selling or providing any products or services competitive with those offered by the area(s) of the Business in which Participant worked or for which Participant performed work during
Participant’s last twelve (12) months of employment with Equifax. The restrictions set forth in this Section apply only to Customers with whom Participant had Contact. Nothing in this Section shall be construed to prohibit Participant from
soliciting any Customer of the Company for the purpose of selling or providing any products or services: (a) to a Customer that has terminated its business relationship with the Company (for reasons other than being solicited or encouraged by
Participant to do so), or (b) competitive with a product line or service line the Company no longer offers. 
 9.
Non-Solicitation of Company Workers. During the Restricted Period, Participant will not, directly or indirectly, on his behalf or on behalf of others, solicit any Company Worker whom Participant
supervised during his last year of employment, directly or indirectly, or with whom Participant regularly worked during his last year of employment to terminate his employment relationship with Equifax. The foregoing shall not be violated by general
advertising not targeted at Company workers or by serving as a reference upon request. 

  
 6 

 10. Work Product. Except as set forth in a separate written agreement executed by a corporate executive
officer of Equifax, ownership of all programs, systems, inventions, discoveries, developments, modifications, procedures, ideas, innovations, know-how or designs that either relate to Equifax’s business
or actual or demonstrably anticipated research or development or result from any work performed by Participant for Equifax (hereinafter collectively called “Inventions”) are the property of Equifax. Inventions shall not include any
intellectual property the assignment of which to Equifax would be expressly prohibited by a specifically applicable state law, regulation, rule or public policy, such as Delaware Code Annotated, Title 19, § 805, Illinois Revised Statutes,
Chapter 140, §§ 301-303, Kansas Statutes Annotated, §§ 44-130, Minnesota Statutes Annotated, § 181.78, North Carolina General Statutes,
§§ 66-57.1, 66-57.2, Utah Code Annotated, §§ 34-39-2, 34-39-3, or Washington Revised Code Annotated, §§ 49.44.140, 49.44.150. Participant will cooperate in applying for patents, trademarks or copyrights on all
Inventions as Equifax requests, and agrees to assign and hereby does assign those patents, trademarks, copyrights and/or all other intellectual property rights to Equifax. Any works of authorship created by Participant in the course of
Participant’s duties are subject to the “Work for Hire” provisions contained in sections 101 and 201 of the United States Copyright Law, Title 17 of the United States Code. Accordingly, all rights, title and interest to copyrights in
all works of authorship which have been or will be prepared by Participant within the scope of Participant’s employment (hereinafter collectively called the “Works”), shall be the property of Equifax. Participant further acknowledges
and agrees that, to the extent the provisions of Title 17 of the United States Code do not vest in Equifax the copyrights to any Works, Participant shall assign and hereby does assign to Equifax all rights, title and interest to copyrights which
Participant may have in the Works. Participant shall disclose to Equifax all Works and will execute and deliver all applications for registration, registrations, and further documents relating to the copyrights to the Works. Participant shall
provide such additional assistance as Equifax may deem necessary and desirable to assign the Works or Inventions to Equifax and/or secure Equifax title to the patents, trademarks, copyrights and/or all other intellectual property rights in the Works
or Inventions, including the appointment of Equifax as its agent to effect for such purposes. To the extent that any preexisting rights are embodied or reflected in the Works or Inventions, Participant grants to Equifax an irrevocable, perpetual, non-exclusive, world-wide, royalty-free right and license to (i) use, execute, reproduce, display, perform, distribute copies of and prepare derivative works based upon such preexisting rights; and
(ii) authorize others on Equifax’s behalf to do any or all of the foregoing, and Participant warrants that he has full and unencumbered authority to grant such a license. The confidentiality requirements of the preceding paragraphs of this
Restrictive Covenant Agreement will apply to all of the above. 
 11. Return of Company Property/Materials. Upon the termination of
Participant’s employment for any reason or upon Equifax’s request at any time, Participant shall immediately return to Equifax all of Equifax’s property, including, but not limited to, any mobile/smart phone, tablet, keys, passcards,
credit cards, confidential or proprietary lists (including, but not limited to, customer or vendor lists existing in any format), rolodexes, tapes, laptop computer, software, computer files, external data device, marketing and sales materials,
information relating to work done for Equifax or that Participant obtained as a result of 

  
 7 

 
working for Equifax (including such information residing on Participant’s personal computer, e-mail account, external data device, or mobile/smart
phone) and any other property, record, document, or piece of equipment belonging to Equifax. Notwithstanding the foregoing, Participant may retain his address book to the extent it only contains contact information and the Company will reasonably
cooperate with Participant as to the transfer of his cell phone number. Participant will not retain and shall provide to Equifax any copies of Equifax’s property, including any copies existing in electronic form. To the extent that Participant
cannot return copies of Equifax property (such as files existing on Participant’s home computer or personal e-mail account), then Participant shall provide a copy of the file to Equifax (including all
available Metadata) and then permanently delete the file (unless otherwise instructed in writing to preserve it by Equifax). The obligations contained in this Section shall also apply to any property that belongs to a third party, including, but not
limited to, (a) any entity which is affiliated or related to the Company, or (b) the Company’s customers, licensors, or suppliers. If Participant has any questions regarding his obligations to return and not to retain Company
property, then Participant is obligated to contact Participant’s direct supervisor (as of the end of Participant’s employment) to obtain guidance. 

12. Post-Employment Disclosure. During the Restricted Period, Participant shall provide a copy of this Restrictive Covenant Agreement to persons and/or
entities for whom Participant works or consults as an owner, partner, joint venturer, employee, or independent contractor. If, during the Restricted Period, Participant agrees to work or consult for another person or entity as an owner, partner,
joint venturer, employee or independent contractor, then Participant shall provide Equifax before Participant’s first day of work or consultation with such person’s or entity’s name, the nature of such person’s or entity’s
business, Participant’s job title, and a general description of the services Participant will provide. 
 13. Injunctive Relief. If Participant
breaches this Restrictive Covenant Agreement, Participant agrees that: 
 A. Equifax would suffer irreparable harm; 

B. it would be difficult to determine damages, and money damages alone would be an inadequate remedy for the injuries suffered by Equifax; and

 C. if Equifax seeks injunctive relief to enforce this Restrictive Covenant Agreement, Participant will waive and will not assert any defense that Equifax
has an adequate remedy at law with respect to the breach. 
 Nothing contained in this Restrictive Covenant Agreement shall limit Equifax’s right to
any other remedies at law or in equity. 
 14. Clawback. If Participant materially breaches this Restrictive Covenant Agreement, then the
Compensation Committee of the Board (the “Compensation Committee”) may, notwithstanding any other provision in an equity compensation award agreement (the “Award Agreement”) to the contrary, cancel, rescind, suspend, withhold or
otherwise restrict or limit Participant’s Award (as that term is defined in the Award Agreement). Without limiting the generality of the foregoing, the Committee may also require 

  
 8 

 
Participant to pay to the Company any gain realized by Participant from the Shares (as that term is defined in the Award Agreement) awarded during the period beginning six months prior to
the date on which Participant engaged or began engaging in activity in violation of this Restrictive Covenant Agreement. Participant agrees that in the event that the Committee takes any action set forth in this Paragraph: (a) the covenants set
forth herein will remain in effect as Participant will have received consideration above and beyond the Shares; and (b) Equifax will remain entitled to injunctive relief because it would not be made whole simply through the potential actions
set forth in this Paragraph. Nothing in this Paragraph limits the terms of the Company’s Policy on Recovery and Recoupment of Incentive Compensation, effective March 5, 2018, as amended from time to time. 

15. Independent Enforcement. Each of the covenants set forth herein shall be construed as covenants independent of: (a) any agreements other than
this Restrictive Covenant Agreement; or (b) any other covenants in this Restrictive Covenant Agreement, and the existence of any claim or cause of action by Participant against Equifax, whether predicated on this Restrictive Covenant Agreement
or otherwise, regardless of who was at fault and regardless of any claims that either Participant or Equifax may have against the other, shall not constitute a defense to the enforcement by Equifax of the covenants set forth herein. Equifax shall
not be barred from enforcing the restrictive covenants set forth herein by reason of any breach of: (a) any other part of this Restrictive Covenant Agreement; or (b) any other agreement with Participant. 

16. Computer Authorization. Participant agrees that Participant is not authorized to use Equifax’s computer system or any of Equifax’s IT
hardware or software for any purpose in actual or contemplated competition with Equifax. This includes but is not limited to: (a) transferring information relating to Equifax’s Business from Equifax’s system, hardware, or software to
an external device or account for the purpose of using, disclosing, or retaining such information after the end of Participant’s employment; or (b) deleting information relating to Equifax’s Business from Equifax’s system,
hardware, or software in advance of the end of Participant’s employment with Equifax. 
 17. Compliance with Federal and State Law. Participant
acknowledges that Equifax is obligated under federal and state credit reporting and similar laws and regulations to hold in confidence and not disclose certain information regarding individuals, firms or corporations which is obtained or held by
Equifax, and that Equifax is required to adopt reasonable procedures for protecting the confidentiality, accuracy, relevancy and proper utilization of consumer credit information. In that regard, except as necessary to perform Participant’s
duties for Equifax, Participant will hold in strict confidence, and will not use, reproduce, disclose or otherwise distribute any information which Equifax is required to hold confidential under applicable federal and state laws and regulations,
including the federal Fair Credit Reporting Act (15 U.S.C. § 1681 et seq.) and any state credit reporting statutes. 
 18. Misuse of
Data. Participant agrees that any unauthorized disclosure of confidential codes, system access instructions or file data, intentional alteration or destruction of data, or unauthorized access or updating of Participant’s own or any other
files can lead to immediate termination and federal prosecution under the Fair Credit Reporting Act, the Counterfeit Access Device and Computer Fraud and Abuse Act, or prosecution under other state and federal laws. Should Participant ever be
approached by anyone to commit unauthorized or illegal acts or to disclose confidential materials or data, Participant will immediately report this directly to Equifax management. 

  
 9 

 19. Waiver. Equifax’s failure to enforce any provision of this Restrictive Covenant Agreement
shall not act as a waiver of that or any other provision. Equifax’s waiver of any breach of this Restrictive Covenant Agreement shall not act as a waiver of any other breach. 

20. Severability. The provisions of this Restrictive Covenant Agreement are severable. If any provision is determined to be invalid, illegal, or
unenforceable, in whole or in part, then such provision shall be modified so as to be enforceable to the maximum extent permitted by law. If such provision cannot be modified to be enforceable, then the unenforceable element of the provision (or,
failing that, the entire provision) shall be severed from this Restrictive Covenant Agreement. The remaining provisions and any partially enforceable provisions shall remain in full force and effect. Equifax states specifically that Paragraphs 6 and
7 above shall not restrict the right of a lawyer to practice after termination. Rather, for any lawyer signing this Restrictive Covenant Agreement, Paragraphs 6 and 7 shall not apply to Competitive Tasks involving the practice of law. 

21. Governing Law. This Restrictive Covenant Agreement shall be governed by and construed in accordance with the laws of the State of Georgia, without
reference to Georgia’s choice of law rules. 
 22. No Strict Construction. If there is a dispute about the language of this Restrictive Covenant
Agreement, the fact that one Party drafted the Restrictive Covenant Agreement shall not be used in its interpretation. 
 23. Entire Agreement. This
Restrictive Covenant Agreement constitutes the entire agreement between the Parties concerning the subject matter of this Restrictive Covenant Agreement. This Restrictive Covenant Agreement supersedes any prior communications, agreements or
understandings, whether oral or written, between the Parties relating to the subject matter of this Restrictive Covenant Agreement, except for any handbooks or security policies issued by Equifax and applicable to Participant. 

24. Amendments. Participant understands that at any time during his employment, Equifax may request that Participant sign an amendment to this
Restrictive Covenant Agreement that would modify the restrictive covenants herein based on changes to Participant’s duties, changes in the area for which Participant has responsibility, changes in Equifax’s Business, or changes in the law
regarding restrictive covenants. This Restrictive Covenant Agreement may not otherwise be amended or modified except in writing signed by both Parties. 

25. Successors and Assigns. This Restrictive Covenant Agreement shall be assignable to, and shall inure to the benefit of, Equifax’s successors
and assigns, including, without limitation, successors through merger, name change, consolidation, or sale of a majority of Equifax’s stock or assets, and shall be binding upon Participant. Participant shall not have the right to assign his
rights or obligations under this Restrictive Covenant Agreement. The covenants contained in this Restrictive Covenant Agreement shall survive cessation of Participant’s employment with the Company, regardless of who causes the cessation or the
reason for the cessation. 

  
 10 

 26. Exclusive Jurisdiction and Venue. Participant agrees that any claim arising out of or relating to this
Restrictive Covenant Agreement shall be brought exclusively in the state or federal courts of competent jurisdiction located in the State of Georgia. Participant consents to the personal jurisdiction of such courts and thereby waives: (a) any
objection to jurisdiction or venue; or (b) any defense claiming lack of jurisdiction or improper venue, in any action brought in such courts. 

Participant acknowledges that he has carefully read this Restrictive Covenant Agreement, knows and understands its terms and conditions, and has had the
opportunity to ask the Company any questions Participant may have had prior to accepting this Restrictive Covenant Agreement. Participant also acknowledges that he consulted an attorney of Participant’s choice to review this Restrictive
Covenant Agreement before accepting it. 
 Signatures Follow 

  
 11 

					
	Date: March 27, 2018	  		  	 /s/ Mark W. Begor

		  		  	Mark W. Begor
			
		  	Accepted:	  	
			
		  		  	Equifax Inc.
			
		  		  	 /s/ Mark L. Feidler

		  		  	Mark L. Feidler
		  		  	Non-Executive Chairman
		  		  	Equifax Inc. Board of Directors

  
 12dare-ex101_432.htm

Exhibit 10.1

CONFIDENTIAL TREATMENT REQUESTED

 

 

 

LICENSE AND COLLABORATION AGREEMENT

BETWEEN

STRATEGIC SCIENCE & TECHNOLOGIES-D LLC

AND

(solely with respect to Section 10.5)

STRATEGIC SCIENCE & TECHNOLOGIES, LLC

AND

Daré Bioscience, Inc.

 

 

 

 

Portions of this Exhibit, indicated by the mark “[***]”, were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

CONFIDENTIAL TREATMENT REQUESTED

 

TABLE OF CONTENTS

Page

	
1.
	
DEFINITIONS.1

	
2.
	
LICENSE GRANTS, OWNERSHIP AND EXCLUSIVITY.13

	
 
	
2.1
	
License Grant13

	
 
	
2.2
	
Daré’s Right to Sublicense and Subcontract13

	
 
	
2.3
	
SST’s Right to Subcontract14

	
 
	
2.4
	
Rights of Affiliates.15

	
 
	
2.5
	
Trademarks15

	
 
	
2.6
	
No Implied Rights; SST Retained Rights15

	
 
	
2.7
	
Exclusivity15

	
3.
	
GOVERNANCE.17

	
 
	
3.1
	
General17

	
 
	
3.2
	
Joint Development Committee19

	
 
	
3.3
	
Joint Project Team19

	
4.
	
DEVELOPMENT OF LICENSED PRODUCTS.20

	
 
	
4.1
	
Approval of Development Plan; Annual Updates20

	
 
	
4.2
	
SST Responsibilities20

	
 
	
4.3
	
Daré Responsibilities20

	
 
	
4.4
	
SST Development Costs21

	
 
	
4.5
	
Suspension of Development23

	
5.
	
COMMERCIALIZATION.24

	
 
	
5.1
	
Commercialization Plan24

	
 
	
5.2
	
Diligence24

	
 
	
5.3
	
Samples and Labeling.24

	
 
	
5.4
	
Generics25

	
6.
	
MANUFACTURING.25

	
 
	
6.1
	
Manufacturing by SST25

	
 
	
6.2
	
Manufacturing by Daré25

	
 
	
6.3
	
Compliance with Laws26

	
7.
	
REGULATORY MATTERS.26

	
 
	
7.1
	
Responsibility26

	
 
	
7.2
	
Communication27

	
 
	
7.3
	
Right of Reference27

	
 
	
7.4
	
Drug Safety Information29

	
 
	
7.5
	
Recalls or Corrective Action29

 

i

Portions of this Exhibit, indicated by the mark “[***]”, were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

 

CONFIDENTIAL TREATMENT REQUESTED

 

TABLE OF CONTENTS

(Continued)

Page

	
8.
	
MILESTONE AND ROYALTY PAYMENTS.29

	
 
	
8.1
	
Milestone Payments29

	
 
	
8.2
	
Royalties.32

	
 
	
8.3
	
Sublicense Income35

	
 
	
8.4
	
Net Sales and Sublicense Income Reports36

	
 
	
8.5
	
Payment Terms36

	
 
	
8.6
	
Tax Withholding, Financial Records and Audits37

	
 
	
8.7
	
No Other Compensation38

	
9.
	
CONFIDENTIAL INFORMATION.38

	
 
	
9.1
	
Definition38

	
 
	
9.2
	
Confidentiality38

	
 
	
9.3
	
Permitted Disclosure and Use38

	
 
	
9.4
	
Return39

	
 
	
9.5
	
Remedies39

	
 
	
9.6
	
Survival39

	
10.
	
REPRESENTATIONS AND WARRANTIES.39

	
 
	
10.1
	
Mutual Representations and Warranties39

	
 
	
10.2
	
Daré Representations, Warranties and Covenants40

	
 
	
10.3
	
SST Representations, Warranties and Covenants40

	
 
	
10.4
	
SST Representations, Warranties and Covenants42

	
 
	
10.5
	
SST Parent Representations, Warranties and Covenants42

	
 
	
10.6
	
Disclaimer of Warranty42

	
11.
	
INDEMNIFICATION.43

	
 
	
11.1
	
Indemnification by Daré43

	
 
	
11.2
	
Indemnification by SST43

	
 
	
11.3
	
Procedure for Indemnification43

	
 
	
11.4
	
Insurance44

	
12.
	
INTELLECTUAL PROPERTY.44

	
 
	
12.1
	
Ownership of Inventions44

	
 
	
12.2
	
Ownership of Improvements44

	
 
	
12.3
	
Inventorship44

	
 
	
12.4
	
Prosecution and Maintenance of Patents45

	
 
	
12.5
	
Patent Infringement47

	
 
	
12.6
	
Infringement Claim by Third Party48

	
13.
	
TERM AND TERMINATION.49

	
 
	
13.1
	
Term49

 

ii

Portions of this Exhibit, indicated by the mark “[***]”, were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

CONFIDENTIAL TREATMENT REQUESTED

 

TABLE OF CONTENTS

(Continued)

Page

	
 
	
13.2
	
Termination of this Agreement by Daré for Convenience49

	
 
	
13.3
	
Termination for Cause50

	
 
	
13.4
	
Termination for Bankruptcy50

	
 
	
13.5
	
Effects of Termination50

	
 
	
13.6
	
Survival of Obligations51

	
 
	
13.7
	
Termination Not Sole Remedy52

	
 
	
13.8
	
Bankruptcy under U.S. Law52

	
14.
	
MISCELLANEOUS.52

	
 
	
14.1
	
Publications52

	
 
	
14.2
	
Public Announcements53

	
 
	
14.3
	
Limitation of Damages53

	
 
	
14.4
	
No Debarred Personnel53

	
 
	
14.5
	
Relationship of the Parties53

	
 
	
14.6
	
Registration of this Agreement53

	
 
	
14.7
	
Force Majeure54

	
 
	
14.8
	
Dispute Resolution54

	
 
	
14.9
	
Governing Law54

	
 
	
14.10
	
Attorneys’ Fees and Related Costs55

	
 
	
14.11
	
Assignment55

	
 
	
14.12
	
Notices55

	
 
	
14.13
	
Severability55

	
 
	
14.14
	
Headings55

	
 
	
14.15
	
Waiver55

	
 
	
14.16
	
Entire Agreement56

	
 
	
14.17
	
Modification56

	
 
	
14.18
	
No License56

	
 
	
14.19
	
No Third Party Beneficiaries56

	
 
	
14.20
	
Ambiguities56

	
 
	
14.21
	
CREATE Act56

	
 
	
14.22
	
Counterparts56

	
 
	
14.23
	
Interpretation56

 

 

 

iii

Portions of this Exhibit, indicated by the mark “[***]”, were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

CONFIDENTIAL TREATMENT REQUESTED

 

License AND COLLABORATION AGREEMENT

This LICENSE AND COLLABORATION AGREEMENT (“Agreement”) is entered into by and between Strategic Science & Technologies-D LLC (“SST”), with offices at 58 Charles St., Cambridge, MA 02141, and Daré Bioscience, Inc. (“Daré”), with offices at 11119 N. Torrey Pines Rd., La Jolla, CA 92037.  SST and Daré may each be referred to as a “Party” or together as the “Parties.”

RecITALS

WHEREAS, pursuant to a license agreement between SST and its parent company, Strategic Science & Technologies, LLC (“SST Parent”), SST owns or controls certain intellectual property assets, including patents, proprietary know-how, and scientific and technical information relating to a formulation of topical sildenafil in the Field of Use (as defined below) and SST is currently developing one or more topical pharmaceutical products utilizing sildenafil;

WHEREAS, Daré possesses expertise and resources relating to the development, manufacture and commercialization of pharmaceutical products and wishes to obtain an exclusive license under SST’s patents, proprietary know-how and scientific and technical information relating to topical formulation sildenafil to develop, manufacture and commercialize products for the treatment of female sexual dysfunction, including female sexual arousal disorder; 

WHEREAS, SST and Daré desire to enter into a collaboration for the development and commercialization of such products as set forth in this Agreement;

WHEREAS, as of the date of last signature hereto (“Signature Date”), Daré has undertaken diligent and good faith efforts to secure an investment of at least ten million dollars ($10,000,000) in the aggregate (“Initial Funding”) to fund Phase II Development; and

WHEREAS, subject to and conditioned upon Daré’s receipt of Initial Funding by March 31, 2018, or such later date as the Parties may agree in writing, SST is willing to grant to Daré, and Licensee desires to obtain, an exclusive license under SST’s intellectual property rights to develop and commercialize Licensed Products in the Field of Use (both defined below), on the terms and conditions stated herein.

NOW, THEREFORE, in consideration of the foregoing premises and the representations, warranties and covenants contained herein, SST and Daré, intending to be legally bound, hereby agree as follows:

AGREEMENT

DEFINITIONS.

  For purposes of this Agreement, the following capitalized terms, whether used in the singular or plural, shall have the following meanings:

1.1“AAA” shall have the meaning assigned thereto in Section 14.8.

 

Portions of this Exhibit, indicated by the mark “[***]”, were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

CONFIDENTIAL TREATMENT REQUESTED

1.2“Adverse Event” means any undesirable event or experience associated with the use of a medicinal product, whether or not expected, and whether or not considered related to or caused by the product, including an event or experience that occurs: in the course of the use of the product in professional practice; from overdose whether accidental or intentional; from abuse; from withdrawal; or from a failure of expected pharmacological or biological therapeutic action of the product.

1.3“Affiliate” means any Person that, directly or indirectly, controls, is controlled by or is under common control with a Party for so long as such control exists, where “control” means the decision-making authority as to such Person and, further, where such control shall be presumed to exist where a Person owns at least fifty percent (50%) of the equity (or such lesser percentage which is the maximum allowed to be owned by a foreign corporation in a particular jurisdiction, or, in the case of an entity that is not a corporation, for the election of the corresponding managing authority) entitled to vote regarding composition of the board of directors or other body entitled to direct the affairs of the entity.  For purposes of this Agreement, SST Parent is an Affiliate of SST.

1.4“Agreement” shall have the meaning assigned thereto in the opening paragraph of this Agreement.

1.5“Acquirer” means, with respect to a Party, any Third Party that becomes an Affiliate of such Party after the Effective Date as a result of such Party or any of its Affiliates being acquired by such Third Party.  

1.6“Annual Worldwide Net Sales” means the total Net Sales of all Licensed Products generated in a particular calendar year in all countries of the Territory, collectively, during the Royalty Term.

1.7“Bankruptcy Code” shall mean Title 11 of the United States Code.

1.8“Business Day” means any day other than (a) Saturday or Sunday or (b) any other day on which banks in New York, New York, United States are permitted or required to be closed.

1.9“Claim” means any charge, complaint, action, suit, proceeding, hearing, investigation, claim or demand.

1.10“Clinical Study” means a Phase I Clinical Study, Phase II Clinical Study, or Phase III Clinical Study.

1.11“Combination Product” means a Licensed Product that includes one or more active pharmaceutical ingredients or pharmaceutical products in addition to sildenafil (or a salt thereof).

1.12“Commercialization”, “Commercialize” or “Commercializing” means engaging in any and all activities directed to manufacturing, marketing, promoting, distributing, 

 

2

Portions of this Exhibit, indicated by the mark “[***]”, were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

CONFIDENTIAL TREATMENT REQUESTED

offering for sale, selling, importing, exporting or exploiting a product, including conducting post Marketing Authorization Approval studies.

1.13“Commercially Reasonable Efforts” means efforts at least consistent with the efforts that biotechnology or pharmaceutical companies similar in size to the applicable Party would be expected to devote to a product of similar market potential, profit potential (without taking into account payments under this Agreement), or strategic value resulting from its own research efforts, and at a similar stage in its product life, taking into account, as applicable, stage of development, mechanism of action, efficacy and safety relative to competitive products in the marketplace, actual or anticipated Regulatory Authority approved labeling, expected and actual competitiveness of alternative products (including generic products) in the marketplace, the nature and extent of market exclusivity (including patent coverage and regulatory exclusivity), cost and likelihood of obtaining Marketing Authorization Approval, and availability of manufacture and supply for commercial sale.  In all cases, the level of efforts required of a Party in connection with its Development and/or Commercialization efforts (as applicable) shall be determined without reference to any product other than Licensed Products, or any other drug development program other than the program described herein, owned by that Party, its Affiliates or any Sublicensee, or to which any of them have any rights or interests.

1.14“Committee” or “Committees” means the JDC and JPT, individually or collectively, as the context dictates.

1.15“Confidential Information” shall have the meaning assigned thereto in Section 9.1.

1.16“Control” or “Controlled” means with respect to any item of or right under Patents or Know-How, the possession of (whether by ownership or license, other than pursuant to this Agreement) or the ability of a Party to grant a license or sublicense of such items or right as provided for herein without violating the terms of any agreement or other arrangement with any Third Party existing at the time such Party would be required hereunder to grant the other Party such license or sublicense and without payment of additional consideration to such Third Party.

1.17“Cover” or “Covering” means, (a) with respect to a Patent, that at least one Valid Claim of such Patent would be infringed by the manufacture, offering for sale, sale, use or importation of the product, method, use, or device, as applicable, and (b) with respect to any other Intellectual Property Right, that the manufacture, offering for sale, sale, use or importation of the product, method, use or device would infringe or misappropriate such rights unless a license were granted.  For purposes of determining whether a Valid Claim of a pending patent application would be infringed by any of the activities described in clause (a) above, the claim(s) of such patent application shall be treated as having been granted.

1.18“Daré” shall have the meaning assigned thereto in the first paragraph of this Agreement.

1.19“Daré Invention” means an invention, other than an Improvement, with respect to which employees, contractors and/or agents (for the avoidance of doubt, other than SST) 

 

3

Portions of this Exhibit, indicated by the mark “[***]”, were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

CONFIDENTIAL TREATMENT REQUESTED

of Daré are sole inventors in the course of the activities hereunder, including all Intellectual Property Rights therein.

1.20“Daré Incorporated IP” means Daré Patents and Daré Know-How that are necessary for the manufacture, use or sale of, and/or are incorporated into, Licensed Products as manufactured, used or sold by Daré, or any of its Affiliates or Sublicensees, including clinical, stability and other data concerning such Licensed Products within the Daré Know-How, but expressly excluding the Daré Marks.

1.21“Daré Know-How” means all Know-How Controlled by Daré, its Affiliates or any of their Sublicensees at any time during the Term.

1.22“Daré Marks” means any trademarks or trade dress under which Licensed Products are Commercialized.

1.23“Daré Patents” means any Patents Covering a Licensed Product that are Controlled by Daré at any time during the Term.

1.24“Development”, “Develop” or “Developing” means engaging in preclinical and clinical drug development activities, including research, discovery, test method development, stability testing, toxicology, formulation, process development, manufacturing scale-up, development-stage manufacturing, analytical method validation, manufacturing process validation, cleaning validation, post-approval changes, quality assurance/quality control, statistical analysis, report writing, preclinical and Clinical Studies, regulatory filing submission and approval and regulatory affairs (including marketing, pricing or reimbursement approvals), but expressly excluding manufacturing of commercial supplies.

1.25“Development Plan” means the comprehensive plan for the Development of Licensed Products for the purpose of obtaining Marketing Authorization Approval, [***].

1.26“Disclosing Party” shall have the meaning assigned thereto in Section 9.1.

1.27“Drug Master File” means the drug master file document containing detailed information about the manufacturing of a Licensed Product, including information describing the manufacturing site, the manufacturing facility, the operating procedures, the personnel, the manufacture, storage and control of the Licensed Product, starting material and intermediates.

1.28“Effective Date” means the date that Daré receives the Initial Funding, provided that such date is no later than March 31, 2018, unless the Parties agree otherwise in writing. 

1.29“Elective Third Party License” shall have the meaning assigned thereto in Section 8.2.7(b).

 

4

Portions of this Exhibit, indicated by the mark “[***]”, were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

CONFIDENTIAL TREATMENT REQUESTED

1.30“EMA” means the European Medicines Agency, or any successor agency thereto.

1.31“End of Phase II FDA Meeting” means a meeting between the FDA and SST following completion of the End of Phase IIA FDA Meeting and the Phase II Clinical Study(ies) of the SST Product conducted pursuant to such End of Phase IIA FDA Meeting, the purpose of which is to review the results of such Phase II Clinical Study(ies) and align on the Phase III Clinical Studies required for NDA Approval of the SST Product in the Field of Use.

1.32“End of Phase IIA FDA Meeting” means the meeting between the FDA and SST, the purpose of which is to align and confirm the Clinical Study design(s) for further Phase II Clinical Studies and Phase III Clinical Studies of the SST Product for any indication in the Field of Use.  The Parties anticipate that this meeting will be a Type C Meeting as classified by FDA pursuant to its most recent congressional reauthorization of industry user fee programs.

1.33“EU Strategic Partnership Agreement” means a sublicense of Daré’s rights under this Agreement entered into between Daré and a Sublicensee under which such Sublicensee receives rights to Develop and/or Commercialize Licensed Products in Great Britain and/or within the European Union.

1.34“Excess Budget Increase” shall have the meaning assigned thereto in Section 3.1.5.

1.35“FDA” means the United States Food and Drug Administration and any successor agency thereto.

1.36“FDCA” means the Federal Food, Drug and Cosmetic Act, 21 U.S.C. § 301 et seq. as amended from time to time, and the rules, regulations and guidelines promulgated thereunder.

1.37“Field of Use” means the treatment or prevention of all indications for women related to female sexual dysfunction and/or female reproductive health, including treatment of female sexual arousal disorder.

1.38“First Commercial Sale” means, on a country-by-country basis, the first transfer for value of commercial quantities of any Licensed Product by Daré or any of its Affiliates or Sublicensees in any country after receipt of Marketing Authorization Approval in such country.  Sales for uses in Clinical Studies, or compassionate or similar uses shall not be considered to constitute a First Commercial Sale.

1.39“Force Majeure Event” shall have the meaning assigned thereto in Section 14.6.

1.40“FTE Costs” means the costs of any fully dedicated or multiple partially dedicated employees or contractors (including all relevant overhead costs attributed to these 

 

5

Portions of this Exhibit, indicated by the mark “[***]”, were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

CONFIDENTIAL TREATMENT REQUESTED

employees or contractors) incurred by SST (without mark-up) to perform its obligations under the Development Plan, and which costs are included in the Development Plan budget.

1.41“Generic Product” means, with respect to a particular Licensed Product and a particular country, any pharmaceutical product (other than such Licensed Product) that contains the same active ingredient(s) as such Licensed Product, has substantially the same formulation, mode of administration and duration of release as such Licensed Product, and is approved for one or more of the same indications as such Licensed Product in such country.

1.42“Good Clinical Practices” means all applicable current Good Clinical Practice standards for the design, conduct, performance, monitoring, auditing, recording, analyses, and reporting of Clinical Studies, including the requirements in 21 C.F.R. Parts 11, 50, 54, 56, 312, and 314, and European Union Directive 2001/20/EC and Commission Directive 2005/28/EC, in each case, as may be amended from time to time, that provide assurance that the data and reported results are credible and accurate, and that the rights, integrity, and confidentiality of Clinical Study subjects are protected.

1.43“Good Manufacturing Practices” or “cGMPs” means, with respect to the United States, the minimum then-current good manufacturing practices for methods, facilities, and controls to be used for the manufacture, processing, packing, or holding of a drug to assure that it meets the requirements of the FDCA for safety, has the identity and strength it claims to have, and meets the quality and purity standards set for such a product.  cGMPs are specified in 21 C.F.R. Parts 210 and 211 and in applicable FDA guidelines and policies, as may be amended, and, with respect to any other country or jurisdiction, there may be equivalent regulations in such other country or jurisdiction.

1.44“Governmental Authority” means any court, tribunal, arbitrator, agency, legislative body, commission, official or other instrumentality of (a) any government of any country, (b) a federal, state, province, county, city or other political subdivision thereof or (c) any supranational body, including the FDA.

1.45“Improvements” means any enhancement, modification or improvement to Licensed Know-How incorporating, utilizing, or requiring the use of Licensed Know-How, or any improvement to Licensed Patents requiring the practice of an invention claimed in the Licensed Patents, in each case, which is conceived, reduced to practice, developed or made after the Signature Date solely or jointly by or on behalf of employees or agents of either Party or any of its Affiliates or any Sublicensee, alone or with others; provided, however, that any Intellectual Property Rights that are Controlled by an Acquirer of either Party, or by a Sublicensee, shall not be deemed Improvements unless such Intellectual Property Rights are actually used at any time in the Development and/or Commercialization of Licensed Products under this Agreement (including a sublicense granted under this Agreement).

1.46“IND” means, with respect to a Licensed Product, any Investigational New Drug Application, as defined in the implementing regulations of Title 21, Part 312, on file with the FDA before the commencement of Clinical Studies of such Licensed Product, or any 

 

6

Portions of this Exhibit, indicated by the mark “[***]”, were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

CONFIDENTIAL TREATMENT REQUESTED

comparable filing with any relevant Regulatory Authority in any country or jurisdiction in the Territory.

1.47“Indemnified Party” shall have the meaning assigned thereto in Section 11.3.1.

1.48“Indemnifying Party” shall have the meaning assigned thereto in Section 11.3.1.

1.49“Intellectual Property Rights” means any and all patent rights, copyright rights, trade secret rights, sui generis database rights and all other intellectual and industrial property rights of any sort throughout the world (including any application therefor) whether now known or hereafter existing.

1.50“Joint Invention” means an invention, other than an Improvement, with respect to which employees and/or agents of both SST and Daré are joint inventors in the course of the activities carried out in the performance of this Agreement, regardless of whether any Third Parties are also joint inventors, including all Intellectual Property Rights therein.

1.51“Joint Patent” means any Patent Covering a Joint Invention.

1.52“Know-How” means information, trade secrets and data (including non-clinical data, results of Clinical Studies, data generated in pre-clinical and Clinical Studies (including post-Marketing Authorization Approval studies) and other technical data, information contained in Regulatory Filings, communications and correspondence with Regulatory Authorities, and product development and manufacturing data), in each case, in any tangible or intangible form, necessary or useful for the Development, manufacturing, packaging, production, quality control, distribution, Commercialization, sale or use of Licensed Products in the Field of Use, and in all cases whether patentable or not, but expressly excluding Patents.

1.53“Laws” means all laws, statutes, rules, regulations (including current Good Manufacturing Practices; current Good Clinical Practices; IND application regulations at 21 C.F.R. Part 312; NDA regulations at 21 C.F.R. Part 314; relevant provisions of the FDCA, and other laws and regulations enforced by the FDA), ordinances and other pronouncements having the binding effect of law of any Governmental Authority.

1.54“License Agreement” means that certain License Agreement between SST and SST Parent effective as of August 29, 2012, as amended by that certain Amendment No. 1 to License Agreement dated as of February 11, 2018.

1.55“Licensed IP” means the Licensed Patents, Licensed Know-How, SST’s rights in any Joint Inventions and Joint Patents, and all Improvements. 

1.56“Licensed Know-How” means all Know-How Controlled by SST, SST Parent and their Affiliates as of the Signature Date and during the Term, other than Know-How Controlled by an Acquirer of SST, SST Parent and their Affiliates, which shall be deemed Licensed 

 

7

Portions of this Exhibit, indicated by the mark “[***]”, were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

CONFIDENTIAL TREATMENT REQUESTED

Know-How only if such Know-How is actually used by or on behalf of SST, SST Parent and/or their Affiliates at any time in connection with the Development of Licensed Products under this Agreement.

1.57“Licensed Patents” means (a) the patents and patent applications set forth in Exhibit 1 attached hereto, (b) patent applications claiming priority thereto, including continuations, divisionals, continuations-in-part and foreign patent applications, (c) all patents issuing from such domestic, and foreign patent applications described in (a) and (b), including all reissues, reexaminations and extensions, and (d) all other patents and patent applications that have at least one Valid Claim Covering the manufacture, use, and/or sale of a Licensed Product, whether or not listed on Exhibit 1, in each case to the extent any of the patents or patent applications in (a) through (d) above are Controlled by SST or its Affiliates as of the Signature Date or during the Term.

1.58“Licensed Product” means the SST Product, or any other topically applied pharmaceutical product containing sildenafil or a salt thereof as a pharmaceutically active ingredient, alone or with other active ingredients, but specifically excluding any product containing ibuprofen or any salt derivative of ibuprofen. 

1.59“Losses” means any and all damages (including all loss of profits, diminution in value, and incidental, indirect, consequential, special, reliance, exemplary, punitive, statutory and treble damages), awards, deficiencies, settlement amounts, defaults, assessments, fines, dues, penalties, costs, fees, liabilities, obligations, taxes, liens, losses and expenses (including court costs, interest and reasonable fees of attorneys, accountants and other experts) incurred by or awarded to Third Parties and required to be paid to Third Parties with respect to a Claim by reason of any judgment, order, decree, stipulation or injunction, or any settlement entered into in accordance with the provisions of this Agreement.

1.60“Manufacturing Documentation” means, with respect to a Licensed Product, the Drug Master File for such Licensed Product, and any other documentation that is necessary for the manufacture of Licensed Product (or any component thereof), including the following:  manufacturing process validation reports; manufacturing instructions; batch record templates; manufacturing standard operating procedures; specifications and test methods for the Licensed Product, raw materials and stability; standard operating procedures and specifications for packaging, manufacturing and packaging instructions; master formula; validation reports (analytical, packaging and cleaning); stability data; approved supplier lists.

1.61“Marketing Authorization Approval” shall mean approval by a Regulatory Authority necessary for commercialization of a Licensed Product in the corresponding jurisdiction, including NDA Approval.

1.62“NDA” means a new drug application, abbreviated new drug application or supplemental new drug application or any amendments thereto submitted to the FDA or an equivalent thereof submitted to a Regulatory Authority in a foreign country.

 

8

Portions of this Exhibit, indicated by the mark “[***]”, were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

CONFIDENTIAL TREATMENT REQUESTED

1.63“NDA Acceptance” means the written notification by the FDA that the NDA has met all the criteria for filing acceptance.

1.64“NDA Approval” means approval by the FDA for marketing and sale of a Licensed Product in the United States.

1.65“Necessary Third Party License” shall have the meaning assigned thereto in Section 8.2.7(a). 

1.66“Net Sales” means with respect to a given time period, the gross amounts invoiced for Licensed Products sold by or on behalf of Daré, an Affiliate of Daré, or a Sublicensee, as applicable, to Third Party customers, less the following amounts:

	
 
	
(i)
	
reasonable returns, allowances, refunds, rebates paid or accrued;

(ii)customary trade, quantity, cash and other discounts, any other reasonable adjustments allowed and actually granted in the ordinary course of business, including those granted on account of price adjustments, billing errors, and damaged or defective goods;

(iii)chargebacks, rebates, reimbursements or similar payments or adjustments granted in the ordinary course of business to retailers, wholesalers, distributors or other buying groups;

(iv)adjustments arising from consumer discount programs;

(v)customs or excise duties, tariffs, sales, consumption, value added and other taxes (except income taxes and withholding taxes) or similar payments related to particular sales or shipments of Licensed Products;

(vi)reasonable, documented freight, postage, shipping, handling and insurance cost; and

(v)actual bad debt expense actually written off, to the extent such expense does not exceed five percent (5%) of the gross amounts invoiced for Licensed Products sold by or on behalf of Daré, an Affiliate of Daré, or a Sublicensee, as applicable, during the relevant time period; provided, that any such bad debt expenses deducted from such gross amounts shall be treated as Net Sales if and when such amounts are later received.

Sales between Daré and its Affiliates or Sublicensees are excluded from the computation of Net Sales except where such Affiliates or Sublicensees are end users.

1.67“Other Products” means any products other than Licensed Products.

1.68“Other Products” shall have the meaning assigned to it in Section 2.7.1.

1.69“Party” or “Parties” shall have the meaning assigned thereto in the first paragraph of this Agreement.

 

9

Portions of this Exhibit, indicated by the mark “[***]”, were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

CONFIDENTIAL TREATMENT REQUESTED

1.70“Patent” means any patent or patent application, including any United States provisional application, any United States non-provisional application, and any continuation, continuation-in-part, divisional, registration, confirmation, revalidation, reissue, reexamination, PCT application, patent term extension, SPC, and utility model, as well as all related extensions or restorations of terms thereof.

1.71“Patent Costs” shall have the meaning assigned thereto in Section 12.4.1.

1.72“PD5 License Exclusive Period” shall have the meaning assigned thereto in Section 2.7.4.

1.73“PD5 Proposal” shall have the meaning assigned thereto in Section 2.7.4.

1.74“PD5 Proposal Acceptance” shall have the meaning assigned thereto in Section 2.7.4.

1.75“PD5 Proposal Notice” shall have the meaning assigned thereto in Section 2.7.4.

1.76“Person” means any natural person, corporation, general partnership, limited partnership, limited liability company, joint venture, proprietorship or other de jure entity organized under the Laws of any jurisdiction.

1.77“Phase I Clinical Study” means (a) in connection with obtaining Marketing Authorization Approval in the United States, the first Clinical Study conducted in human volunteers or patients to obtain preliminary information on a Licensed Product’s safety, tolerability, pharmacodynamic activity, pharmacokinetics, drug metabolism and mechanism of action, as well as early evidence of effectiveness if possible, as more fully defined in 21 C.F.R. § 312.21(a), as may be amended or (b) in connection with obtaining Marketing Authorization Approval in any other jurisdiction, the equivalent of any such Clinical Study in such other country or jurisdiction.

1.78“Phase II Clinical Study” means (a) in connection with obtaining Marketing Authorization Approval in the United States, a Clinical Study in human patients, the primary intention of which is to collect data on dosages and demonstrate clinical safety and efficacy of a Licensed Product in a target population for a specific disease or condition under study, as more fully defined in 21 C.F.R. § 312.21(b), as may be amended or (b) in connection with obtaining Marketing Authorization Approval in any other jurisdiction, the equivalent of any such Clinical Study in such other country or jurisdiction.

1.79“Phase IIb Clinical Study” means a Phase II Clinical Study of the SST Product initiated after completion of the End of Phase IIA FDA Meeting and in which the SST Product is used by study subjects outside the clinical setting (e.g., at home).

1.80“Phase II Development” means the conduct of one or more Phase II Clinical Studies of the SST Product reasonably necessary for the initiation of Phase III 

 

10

Portions of this Exhibit, indicated by the mark “[***]”, were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

CONFIDENTIAL TREATMENT REQUESTED

Development, including all Development activities incidental to or required to initiate such Phase II Clinical Studies.  For the avoidance of doubt, protocol development, clinical supply manufacturing and other activities undertaken in preparation of Phase III Clinical Studies shall not be included in the Phase II Development, even if they occur prior to the completion of Phase II Development.

1.81“Phase III Clinical Study” means (a) in connection with obtaining Marketing Authorization Approval in the United States, a Clinical Study that is conducted in human patients with a defined dose or set of defined doses of a Licensed Product, after successful completion of one or more Phase II Clinical Studies, designed to evaluate safety and therapeutic efficacy of a Licensed Product, to define warnings, precautions and adverse reactions associated with the Licensed Product in the dosage range to be prescribed, as more fully defined in 21 C.F.R. § 312.21(c), as may be amended or (b) in connection with obtaining Marketing Authorization Approval in any other jurisdiction, the equivalent of any such Clinical Study in such other country or jurisdiction.

1.82“Phase III Development” means the conduct of Phase III Clinical Studies of SST Product in the United States as set forth in the then-current Development Plan, including all Development activities incidental thereto.

1.83“Receiving Party” shall have the meaning assigned thereto in Section 9.1.

1.84“Regulatory Authority” means a Governmental Authority involved in the granting of Marketing Authorization Approval in a country (e.g., the FDA).

1.85“Regulatory Filings” means any written application, submission, notice or other filing made to an applicable Regulatory Authority in the Territory:  (a) seeking approval for the commercial manufacture, use, storage, import, export, transport, distribution, marketing or sale of a Licensed Product, including any Marketing Authorization Approval; or (b) that is required to be filed with a Regulatory Authority before beginning clinical testing of a Licensed Product in human subjects, including any IND or any successor application or procedure, non-U.S. equivalents to any of the foregoing, and all supplements and amendments that may be filed with respect to any of the foregoing.

1.86“Royalty Term” means, on a country-by-country and Licensed Product-by-Licensed Product basis, a period starting on the date of the First Commercial Sale of each Licensed Product in each country and expiring upon the later of (a) the expiry of the last-to-expire of the Licensed Patents which has at least one Valid Claim Covering such Licensed Product in such country or (b) ten (10) years from the date of First Commercial Sale of such Licensed Product in such country.

1.87“Senior Executives” shall mean the President of SST and the Chief Executive Officer of Daré.

 

11

Portions of this Exhibit, indicated by the mark “[***]”, were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

CONFIDENTIAL TREATMENT REQUESTED

1.88“SPC” means a right based upon a Patent that extends the right to exclude others from making, having made, using, offering to sell, selling, importing or exporting a Licensed Product, such as a Supplementary Protection Certificate.

1.89“SST” shall have the meaning assigned thereto in the first paragraph of this Agreement.

1.90“SST Invention” means an invention, other than an Improvement, which is conceived, discovered, developed, made or reduced to practice solely by employees, contractors or other agents of SST in the course of SST’s performance of its obligations under this Agreement, including all Intellectual Property Rights therein.

1.91“SST Parent” has the meaning ascribed to it in the Recitals.

1.92“SST Product” means SST’s topical formulation of sildenafil citrate as it exists as of the Signature Date.

1.93“Sublicensee” means a Third Party sublicensee to whom Daré has sublicensed any rights to Develop and/or Commercialize (e.g., without limitation, the right to sell or offer to sell) Licensed Products pursuant to Section 2.2, and a Third Party to whom such sublicensee has onward sublicensed such rights .  

1.94“Sublicense Income” means all cash payments and the fair market cash value of any equity consideration (less any amounts paid for such equity consideration) received by Daré or its Affiliates in consideration for and directly attributable to the grant of a sublicense under the Licensed IP, including any upfront payments, license maintenance fees, milestone payments, royalty payments or the like; provided, however, that with respect to milestone payments, no part of any milestone payment received from a Sublicensee for a milestone event that corresponds directly to a milestone event triggering a milestone payment payable by Daré to SST pursuant to Section 8.1 shall be included in the calculation of Sublicense Income unless the payment received from the Sublicensee exceeds four (4) times the corresponding milestone payment payable by Daré, in which case the full amount of the milestone payment received from the Sublicensee shall be considered Sublicense Income. 

Notwithstanding the foregoing, Sublicense Income shall not include proceeds reasonably and fairly attributable to bona fide (a) equity investments in the Sublicensee at fair market value, (b) reimbursement for the cost of research and/or development services (not in excess of commercially reasonable rates); (c) non-forgivable loans (and forgivable loans unless and until forgiven); (d) amounts paid for supplies of Licensed Products or other tangible materials, or that are otherwise paid in reimbursement of costs or expenditures, whether incurred before or after the date of such sublicense agreement; (e) running royalties (including any amounts paid based upon sales of Licensed Products); and (f) withholding taxes or other amounts actually withheld from the amounts paid to Daré.  For the avoidance of doubt, Sublicense Revenue shall not include amounts received in connection with a merger, consolidation or sale of all or substantially all of the business or assets of Daré (including the assets of Daré to which this Agreement relates).

 

12

Portions of this Exhibit, indicated by the mark “[***]”, were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

CONFIDENTIAL TREATMENT REQUESTED

In respect of any Sublicense Income received in kind or any other form other than lawful currency, payments shall be made based on the value thereof determined by the parties in good faith, other than in respect of equity or other securities which shall be determined as follows: The per share fair market value of a Sublicensee’s equity or any other securities shall be (i) if publicly traded and listed on a national exchange or through the Nasdaq National Market, the average of the closing prices of such equity on such exchange or quotation system over the ten (10) day trading period ending three (3) days prior to the date of such payment, (ii) if publicly traded on an over-the-counter basis, the value shall be deemed to be the average of the closing bid or sale prices (whichever is applicable) over the ten (10) day trading period ending three days prior to the date of such payment, (iii) if not publicly traded, the per share amount paid by an investor to the Sublicensee in the most recent round of financing within the six (6) month period immediately preceding the equity or other investment by Daré or any of its Affiliates, or (iv) if not publicly traded and no round of financing occurred in the immediately preceding six (6) month period, the per share fair market value of Sublicensee’s equity or similar securities shall be agreed upon by the parties in good faith.  In the event that SST and Daré or any of its Affiliates cannot agree on a price within thirty (30) days after Daré’s or any of its Affiliates’ equity investment in the Sublicensee, said price shall be determined by a mutually agreed upon appraiser.  If Daré or any of its Affiliates makes an equity investment in the Sublicensee at a price that is less than fair market value (as determined in the manner specified above), then the difference between Daré’s or any of its Affiliates’ purchase price and the fair market value on the date that such payment is to be made multiplied by the total number of shares or securities purchased by Daré or any of its Affiliates shall be deemed Sublicense Income.

1.95“Term” shall have the meaning assigned thereto in Section 13.1.

1.96“Territory” means all countries and geographic territories of the world.

1.97“Third Party” means a Person who is not a Party or an Affiliate of a Party.

1.98“Third Party Claim” shall have the meaning assigned thereto in Section 11.3.1.

1.99“United States” means the United States of America and its territories and possessions.

1.100“U.S. Strategic Partnership Agreement” means a sublicense of Daré’s rights under this Agreement entered into between Daré and a Sublicensee under which such Sublicensee receives rights to Develop and/or Commercialize Licensed Products in the United States.

1.101“Valid Claim” means a claim in an issued, unexpired patent or in a pending patent application that (a) has not been finally cancelled, withdrawn, abandoned or rejected by any administrative agency or other body of competent jurisdiction, (b) has not been revoked, held invalid, or declared unpatentable or unenforceable in a decision of a court or other body of competent jurisdiction that is unappealable or unappealed within the time allowed for appeal, (c) 

 

13

Portions of this Exhibit, indicated by the mark “[***]”, were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

CONFIDENTIAL TREATMENT REQUESTED

has not been rendered unenforceable through disclaimer or otherwise, and (d) is not lost through an interference proceeding.  Notwithstanding the foregoing, if a claim of a pending patent application has not issued as a claim of a patent as of the date that is seven (7) years after the PCT filing date (or the first national filing date if no PCT was filed), such claim shall cease, as of such date, to be a Valid Claim for the purposes of this Agreement, unless and until such claim issues as a claim of an issued patent (from and after which time the same shall be deemed a Valid Claim, subject to clauses (a) and (b) above).

2.LICENSE GRANTS, OWNERSHIP AND EXCLUSIVITY.

License Grant

.  Subject to the terms and conditions of this Agreement, SST grants to Daré, and Daré accepts, under the Licensed IP, an exclusive, royalty-bearing, non-transferable (except as expressly set forth in Section 15.11) license, with the right to sublicense (subject to the requirements of Section 2.2), to Develop and Commercialize Licensed Products in the Field of Use in the Territory.

Daré’s Right to Sublicense and Subcontract

.

2.2.1At any time after the JDC determines that Phase II Development has been completed, Daré may sublicense its rights to Develop and/or Commercialize Licensed Products to Third Parties.  In addition, Daré may authorize any Sublicensee receiving its rights to the Licensed IP directly from Daré to sublicense such Sublicensee’s rights to Develop and/or Commercialize Licensed Products to Third Parties upon thirty (30) days’ prior written notice to SST.  Daré shall not permit any Sublicensee to authorize another Sublicensee to grant any further sublicenses under the Licensed IP.  [***].    

2.2.2At any time, Daré may subcontract its obligations to Develop and/or Commercialize Licensed Products, in part (but not in their entirety) to Third Party contract research organizations, contract manufacturing organizations, contract sales organizations, consultants and similar service providers; provided, that any such subcontracting with respect to Development activities shall be subject to the approval of the JDC.  

2.2.3Daré shall secure all appropriate covenants, obligations and rights from any such Sublicensee or subcontractor, including licenses, Intellectual Property Rights and confidentiality obligations, as applicable, to ensure that each such Sublicensee and subcontractor is subject to, and Daré can comply with, all of Daré’s covenants and obligations to SST under this Agreement.  Daré shall (a) be responsible for any failure of its Sublicensees and subcontractors to comply with this Agreement and (b) provide SST with a complete copy of any sublicense or subcontract agreement entered into under this Section 2.2.3 promptly following the execution thereof, which copy may be reasonably redacted, provided the redacted copy permits SST to confirm Daré’s compliance with its obligations under this Section 2, and shall be subject to the confidentiality obligations under this Agreement.  

2.2.4Daré’s rights to sublicense and subcontract are limited as expressly set forth in this Section 2.2.  

 

14

Portions of this Exhibit, indicated by the mark “[***]”, were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

CONFIDENTIAL TREATMENT REQUESTED

SST’s Right to Subcontract

.  SST may delegate any or all of its obligations under this Agreement (including, without limitations, any obligations SST has with respect to any Committee under Article 3) to SST Parent upon thirty (30) days’ prior notice to Daré.  In addition, SST may subcontract its obligations to complete any Development activities for which it is responsible under this Agreement to SST Parent or to Third Party contract research organizations, contract manufacturing organizations, consultants and similar service providers; provided, that any such subcontracting to Third Parties with respect to Development activities shall be subject to the approval of the JDC.   SST shall secure all appropriate covenants, obligations and rights from SST Parent and any such subcontractor, including licenses, Intellectual Property Rights and confidentiality obligations, as applicable, to ensure that SST Parent and each such subcontractor is subject to, and SST can comply with, all of SST’s covenants and obligations to Daré under this Agreement.  SST’s rights to subcontract are limited as expressly set forth in this Section.  SST shall be responsible and liable for any failure of SST Parent or any of SST’s or SST Parent’s subcontractors to comply with this Agreement, and for their actions or inactions related to any such delegation or subcontracting.

2.4Rights of Affiliates.  Daré may permit its Affiliates to exercise all rights granted to Daré hereunder to Develop and/or Commercialize Licensed Products, such that Daré’s Affiliates shall have the same license rights granted to Daré hereunder.  Daré shall secure all appropriate covenants, obligations and rights from any such Affiliate, including licenses, Intellectual Property Rights and confidentiality obligations, to ensure that such Affiliate is subject to, and Daré can comply with, all of Daré’s covenants and obligations to SST under this Agreement.  Daré shall be responsible for any failure of any of its Affiliates exercising rights pursuant to this Section 2.3 to comply with this Agreement.

Trademarks

.  Daré shall exclusively own all Daré Marks for Licensed Products, and shall be responsible for the procurement, filing and maintenance of trademark registrations for such Daré Marks and all related costs and expenses.

No Implied Rights; SST Retained Rights

.  Nothing contained in this Agreement confers or will be construed to confer any rights by implication, estoppel or otherwise, under any Intellectual Property Rights, other than the rights expressly granted in this Agreement.  During the Term, neither Daré, nor any of its Affiliates, nor any Sublicensees will use all or any part of the Licensed IP to Develop or Commercialize any products other than Licensed Products.  All rights not expressly granted by a Party under this Agreement are reserved to such Party.  Notwithstanding the license granted to Daré under Section 2.1, SST retains the right, under the Licensed IP, to Develop (but not Commercialize) Licensed Products in the Field of Use for the Territory pursuant to the terms of this Agreement.  For the avoidance of doubt, but without limiting and subject to Sections 2.7.1 and 2.7.4, SST also retains the right to research, Develop and Commercialize (i) any and all products outside the Field of Use (including products for male erectile dysfunction), and (ii) any and all products in the Field of Use other than pharmaceutical products containing either sildenafil or a salt thereof as a pharmaceutically active ingredient, and to grant licenses to Third Parties to do the same.  

Exclusivity

. 

 

15

Portions of this Exhibit, indicated by the mark “[***]”, were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

CONFIDENTIAL TREATMENT REQUESTED

2.7.1During the Term, SST, SST Parent and SST Parent’s and their Affiliates will not, nor will they license or authorize any of their Affiliates or any Third Party to, [***] in the Field of Use, whether or not such product includes ibuprofen or any salt derivative thereof (except to the extent reasonably necessary for SST to perform its Development obligations under this Agreement as described in Section 2.2.2).  Notwithstanding the preceding sentence, nothing in this Section 2.7.1 or elsewhere in this Agreement shall prohibit an Acquirer of SST from Developing or Commercializing, or licensing or authorizing the Development or Commercialization of, [***], in the Field of Use (other than any other Licensed Product(s) Developed and/or Commercialized by Daré, its Affiliates and/or Sublicensees under this Agreement) (all such products, collectively, “[***]”), so long as the Development and/or Commercialization of such [***] does not utilize any Licensed IP.

2.7.2During the Term, neither Daré, nor any of its Affiliates, nor any Sublicensees will directly or indirectly Develop or Commercialize any [***].  Notwithstanding the preceding sentence, nothing in this Section 2.7.2 or elsewhere in this Agreement shall prohibit an Acquirer of Daré from Developing or Commercializing any pharmaceutical product [***], in each case so long as the Development and/or Commercialization of such product does not utilize any Licensed IP.  For clarity, nothing in this Section 2.7.2 prohibits Daré, its Affiliates or any Sublicensees from developing or commercializing [***].  

2.7.3If, at any time during the Term, the license rights granted by SST to Daré under this Agreement are terminated with respect to one or more countries in the Territory or in their entirety as permitted herein, then from and after the effective date of any such termination, the scope of each Party’s obligations in Sections 2.7.1 and 2.7.2, as applicable, shall not apply with respect to any countries in the Territory that have been terminated.

2.7.4SST shall notify Dare in writing should SST or an Affiliate of SST elect to undertake any [***] in the Field of Use, and/or should SST or an Affiliate of SST elect to initiate discussions with any Third Party concerning a potential collaboration, option and/or license between SST and such Third Party to Develop and/or Commercialize [***] in the Field of Use.  Notwithstanding the foregoing, SST shall not be required to notify Daré of any Development efforts with respect to [***] in the Field of Use that are undertaken by an Acquirer of SST or an Affiliate of SST where such Development efforts do not utilize any of the Licensed IP (“Acquirer Development Efforts”).

(a)If SST or an Affiliate of SST intends to undertake any non-trivial Development efforts with respect to an [***] in the Field of Use (other than Acquirer Development Efforts undertaken by an Acquirer), or intends to accept or to approve entering into a term sheet or agreement with any Third Party for the grant of an exclusive license to all or substantially all of the Licensed IP for the development and/or commercialization of any [***] in the Field of Use (each such transaction, a “PD5 Proposal”), then, within two (2) business days after such decision with respect to such PD5 Proposal, SST shall provide Daré with written notice of the existence of such PD5 Proposal, including the material terms thereof (the “PD5 Proposal Notice”).  

 

16

Portions of this Exhibit, indicated by the mark “[***]”, were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

CONFIDENTIAL TREATMENT REQUESTED

(b)Daré shall have fifteen (15) days from receipt of the PD5 Proposal Notice to notify SST if Daré wishes to enter into an exclusive license to all or substantially all of the Licensed IP for the development and/or commercialization of the [***] that is the subject of the PD5 Proposal.  If Daré notifies SST during the foregoing fifteen (15) day period that Daré wishes to enter into such a license (“PD5 Proposal Acceptance”), then,  during the PD5 License Exclusive Period (as defined below), Daré shall have a right of first negotiation as follows: 

(c)SST shall negotiate in good faith with Daré for commercially reasonable terms regarding the PD5 Proposal that is the subject of the PD5 Proposal Acceptance, and SST shall not enter into a binding agreement or term sheet regarding such PD5 Proposal with any Third Party, and shall not undertake any non-trivial Development efforts with respect to the [***] that is the subject to the PD5 Proposal Notice in the Field of Use, in each case unless approved by Daré in writing.  “PD5 License Exclusive Period” means the period beginning on the date of SST’s receipt of the PD5 Proposal Acceptance and ending ninety (90) days after such date.  

(d)SST and its Affiliates shall not enter into any binding agreement or term sheet with any party regarding a PD5 Proposal, and shall not undertake any non-trivial Development efforts with respect to the [***] that is the subject of the PD5 Proposal Notice in the Field of Use, in each case until after SST’s compliance with Section 2.74(a) through (c) above, for the PD5 License Exclusive Period.  

(e)If SST and Daré do not enter into a binding term sheet or agreement with respect to a PD5 Proposal within the PD5 License Exclusive Period, then SST may pursue the PD5 Proposal itself or with the Third Party that triggered the PD5 Proposal Notice.

(f)If SST or its Affiliate intends to accept or to approve entering into a term sheet or agreement with a new Third Party for the grant of an exclusive license to all or substantially all of the Licensed IP for the development and/or commercialization of any [***] in the Field of Use, or elects to undertake other non-trivial Development efforts with respect to an [***] in the Field of Use, such event shall be treated as a new PD5 Proposal and shall be subject to the process described in this Section 2.7.4. 

3.GOVERNANCE.

General

.

3.1.1In order to oversee, supervise and coordinate the Parties’ activities under this Agreement, the Parties shall establish a Joint Development Committee (“JDC”) and Joint Project Team (“JPT”) in accordance with Sections 3.2 and 3.3 below.

3.1.2Each member of a Committee that a Party is entitled to designate pursuant to this Article 3 shall be a director, officer, employee or consultant of such Party (other than a Party’s respective Senior Executives) or its Affiliates, except that each Party may designate one or more of its Third Party consultants or advisors reasonably acceptable to the other Party to 

 

17

Portions of this Exhibit, indicated by the mark “[***]”, were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

CONFIDENTIAL TREATMENT REQUESTED

serve on a Committee.  Each Party shall be responsible and liable for the acts or omissions of any directors, officers, employees or Third Parties it designates to serve on a Committee to the extent such acts or omissions relate to their participation on the Committee.  Each Party shall secure all appropriate covenants, obligations and rights from any such Third Parties, including confidentiality obligations, to ensure that such Third Party is subject to all of such Party’s covenants and obligations to the other Party under this Agreement.  A secretary of each Committee shall be appointed on an annual rotating basis by either SST or Daré, who shall be a director, officer or employee of the Party designating such secretary.  SST shall designate the first secretary to the JPT and Daré shall designate the first secretary to the JDC.

3.1.3Each Party may replace any or all of its representatives on any Committee at any time upon written notice to the other Party.  A Party may designate a substitute director, officer or employee to temporarily attend and perform the functions of such Party’s designee at any meeting of any Committee.  Each Party may, upon prior written approval of the other Party, invite non-member director, officer or employee of such Party or its Affiliates to attend meetings of any Committee as an observer (i.e., with no voting rights).  By consensus of the relevant Committee members, any Committee may cancel meetings and/or establish a meeting schedule other than the schedule designated for such Committee under this Article 3.

3.1.4The Committees shall make decisions by consensus.  However, in the event the JPT cannot come to a consensus on a course of action, the matter will be escalated to JDC for resolution.  If a matter before the JDC cannot be determined by consensus, the matter shall be escalated to the Senior Executives for resolution.  If the Senior Executives are unable to resolve the matter, SST shall have final decision-making authority with respect to any matters before the JDC prior to the completion of Phase II Development and Daré shall have final decision-making authority with respect to any matters before the JDC after the completion of Phase II Development. Notwithstanding a Party’s final decision-making authority, no Committee shall make any decision or take any action that is inconsistent with the express provisions of this Agreement or would require an amendment of this Agreement.  In addition, neither SST nor Daré shall exercise its final decision-making pursuant to the foregoing escalation process to materially reduce its express obligations under this Agreement. 

3.1.5If carrying out a final decision relating to Phase II Development made solely by SST after escalation to the Senior Executives pursuant to the foregoing escalation process requires an increase to the then-current Development budget set forth in the Development Plan by [***] percent ([***]%) or more, Daré may, upon written notice to SST, deduct [***] percent ([***]%) of the costs that exceed such [***] percent ([***]%) threshold from the SST Development Costs otherwise reimbursable to SST hereunder.  Furthermore, if carrying out a final decision relating to Phase II Development made solely by SST after escalation to the Senior Executives pursuant to the foregoing escalation process requires an increase to the then-current Development budget set forth in the Development Plan by greater than [***] percent ([***]%) (such increase, an “Excess Budget Increase”), then Daré shall have the right to terminate this Agreement upon thirty (30) days’ prior written notice to SST.  Such notice of termination must be given, if at all, within ten (10) days after the Development Plan reflecting the Excess Budget Increase is made effective.  Notwithstanding Daré’s right to terminate this Agreement under this 

 

18

Portions of this Exhibit, indicated by the mark “[***]”, were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

CONFIDENTIAL TREATMENT REQUESTED

Section 3.1.5, if SST agrees in writing, prior to the expiration of the aforementioned thirty (30) day notice period, to pay for the entire portion of the Excess Budget Increase, (a) Daré’s notice of termination under this Section 3.1.5 shall be deemed withdrawn and this Agreement shall remain in effect in accordance with its terms, (b) any amount of the Excess Budget Increase actually incurred by SST shall be excluded from the SST Development Costs such that Daré shall not be liable to reimburse SST pursuant to Section 4.4 for such portion of the Excess Budget Increase and (c)  an amount equal to [***] percent ([***]%) of such portion of the Excess Budget Increase shall be added to the amount of the first regulatory milestone to be paid by Daré upon NDA Approval as described in Section 8.1.

Joint Development Committee

.  Each Party shall designate three (3) representatives to serve on the JDC.  The JDC shall be responsible for determining the strategic objectives for, and generally overseeing, the Development efforts of both Parties by (a) reviewing and discussing the progress of the Development Activities, including any significant difficulties encountered or anticipated to be encountered by either Party in connection therewith, (b) reviewing and approving any amendments to the then-current Development Plan (including budgetary amendments) proposed by the JPT or by representatives to the JDC; (c) determining when Phase II Development has been completed (i.e., when no further Phase II Clinical Studies or any substantial Development activities in relation thereto are required to be carried out prior to the initiation of Phase III Clinical Studies) and, if applicable, modifying the Development Plan as necessary to bring about the completion of Phase II Development; (d) determining the composition of the JPT and resolving any matters within the JPT’s purview that cannot be resolved by the JPT and (e) determining the composition of the contractors, consultants and key employees to be engaged by the Parties to carry out their respective activities under the Development Plan.   The JDC shall meet not less frequently than once per calendar quarter, with the first such meeting to occur within one (1) month after the Effective Date.  Upon the First Commercial Sale of the first Licensed Product to receive Marketing Authorization Approval, the JDC shall be disbanded.

Joint Project Team

.

3.3.1The Parties shall each designate such number of representatives to the JPT as the JDC determines shall be designated, and each Party shall have the right but not obligation to appoint the same number of members.  The members shall represent key functional areas (e.g., nonclinical, clinical, regulatory, CMC, intellectual property, and commercial).  Each representative shall, as appropriate to the stage of Development and Commercialization of Licensed Products, represent key functional areas of the collaboration contemplated by this Agreement (e.g., representatives for nonclinical, clinical, regulatory CMC, intellectual property and commercial functions).  The JPT shall be responsible for coordinating the day-to-day Development and Commercialization activities of the Parties by (a) identifying financial and other resource needs and appropriating sufficient resources within each JPT representative’s respective organization, (b) reviewing the status of project activities, including in relation to the budget and timeline set forth in Development Plan (as applicable), (c) implementing solutions to problems encountered in the course of the Parties’ activities under this Agreement and (d) with respect to the Parties’ Development activities, submitting to the JDC for their review and approval such amendments to the Development Plan as the JPT determines appropriate.

 

19

Portions of this Exhibit, indicated by the mark “[***]”, were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

CONFIDENTIAL TREATMENT REQUESTED

3.3.2One member of the JPT shall be designated the “JPT Leader” and one member of the JPT shall be designated the “JPT Manager.”  The JPT Leader shall be responsible for (a) preparing updates to the Development Plan and corresponding budgets with input from the other JPT members, (b) overseeing the execution of the Development Plan, (c) facilitating cross-company alignment on key strategic initiatives and activities and (d) providing the JDC with updates regarding the Parties’ Development and Commercialization activities under this Agreement in advance of each meeting of the JDC, or more frequently as significant developments arise in the course of the Parties’ collaboration hereunder.  The JPT Manager shall assist the JPT Leader in performing his or her Committee-related duties under this Agreement and shall serve as a liaison between the JPT and the Parties’ respective personnel.  SST shall select the first JPT Leader and JPT Manager.  Upon completion of Phase II Development, Daré shall select the JPT Leader and JPT Manager for subsequent Development and Commercialization activities; provided, however, that if Daré directs SST to lead subsequent Development and Commercialization activities, then the JDC shall determine by consensus (subject to Section 3.1.4) which Party shall select the JPT Leader and JPT Manager for subsequent Development and Commercialization activities.

4.DEVELOPMENT OF LICENSED PRODUCTS.

Approval of Development Plan; Annual Updates

.  The initial Development Plan shall be as set forth in Exhibit 2 hereto and shall (a) cover Phase II Development up to and including the End of Phase IIA FDA Meeting and any immediate follow-up Phase II Development activities directly resulting from such meeting and (b) a non-binding, high level projection of the Phase II Development activities to be undertaken thereafter.  Promptly after the End of Phase IIA FDA Meeting, the JPT shall meet to prepare, and shall submit to the JDC for approval, an updated Development Plan covering detailed Development Activities for the remainder of the 2018 calendar year.  The Parties shall use Commercially Reasonable Efforts to achieve JDC approval of such updated Development Plan as soon as practicable after the End of Phase IIA FDA Meeting.  Thereafter, updates to the Development Plan shall be submitted to the JDC, and the Development Plan shall be updated in accordance with Article 3, by January 1 of each calendar year in which either Party anticipates conducting Development Activities to cover Development activities to be undertaken during the following calendar year.  The JDC will determine an annual Development Plan budget, and such budget will include funding by Daré that will be directed to SST at mutually agreed times in accordance with Section 4.4 to cover the entire cost of the SST activities undertaken to support the Development Plan.  

SST Responsibilities

.  The Development Plan shall include (and shall be amended from time to time) to include timelines and budgets for Phase II Development, and SST shall use Commercially Reasonable Efforts to complete Phase II Development in accordance with the same.  SST shall keep Daré completely and currently informed of the status of such Phase II Development.  If, after discussion at the JDC, Daré requests that SST perform Development activities other than the Phase II Development, the JPT shall submit an updated Development Plan to the JDC for approval, and upon approval of the updated Development Plan by the JDC, SST use Commercially Reasonable Efforts to complete such Development activities in accordance with such updated Development Plan, provided SST reasonably determines that such Development 

 

20

Portions of this Exhibit, indicated by the mark “[***]”, were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

CONFIDENTIAL TREATMENT REQUESTED

activities are within its capabilities and that it has sufficient resources available to devote to the conduct of such Development activities.  SST shall provide its reasonable assistance to effect the orderly transfer to Daré of the Phase II Development Know-How that exists in tangible and written form promptly upon completion of Phase II Development.

Daré Responsibilities

.  Except with respect to the Development activities required to be performed by SST under Section 4.2, Daré shall use Commercially Reasonable Efforts to Develop Licensed Products in the Field of Use in the Territory, including by performing Phase III Clinical Studies and other Development activities in accordance with the corresponding timelines set forth in Development Plan, all at Daré’s sole cost and expense, unless Daré requests that SST be responsible, in which case SST shall be responsible for such Development, and the provisions of this Agreement applicable to SST’s Development Activities, including reimbursement of SST Development Costs, will apply.  Without limiting the foregoing, Daré shall use Commercially Reasonable efforts to achieve the following clinical and regulatory milestones with respect to the first Licensed Product on or before the following dates:

		
	
Milestone
	
Target Completion Date

 

	
Initiation of Phase III Development
	
[***]

	
NDA Submission
	
[***]

	
NDA Approval 
	
[***]

 

In the event that, despite the use of Commercially Reasonable Efforts, Daré becomes aware that, due to any relevant scientific, regulatory, safety, development, or commercial circumstances beyond the reasonable control of Daré or any of its Affiliates, any of the foregoing Development milestones will not be achieved on or before their corresponding target completion dates, then Daré will promptly notify SST in writing and the Parties will confer in good faith at the JDC to approve a revised Development Plan that accommodates for such circumstances and to amend the target completion dates set forth above in accordance with such revised Development Plan.  For the avoidance of doubt, failure to achieve the milestones set forth above by their target completion dates shall not be deemed a breach of this Agreement provided that Daré has used Commercially Reasonable Efforts to perform its Development obligations hereunder.  

SST Development Costs

.

4.4.1SST shall use Commercially Reasonable Efforts to incur SST Development Costs within the parameters of the Development Plan budget, and SST shall not exceed the Development Plan budget without approval of the JDC, except in accordance with the process described in Section 3.1.5.  SST shall consult and confer with Daré at the JDC prior to engaging any FTE to the Development Plan other than SST’s FTEs who performed Development activities with respect to Licensed Products in the Field of Use as of January 2, 2018, and shall reasonably consider Daré’s personnel recommendations in connection with any such engagement. 

 

21

Portions of this Exhibit, indicated by the mark “[***]”, were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

CONFIDENTIAL TREATMENT REQUESTED

4.4.2Promptly after the Effective Date SST shall submit an invoice to Daré for any and all reasonable SST Development Costs incurred by SST in connection with Development activities undertaken by SST with respect to Licensed Products in the Field of Use from and after January 2, 2018 until the Effective Date, less any portion of such amounts reimbursed by Daré prior to the issuance of such invoice, and shall accompany such invoice with documentation supporting all such amounts.  Daré shall pay such invoice within ten (10) days after receipt. For the avoidance of doubt, SST Development Costs and any other amounts paid by Daré to SST under or in connection with this Agreement or that certain Binding Term Sheet entered into by the Parties effective as of January 2, 2018 are non-refundable even in the event the Effective Date does not occur.

4.4.3The Parties acknowledge and agree that their intent is for Daré to be responsible for all of the reasonable internal and external costs and expenses (without mark-up) incurred by SST in its performance of all Development activities it is required to perform under this Agreement, including FTE Costs (collectively, the “SST Development Costs”).  Accordingly, Daré shall pay SST for the SST Development Costs within forty-five (45) days after receipt of an undisputed invoice from SST for such amounts that are supported with reasonable documentation for the amounts charged in such invoice.  SST shall issue such invoices in accordance with the payment schedule set forth in the Development Plan, and each invoice shall reasonably detail each cost and expense, including for each FTE the identity of the FTE, the tasks performed by the FTE, and the time spent on each such task. If no such payment schedule is provided for any particular SST Development Costs, SST shall issue the corresponding invoice(s) in accordance with Section 4.4.6.  For the avoidance of doubt, unless otherwise agreed to by the Parties in writing, SST will not be required to perform any activities under the Development Plan for which funding by Daré is not provided, and SST may, upon ten (10) Business Days’ notice to Daré, suspend its performance of Development activities for any period during which Daré is in default of its payment obligations under this Article 4.  

4.4.4In the event the SST Development Costs actually incurred by SST in a particular calendar quarter for one or more particular Development activities are less than the sum of the amounts advanced or reimbursed to SST in respect of such Development activities pursuant to Section 4.4.3, and to the extent any such difference in those amounts is attributable to costs which were not and never will be incurred by SST in the course of conducting the SST Development Activities (rather than costs which have been deferred to a subsequent calendar quarter), then the amount of such difference shall be credited against the next payment due to SST under Section 4.4.3 and such subsequent payment amount shall be correspondingly reduced.

4.4.5In the event the SST Development Costs actually incurred by SST in a particular calendar quarter for one or more particular Development activities are more than sum of the amounts advanced or reimbursed to SST in respect of such Development activities pursuant to Section 4.4.3, then the amount by which the SST Development Costs actually incurred during such calendar quarter are more than the sum of the amounts advanced or reimbursed to SST in respect of such Development activities pursuant to Section 4.4.3 shall be added to the next payment due to SST under the Development Plan, and such subsequent payment amount shall be correspondingly increased.

 

22

Portions of this Exhibit, indicated by the mark “[***]”, were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

CONFIDENTIAL TREATMENT REQUESTED

4.4.6SST shall submit to Daré at least once per calendar quarter a report setting forth its calculation of the SST Development Costs actually incurred by it for the preceding quarter (including breakdowns and details), and any difference between the actual SST Development Costs and the sum of the amounts advanced or reimbursed to SST pursuant to Section 4.4.3.  SST shall also submit a final report setting forth the total amount of the SST Development Costs actually incurred under this Agreement and the total amount of payments received from Daré pursuant to Section 4.4.3 within thirty (30) days following the earlier of (a) completion of all Development activities it is required to perform under this Agreement or (b) termination of this Agreement in whole.  In the event that funding amounts paid by Daré to SST under Section 4.4.3 exceed the actual SST Development Costs incurred by SST, SST shall refund the excess amount to Daré contemporaneously with the delivery of the aforementioned final report.  In the event that funding amounts paid by Daré to SST under Section 4.4.3 are less than the actual SST Development Costs ultimately incurred by SST, Daré shall pay SST the amount of such difference within forty-five (45) days after the delivery of the aforementioned final report.

4.4.7SST will keep complete and accurate books and records documenting amounts billable towards SST Development Costs, including FTE records, and will permit Daré to review such books and records promptly upon reasonable written request.  Also, Daré shall have the right, at its own expense, to nominate an independent certified public accountant acceptable to and approved by SST, said approval not to be unreasonably withheld, who shall have access to all such records upon at least thirty (30) days’ notice and during reasonable business hours and at SST’s premises and under obligations of strict confidence for the sole purpose of verifying the amounts invoiced by SST to Daré in respect of SST Development Costs for any period within the preceding twenty-four (24) month period, but this right may not be exercised more than once in any twelve (12) months.  No calendar year will be subject to audit under this Section 4.4.7 more than once.  SST will receive a complete, unredacted copy all reports and findings from any audit under this Section 4.4.7 concurrently with receipt by Daré.  If any audit or examination shall certify that SST overcharged Daré for SST Development Costs, and the results of such audit or examination are not subject to a good faith dispute, SST shall reimburse Daré of such overcharge plus interest at the prevailing prime rate reported in United States dollars in the money rate section of Wall Street Journal, New York edition on the date of communication to Daré of such overcharge plus two percent (2%).  Payment shall be made within thirty (30) days following notification of SST by Daré of such deficiency.  In addition, in the event that such an audit or examination shall certify an overcharge equaling or exceeding five percent (5%), and the results of such audit or examination are not subject to a good faith dispute, SST shall also reimburse Daré for the reasonable costs charged by the accountant for such audit.

Suspension of Development

.

4.5.1At any time prior to completion of Phase II Development, SST shall have the right, on a country-by-country basis, to suspend its activities with respect to the Development of one or more Licensed Products upon reasonable prior written notice to Daré if it reasonably determines and if it reasonably demonstrates at the JDC that such suspension is (i) medically necessary to protect patients enrolled in a Clinical Study, (ii) necessary in order to comply with applicable Laws, or (iii) justified based on a change to the regulatory pathway needed 

 

23

Portions of this Exhibit, indicated by the mark “[***]”, were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

CONFIDENTIAL TREATMENT REQUESTED

to achieve Marketing Authorization Approval for the Licensed Product in the relevant country that neither Party nor its Affiliates anticipated, and that negatively and materially affects the timeline to get the Licensed Product to market, the scope of the required clinical studies, is substantially more restricted than the Parties anticipated, and has negative consequences for anticipated market share, revenue, reimbursement, or other relevant factors.  SST shall not suspend its Development activities under the foregoing clause (iii) unless it has first submitted the matter to the JDC for resolution.  Any such suspension shall be without liability to Daré and will not be deemed to be a breach of this Agreement so long as SST uses Commercially Reasonable Efforts to mitigate the reasons for the suspension or delay; provided however, that if any such suspension continues for a period of [***] ([***]) days or more (or such shorter time period as determined by Daré to avoid adversely affecting Development of the affected Licensed Product), Daré shall have the right, upon written notice to SST, to assume responsibility for the conduct of, and shall use Commercially Reasonable Efforts to carry out all suspended Development activities in accordance with the Development Plan, at its sole cost and expense. 

4.5.2In the event that Daré materially suspends or materially delays the Development or Commercialization of any Licensed Product in any country of the Territory for any of the reasons set forth in clauses (i) through (iv) of Section 4.5.1.  Daré shall provide prompt written notice to SST.  Any such suspension or termination shall be without liability to SST and will not be deemed to be a breach of this Agreement so long as Daré has used Commercially Reasonable Efforts to mitigate the reasons for the suspension or delay; provided however, that if any such suspension continues for a period of [***] ([***]) days or more, the Licensed Product shall cease to be a Licensed Product in the relevant country and the provisions of Section 14.5.1 shall apply.

5.COMMERCIALIZATION.

Commercialization Plan

.  No later than six (6) months prior to the estimated date of Marketing Authorization Approval in the United States, Daré shall provide SST with a written plan for the commercialization of Licensed Products in the Field of Use in the Territory (the “Commercialization Plan”) including a corresponding budget, which shall include reasonable detail regarding the activities Daré expects to undertake, and the amounts it expects to expend in connection with such activities over the [***] ([***]) year period immediately following Marketing Authorization Approval in the United States.  The Commercialization Plan shall be updated annually and shall include revenue projections for the first [***] ([***]) months covered by the Commercialization Plan.  The Commercialization Plan shall, at a minimum, contain sufficient detail to demonstrate to SST how Daré intends to meet its obligations under Section 5.2.  Daré shall provide SST with a reasonable opportunity to review and comments on the initial Commercialization Plan and each material update thereto, and Daré shall consider all such comments in good faith.  Daré shall be responsible to Commercialize Licensed Products in substantial accordance with the Commercialization Plan and otherwise as expressly provided under this Agreement.

Diligence

.  Daré shall use Commercially Reasonable Efforts to Commercialize Licensed Products in the Field of Use in the Territory, at its sole expense.  Without 

 

24

Portions of this Exhibit, indicated by the mark “[***]”, were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

CONFIDENTIAL TREATMENT REQUESTED

limiting the generality of the foregoing, Daré shall use Commercially Reasonable Efforts to Commercialize at least one (1) Licensed Product and achieve the First Commercial Sale in the United States within [***] ([***]) months after receipt of Marketing Authorization Approval therefor, and to Commercialize at least one (1) Licensed Product and achieve the First Commercial Sale in [***] within [***] ([***]) years after receipt of Marketing Authorization Approval in the United States. 

5.3Samples and Labeling.

5.3.1Markings.  Subject to the Parties’ agreement as to which Licensed Patents Cover any Licensed Product, Daré shall, and shall require its Affiliates and Sublicensees to, mark all Licensed Products and all associated packaging and documentation with the appropriate marking and notices associated with the applicable Licensed Patents in accordance with the laws and customs of each country or jurisdiction in which such Licensed Products are manufactured, used or sold.  To the extent permitted by applicable Law, the package insert for all Licensed Products distributed in the Field of Use in the Territory will indicate that the Licensed Product was developed under a collaboration with SST. 

5.3.2Statements Consistent with Labeling.  Daré shall ensure that its employees, independent contractors and other agents market and sell Licensed Products consistent with the requirements of all applicable Laws.  Daré shall ensure that all samples are labeled and distributed in accordance with applicable Law.  

5.3.3Off-Label Use.  Daré shall not market or promote, nor shall it encourage any of its Affiliates, Sublicensees or any Third Parties to market or promote, any Licensed Products for any “off label” use or for any use other than the approved indication(s) for the particular Licensed Product.  SST shall not market or promote, nor shall it encourage any of its Affiliates or its or their licensees, or any Third Parties, to market or promote, any SST Product or any [***] for any “off label” use or for any use other than the approved indications) for the particular [***].  Notwithstanding the foregoing, it shall not be a breach of this Section 5.3.3 if, despite a Party’s written corporate policies and instructions provided to its employees and agents, a Party’s employee or agent violates this Section 5.3.3 without knowledge, authorization, permission or consent of that person’s management or supervisor, as long as such Party takes all reasonable steps to terminate such activities as soon as it becomes aware.

Generics

.  Upon Daré’s request any time after completion of the first Phase II Clinical Study for any Licensed Product, SST shall assist and cooperate with, and provide complete information to, Daré in support of Daré establishing a strategy for responding to requests for information from Regulatory Authorities and Third Party requestors and preparing submissions responsive to any notice, in each case in respect of generic products notices and inquiries received by Daré; provided that Daré shall make the final decisions with respect to such strategy and any such responses.

 

25

Portions of this Exhibit, indicated by the mark “[***]”, were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

CONFIDENTIAL TREATMENT REQUESTED

6.MANUFACTURING.

Manufacturing by SST

.  SST shall use Commercially Reasonable Efforts to manufacture or otherwise obtain supply of the requirements of formulated, packaged and labeled SST Product for Phase II Clinical Studies in the United States.

Manufacturing by Daré

.  Except as provided otherwise under Section 6.1, Daré shall use Commercially Reasonable Efforts to manufacture or otherwise obtain supply of the requirements of formulated, packaged and labeled pre-clinical, clinical and commercial supplies of Licensed Products, in each case in the Field of Use in the Territory. As between the Parties and except as provided otherwise under Section 6.1, Daré shall be solely responsible for manufacturing, packaging and labeling of such Licensed Products for the Field of Use for the Territory.

6.2.1At Daré’s request, SST will promptly provide Daré with copies of all Manufacturing Documentation in SST’s possession or Control, and shall use Commercially Reasonable Efforts to obtain and provide to Daré copies of all other Manufacturing Documentation reasonably necessary for Daré to manufacture non-clinical, clinical and commercial supplies of SST Product.  In addition, if requested by Daré, SST shall sell to Daré (or its Affiliates or Sublicensees) any remaining non-clinical and/or clinical supplies of SST Product owned by SST and in SST’s (or its Third Party manufacturer’s) possession as of the Effective Date.  Such products will be sold to Daré at [***]. In addition, if requested by Daré, SST shall provide to Daré (or its Affiliates or Sublicensees), at no cost, any remaining non-clinical and/or clinical inventories of SST Product in SST’s (or its Third Party manufacturer’s) possession as of the completion of Phase II Development, where such inventories were funded by Daré per the Development Plan budget.

6.2.2Upon Daré’s request, SST shall provide all reasonably requested information and assistance to Daré so as to enable the full or partial transfer of the manufacture of the SST Product to a manufacturing facility designated by Daré.  SST shall be responsible for the cost of its own employees in connection with providing such information and assistance to Daré.  Any Third Party costs and expenses incurred by SST and reasonably necessary to provide such information and assistance to Daré shall be deemed SST Development Costs and, if material, shall be included in the Development Plan budget.   Such assistance shall include, if requested by Daré: (a) permitting Daré and its representatives to observe the manufacture of SST Product at the facility used by SST for the manufacture of SST Product, (b) provision of reasonable access to and consultation of SST personnel knowledgeable of the manufacture of SST Product and (c) provision of all reasonable assistance to Daré in identifying, contacting and securing supply sources for SST Product.  Prior to the start of the validation process of a Third Party facility, SST shall have the right to require that the Third Party facility enter into a reasonable agreement with Daré and/or its Third Party manufacturer that includes confidentiality obligations that are at least as protective of SST’s Confidential Information as those set forth in Article 9.

Compliance with Laws

.  Each Party shall conduct, or have conducted, all manufacturing of Licensed Product for which it is responsible in accordance with this Agreement and Laws, including all Good Manufacturing Practices.

 

26

Portions of this Exhibit, indicated by the mark “[***]”, were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

CONFIDENTIAL TREATMENT REQUESTED

7.REGULATORY MATTERS.

Responsibility

.

7.1.1Prior to the completion of Phase II Development, SST shall use Commercially Reasonable Efforts to implement the strategies set by the JDC with respect to all objectives concerning Marketing Authorization Approval of SST Product in the United States, and SST shall take the lead with respect to the submission of information to the FDA in connection therewith, all in accordance with the Development Plan.  After the completion of Phase II Development, Daré shall use Commercially Reasonable Efforts to implement the strategies set by the JDC with respect to all objectives concerning Marketing Authorization Approval of Licensed Products in the Territory, and Daré shall take the lead with respect to the submission of information to the applicable Regulatory Authorities in connection therewith, all in accordance with the Development Plan.  Notwithstanding the preceding sentence, Daré may request in writing that SST undertake any particular activities in relation to Marketing Authorization Approval of SST Product, whereupon SST shall use Commercially Reasonable Efforts to perform such activities in accordance with the Development Plan.  All costs and expenses incurred by SST under this Section 7.1 (including all out-of-pocket expenses and FTE Costs) shall be deemed SST Development Costs and subject to reimbursement by Daré pursuant to Section 4.4.2.  SST and Daré shall cooperate to transfer the active IND for the SST Product from SST to Daré for purposes of the FDA file and sponsor of record.

7.1.2Daré shall be the IND holder and sponsor of record for all the Clinical Studies (other than Phase II Clinical Studies, for which SST shall be the sponsor of record) and the holder and owner of all the Marketing Authorization Approvals in the Territory for Licensed Products during the Term, and shall be responsible for all associated legal obligations with respect to all of the foregoing.  Daré shall maintain all the Marketing Authorization Approvals for Licensed Products in the Territory, including submitting any supplemental applications, annual reports, variations or renewals thereof that are required by applicable Law to be obtained in order to maintain the Marketing Authorization Approval(s) in the Territory.  Daré shall use its Commercially Reasonable Efforts, and bear its own costs and expenses, in connection with the foregoing and all other regulatory-related activities Daré undertakes or is required to undertake in the Territory.  Daré shall not assign or transfer any Marketing Authorization Approvals in the Territory to any Third Party or Sublicensee without the prior written consent of SST, except in connection with a permitted assignment of this Agreement in its entirety pursuant to Section 15.11.

Communication

.  Each Party shall keep the other Party informed of all significant matters arising from such Party’s own regulatory-related activities with respect to Licensed Products and shall provide the other Party with a copy or a summary of any material correspondence that it receives from a Regulatory Authority regarding any Licensed Product, with such copy or summary to be provided in no later than five (5) Business Days after receipt of the correspondence to which it relates.  Each Party shall provide the other Party reasonable advance written notice of any meetings, conferences, or calls with Regulatory Authority(ies) in the Territory concerning Licensed Products and an opportunity participate in any such meetings, conferences or calls, and to review and comment on any materials or correspondence proposed to 

 

27

Portions of this Exhibit, indicated by the mark “[***]”, were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

CONFIDENTIAL TREATMENT REQUESTED

be submitted to any Regulatory Authority.  Each Party shall give reasonable consideration to the other Party’s comments and suggestions regarding all such meetings, conferences, calls and/or correspondence.

Right of Reference

.

7.3.1SST hereby grants to Daré and its Affiliates and Sublicensees a right of reference and access to all data and information contained or referenced in any Drug Master Files or any submissions to Regulatory Authorities for any SST Product or any [***] in the Territory that are reasonably necessary or useful for any regulatory filings Daré or its Affiliates or Sublicensees makes with respect to Licensed Products inside the Field of Use.  SST will cause its Affiliates, and will obligate its and their licensees, to provide SST with the same right of reference and access as above, such that SST can fulfill the foregoing grant of rights to Daré.  SST shall provide the applicable Regulatory Authority(ies) a letter confirming this right of reference at any time within fifteen (15) days after Daré’s request and shall take such other actions and execute such other documents as Daré may reasonably request to further confirm and give effect to this right of reference, and Daré shall reimburse SST for its reasonable costs and expenses incurred in taking such other actions.

7.3.2Daré hereby grants SST and its Affiliates and licensees a right of reference to all data and information contained or referenced in any Drug Master Files or any submissions to Regulatory Authorities for Licensed Products in the Territory that are reasonably necessary or useful for any regulatory filings SST or its Affiliates or licensees decides to make with respect to [***] outside the Field of Use.  Daré will cause its Affiliates, and will obligate its Sublicensees, to provide SST with the same right of reference and access as above, such that Daré can fulfill the foregoing grant of rights to SST.  Daré shall provide the applicable Regulatory Authority(ies) a letter confirming this right of reference at any time within fifteen (15) days after SST’s request and shall take such other actions and execute such other documents as SST may reasonably request to further confirm and give effect to this right of reference, and SST shall reimburse Daré for its reasonable costs and expenses incurred in taking such other actions. 

7.3.3If Daré, or its Affiliates or Sublicensees, intends to make use of the rights granted under Section 7.3.1 in connection with any regulatory filings, Daré shall notify SST in writing at least thirty (30) days in advance of such use.  Upon receipt of such notice, for any Third Party costs incurred by or on behalf of SST or any of its Affiliates for the generation of the data and information contained in the relevant Drug Master Files or submissions to Regulatory Authorities, where such costs and efforts are not contemplated by the Development Plan, SST shall provide Daré with an invoice for [***] percent ([***]%) of such costs, together with reasonable documentation substantiating the amounts invoiced; provided, however, that SST shall only issue such invoice to the extent such Third Party costs were incurred under or in connection with a bona fide research and development collaboration or similar arrangement with a Third Party for the Development and Commercialization of one or more topically applied pharmaceutical products containing sildenafil or a salt thereof.  Daré shall pay all undisputed amounts shown on such invoice within thirty (30) days after receipt thereof.  

 

28

Portions of this Exhibit, indicated by the mark “[***]”, were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

CONFIDENTIAL TREATMENT REQUESTED

7.3.4If SST, or its Affiliates or licensees, intends to make use of the rights granted under Section 7.3.2 in connection with any regulatory filings, SST shall notify Daré in writing at least thirty (30) days in advance of such use.  Upon receipt of such notice, Daré shall provide SST with a statement of the amount of any Third Party costs incurred by or on behalf of Daré (including Third Party costs comprised of SST Development Costs actually reimbursed hereunder) or any of its Affiliates for the generation of the data and information contained in the relevant Drug Master Files or submissions to Regulatory Authorities, together with reasonable documentation substantiating the amounts invoiced.  Daré may reduce each of its future payment obligations to SST by up to ([***]%) until such time as the aggregate amount of all reductions taken by Daré pursuant to this provision equals ([***]%) of the amount shown on such statement.

7.3.5Notwithstanding anything to the contrary, Daré’s payment obligation under Section 7.3.2, and Daré’s right to reduce its payments to SST under Section 7.3.4 shall not apply where the corresponding right of reference is utilized solely to comply with a legal obligation to supply information to a Regulatory Authority about an Adverse Event.  Furthermore, if Daré disagrees with the amount SST determines it is entitled to be paid by Daré pursuant to Section 7.3.3, or if SST disagrees with the amount Daré determines it is entitled to deduct from its payments to SST pursuant to Section 7.3.4, Daré or SST, as the case may be, shall promptly notify the other Party in writing and the Parties shall use diligent efforts to resolve the dispute through good faith discussion, which shall include escalation to the Senior Executives if such dispute is not promptly resolved.  If the Senior Executives do not resolve the dispute within fifteen (15) days after such escalation, either Party may submit the dispute for arbitration pursuant to Section 14.8 hereof.

Drug Safety Information

.  Each Party shall comply fully with all applicable Adverse Event reporting requirements in all countries in the Territory and agrees to exchange with the other Party such information as may be necessary to achieve that end and to ensure that the other Party is completely informed regarding Adverse Events with respect to Licensed Products.  This includes single case reports, together with an appropriate medical evaluation, as well as aggregate data, such as Periodic Safety Update Reports (PSURs) required by authorities.

Recalls or Corrective Action

.  Daré shall have sole responsibility for and shall make all decisions with respect to any recall, market withdrawal or other corrective action related to Licensed Products in the Territory, provided, however, that Daré shall notify SST as soon as reasonably practicable of any anticipated recall, market withdrawal or other corrective action related to Licensed Products in the Territory, shall consult with SST prior to making any such decisions and shall take into account SST’s views and interests in making such decisions.  Daré shall be solely responsible for all costs and expenses associated with such recall, market withdrawal or corrective action, whether incurred by Daré, SST or any of SST’s Affiliates, including all fines, fees and refunds to distributors and other customers.  If, after delivery of such written notice, Daré fails to commence such recall, market withdrawal or other corrective action within the time period mandated by applicable Law or, then SST shall have the right, upon prior notice to Daré, to undertake the same on its own behalf, in accordance with applicable Law and all of Daré’s reasonable instructions with respect thereto until such time as Daré notifies SST in writing that it will assume control over such recall, market withdrawal or corrective action.  Daré 

 

29

Portions of this Exhibit, indicated by the mark “[***]”, were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

CONFIDENTIAL TREATMENT REQUESTED

shall reimburse SST for its reasonable costs and expenses directly incurred in such efforts.  SST will notify Daré as soon as reasonably practicable of any anticipated recall, market withdrawal or other corrective action related to SST Products.

8.MILESTONE AND ROYALTY PAYMENTS.

As partial consideration for the contributions and activities of SST under this Agreement and the rights granted by SST to Daré hereunder, Daré shall make the following payments to SST as set forth in this Article 8:

Milestone Payments

.

8.1.1In the event SST or Daré achieves a clinical, regulatory or commercial milestone specified below with respect to any Licensed Product (including achievement of any milestone by any Affiliate of SST or any Affiliate or Sublicensee of Daré), then SST or Daré or Daré’s Sublicensee, as applicable, shall promptly notify the other Party in writing of such achievement.  Each milestone payment is due only once (unless indicated otherwise) for the first achievement of the milestone for the first Licensed Product, and only as indicated in Sections 8.1.2 and 8.1.3 below.  

8.1.2Within thirty (30) days after achievement of any clinical or regulatory milestone, Daré shall pay to SST the corresponding non-refundable, non-creditable development milestone payments specified in the table below:

				
	
Milestone
	
Base Amount 
	
Supplement for U.S. Strategic Partnership Agreement
	
Supplement for EU Strategic Partnership Agreement

	
Clinical Milestones

	
Completion of the first Phase IIb Clinical Study that exhibits a clinically significant difference in SST Product efficacy compared to placebo for the treatment of Female Sexual Arousal Disorder or a similar indication with pre-specified endpoints agreed to by FDA and supporting advancement towards Phase III Development.
	
$[***]
	
[***]
	
[***]

	
Completion of multiple dose safety and pharmacokinetic Clinical Study in accordance with the Development Plan
	
$[***]
	
[***]
	
[***]

 

30

Portions of this Exhibit, indicated by the mark “[***]”, were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

CONFIDENTIAL TREATMENT REQUESTED

				
	
Completion of drug interaction 

Clinical Study in accordance with the Development Plan
	
$[***]
	
[***]
	
[***]

	
Completion of End of Phase II FDA Meeting permitting advancement to Phase III Development
	
$[***]
	
$[***]
	
[***]

	
Completion of the first Phase III Clinical Study where the results of such Clinical Study meet the Clinical Study’s primary clinical endpoints.
	
$[***]
	
[***]
	
[***]

	
Completion of the second successful Phase III Clinical Study where the results of such Clinical Study meet the Clinical Study’s primary clinical endpoints.
	
$[***]
	
$[***]
	
[***]

	
Regulatory Milestones

	
NDA Acceptance (payable on each occurrence for each new indication)
	
$[***]
	
[***]
	
[***]

	
NDA Approval (payable on each occurrence for each new indication)
	
$[***]
	
$[***]
	
[***]

	
Marketing Authorization Approval in any country in the European Union (payable one (1) time per indication on the first occurrence for each indication)
	
$[***]
	
[***]
	
$[***]

	
First Marketing Authorization Approval outside of United States or European Union (payable on each occurrence for each new indication)
	
$[***]
	
[***]
	
[***]

 

For each clinical milestone and regulatory milestone achieved,  Daré shall pay the sum of the corresponding amount set forth under the column entitled “Base Amount” plus, as applicable (a) the corresponding supplemental amount, if any, set forth under the column entitled “Supplement for U.S. Strategic Partnership Agreement” (if, at the time the milestone is achieved, Daré has entered into a U.S. Strategic Partnership Agreement) and (b) the corresponding supplemental amount, if any, set forth under the column entitled “Supplement for EU Strategic Partnership Agreement” (if, at the time the milestone is achieved, Daré has entered into an EU Strategic Partnership Agreement).  For example, upon the first NDA Approval for a particular indication, the milestone payment due to SST would be $[***] if the milestone was achieved prior to Daré entering into any U.S. Strategic Partnership Agreement, or $[***] if the milestone was achieved 

 

31

Portions of this Exhibit, indicated by the mark “[***]”, were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

CONFIDENTIAL TREATMENT REQUESTED

after Daré entered into a U.S. Strategic Partnership Agreement.  All clinical and regulatory milestones are intended to be cumulative, such that if a later clinical or regulatory milestone is achieved prior to the achievement of one or more earlier clinical or regulatory milestones, the earlier clinical and/or regulatory milestone(s) will be deemed to have been achieved at the time the later milestone is achieved, and the corresponding milestone payment(s) shall be due and payable in accordance with this Section 8.1.

8.1.3Within thirty (30) days after achievement of any commercial milestone, Daré shall pay to SST the corresponding non-refundable, non-creditable development milestone payments specified in the table below:

				
	
Commercial Milestones

	
 
	
Base Amount
	
Supplement for EU Strategic Partnership Agreement and no U.S. Strategic Partnership Agreement
	
Supplement for U.S. Strategic Partnership Agreement with or without an EU Strategic Partnership Agreement

	
Annual Worldwide Net Sales reaches $[***]
	
$[***]
	
[***]
	
[***]

	
Annual Worldwide Net Sales reaches $[***]
	
$[***]
	
[***]
	
[***]

	
Annual Worldwide Net Sales reaches $[***]
	
$[***]
	
$[***]
	
$[***]

	
Annual Worldwide Net Sales reaches $[***]
	
$[***]
	
$[***]
	
$[***]

	
Annual Worldwide Net Sales reaches $[***]
	
$[***]
	
$[***]
	
$[***]

	
Annual Worldwide Net Sales reaches $[***]
	
$[***]
	
$[***]
	
$[***]

	
Annual Worldwide Net Sales reaches $[***]
	
$[***]
	
$[***]
	
$[***]

 

8.1.4For commercial milestones, Daré shall pay the sum of the corresponding amount set forth in the column entitled “Base Amount” plus, as applicable (a) the corresponding supplemental amount, if any, set forth in the column entitled “Supplement For EU Strategic Partnership Agreement (and no U.S. Strategic Partnership)” (if, as of the date the milestone is achieved, Daré has entered into a EU Strategic Partnership Agreement but has not entered into a U.S. Strategic Partnership Agreement) or (b) the corresponding supplemental amount, if any, set forth in the column entitled “Supplement For U.S. Strategic Partnership Agreement with or without an EU Strategic Partnership” (if, as of the date the milestone is 

 

32

Portions of this Exhibit, indicated by the mark “[***]”, were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

CONFIDENTIAL TREATMENT REQUESTED

achieved, Daré has entered into a U.S. Strategic Partnership Agreement, whether or not Daré has also entered into an EU Strategic Partnership Agreement).  For example, if Annual Worldwide Net Sales reaches $[***], the milestone payment due to SST would be $[***] if the milestone was achieved prior to Daré entering into any U.S. Strategic Partnership Agreement, or $[***] if the milestone was achieved after Daré entered into a U.S. Strategic Partnership Agreement, or $[***] if the milestone was achieved prior to Daré entering into any U.S. Strategic Partnership Agreement but after Daré entered into an EU Strategic Partnership Agreement.  All commercial milestones are intended to be cumulative, such that if more than one (1) commercial milestone is achieved during the same calendar year, each such milestone shall be deemed to have been achieved, and the corresponding milestone payment(s) shall be due and payable in accordance with this Section 8.1.

8.1.5It is the intent of the Parties that the achievement of any milestone under Section 8.1.2 or 8.1.3 shall result in a payment to SST either pursuant to Section 8.1 or pursuant to Section 8.3.  Accordingly, and notwithstanding anything to the contrary, if Daré receives a milestone payment from any Sublicensees for the achievement of any of the clinical, regulatory or commercial milestones set forth in Sections 8.1.2 and/or 8.1.3, and the amount of such milestone payment qualifies as Sublicense Income in accordance with the proviso in the first sentence of Section 1.86 (i.e., because such milestone payment received by Daré exceeds [***] ([***]) times the amount of the corresponding milestone payment otherwise payable by Daré to SST under Section 8.1.2 or 8.1.3, as applicable), such corresponding milestone payment payable by Daré to SST shall not be due or payable to SST, and SST shall instead receive, in accordance with Section 8.3, the payment due to SST in respect of the Sublicense Income attributable to the milestone payment received by Daré.

8.2Royalties.

8.2.1Net Sales Royalties.  During the Royalty Term, Daré will pay quarterly royalties to SST based on Annual Worldwide Net Sales of Licensed Products by Daré and its Affiliates (including amounts received from distributors and resellers), which royalties are marginal as set forth in the table below.  For clarity, only one royalty shall be due to SST with respect to the sale of the same unit of a Licensed Product, and Daré shall not owe royalties on Licensed Products sold in a country after expiration of the Royalty Term for such Licensed Product in such country.

		
	
Royalty Rate
	
Annual Worldwide Net Sales by Dare and its Affiliates

	
[***]%
	
< $[***]

	
[***]%
	
Portion of Annual Worldwide Net Sales from $[***] but less than and $[***]

	
[***]%
	
Portion of Annual Worldwide Net Sales from $[***] but less than $[***]

 

33

Portions of this Exhibit, indicated by the mark “[***]”, were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

CONFIDENTIAL TREATMENT REQUESTED

		
	
[***]%
	
Portion of Annual Worldwide Net Sales from $[***] but less than $[***]

	
[***]%
	
Portion of Annual Worldwide Net Sales that is $[***] or greater

 

8.2.2Timing of Royalty Payments.  Daré shall make all royalty payments for Net Sales received during each calendar quarter within forty-five (45) days after the end of such calendar quarter.

8.2.3Discounts and Bundling.  To the extent permitted by applicable Laws, Daré shall not, and shall ensure that its Affiliates and Sublicensees do not, sell a Licensed Product to any Third Party at a discount greater than that allowed by applicable Laws or that which is customary in the industry (and Daré shall not be entitled to deduct the excess portion of such discount in the calculation of Net Sales in respect of such sale).  In addition, to the extent permitted by applicable Laws, if Daré or any of its Affiliates or Sublicensees sells the Licensed Product to a customer who also purchases Other Products from any such entity, Daré agrees not to, and shall require its Affiliates and their Sublicensees not to, bundle or include the Licensed Product as part of any multiple product offering in a manner that (a) is reasonably likely to disadvantage such Licensed Product in order to benefit sales or prices of Other Products offered for sale by Daré or its Affiliates or Sublicensees to such customer or (b) is designed to deprive SST from the benefit of the definition of Net Sales and corresponding royalty and Sublicense Income payments hereunder.  Without limiting the foregoing, in the event that a Licensed Product is included as a “bundle” of products and/or services, Daré may discount the bona fide list price of a Licensed Product by no more than the average percentage discount of all products in a particular “bundle,” calculated as [***], where [***] equals the total discounted price of a particular “bundle” of products, and [***] equals the sum of the undiscounted bona fide list prices of each unit of every product in such “bundle.”

8.2.4Calculation of Net Sales for Combination Products.  With respect to Combination Products, if Licensed Products are sold in the form of Combination Products containing one or more pharmaceutical or biologics products, diagnostic products, or active ingredients other than sildenafil, Net Sales for the Combination Product will be calculated by multiplying actual Net Sales of such Combination Product by the fraction [***] where [***] is the invoice price of a Licensed Product containing sildenafil as the only active ingredient if sold separately, and [***] is the total invoice price of all other active component or components, or devices, in the combination, if sold separately.  If, on a country-by-country basis, the other active component or components in the combination are not sold separately in said country, Net Sales for the purpose of determining royalties of the Combination Product shall be calculated by multiplying actual Net Sales of such Combination Product by the fraction [***] where [***] is the invoice price of either the Licensed Product containing sildenafil as the only active ingredient, if sold separately, and [***] is the invoice price of the Combination Product.  If, on a country-by-country basis, neither such Licensed Product nor the other active component or components of the Combination Product is sold separately in said country, Net Sales for the purposes of determining 

 

34

Portions of this Exhibit, indicated by the mark “[***]”, were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

CONFIDENTIAL TREATMENT REQUESTED

royalties of the Combination Product shall be determined by the Parties in good faith based on the relative value of the Licensed Product and the additional active ingredients that are included in the Combination Product.

8.2.5Royalty Reduction Upon Loss of Patent Coverage.  If, in a particular country, a Licensed Product ceases to be Covered by a Valid Claim of Licensed Patents in such country, the royalty rate applicable to Net Sales of such Licensed Product in such country shall be reduced by [***] percent ([***]%).  The foregoing reduction shall not apply to any Net Sales of a Licensed Product in a country by Daré or its Affiliates or Sublicensee after such time, if any, during the Royalty Term applicable to such Licensed Product, as such Licensed Product becomes Covered by a Valid Claim of at least one Licensed Patent in such country, for so long as it continues to be Covered by at least one such Valid Claim.

8.2.6Royalty Reduction for Generic Presence.  If one or more Generic Products (other than a Generic Product sold by Daré or its Affiliates or Sublicensees) with respect to a particular Licensed Product is sold commercially in a particular country at any time at least six (6) months prior to Daré or its Affiliates’ or Sublicensee’s receipt of Net Sales in respect of such Licensed Product in such country (“Generic Product Presence”), then the royalty rate applicable under Section 8.2.1 in respect of such Net Sales will be reduced by [***] percent ([***]%).

8.2.7Royalty Offset for Third Party IP. 

(a)If, following the Effective Date, it is necessary for Daré or an Affiliate to license one or more Patents in the Territory from one or more Third Parties in order to Commercialize any Licensed Product in the Territory, then Daré or its Affiliate will have the right to, and may, in its sole discretion, negotiate and obtain a license under such Patents with respect to Licensed Products (each such Third Party license is referred to herein as a “Necessary Third Party License”).  A license to Third Party Patents will be deemed “necessary” under this Section 8.2.7(a) if (i) in the absence of a license under such Third Party Patents, the Commercialization of the applicable Licensed Product would, in Daré’s or its Affiliate’s reasonable good faith assessment, upon advice of patent counsel, infringe such Third Party Patents and (ii) the infringement would not be the result of any change(s) to any Licensed Product (including the SST Product) made by or on behalf of Daré, any Affiliate thereof, or any Sublicensee following the first milestone event identified in Section 8.1.2 (including a change to the formulation, approved use, or manufacture thereof). If Daré or an Affiliate enters into one or more Necessary Third Party Licenses in accordance with the preceding sentence under which Daré or its Affiliate is required to pay royalties to such Third Party(ies) in order to practice the Licensed IP or to otherwise make, use, sell, or import the SST Product or any Licensed Product, then Daré may credit [***] percent ([***]%) of the royalties paid to such Third Party(ies), with respect to Net Sales in the country(ies) where the Third Party license is necessary, during a calendar quarter against royalties payable by Daré to SST under Section 8.2.1 for such Licensed Product in such calendar quarter, provided, however, no royalty payment to SST be reduced as a result of this Section 8.2.7(a) to less than [***] percent ([***]%) of what would otherwise have been due in the absence of such reduction. 

 

35

Portions of this Exhibit, indicated by the mark “[***]”, were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

CONFIDENTIAL TREATMENT REQUESTED

(b)If, following the Effective Date, Daré or an Affiliate licenses one or more Patents in the Territory from one or more Third Parties in order to Commercialize any Licensed Product in the Territory, which license is not a Necessary Third Party License, Daré or its Affiliate will have the right to, and may, in its sole discretion, negotiate and obtain a license under such Patents with respect to Licensed Products (each such Third Party license is referred to herein as a “Elective Third Party License”).  If Daré or an Affiliate enters into one or more Elective Third Party Licenses in accordance with the preceding sentence under which Daré or its Affiliate is required to pay royalties to such Third Party in order to practice the Licensed IP or to otherwise make, use, sell, or import the SST Product or any Licensed Product, then Daré may deduct from its payments to SST under Section 8.2.1 an amount equal to [***] percent ([***]%) of the total, aggregate royalty payments made by or on behalf of Daré or its Affiliate to such Third Parties, with respect to Net Sales in the country(ies) where the Third Party license is necessary, under all such Elective Third Party Licenses to the extent the payment of such royalties is allocable to the sale by Daré or its Affiliates or Sublicensees of Licensed Products during the calendar quarter in which such deduction is made, provided, however, no royalty payment to SST be reduced as a result of this Section 8.2.7(b) to less than [***] percent ([***]%) of what would otherwise have been due in the absence of such reduction.. 

(c)Sublicensees shall also have the benefit of the royalty offset described in this Section 8.2.7 with respect to license agreements entered into by such Sublicensee with a Third Party under which the Sublicensee licenses in patent rights for which it is required to pay royalties to such Third Party as described above, but only where the such license agreement would qualify as a Necessary License Agreement if such license agreement had been entered into by Daré. 

8.2.8Maximum Royalty Deduction.  The maximum aggregate royalty reductions applied to a particular royalty payment hereunder with respect to any given Licensed Product as a result of Sections 8.2.5, 8.2.6 and 8.2.7 shall not exceed [***] percent ([***]%) of the corresponding royalty rate identified in Section 8.2.1.

Sublicense Income

.  Daré shall pay SST, within sixty days (60) days after the end of each calendar year, on a Sublicensee-by-Sublicensee basis as consideration for a sublicense grant under this Agreement, the greater of (a) [***] percent ([***]%) of any Sublicense Income received by Daré or any of its Affiliates from the Sublicensee during the applicable calendar year or (b) royalties on the Net Sales of Licensed Products by such Sublicensee or any of its Affiliates during such calendar year during the Royalty Term.  The royalty rates (which rates are subject to deductions as permitted in Sections 8.2.5, 8.2.6 and 8.2.7, and to the maximum deduction described in Section 8.2.8) shall be based on the amount of Net Sales generated by all Sublicensees in the aggregate, as follows:

 

		

 

36

Portions of this Exhibit, indicated by the mark “[***]”, were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

CONFIDENTIAL TREATMENT REQUESTED

		
	
Royalty Rate
	
Net Sales Received by all Sublicensees under at least one (1) of the following: (a) U.S. Strategic Partnership Agreements, (b) EU Strategic 

Partnership Agreements or (c) all other sublicenses combined  

	
[***]%
	
< $[***] 

	
[***]%
	
Portion of annual Net Sales from $[***] but less than $[***]

	
[***]%
	
Portion of annual Net Sales that is $[***] or greater

 

For the avoidance of doubt, any royalties received by Daré in respect of sales of Licensed Products by any Sublicensees shall be considered Sublicense Income and subject to the provisions of this Section 8.3, but shall not be included in Annual Worldwide Net Sales for purposes of calculating royalties payable Daré under Section 8.2.

Net Sales and Sublicense Income Reports

.  Within sixty (60) days following the end of each calendar quarter, Daré shall submit to SST a written statement reporting Annual Worldwide Net Sales on a Licensed Product-by-Licensed Product, country-by-country basis during such calendar quarter, the year-to-date, total royalty payments due SST in respect of such Annual Worldwide Net Sales, the amounts of Sublicense Income received by Daré on Licensed Product-by-Licensed Product, country-by-country basis during such calendar quarter, total Sublicense Income payments due SST in respect of such Sublicense Income, and information supporting the calculation of such Net Sales and Sublicense Income.

Payment Terms

.

8.5.1All sums due to SST shall be payable in United States dollars by bank wire transfer in immediately available funds to such bank account(s) as SST shall designate, and shall be payable within forty-five (45) days following receipt of SST’s invoice.

8.5.2When Licensed Products are sold for monies other than United States dollars, the Net Sales of such Licensed Products will first be determined in the foreign currency of the country in which such Licensed Products were sold and then converted into equivalent United States funds.  The exchange rate will be the applicable rate published by the Wall Street Journal on the last Business Day of the calendar quarter in which such royalties accrued.

8.5.3Where royalties are due for Net Sales in a country where by reason of currency regulations of any kind it is impossible to make royalty payments for that country’s Net Sales in accordance with Section 8.5.1, said royalties shall be deposited in whatever currency is allowable for the benefit or credit of SST in an account designated by SST in an accredited bank in that country.

8.5.4In case of any delay in payment by Daré to SST, interest on the overdue payment shall accrue at an annual interest rate, compounded monthly, equal to the prime 

 

37

Portions of this Exhibit, indicated by the mark “[***]”, were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

CONFIDENTIAL TREATMENT REQUESTED

rate as reported in money rate section of The Wall Street Journal, New York edition, as determined for each month on the last business day of that month plus [***] percent ([***]%), or if lower, the maximum rate allowed by applicable Laws, assessed from the day payment was initially due.  The foregoing interest shall be due from Daré in response to an invoice therefor.

Tax Withholding, Financial Records and Audits

.

8.6.1Daré will make all payments to SST under this Agreement without deduction or withholding for taxes except to the extent that any such deduction or withholding is required by law in effect at the time of payment.

8.6.2If laws or regulations require Daré to withhold any taxes from royalty or advance payments made to SST under this Agreement, then such taxes shall be deducted by Daré as required by law from such remittable royalty, milestone or similar payments and shall be paid by Daré to the proper tax authorities.  Official receipts of payment of any withholding tax shall be secured and sent to SST as evidence of such payment.

8.6.3Daré and SST will cooperate with respect to all documentation required by any taxing authority or reasonably requested by Daré to secure a reduction in the rate of applicable withholding taxes.

8.6.4SST shall have the right, at its own expense, to nominate an independent certified public accountant acceptable to and approved by Daré, said approval not to be unreasonably withheld, who shall have access to Daré’s records upon at least thirty (30) days’ notice and during reasonable business hours and at Daré’s premises and under obligations of strict confidence for the purpose of verifying the amounts payable by Daré under this Agreement for any period within the preceding twenty-four (24) month period, but this right may not be exercised more than once in any twelve (12) months except for re-audits performed by SST following a certified deficiency of any payment to SST during an audited period by two percent (2%) or more.  No calendar year will be subject to audit under this Section 8.6.4 more than once.  The accountant shall disclose to SST only information relating to the accuracy of the amounts payable by Daré under this Agreement.  Daré will receive a complete, unredacted copy of all reports and findings from any audit under this Section 8.6.4 concurrently with receipt by SST.  If any audit or examination shall certify a deficiency of any payment due hereunder, and the results of such audit or examination are not subject to a good faith dispute, Daré shall make payment to SST of such deficiency plus interest at the prevailing prime rate reported in United States dollars in the money rate section of Wall Street Journal, New York edition on the date of communication to Daré of such deficiency plus two percent (2%) for the period of such deficiency.  Payment shall be made within thirty (30) days following notification of Daré by SST of such deficiency.  In addition, in the event that such an audit or examination shall certify a deficiency of any royalty payment due in an amount equaling or exceeding five percent (5%) of Daré’s accounting of the undisputed amounts due during the audited period, and the results of such audit or examination are not subject to a good faith dispute, Daré shall also reimburse SST for the reasonable costs charged by the accountant for such audit.  Any certified overpayment shall be creditable against future payments owed by Daré.

 

38

Portions of this Exhibit, indicated by the mark “[***]”, were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

CONFIDENTIAL TREATMENT REQUESTED

No Other Compensation

.  Neither Party will be obligated to pay any additional fees, milestone payments, royalties or other payments of any kind to the other hereunder.

9.CONFIDENTIAL INFORMATION.

Definition

.  “Confidential Information” means confidential or proprietary information, data or know-how, whether provided in written, oral, visual or other form, provided by one Party (the “Disclosing Party”) to the other Party (the “Receiving Party”) in connection with this Agreement, including the terms of this Agreement and information relating to the Disclosing Party’s existing or proposed research, development efforts, Patent applications, business or products, including Licensed Know-How.  Confidential Information shall not include any such information that:  (a) is already rightfully known to the Receiving Party or its Affiliates (other than under an obligation of confidentiality at least as stringent as required in this Agreement) at the time of disclosure (as evidenced by written records of the Receiving Party); (b) is or becomes generally available to the public other than through any wrongful act or omission of the Receiving Party or its Affiliates, including breach of this Agreement by the Receiving Party or its Affiliates; (c) is disclosed to the Receiving Party or its Affiliates without an obligation of confidentiality by a Third Party who had no separate nondisclosure obligation to the Disclosing Party in respect of such information; or (d) is independently discovered or developed by or on behalf of the Receiving Party or its Affiliates without the use of or reference to the Confidential Information of the Disclosing Party (as evidenced by written records of the Receiving Party).  The terms of this Agreement shall be deemed Confidential Information of each Party.  The Parties agree that with respect to the Licensed IP, SST shall be deemed the Disclosing Party.

Confidentiality

.  The Receiving Party shall keep in confidence all Confidential Information of the Disclosing Party with the same degree of care it employs to maintain the confidentiality of its own Confidential Information, but no less than a reasonable degree of care.  The Receiving Party shall not use such Confidential Information for any purpose other than in performance of this Agreement or disclose the same to any other Person other than to such of its Affiliates and its and their employees, agents and subcontractors who have a need to know such Confidential Information to implement the terms of this Agreement.  A Receiving Party shall advise any such Affiliate, employee, agent, and subcontractor who receives Confidential Information of such obligations, and the Receiving Party shall ensure (through enforcement of written agreements or otherwise) that all such Affiliates, employees, agents,  and subcontractors comply with such obligations as if they had been a Party hereto.  The Receiving Party will be liable for breach of confidentiality by any of its Affiliates and its and their employees, agents, and/or subcontractors.

Permitted Disclosure and Use

.  The Receiving Party shall have the right to disclose Confidential Information if, (a) in the reasonable opinion of the Receiving Party’s legal counsel, such disclosure is required by any applicable Laws (including the rules of any stock exchange), provided that the Receiving Party gives adequate prior notice of such disclosure to the Disclosing Party and the Receiving Party seeks confidential treatment of such Confidential Information to the maximum extent permitted by the relevant Governmental Authority; or (b) a court, tribunal, administrative agency or other Governmental Authority orders such disclosure, 

 

39

Portions of this Exhibit, indicated by the mark “[***]”, were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

CONFIDENTIAL TREATMENT REQUESTED

provided that the Receiving Party gives adequate prior notice of such disclosure to the Disclosing Party to permit the Disclosing Party to intervene and to request protective orders or other confidential treatment.  The Receiving Party will cooperate reasonably with any such efforts by the Disclosing Party.  Without limiting Section 9.2, each Party may disclose Confidential Information of the other Party to Third Parties under appropriate terms and conditions, including confidentiality provisions substantially equivalent to these in this Agreement only (a) for fundraising, sublicensing, consulting, manufacturing, development, Commercialization, external testing and marketing studies with respect to the Licensed Products covered by this Agreement or (b) to the extent such disclosure is reasonably necessary in filing or prosecuting patent, copyright and trademark applications, prosecuting or defending litigation, complying with applicable governmental regulations, conducting preclinical or Clinical Studies, and developing and marketing Licensed Products pursuant to this Agreement.  The disclosing Party shall be responsible for any breaches of confidentiality by such Third Parties to whom it has disclosed the other Party’s Confidential Information.  Furthermore, notwithstanding any other provision of this Agreement, each Party may disclose the other Party’s Confidential Information as necessary in connection with any proposed financing, merger or similar transaction, subject to confidentiality, or as necessary to obtain legal or financial advice from its attorneys, insurers, accountants and legal or financial advisors.  The Parties shall also be permitted to make disclosures consistent with, and pursuant to, Sections 15.1 (Publications) and 15.2 (Public Announcements).

Return

.  Upon termination of this Agreement, the Receiving Party shall return or destroy all documents or other media containing Confidential Information of the Disclosing Party with the exception of one (1) copy for the sole purpose of monitoring and documenting the confidentiality obligations hereunder.

Remedies

.  Money damages may not be an adequate remedy if this Article 9 is breached and, therefore, either Party may, in addition to any other legal or equitable remedies, seek an injunction or other equitable relief in any court of competent jurisdiction against such breach or threatened breach without the necessity of posting any bond or surety.

Survival

.  This Article 9 shall survive the expiration or termination of this Agreement for a period of ten (10) years.

10.REPRESENTATIONS AND WARRANTIES.

Mutual Representations and Warranties

.  SST and Daré each represents and warrants to the other as of the Signature Date:

10.1.1Such Party: (a) is a company duly organized, validly existing and in good standing under the Laws of the jurisdiction of its organization; and (b) has the requisite corporate power and authority and the legal right to conduct its business as now conducted and hereafter contemplated to be conducted;

10.1.2The execution, delivery and performance of this Agreement by such Party: (a) are within the corporate power of such Party; (b) have been duly authorized by all necessary or proper corporate action; (c) do not conflict with any provision of the organizational 

 

40

Portions of this Exhibit, indicated by the mark “[***]”, were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

CONFIDENTIAL TREATMENT REQUESTED

documents of such Party; (d) will not, to the Party’s knowledge, violate any Laws or any order or decree of any court or Governmental Authority; and (e) will not violate or conflict with any terms of any indenture, mortgage, deed of trust, lease, agreement or other instrument to which such Party is a party, or by which such Party is bound;

10.1.3This Agreement has been duly executed and delivered by such Party and constitutes a legal, valid and binding obligation of such Party, enforceable against such Party in accordance with its terms;

10.1.4No governmental authorization, consent, approval (except Marketing Authorization Approvals), license, registration, filing or exemption therefrom with any court or other Governmental Authority is or will be necessary for, or in connection with, the performance of the transaction contemplated by this Agreement or any other agreement or instrument executed in connection therewith; and

10.1.5Neither such Party nor, to either Party’s knowledge, any of its employees, has been debarred by the FDA (or similar action by any other Regulatory Authority), or subject to an FDA debarment investigation or proceeding (or similar investigation or proceeding by any other Regulatory Authority) for any reason.

Daré Representations, Warranties and Covenants

.  Daré represents, warrants and covenants to SST as of the Signature Date:

10.2.1Daré has utilized its own scientific, marketing and distribution expertise and experience to analyze and evaluate both the scientific and commercial value of this collaboration, and Daré has entered into this Agreement based on its own independent due diligence investigation and evaluation;

10.2.2Daré is not a party to or otherwise bound by any oral or written contract or agreement that will result in any Third Party obtaining any interest in, or that would give to any Third Party any right to assert any claim in or with respect to, any of Daré’s rights granted under this Agreement; and

10.2.3Daré is not currently a party to, and during the Term will not enter into, any agreements, oral or written, that conflict with its obligations under this Agreement.

SST Representations, Warranties and Covenants

.  SST represents and warrants to Daré as of the Signature Date:

10.3.1SST has utilized its own scientific, marketing and distribution expertise and experience to analyze and evaluate both the scientific and commercial value of this collaboration, and SST has entered into this Agreement based on its own independent assessment and evaluation;

10.3.2Neither SST nor any of its Affiliates is a party to or otherwise bound by any oral or written contract or agreement that will result in any Person obtaining any 

 

41

Portions of this Exhibit, indicated by the mark “[***]”, were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

CONFIDENTIAL TREATMENT REQUESTED

interest in, or that would give to any Person any right to assert any claim in or with respect to, any of SST’s rights that are subject to the exclusive license grant granted under this Agreement;

10.3.3SST is not currently a party to, and during the Term will not enter into, any agreements, oral or written, that conflict with its obligations under this Agreement;

10.3.4All of the Licensed Patents listed on Exhibit 1 are pending or issued and have not been abandoned as of the Signature Date, and SST or its Affiliates have timely paid all filing and renewal fees payable with respect to such Licensed Patents;

10.3.5SST is the sole and exclusive owner of, or has obtained exclusive licenses to, the Licensed Patents and Licensed Know-How;

10.3.6No Licensed IP is subject to any funding agreement with any Government Authority;

10.3.7SST has not previously assigned, transferred, conveyed or otherwise encumbered its rights, title and interests in the SST Product or Licensed IP in a manner that would prevent or restrict SST and/or Daré from Developing and/or Commercializing Licensed Products as set forth herein, or prevent or restrict Daré from exploiting its rights granted under Section 2.1;

10.3.8There is no intellectual property right, and in particular no Patent, Controlled by SST or SST Parent or any Affiliate of either, other than the Licensed Patents, that would prevent or restrict SST and/or Daré from Developing and/or Commercializing Licensed Products as set forth herein, or that would prevent or restrict Daré from exploiting its rights granted under Section 2.1;

10.3.9The Licensed Patents are existing and, to the best of SST’s and its Affiliates’ knowledge, are not invalid or unenforceable, in whole or in part.  SST and its Affiliates are not aware of any claim made against any of them asserting the invalidity, misuse, unenforceability or non-infringement of any of the Licensed Patents;

10.3.10To SST’s and its Affiliates’ knowledge, there are no claims, judgments or settlements against or pending with respect to the Licensed Patents or any component of Licensed Know-How; and neither SST nor SST Parent nor any Affiliate of either has received written notice that any such claims, judgments or settlements are threatened, and, to SST’s knowledge and the to the knowledge of SST Parent, there are no such claims, judgments or settlements are threatened;

10.3.11No patent application or registration within the Licensed Patents is subject of any pending interference, opposition, cancellation or patent protest;

10.3.12To SST’s and its Affiliates’ knowledge, the practice of the Licensed IP does not infringe or misappropriate any Third Party intellectual property right;

 

42

Portions of this Exhibit, indicated by the mark “[***]”, were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

CONFIDENTIAL TREATMENT REQUESTED

10.3.13To SST’s and its Affiliates’ knowledge, no Third Party is infringing the Licensed Patents and no Third Party has misappropriated any Licensed Know-How; and

10.3.14To SST’s and its Affiliates’ knowledge, all information disclosed at any time prior to the Effective Date by SST relating to the SST Product and Licensed IP is, in all material respects, true, accurate, complete and not misleading.

SST Representations, Warranties and Covenants

.  SST represents and warrants and covenants to Daré on an ongoing basis:

10.4.1SST shall fulfill all of its obligations, including its payment obligations, under the License Agreement; and

10.4.2SST shall not amend, waive, take any action or omit to taking any action that would alter or otherwise modify any of SST’s rights under, or violate or breach, the terms of the License Agreement in a manner that would reasonably be expected to adversely affect Daré’s rights under this Agreement and shall not terminate the License Agreement without Daré’s prior written consent.  SST shall promptly notify Daré of any default under, termination or amendment of the License Agreement. 

SST Parent Representations, Warranties and Covenants

.  SST Parent represents and warrants and covenants to Daré on an ongoing basis that (a) for so long as this Agreement remains in effect, SST and SST Parent will not assign, transfer, terminate, modify or amend the License Agreement in any manner that conflicts with the license granted to Daré under Section 2.1 or otherwise adversely affects Daré’s rights under this Agreement, (b) SST Parent and its Affiliates shall be jointly and severally liable for the financial liabilities of SST under this Agreement if and to the extent SST defaults on any such liabilities, and SST Parent and its Affiliates shall be jointly and severally liable for SST’s indemnification obligations hereunder, and (c) in the event the License Agreement is terminated for any reason during the Term, SST Parent shall, if requested by Daré in writing, enter into a license agreement directly with Daré on substantially the same terms and conditions as those set forth in this Agreement.  The scope and territory of the license grant under such license agreement shall be the same as that granted by SST to Daré as of the effective date of termination of the License Agreement and SST Parent shall not have any obligations under such license agreement that are greater than or inconsistent with the obligations of SST under the License Agreement.  SST and SST Parent shall each notify Daré promptly upon the delivery or receipt (whichever occurs first) of any notice of termination of the License Agreement, and shall notify Daré promptly upon amending the License Agreement, which notice shall include a copy of the amendment.   

Disclaimer of Warranty

.  Except for the express warranties made under Sections 10.1, 10.2, 10.3 and 10.4, nothing in this Agreement shall be construed as a representation or warranty by either Party: (a) that any Licensed Product made, used, sold or otherwise disposed of under this Agreement is or will be free from infringement of patents, copyrights, trademarks or other intellectual property rights of any Third Party; (b) regarding the effectiveness, value, safety, non-toxicity or patentability of any technology, Licensed Products or any results provided by either 

 

43

Portions of this Exhibit, indicated by the mark “[***]”, were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

CONFIDENTIAL TREATMENT REQUESTED

Party pursuant to this Agreement; or (c) that any Licensed Product will obtain Marketing Authorization Approval in any country.  EXCEPT AS OTHERWISE EXPRESSLY SET FORTH HEREIN, NEITHER PARTY MAKES ANY REPRESENTATION OR EXTENDS ANY WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED, TO THE OTHER PARTY, AND EACH PARTY HEREBY DISCLAIMS ALL IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NON-INFRINGEMENT.  EACH PARTY HEREBY DISCLAIMS ANY REPRESENTATION OR WARRANTY THAT THE DEVELOPMENT, MANUFACTURE AND COMMERCIALIZATION OF THE LICENSED PRODUCTS PURSUANT TO THIS AGREEMENT WILL BE SUCCESSFUL OR THAT ANY PARTICULAR SALES LEVEL WITH RESPECT TO THE LICENSED PRODUCTS WILL BE ACHIEVED. 

11.INDEMNIFICATION.

Indemnification by Daré

.  Subject to Section 11.3, Daré shall defend SST and its Affiliates and each of their officers, directors, employees, consultants, successors and assigns from and against all Claims of Third Parties, and shall pay all associated Losses, to the extent arising out of (a) Daré’s negligence or willful misconduct in performing any of its obligations under this Agreement, (b) breach by Daré of any of its representations or warranties under this Agreement, or (c) the Development, Commercialization, use, handling, storage, marketing, sale, distribution or other disposition of Licensed Products by Daré, its Affiliates, agents or subcontractors, except to the extent as set forth in Section 11.2.

Indemnification by SST

.  Subject to Section 11.3, SST shall defend Daré and its Affiliates and each of their officers, directors, employees, consultants, successors and assigns from and against all Claims of Third Parties, and shall pay all associated Losses, to the extent arising out of (a) SST’s negligence or willful misconduct in performing any of its obligations under this Agreement or (b) breach by SST of any of its representations or warranties under this Agreement, or (c) the Development, manufacture, use, handling, storage, distribution or other disposition of Licensed Products by SST, its Affiliates, agents, or subcontractors, except to the extent as set forth in Section 11.1

Procedure for Indemnification

.

11.3.1Notice.  Each Party (the “Indemnified Party”) will notify promptly the other Party (the “Indemnifying Party”) in writing if it becomes aware of a Claim (actual or potential) by any Third Party or any proceeding (including any investigation by a Governmental Authority) for which indemnification may be sought and will give such related information as the Indemnifying Party shall reasonably request.

11.3.2Defense of Claim.  The Indemnifying Party shall have sole control over the defense and/or settlement of any such Claims and shall be responsible for satisfying and discharging any award made to or settlement reached with the Third Party pursuant to the terms of this Agreement.  The Indemnifying Party shall retain counsel to represent the Indemnified Party and shall pay the reasonable fees and expenses of such counsel related to such proceeding.  In any such proceeding, the Indemnified Party, at its sole expense, shall have the right to retain its own 

 

44

Portions of this Exhibit, indicated by the mark “[***]”, were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

CONFIDENTIAL TREATMENT REQUESTED

counsel at its own expense.  The Indemnifying Party shall not, without the written consent of the Indemnified Party (which consent shall not be unreasonably withheld, refused, conditioned or delayed), effect any settlement of any such Third Party Claim, unless such settlement includes an unconditional release of the Indemnified Party from all liability on such Claims.  The Indemnified Party may not consent to any settlement or judgment of any Claim without the Indemnifying Party’s prior written consent.

Insurance

.  Each Party shall maintain (a) product liability insurance covering the obligations of that Party under this Agreement during the Term and for five (5) years thereafter, which insurance shall afford limits of not less than [***] Dollars (US$[***]) for each occurrence and in the aggregate for personal injury liability and property damage liability and (b) clinical trials insurance covering the obligations of that Party with respect to the conduct of Clinical Studies under this Agreement through the term of the Agreement and for five (5) years thereafter, which insurance shall afford limits of not less than [***] Dollars (US$[***]) for each occurrence and in the aggregate.  All such insurance shall include worldwide coverage including coverage for United States jurisdiction claims and occurrences.  If requested, each Party will provide the other with a certificate of insurance evidencing the above and showing the name of the issuing company, the policy number, the effective date, the expiration date and the limits of liability.  The insurance certificate shall further provide for a minimum of thirty (30) days’ written notice to the insured of a cancellation of, or material change in, the insurance.  All insurance companies must be rated “A” or better with a financial rating of VII or better in the most recent A.M. Best rating and must be authorized to do business in the United States of America and all other jurisdictions where business is being transacted covering all operations under this Agreement.

12.INTELLECTUAL PROPERTY.

Ownership of Inventions

.  Daré shall own all rights, title and interests in and to any Daré Inventions.  SST shall solely and exclusively own all rights, title and interests in and to any SST Inventions.  Each Party shall own a fifty percent (50%) undivided interest in all Joint Inventions.  Except as expressly provided in this Agreement and subject to any restrictions therein, each joint owner may make, sell, use, license, assign, pledge or keep Joint Inventions, and otherwise undertake all activities a sole owner might undertake with respect to such Joint Inventions, without the consent of and without accounting to the other joint owner, provided that any assignment, license or other disposition or use (a) shall at all times be and remain subject to the grants of rights and accompanying conditions and obligations with respect thereto under this Agreement, and (b) allow the Parties to exercise their rights and perform their obligations under this Agreement, in particular to Develop and Commercialize Licensed Products in at least the same scope as prior to such assignment, license or other such disposition.

Ownership of Improvements

.  Subject to the license granted to Daré under Section 2.1, SST shall solely and exclusively own all rights, title and interests in and to any and all Improvements.  To the extent Daré, any of its Affiliates or any Sublicensee acquires any ownership interests in any Improvements, Daré hereby assigns and agrees to assign such ownership interests to SST.

 

45

Portions of this Exhibit, indicated by the mark “[***]”, were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

CONFIDENTIAL TREATMENT REQUESTED

Inventorship

.  Inventorship for inventions (including inventions comprising Improvements) shall be determined in accordance with the patent laws of the United States (Title 35, United States Code).  The Parties shall each maintain detailed laboratory notebooks, in accordance with customary practices in the industry, sufficient to evidence inventorship for purposes of patent filings.

Prosecution and Maintenance of Patents

.

12.4.1SST shall have the sole right (but not the obligation) to prepare, file, prosecute and maintain the Licensed Patents.  SST shall have the authority to select patent counsel, to determine the form and content of such filing, prosecution and maintenance documents and to make all decisions regarding whether to file, prosecute and maintain such Licensed Patents, and in which countries to do so.  SST shall provide Daré with copies of all official correspondence (including applications, office actions and responses) relating to filing, prosecution and/or maintenance of Licensed Patents in the Territory.  SST shall consult with Daré in good faith regarding the preparation, filing, prosecution, and maintenance of the Licensed Patents, including the conduct of interferences, the defense of oppositions and other similar proceedings with respect to Patents.  Without limiting the foregoing, SST will timely provide Daré with a copy of any proposed patent application within the Licensed Patents and any proposed response or submission to any patent office in relation to any such patent application at least thirty (30) days prior to the filing or response deadline and will consider in good faith all comments made by Daré with respect to such draft response or submission.  To that end, SST will keep Daré reasonably informed of the status of the Licensed Patents, including, without limitation: (A) by providing Daré with copies of all material communications received from or filed in patent office(s), or received from or sent to foreign attorneys, with respect to such filing, (B) by providing a status report at least annually and (C) by providing Daré a reasonable time, but in any event not less than thirty (30) days, prior to taking or failing to take any action that would materially affect the pendency of any such filing, with prior written notice of such proposed action or inaction so that Daré has a reasonable opportunity to review and comment.  In furtherance of the foregoing requirements, SST shall itself, or shall instruct and use reasonable efforts to ensure that its outside patent counsel, promptly forward to Daré a copy of all correspondence received from or sent to any patent office relating to the Licensed Patents, and the Parties shall enter into a reasonable commonality of interest agreement if deemed advisable by their respective patent counsel.  The Parties will confer regarding the desirability of seeking in any country any patent term adjustment, patent term extension, supplemental patent protection or related extension of rights.  If SST disagrees with any of Daré’s comments, it shall consult with Daré in good faith prior to taking any material action contrary thereto. 

12.4.2Daré shall be responsible for [***] percent ([***]%) of all costs incurred by SST after the Effective Date in connection with the filing, prosecution or maintenance of the Licensed Patents in accordance with Section 12.4.1, including (a) filing fees, (b) reasonable attorneys’ fees and other expenses associated with application preparation, prosecution, and maintenance, (c) all reasonable costs incurred in reexamination, oppositions and interference proceedings in the United States Patent and Trademark Office and/or the United States Courts, (d) maintenance fees and annuities, including any service fees paid to an annuity payment service 

 

46

Portions of this Exhibit, indicated by the mark “[***]”, were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

CONFIDENTIAL TREATMENT REQUESTED

provider and (e) reasonable attorneys’ fees and filing fees associated with protest or appeal proceedings (collectively, “Patent Costs”), provided that if the Parties are unable to come to an agreement following good faith and reasonable discussions regarding whether to file, whether or how to prosecute and/or whether to maintain or abandon a particular Patent, then SST shall have final decision-making authority with respect thereto, but Daré will not be responsible for any subsequent costs incurred in direct connection with the filing, prosecution or maintenance of such Patent.  Daré shall pay SST Daré’s share of Patent Costs within forty-five (45) days after receipt of an undisputed invoice from SST for such amounts that are supported with reasonable documentation for the amounts charged in such invoice.  If SST grants or has granted a license under any one or more Licensed Patents to any Third Party before or during the Term, and is entitled to additional reimbursement of Patent Costs from such Third Party, then the Patent Costs incurred in connection with such Licensed Patents following the effective date of such license shall be prorated equally among all such licensees (including Daré).

12.4.3SST shall not abandon prosecution or maintenance of any Licensed Patents without notifying Daré in a timely manner of SST’s intention and reason therefor and providing Daré with reasonable opportunity to comment upon such abandonment and to assume responsibility for prosecution or maintenance of such Licensed Patents as set forth below.  In the event that SST abandons prosecution or maintenance of Licensed Patents in the Territory at any time during the Term, SST shall provide Daré written notice of such determination at least forty-five (45) days before any deadline for taking action to avoid abandonment or other loss of rights (and shall clearly specify in such notice any pending deadlines).  Daré may assume prosecution and maintenance responsibility therefor in the name of SST, and the costs associated with such prosecution shall be paid by Daré at its sole discretion.  No such action by Daré will change the ownership or license provisions with respect to the applicable Licensed Patent unless agreed by the Parties in writing.  SST will execute all documents that Daré may reasonably request for such purposes.

12.4.4Joint Patents.  SST and Daré shall select the Party that shall be responsible for filing, prosecuting and maintaining Joint Patents.  The Parties shall pay [***] percent ([***]%) of all costs associated with the preparation, prosecution and maintenance of Joint Patents unless the Parties otherwise agree in writing.  The determination of the countries in which to file Joint Patents shall be made jointly by the Parties.  The Party responsible for filing a Joint Patent shall have the right to direct and control all material actions relating to the prosecution or maintenance of Joint Patents, subject to the other Party’s ability to comment on such filings and the filing Party’s reasonable consideration of such comments.  The Party responsible for filing a Joint Patent shall provide prior written notice to the other Party of the countries in which it intends to file, including conflict proceedings, reexaminations, reissuance, oppositions and revocation proceedings, provided, however, that such other Party shall have the right to file or continue prosecution in countries in which the filing Party determines it wishes to abandon or not file such Joint Patent.

12.4.5Patent Term Extensions.  The Parties shall cooperate, if necessary and appropriate, with each other in gaining Patent term extension (including those extensions available under the Supplementary Certificate of Protection of Member States of the EU and other 

 

47

Portions of this Exhibit, indicated by the mark “[***]”, were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

CONFIDENTIAL TREATMENT REQUESTED

similar measures in any other country) wherever applicable to Licensed Patents in the Territory that Cover Licensed Product in the Field of Use.  The Parties shall, if necessary and appropriate, use reasonable efforts to agree upon a joint strategy relating to Patent term extensions, but, in the absence of mutual agreement with respect to any extension issue in the Territory, the Patent and/or the claims of the Patent shall be selected on the basis of the scope, enforceability and remaining term of the Patent in the relevant country or region.  All filings for such extensions shall be made by the Party responsible for filing, prosecuting and maintaining such Licensed Patents.

Patent Infringement

.

12.5.1Notice of Infringement.  Each Party shall promptly notify the other in writing (a) of any actual or suspected infringement of any Licensed Patents or Joint Patents in the Territory (including unauthorized importation into the Territory for sale in the Territory), of which it becomes aware or (b) upon receiving notification that a Licensed Patent or  Joint Patent is subject to a declaratory judgment action alleging non-infringement, invalidity or unenforceability in the Territory, which notification shall specify in reasonable detail the nature of such actual or suspected infringement or judicial action.

12.5.2Right to Enforce.

(a)Daré shall have the initial right, using counsel of its choice, to enforce the applicable Licensed Patent(s) against actual or potential infringers in the Field of Use where a Third Party is actually or potentially exploiting a topically applied pharmaceutical product that contains at least one of the same active pharmaceutical ingredients as a Licensed Product (a “Competitive Infringement”), and to defend any declaratory action and any reexamination, oppositions and interference proceedings brought by any such Third Party in the United States Patent and Trademark Office and/or the United States Courts, or protest or appeal proceedings with respect thereto, in the Territory, at its expense, and SST shall give all reasonable assistance (excluding financial assistance) to Daré in such action, at Daré’s expense.  Notwithstanding the foregoing, with respect to any product that is a Combination Product, the actual or potential exploitation of a topically applied pharmaceutical product that contains any active pharmaceutical ingredient of such Combination Product other than sildenafil or a salt thereof (but does contain sildenafil or a salt thereof) shall not be deemed a Competitive Infringement hereunder.  Daré shall provide SST with an opportunity to make suggestions and comments regarding such enforcement or defense, and Daré shall consider all such suggestions and comments in good faith.  Daré shall keep SST reasonably informed of the status and progress of the litigation and/or settlement.  Prior to initiating any action to enforce or defend any Licensed Patent(s) under this Section 12.5.2(a), Daré and SST shall confer to discuss a reasonable course of action which fairly balances the interests of both Parties to minimize risks of validity challenges to the applicable Licensed Patent(s), inside and outside the Field of Use, to minimize risks of lost sales of Licensed Products due to infringement and to minimize any potential adverse consequences to SST and SST Parent’s other licensees of the Licensed Patent(s), but Daré will have the final decision on the course of action. Without limiting the foregoing, if Daré is authorized hereunder to initiate an action against a Third Party under this Section 12.5.2(a), but Daré is not recognized by the applicable court or other relevant body as having the requisite standing to pursue such action, then 

 

48

Portions of this Exhibit, indicated by the mark “[***]”, were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

CONFIDENTIAL TREATMENT REQUESTED

at Daré’s request, SST shall join, and if necessary, shall cause SST Parent to join, in as party-plaintiff or commence such action in its own name and, in either event, cooperate with Daré, at Daré’s expense; provided, however, that Daré shall indemnify, defend and hold SST and SST Parent harmless from and against any and all Losses that are incurred in connection with the defense of any counterclaims filed against SST and/or SST Parent, which Losses may include awards of defendants’ court costs and/or attorneys’ fees against SST and/or SST Parent, judicial sanctions imposed on SST and/or SST Parent in connection with Daré’s litigation of such action, and other Losses for which SST and/or SST Parent would not be liable but for their joinder in or commencement of any such action..

(b)Neither Party is obligated to the other to incur any costs for policing any Joint Patent or for enforcing or defending any Joint Patent against any Third Party.  Notwithstanding the foregoing, a Party will notify the other Party in writing prior to commencing any enforcement actions of Joint Patents against any Third Party.  Any enforcement or defense of any Joint Patent that is mutually undertaken by both Parties requires separate agreement between the Parties.  If one of the Parties provides the other Party written notice of its decision not to participate in an enforcement action of any Joint Patents and the other proceeds, the proceeding Party has no obligation to account to the non-participating Party for any amounts collected.

12.5.3Distribution of Remedies.  Any damages, royalties, settlement fees or other consideration for infringement resulting from such suit shall be distributed as follows:  (a) first, each Party shall be reimbursed for its reasonable out-of-pocket costs paid in connection with the proceeding; and (b) thereafter,  [***] percent ([***]%) shall be retained by Daré and [***] percent ([***]%) shall be distributed to SST; provided further, however, that, if the nature of the infringement by a Third Party of the Licensed Patent(s) extends to any Other Products, and the amounts recovered by the Party prosecuting the infringement includes damages, royalties, fees or other consideration solely and specifically associated with such Other Products, then Daré shall also be entitled to receive (or, if it is the prosecuting Party, to retain) the portion of any such recovery which is solely and specifically associated with the infringement of the Other Product.

12.5.4Settlement.  In no case may Daré enter into any settlement or consent judgment or other voluntary final disposition with respect to any infringement action referenced in this Section that:  (a) extends, or purports to exercise, Daré’s rights under the Licensed IP beyond the rights granted pursuant to this Agreement; (b) makes any admission regarding wrongdoing by SST or the invalidity, unenforceability or absence of infringement of any Licensed Patents; (c) subjects SST to an injunction or other equitable relief; or (d) obligates SST to make a monetary payment that will not be reimbursed by Daré; in all cases without the prior written consent of SST, which consent will not be unreasonably withheld or delayed.  Similarly, in no case may SST enter into any settlement or consent judgment or other voluntary final disposition with respect to any infringement action referenced in this Section that:  (i) limits Daré’s rights under the Licensed IP or under this Agreement other than as expressly stated herein; (ii) subjects Daré to an injunction or other equitable relief; or (iii) obligates Daré to make a monetary payment that will not be reimbursed by SST; in all cases without the prior written consent of Daré, which consent shall not be unreasonably withheld or delayed.

 

49

Portions of this Exhibit, indicated by the mark “[***]”, were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

CONFIDENTIAL TREATMENT REQUESTED

Infringement Claim by Third Party

.  Each Party shall promptly report in writing to the other Party during the Term any Claim by any Third Party that the Development or Commercialization of any Licensed Product in the Field of Use in the Territory infringes the intellectual property rights of any Third Party and shall provide the other Party with all available evidence supporting said infringement or suspected infringement.  Daré shall have the initial right, but not the obligation, to defend any Claim initiated by any Third Party alleging solely that a Licensed Product Developed or Commercialized hereunder has infringed, or is suspected of infringing, any Third Party intellectual property rights.  If Daré elects to exercise such right, SST shall cooperate with Daré at Daré’s reasonable request and expense, and SST shall have the right to be represented by counsel selected and paid for by SST.  Daré shall give SST advance notice of its intent to defend any said suit, shall provide SST with an opportunity to make suggestions and comments regarding such defense and shall use good faith, reasonable efforts to incorporate such suggestions and comments; provided, however, that SST shall provide any such comments sufficiently in advance of any filing dates to allow for consideration by Daré.  Daré shall keep SST reasonably informed of the status and progress of the litigation.  Daré shall have the sole and exclusive right to select counsel for any such suit and action and shall pay all expenses of the suit, including attorneys’ fees and court costs.  In no case may Daré enter into any settlement or consent judgment or other voluntary final disposition with respect to any Claim referenced in this Section that: (a) extends, or purports to exercise, Daré’s rights under the Licensed IP beyond the rights granted pursuant to this Agreement; (b) makes any admission regarding wrongdoing by SST or the invalidity, unenforceability or absence of infringement of any Licensed Patents; (c) subjects SST to an injunction or other equitable relief; or (d) obligates SST to make a monetary payment that will not be reimbursed by Daré; in all cases without the prior written consent of SST, which consent will not be unreasonably withheld or delayed.  If Daré does not defend a claim, suit or proceeding as set forth above within ninety (90) days of the date SST was reasonably aware or notified of the Third Party claim alleging infringement (or within such shorter period as may be necessary for submitting or filing a response), then SST may, in its sole discretion, elect to defend such claim, suit or proceeding, using counsel of its own choice and at its own expense, and the provisions of this Section shall apply as if the term “Daré” were changed to “SST” and the term “SST” were changed to “Daré”, except that in no case may SST enter into any settlement or consent judgment or other voluntary final disposition with respect to any Claim referenced in this Section that: (i) limits Daré’s rights under the Licensed IP or under this Agreement other than as expressly stated herein; (ii) subjects Daré to an injunction or other equitable relief; or (iii) obligates Daré to make a monetary payment that will not be reimbursed by SST, in all cases without the prior written consent of Daré, which consent shall not be unreasonably withheld or delayed.

13.TERM AND TERMINATION.

Term

.  This Agreement shall not be effective, and shall not come into force or effect, prior to the Effective Date except solely with respect to Articles 1,  (Definitions), 9 (Confidential Information), and 14 (Miscellaneous), Sections 10.1 (Mutual Representations  and Warranties), 10.2 (Daré Representations, Warranties and Covenants) and 10.3 (SST Representations, Warranties and Covenants) and this sentence of Section 13.1, which shall come into force and effect as of the Signature Date.  Such provisions shall remain in effect from and after the Signature Date during the Term, unless the Effective Date does not occur by March 31, 

 

50

Portions of this Exhibit, indicated by the mark “[***]”, were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

CONFIDENTIAL TREATMENT REQUESTED

2018, in which case there is no Effective Date and the Agreement shall automatically terminate on March 31, 2018 unless otherwise agreed to by the Parties. Subject to the foregoing, this Agreement shall commence on the Effective Date and shall remain in effect on a Licensed Product-by-Licensed Product and country-by-country basis until the expiration of the Royalty Term in the applicable country of the Territory, or until any earlier termination of this Agreement as provided in this Article 13 (the “Term”).  Upon expiration (but not termination) of this Agreement in a particular country of the Territory, Daré shall have a fully paid-up license under the Licensed IP to Develop and Commercialize the applicable Licensed Products in the applicable country on a non-exclusive basis.

Termination of this Agreement by Daré for Convenience

.  Daré may terminate this Agreement on a Licensed Product-by-Licensed Product and country-by-country basis for any reason.  If such termination occurs prior to receipt of Marketing Authorization Approval in the United States, then Daré shall provide notice of termination upon ninety (90) days’ notice to SST, and thereafter Daré shall provide notice of termination upon one hundred eighty (180) days’ prior written notice to SST.

Termination for Cause

.  

13.3.1The material breach by a Party of any of its obligations contained in this Agreement shall entitle the other Party to give notice to have the breach cured.  If such breach is not cured within (a) [***] ([***]) days for all defaults other than payment or (b) [***] ([***]) days for defaults on payment after the receipt of such notice, the notifying Party shall be entitled, without prejudice to any of its other rights conferred on it by this Agreement, and in addition to any other remedies that may be available to it, to terminate this Agreement upon notice.  In addition, SST shall have the right to terminate this Agreement in its entirety, upon [***] ([***]) days’ prior written notice to Daré, if at any time Daré or any of its Affiliates or Sublicensees initiates or voluntarily joins as a party to any legal action that challenges in any way the validity, enforceability or scope of the Licensed Patents in any court or before any Governmental Authority with authority to determine the validity, enforceability or scope of such Licensed Patents, or causes or requests, without the prior written approval of SST, a review by any such court or Governmental Authority of the same.

13.3.2If, after any suspension by SST of its Development activities pursuant to Section 4.5.1, Daré does not exercise its right to assume responsibility for the suspended Development activities within [***] ([***]) days after receiving written notice from SST of their suspension, or if Daré fails to use Commercially Reasonable Efforts in performing Development activities in substantial accordance with the Development Plan and does not cure such failure within sixty (60) days of receipt of SST’s notice thereof, SST may terminate this Agreement with respect to the applicable Licensed Product(s) in the applicable country(ies) upon thirty (30) days’ notice to Daré.  

Termination for Bankruptcy

.  Either Party hereto shall have the right to terminate this Agreement forthwith by written notice to the other Party (a) if the other Party is declared insolvent or bankrupt by a court of competent jurisdiction, (b) if a voluntary or involuntary petition in bankruptcy is filed in any court of competent jurisdiction against the other 

 

51

Portions of this Exhibit, indicated by the mark “[***]”, were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

CONFIDENTIAL TREATMENT REQUESTED

Party and such petition is not dismissed within ninety (90) days after filing or (c) if the other Party shall make or execute an assignment of substantially all of its assets for the benefit of creditors.

Effects of Termination

.

13.5.1On a Licensed Product-by-Licensed Product and country-by-country basis, in the event of termination by Daré under Section 13.2, or by SST under Sections 13.3 or 13.4, or in the event a Licensed Product is terminated in a particular country following suspension of Development and/or Commercialization activities pursuant to Section 4.5.1 or 4.5.2, as applicable, (a) all corresponding rights and licenses on a Licensed Product-by-Licensed Product and country-by-country basis granted to Daré herein shall terminate and revert to SST on termination; provided, however, if Daré terminates the Agreement only with respect a particular country it retains the right to continue manufacturing Licensed Products in such terminated country but only for sale of such Licensed Products in the remaining countries of the Territory, if any; (b) in the event that Daré has any on-going Clinical Studies with respect to the applicable Licensed Product in the applicable country as of the effective date of termination, Daré agrees, at SST’s request, to either promptly transition such Clinical Studies to SST or continue to wind down, according to good clinical practice, such Clinical Studies, at Daré’s expense; (c) Daré shall, at its own expense, promptly provide SST with all data and results pertaining, on a Licensed Product-by-Licensed Product and country-by-country basis, to Licensed Products; (d) Daré will, at its own expense, promptly assign or transfer, or cause to be assigned and transferred to SST (or if not so assignable, Daré shall take all reasonable actions to make available to SST the benefits of), all Regulatory Filings, Manufacturing Documentation and Marketing Authorization Approvals concerning Licensed Products, in each case as Controlled by Daré or its Affiliates or Sublicensees; (e) if requested by SST, Daré shall sell to SST all or any portion of Daré’s and its Affiliates’ and/or Sublicensees’ inventory of Licensed Product, at actual direct cost plus [***] percent ([***]%); and (f) effective upon such termination, Daré hereby grants SST and its Affiliates a worldwide, royalty-bearing, perpetual, freely sublicensable and non-exclusive license, under the Daré Incorporated IP, solely to Develop and Commercialize the terminated Licensed Products in the applicable country(ies); provided, however, that notwithstanding the foregoing, any Daré Incorporated IP that is Controlled by a Third Party that becomes an Affiliate of Daré after the Effective Date as a result of Daré being acquired by such Third Party shall not be licensed to SST under this sentence unless such Daré Incorporated IP is actually being used by Daré or its Affiliates in the manufacture, use and/or sale of Licensed Products at the time of such termination.  As the sole consideration for such license, SST will pay Daré [***].

13.5.2In the event of termination with respect to a Licensed Product prior to completion of the applicable Development, SST shall diligently wind down its activities under the Development Plan with respect to such Licensed Product, and shall reallocate its resources to other Development activities under this Agreement or to other internal programs or Third Party funded work in an effort to minimize amounts reimbursable by Daré under such terminated Development.

13.5.3Except as otherwise provided herein, upon termination of this Agreement, all remaining records and materials in a Party’s possession or Control containing the 

 

52

Portions of this Exhibit, indicated by the mark “[***]”, were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

CONFIDENTIAL TREATMENT REQUESTED

other Party’s Confidential Information and to which the former Party does not retain rights hereunder, shall promptly be returned or destroyed at the request of the disclosing Party.  Notwithstanding the foregoing, one copy of such records may be retained by legal counsel for the former Party solely for archival purposes.

Survival of Obligations

.  The termination or expiration of this Agreement shall not relieve the Parties of any obligations accruing prior to such termination (including accrued payment obligations), and any such termination shall be without prejudice to the rights of either Party against the other.  The provisions of Articles 1, 9 (for the ten (10) year period specified in Section 9.6) and 14 and Sections 2.5, 2.6, 7.3.2, 7.3.4, 7.3.5., 7.4, 7.5, 10.6, 11.1, 11.2, 11.3, 11.4 (for the five (5) year period specified therein), 12.1, 12.2, 12.3, 13.5 and this Section 13.6 shall survive any termination or expiration of this Agreement.

Termination Not Sole Remedy

.  Termination is not the sole remedy under this Agreement and, whether or not termination is effected, all other remedies will remain available except as expressly agreed to otherwise herein.

Bankruptcy under U.S. Law

.  If this Agreement is rejected by or on behalf of a Party under the Bankruptcy Code, all licenses and rights to licenses granted under or pursuant to this Agreement by such Party to the other Party are, and shall otherwise be deemed to be, for purposes of Section 365(n) of the Bankruptcy Code, licenses of rights to “intellectual property” as defined under Section 101(35A) of the Bankruptcy Code.  For the avoidance of doubt, each of the Parties intend that the licenses granted by it to the other Party under this Agreement are licenses of rights to “intellectual property” as defined under Section 101(35A) of the Bankruptcy Code.  Each of the Parties agrees that the other Party, as a licensee of such licensor’s rights under this Agreement, shall retain and may fully exercise all of such licensee’s rights and elections under the Bankruptcy Code, and that upon rejection of this Agreement by the licensor in a case under the Bankruptcy Code, if the licensee elects to retain its rights, as provided in Section 365(n)(1)(B) of the Bankruptcy Code, the licensor, as debtor in possession, or any trustee appointed in a case filed by or against the licensor under the Bankruptcy Code, shall provide to the licensee all intellectual property licensed to the licensee under this Agreement (including any embodiments) and held by the licensor or any trustee of the licensor, as provided in Section 365(n)(3)(A) of the Bankruptcy Code.

 

14.MISCELLANEOUS.

Publications

.  The Parties will notify one another of any planned abstracts, oral presentations and manuscripts relating to the publication of clinical data and other scientific data generated in the course of Development or Commercialization of the relevant Licensed Product by the submitting Party.  The Parties shall discuss whether a planned submission might contain information which compromises the patentability or confidentiality of the Licensed IP or any SST Inventions, Daré Incorporated IP, Daré Inventions or Joint Inventions.  In the event that said patentability or confidentiality would be compromised, the Party wishing to publish shall within thirty (30) days of objection by the other Party, request in writing a review of the abstract, 

 

53

Portions of this Exhibit, indicated by the mark “[***]”, were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

CONFIDENTIAL TREATMENT REQUESTED

oral presentation or manuscript for protection of patentable or proprietary information.  If requested in writing by the other Party, the submitting Party shall provide a draft of the planned submission and withhold the material for publication or presentation for forty-five (45) days to allow for the filing of patent applications or the taking of such measures as may be appropriate to preserve proprietary rights in and the confidentiality of the information in the material being submitted for publication or presentation (including withholding such publication).  The review period may be extended for an additional sixty (60) days if a Party can demonstrate a reasonable need for such extension, including the preparation and filing of Patent applications.  By mutual agreement of the Parties, this period may be further extended.  The Parties will each comply with standard academic practice regarding authorship of scientific publications and recognition of contribution of other parties in any such publications or presentations.

Public Announcements

.  Except as may be expressly permitted under this Section 14.2 or mandated by applicable Laws or the rules of any stock exchange, neither Party will make any public announcement of any information regarding this Agreement without the prior written consent of the other Party.  Once any statement is approved for disclosure by the Parties, either Party may make a subsequent public disclosure containing the same information disclosed in such prior public announcement without further approval of the other Party.

Limitation of Damages

.  In no event shall either Party be liable hereunder to the other Party for any punitive, indirect, special, incidental or consequential damages (including lost revenue, lost profits, or lost savings) however caused and under any theory, even if it has notice of the possibility of such damages.  Without limiting the generality of the foregoing, “consequential damages” are deemed to include damages based on or measured by loss of projected or speculative unearned royalties, milestone payments, or any other unearned, speculative, or otherwise contingent payments provided for in this Agreement.  The foregoing limitation shall not apply to damages caused by (a) a Party’s breach of Sections 2.7 or 9, (b) a Party’s infringement or misappropriation of Intellectual Property Rights of the other Party or its Affiliates, or (c) the intentional misconduct or gross negligence of a Party, and does not limit or restrict the indemnification rights or obligations of a Party under Section 11 with respect to Losses owed by the Indemnifying Party to a Third Party in connection with a Claim.

No Debarred Personnel

. The Parties agree that each Party shall not use, during the Term, the services of any employee, consultant, contractor or clinical investigator that has been debarred by the FDA or any other Governmental Authority or that is the subject of debarment proceedings by the FDA or any other Governmental Authority.

Relationship of the Parties

.  Each Party shall bear its own costs incurred in the performance of its obligations hereunder without charge or expense to the other except as expressly provided in this Agreement.  Neither Party shall have any responsibility for the hiring, termination or compensation of the other Party’s employees or for any employee benefits of such employee.  No employee or representative of a Party shall have any authority to bind or obligate the other Party to this Agreement in any manner whatsoever, or to create or impose any contractual or other liability on the other Party without said Party’s approval.  For all purposes, the Parties’ legal relationship under this Agreement to each other shall be that of independent contractor.  This 

 

54

Portions of this Exhibit, indicated by the mark “[***]”, were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

CONFIDENTIAL TREATMENT REQUESTED

Agreement is not a partnership agreement and nothing in this Agreement shall be construed to establish a relationship of partners or joint venturers between the Parties.

Registration of this Agreement

.  To the extent, if any, that either Party concludes in good faith that it or the other Party is required to file or register this Agreement or a notification thereof with any Governmental Authority, such Party shall inform the other Party thereof.  If both Parties jointly agree that either Party is required to submit or obtain any such filing, registration or notification, they shall cooperate in such filing, registration or notification and shall execute all documents reasonably required in connection therewith.  In such filing, registration or notification, the Parties shall request confidential treatment of sensitive provisions of this Agreement, to the extent permitted by Law.  The Parties shall promptly inform each other as to the activities or inquiries of any such Governmental Authority relating to this Agreement, and shall reasonably cooperate to respond to any request for further information therefrom on a timely basis.  The Party desiring to make the filing shall be responsible for all costs and expenses associated with any such filings or requirements.

Force Majeure

.  The occurrence of an event which materially interferes with the ability of a Party to perform its obligations or duties hereunder which is not within the reasonable control of the Party affected, and which could not with the exercise of Commercially Reasonable Efforts have been avoided (“Force Majeure Event”), including war, rebellion, earthquake, fire, accident, strike, riot, civil commotion, act of God, inability to obtain raw materials, delay or errors by shipping companies or change in Law, shall not excuse such Party from the performance of its obligations or duties under this Agreement, but shall merely suspend such performance (other than performance of payment obligations) during the Force Majeure Event.  The Party subject to a Force Majeure Event shall promptly notify the other Party of the occurrence and particulars of such Force Majeure Event and shall provide the other Party, from time to time, with its good faith estimate of the duration of such Force Majeure Event and with notice of the termination thereof.  The Party so affected shall use Commercially Reasonable Efforts to avoid or remove such causes of non-performance as soon as is reasonably practicable.  Upon termination of the Force Majeure Event, the performance of any suspended obligation or duty shall without delay recommence.  The Party subject to the Force Majeure Event shall not be liable to the other Party for any damages arising out of or relating to the suspension or termination of any of its obligations or duties under this Agreement by reason of the occurrence of a Force Majeure Event, provided such Party complies in all material respects with its obligations under this Section 15.7.

Dispute Resolution

.  Subject to the dispute escalation and decision-making provisions of Article 3, in the event of any dispute, controversy or claim hereunder arising out of or relating to this Agreement that cannot be resolved by the Parties, either Party may, on ten (10) days written notice to the other Party, initiate binding arbitration in accordance with the then-current Commercial Arbitration Rules of the American Arbitration Association (the “AAA”).  The Parties shall select a mutually acceptable arbitrator within twenty (20) days of the request of the Party invoking this dispute resolution procedure.  If the Parties are unable to agree upon an arbitrator, the AAA shall select a qualified, independent arbitrator.  Such arbitration will be held in Boston, Massachusetts.  The decision of the arbitrator will be final and binding on the Parties.  

 

55

Portions of this Exhibit, indicated by the mark “[***]”, were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

CONFIDENTIAL TREATMENT REQUESTED

The prevailing Party may enforce any arbitration decision or award, and either Party may seek injunctive, equitable or similar relief (without the requirement of arbitration), in any court having competent jurisdiction.

Governing Law

.  This Agreement shall be construed, and the respective rights of the Parties determined, according to the substantive law of the Commonwealth of Massachusetts without regard to the provisions governing conflict of laws, except matters of intellectual property law, which shall be determined in accordance with the intellectual property laws relevant to the intellectual property in question.  The United Nations Convention on the International Sale of Goods shall not apply to this Agreement.  Exclusive jurisdiction and venue for any action arising under this Agreement is in the federal and state courts located in Suffolk County, Massachusetts, and both Parties hereby consent to such jurisdiction and venue for this purpose.

Attorneys’ Fees and Related Costs

.  The prevailing Party in any action to enforce this Agreement is entitled to reimbursement of its reasonable attorney’s fees and costs from the other.

Assignment

.  This Agreement may not be assigned or transferred by either Party, in whole or in part, whether voluntarily or by operation of law, without the prior written consent of the other Party, such consent not to be unreasonably withheld; provided that, without prior written consent, either Party may assign this Agreement, in whole or in part, to any of its Affiliates, or to a successor to all or substantially all of the assets or business of such Party to which this Agreement relates, whether by merger, sale of stock, sale of assets or other similar transaction or operation of law.  Any assignment in violation of this provision is void and without effect.  This Agreement shall be binding upon and inure to the benefit of the Parties hereto, their permitted successors, legal representatives and assigns.

Notices

.  All demands, notices, consents, approvals, and other formal or legal communications hereunder must be in writing, in English, and will be deemed to have been duly given only if delivered personally, by mail (first class, postage prepaid), or by overnight delivery using a globally-recognized carrier, to the Parties at the following addresses:

		
	
SST:
	
Daré:

 

	
Strategic Science & Technologies, LLC
	
Daré Bioscience, Inc.

	
58 Charles Street
	
11119 N. Torrey Pines Rd.,

	
Cambridge, MA  02141
	
La Jolla, CA 92037

	
Attn: COO
	
Attn: CEO

	
 
	
 

	
with a copy to:
	
with a copy to:

	
Gunderson Dettmer Stough, Villeneuve, Franklin and Hachigian, LLP
	
Mintz Levin Cohn Ferris Glovsky and Popeo P.C.

	
One Marina Park Dr., Ste. 900
	
3580 Carmel Mountain Road, Ste. 300

	
Boston, MA 02210
	
San Diego, CA 92130

 

56

Portions of this Exhibit, indicated by the mark “[***]”, were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

CONFIDENTIAL TREATMENT REQUESTED

		
	
Attn: Timothy H. Ehrlich, Esq.
	
Attn: Tali Tuchin

or to such other address as the addressee shall have last furnished in writing in accord with this provision.  All notices shall be deemed effective upon receipt by the addressee.

Severability

.  If any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect, that provision shall be limited or eliminated to the minimum extent necessary so that this Agreement shall otherwise remain in full force and effect and enforceable.

Headings

.  The headings used in this Agreement have been inserted for convenience of reference only and do not define or limit the provisions hereof.

Waiver

.  No waiver of any term or condition of this Agreement shall be effective unless set forth in a written instrument duly executed by or on behalf of the waiving Party.  No waiver by any Party of any term or condition of this Agreement, in any one or more instances, shall be deemed to be or construed as a waiver of the same or any other term or condition of this Agreement on any prior, concurrent or future occasion.  Except as expressly set forth in this Agreement, all rights and remedies available to a Party, whether under this Agreement or afforded by Law or otherwise, will be cumulative and not in the alternative to any other rights or remedies that may be available to such Party.

Entire Agreement

.  This Agreement (including the exhibits and schedules hereto) constitutes the entire agreement between the Parties hereto with respect to the subject matter hereof and supersedes all previous agreements and understandings between the Parties, whether written or oral, including all proposals, negotiations, conversations, letters of intent, memoranda of understanding or discussions, between Parties relating to the subject matter of this Agreement, including without limitation that certain Binding Term Sheet entered into by the Parties effective as of January 2, 2018, and all past dealing or industry custom.

Modification

.  This Agreement may be altered, amended or changed only by a writing making specific reference to this Agreement and the clause to be modified, which amendment is signed by duly authorized representatives of SST and Daré.

No License

.  Nothing in this Agreement shall be deemed to constitute the grant of any license or other right in either Party, to or in respect of any Licensed Product, patent, trademark, Confidential Information, trade secret or other data or any other intellectual property of the other Party, except as expressly set forth herein.

No Third Party Beneficiaries

.  None of the provisions of this Agreement shall be for the benefit of or enforceable by any Third Party, including any creditor of either Party hereto.

Ambiguities

.  This Agreement shall be deemed to have been drafted jointly by both Parties; and ambiguities, if any, shall not be construed against either Party, irrespective of which Party may have actually drafted the ambiguous provision.

 

57

Portions of this Exhibit, indicated by the mark “[***]”, were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

CONFIDENTIAL TREATMENT REQUESTED

CREATE Act

.  This Agreement includes a joint research agreement as defined in 35 U.S.C. § 103(c)(3).

Counterparts

.  This Agreement may be executed in counterparts, each of which, when executed, shall be deemed to be an original and all of which together shall constitute one and the same document.  A facsimile of this Agreement (including a scanned PDF version) shall be deemed valid as an original.

Interpretation

.  The definitions of the terms herein apply equally to the singular and plural forms of the terms defined.  Whenever the context may require, any pronoun will include the corresponding masculine, feminine and neuter forms.  The words “include”, “includes” and “including” will be deemed to be followed by the phrase “without limitation.”  Unless the context requires otherwise, (i) any definition of or reference to any agreement, instrument or other document herein will be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein or therein), (ii) any reference to any law, statute, rule or regulation herein will be construed as referring to such law, statute, rule or regulation as from time to time enacted, repealed or amended, (iii) any reference herein to any Party will be construed to include the Party’s successors and assigns, (iv) the words “herein”, “hereof,” “hereto” and “hereunder”, and words of similar import, will be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (v) any reference herein to the words “mutually agree” or “mutual written agreement” will not impose any obligation on either Party to agree to any terms relating thereto or to engage in discussions relating to such terms except as such Party may determine in such Party’s sole discretion, (vi) all references to Articles, Sections, and Exhibits herein without a reference to any other agreement, will be construed to refer to Articles, Sections, and Exhibits of this Agreement, (vii) all amounts set forth in this Agreement are in United States Dollars, unless otherwise indicated, (viii) all references to “days”, “months” and “years” herein, without any further qualification, shall mean calendar days, calendar months and calendar years, respectively, (ix) the phrase “on behalf of” a Party shall mean, with respect to the generation of intellectual property rights only, the generation of such intellectual property rights by a Third Party having a duty to assign such intellectual property rights to such Party or to grant an exclusive license of such intellectual property rights to such Party and (x) all references to a “country” shall mean a geographic territory having its own distinct population and a distinct national government whose claim to sovereignty with respect to such territory and population is recognized by at least one other country.  By way of non-limiting example, Taiwan shall be deemed a “country” for purposes of this Agreement even though it is not recognized as a country by the People’s Republic of China.

[SIGNATURES ON FOLLOWING PAGES]

 

 

58

Portions of this Exhibit, indicated by the mark “[***]”, were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

CONFIDENTIAL TREATMENT REQUESTED

IN WITNESS WHEREOF, SST, SST Parent (solely with respect to Section 10.5) and Daré, by their duly authorized officers, have executed this Agreement as of the Signature Date.

 

 

STRATEGIC SCIENCE & TECHNOLOGIES-D LLC

 

By: /s/ [***]

Name:[***]

Title:President and COO______________

Date: February 11, 2018________________

STRATEGIC SCIENCE & TECHNOLOGIES, LLC

(solely with respect to Section 10.5)

 

By: /s/ [***]

Name:[***]

Title:President and COO______________

Date: February 11, 2018________________

Daré BIOSCIENCE, INC.

 

By: /s/ Sabrina Johnson

Name:Sabrina Johnson

Title: President and Chief Executive Officer

Date: February 11, 2018________________

 

Portions of this Exhibit, indicated by the mark “[***]”, were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

CONFIDENTIAL TREATMENT REQUESTED

EXHIBIT 1

LICENSED PATENTS

[***]

 

 

Portions of this Exhibit, indicated by the mark “[***]”, were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

Exhibit 1-1

CONFIDENTIAL TREATMENT REQUESTED

EXHIBIT 2

INITIAL DEVELOPMENT PLAN

[***]

 

Portions of this Exhibit, indicated by the mark “[***]”, were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

Exhibit 2-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00281-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00281-of-00352.parquet"}]]