Document:

Exhibit 10.2

 

AMENDMENT

 

TO

 

EMPLOYMENT
AGREEMENT

 

           
THIS AMENDMENT TO EMPLOYMENT AGREEMENT (this “Amendment”) is made and entered
into effective as of the 23rd day of September, 2008 (the “Effective Date”) by
and between TALX Corporation, a Missouri corporation (“Company”) and William W.
Canfield (“Employee”).

 

           
WHEREAS, Company and Employee wish to amend the Employment Agreement dated September 1,
1996, as amended by that certain letter dated February 1, 2007 (the “Employment
Agreement”) to reflect an amendment required for the Employment Agreement to
comply with the requirements of Section 162(m) of the Internal
Revenue Code;

 

           
NOW, THEREFORE, the parties agree that the Employment Agreement is hereby
amended as follows:

 

           1.   
Exhibit A to the Employment Agreement, “Effect of Agreement Termination”,
is amended to read in its entirety as marked on the attached Exhibit A.

 

           
IN WITNESS WHEREOF, the parties hereto have entered into this Amendment as of
the Effective Date.

 

 

	
  TALX CORPORATION

  	
   

  	
  WILLIAM W. CANFIELD

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
  By:

  	
   

  
					

 

 

 

Exhibit A

EFFECT OF AGREEMENT TERMINATION

Reason for Termination

 

	
  Type of

  Compensation /

  Benefit

  	
   

  	
  Normal Expiration

  Date of Agreement

  or Renewal Period

  	
   

  	
  By Executive for 

  “Good Reason”

  	
   

  	
  By Employer for

  “Cause”

  	
   

  	
  Related to Change of

  Control

  	
   

  	
  Death of Disability

  (as defined in

  Agreement)

  
	
  Base Salary

  	
   

  	
  Payable through end of
  Employment Period (as defined in Agreement)

  	
   

  	
  Receives Base Amount
  (as defined in Agreement) for the three year period commencing on the
  Executive’s early termination date (the “Continuation Period”), payable
  ratably over such Continuation Period.

  	
   

  	
  Payable through date of
  early termination.

  	
   

  	
  Receives $1 less than
  an amount equal to three times the average annual compensation received by
  Mr. Canfield from the Company reported on his W-2 for the five calendar
  years preceding the calendar year of the Change of Control, payable in one
  lump sum cash payment.

  	
   

  	
  Payable through end of
  month in which death or disability occurs.

  
	
  Annual Incentive
  Compensation Program

  	
   

  	
  Payable through
  Employment Period; amount recommended by Compensation Committee based on
  Company’s and Executive’s performance.

  	
   

  	
  Receives highest
  annual bonus earned under the Incentive Plan with respect to the three (3)
  calendar years immediately preceding the year in which termination occurstargeted
  incentive compensation (based on estimated targeted incentive compensation
  for year of termination) for the Continuation Period, payable over the
  Continuation Period.

  	
   

  	
  Amount determined by
  Compensation Committee in its sole discretion; would likely be zero.

  	
   

  	
  None

  	
   

  	
  Amount earned
  (recommended b the Compensation Committee based on the Company’s and
  Executive’s performance for the year in which death or disability occurs)
  will be prorated.

  
	
  Other Employee Benefits
  (excluding any benefits related to securities of the Company or options,
  warrants or convertible into or exercisable or exchangeable for securities of
  the Company)

  	
   

  	
  Continue through end of
  Employment Period, subject to legal and contractual rights in plans to
  convert or extend coverages.

  	
   

  	
  . Continue through end
  of Employment Period, subject to legal and contractual rights in plans to
  convert or extend coverages

  	
   

  	
  . Continue through date
  of early termination, subject to legal and contractual rights in plans to
  convert or extend coverages

  	
   

  	
  Executive’s medical,
  dental, and vision insurance shall be continued through the Continuation
  Period, subject to legal and contractual rights in plans to convert or extend
  coverages; provided, further, if extension of such insurance coverage is not
  permitted, the Company shall pay the premiums for a new similar health
  insurance plan which would allow coverage of the Executive through the
  Continuation Period

  	
   

  	
  Continue through end of
  month in which death or disability occurs, subject to legal and contractual
  rights to convert or extend coverages.Exhibit 10.3

 

[FORM OF
NEW CIC AGREEMENT (TIER I OR TIER II)]

 

[Date]

 

[Name]

[Title]

[Address]

 

Dear
                    :

 

Equifax Inc. (the “Company”) considers
the establishment and maintenance of a sound and vital management to be
essential to protecting and enhancing the best interests of the Company and its
shareholders.  In this connection, the
Company recognizes that, as is the case with many publicly-held corporations,
the possibility of a change in control exists and that possibility, and the uncertainty
and questions that it may raise among management, may result in the departure
or distraction of management personnel to the detriment of the Company and its
shareholders.  Accordingly, the Board of
Directors of the Company has determined that appropriate steps should be taken
to reinforce and encourage the continued attention and dedication of members of
the Company’s management, including yourself, to their assigned duties without
distraction in the face of potentially disturbing circumstances arising from
the possibility of a change in control of the Company.  At the same time, the Company expects to
receive certain benefits in exchange for providing you with this measure of
financial security and incentive under this Letter.  Therefore, the Company believes that you
should provide various specific commitments which are intended to assure the
Company that you will not direct your skills, experience and knowledge to the
detriment of the Company for a period not to exceed the period during which payments
are being made to you under this Letter.

 

In order to induce you to
remain in its employ, the Company agrees to provide you the compensation and
benefits described in this Letter (in lieu of any severance payments and
benefits you would otherwise receive in accordance with the Company’s severance
pay practices) if your employment with the Company is terminated subsequent to
a “Change in Control” of the Company (as defined in paragraph 3) under the circumstances described in paragraph 4. 
This Letter supersedes and replaces all prior agreements and
understandings on the matters set forth herein.

 

1.                                       No Right to Continued Employment. 
This Letter does not give you any right to continued employment by the
Company or a Subsidiary, and it will not interfere in any way with the right
the Company or a Subsidiary otherwise may have to terminate your employment at
any time.

 

 

2.                                       Term of This Letter. The terms of this Letter will be
effective as of
                    ,
        , and, except as otherwise
provided in this Letter, will continue in effect until
                          ,
        ; provided that commencing on January 1,
         and each subsequent January 1,
the terms of this Letter will be extended automatically so as to remain in
effect for three (3) years from that January 1 unless at least sixty
(60) days prior to January 1 of a given year, the Company notifies you
that it does not wish to continue this Letter in effect beyond its then current
expiration date; and provided further that if a Change in Control occurs prior
to the expiration of this Letter, this Letter will continue in effect for
                  
(    ) [2 or 3 depending
on Tier II or I] years from the Change in Control Date.

 

3.                                       Change In Control. 
No benefits will be payable under this Letter unless there is a Change
in Control and your employment by the Company is terminated under the
circumstances described in paragraph 4
entitling you to benefits.  For purposes
of this Letter, a Change in Control of the Company means the occurrence of any
of the following events during the period in which this Letter remains in
effect:

 

3.1                                 Voting Stock Accumulations. 
The accumulation by any Person of Beneficial Ownership of twenty percent
(20%) or more of the combined voting power of the Company’s Voting Stock;
provided that for purposes of this subparagraph
3.1, a Change in Control will not be deemed to have occurred if the
accumulation of twenty percent (20%) or more of the voting power of the Company’s
Voting Stock results from any acquisition of Voting Stock (a) directly
from the Company that is approved by the Incumbent Board, (b) by the
Company, (c) by any employee benefit plan (or related trust) sponsored or
maintained by the Company or any Subsidiary, or (d) by any Person pursuant
to a Business Combination that complies with all of the provisions of clauses (a), (b) and (c) of
subparagraph 3.2; or

 

3.2                           Business Combinations. 
Consummation of a Business Combination, unless, immediately following
that Business Combination, (a) all or substantially all of the Persons who
were the beneficial owners of Voting Stock of the Company immediately prior to
that Business Combination beneficially owns, directly or indirectly, more than
sixty-six and two-thirds percent (66-2/3%) of the then outstanding shares of
common stock and the combined voting power of the then outstanding voting
securities entitled to vote generally in the election of Directors of the
entity resulting from that Business Combination (including, without limitation,
an entity that as a result of that transaction owns the Company or all or
substantially all of the Company’s assets either directly or through one or
more subsidiaries) in substantially the same proportions relative to each other
as their ownership, immediately prior to that Business Combination, of the
Voting Stock of the Company, (b) no Person (other than the Company, that
entity resulting from that Business Combination, or any employee benefit plan
(or related trust) sponsored or maintained by the Company, any Eighty Percent
(80%) Subsidiary or that entity resulting from that Business Combination) 

 

2

 

beneficially owns, directly or indirectly, twenty percent (20%) or more
of the then outstanding shares of common stock of the entity resulting from
that Business Combination or the combined voting power of the then outstanding
voting securities entitled to vote generally in the election of directors of
that entity, and (c) at least a majority of the members of the Board of Directors
of the entity resulting from that Business Combination were members of the
Incumbent Board at the time of the execution of the initial agreement or of the
action of the Board providing for that Business Combination; or

 

3.3                           Sale of Assets. 
A sale or other disposition of all or substantially all of the assets of
the Company; or

 

3.4                           Liquidations or Dissolutions. 
Approval by the shareholders of the Company of a complete liquidation or
dissolution of the Company, except pursuant to a Business Combination that
complies with all of the provisions of clauses
(a), (b) and (c) of subparagraph 3.2.

 

For purposes of this paragraph
3, the following definitions will apply:

 

“Beneficial Ownership”
means beneficial ownership as that term is used in Rule 13d-3 promulgated
under the Exchange Act.

 

“Business Combination”
means a reorganization, merger or consolidation of the Company.

 

“Eighty Percent (80%)
Subsidiary” means an entity in which the Company directly or indirectly
beneficially owns eighty percent (80%) or more of the outstanding Voting Stock.

 

“Exchange Act” means the
Securities Exchange Act of 1934, including amendments, or successor statutes of
similar intent.

 

“Incumbent Board” means a
Board of Directors at least a majority of whom consist of individuals who
either are (a) members of the Company’s Board of Directors as of the date
of this Letter or (b) members who become members of the Company’s Board of
Directors subsequent to the date of this Letter whose election, or nomination
for election by the Company’s shareholders, was approved by a vote of at least
two-thirds (2/3) of the directors then comprising the Incumbent Board (either
by a specific vote or by approval of the proxy statement of the Company in
which that person is named as a nominee for director, without objection to that
nomination), but excluding, for that purpose, any individual whose initial
assumption of office occurs as a result of an actual or threatened election
contest (within the meaning of Rule 14a-11 of the Exchange 

 

3

 

Act) with respect to the
election or removal of directors or other actual or threatened solicitation of
proxies or consents by or on behalf of a Person other than the Board of
Directors.

 

“Person” means any individual,
entity or group (within the meaning of Section 13(d)(3) or 14 (d)(2) of
the Exchange Act).

 

 “Voting Stock” means the then outstanding
securities of an entity entitled to vote generally in the election of members
of that entity’s Board of Directors.

 

4.                                      Termination Following Change in Control. 
If any of the events described in paragraph 3 constituting a Change in Control occurs, you will be
entitled to the payments and benefits provided for in paragraph 5 if your employment is terminated within six (6) months
prior to the Change in Control in connection with the Change in Control or your
employment is terminated within [2 or 3 depending on Tier
II or I] years from the date of the Change in Control, unless your
termination is (a) because of your death, (b) by the Company for
Cause or Disability, or (c) by you other than for Good Reason. The
payments and benefits provided for in paragraph
5 will be in lieu of any severance payments you would otherwise receive
in accordance with the Company’s severance pay practices in effect at the time
of a Change in Control Date, but will have no effect on any of the Company’s
other employee benefit plans, programs, practices or policies, as amended from
time to time.  The Company shall withhold
appropriate federal, state or local income, employment and other applicable
taxes from any payments hereunder.

 

4.1                                 Cause.  Termination
by the Company of your employment for “Cause” means termination by the Company
of your employment upon (a) your willful and continued failure to
substantially perform your duties with the Company (other than any failure
resulting from your incapacity due to physical or mental illness), after a
written demand for substantial performance is delivered to you by the Chief
Executive Officer of the Company that specifically identifies the manner in
which the Chief Executive Officer believes that you have not substantially
performed your duties, or (b) your willfully engaging in misconduct that
is materially injurious to the Company, monetarily or otherwise.  For purposes of this subparagraph 4.1, no act, or failure to act, on your part will be
considered “willful” unless done, or omitted to be done, by you not in good
faith and without reasonable belief that your action or omission was in the
best interest of the Company. 
Notwithstanding the above, you will not be deemed to have been
terminated for Cause unless and until you have been given a copy of a Notice of
Termination from the Chief Executive Officer of the Company after reasonable
notice to you and an opportunity for you, together with your counsel, to be
heard before (i) the Chief Executive Officer, or (ii) if you are an
elected officer of the Company, the Board of Directors of the Company, finding
that in the good faith opinion of the Chief Executive Officer, or, in the case
of an elected officer, finding that in the good faith 

 

4

 

opinion of two-thirds of the Board of Directors, you committed the
conduct set forth above in clauses (a) or
(b) of this subparagraph
4.1, and specifying the particulars of that finding in detail.

 

4.2                                 Disability.  Termination
by the Company of your employment for “Disability” means termination by the
Company of your employment following and because of your failure to perform
your duties as an employee for a period of at least one hundred eighty (180)
consecutive calendar days as a result of total and permanent incapacity due to
physical or mental illness or injury. 
Your incapacity must be certified by a licensed medical doctor selected
by you.  You will continue to receive
your full base salary at the rate in effect and participation in incentives
under terms of the Incentive Plan payable during the one hundred eighty (180)
day qualification period until termination of your employment for
Disability.  After that termination, your
benefits will be determined in accordance with the Company’s long-term
disability plan then in effect and any of the Company’s other benefit plans and
practices then in effect that apply to you. 
The Company will have no further obligation to you under this Letter and
all supplemental benefits will be terminated. 
If the Company disagrees with the certification of your incapacity, it
may appoint another medical doctor to certify his opinion as to your
incapacity, and if that doctor does not certify as to your incapacity, then the
two doctors will appoint a third medical doctor to certify their opinion as to
your incapacity, and the decision of a majority of the three doctors will
prevail.  The Company will bear the costs
of the doctors’ opinions.

 

4.3                                 Good Reason.  
Termination by you of your employment for “Good Reason” means
termination by you of your employment based on:

 

(a)                                  The assignment to you of duties inconsistent
with your position with the Company as they existed immediately prior to the
Change in Control Date (as defined below), or a substantial change in the
nature of your responsibilities, as they existed immediately prior to the
Change in Control Date (or if you receive a promotion or an increase in
responsibilities or authority after the Change in Control Date, then a change
with respect to your enhanced responsibilities), except in connection with the
termination of your employment for Cause or Disability or as a result of your
death or by you other than for Good Reason;

 

(b)                                 A reduction by the Company in your base
salary as in effect on the date of this Letter or as your salary may be
increased from time to time, excluding for this purpose an isolated,
insubstantial and inadvertent action not taken in bad faith which is remedied
by the Company within ninety (90) days after notice thereof is given by you;

 

(c)                                  Material diminution of annual bonus
opportunity under the Company’s incentive compensation plan(s) as in
effect immediately prior to the 

 

5

 

Change in Control Date (or similar incentive plan which, taken as a
whole, provides substantially similar benefits) (collectively, the “Incentive
Plan”), or a failure by the Company to continue you as a participant in the
Incentive Plan on at least the basis of your participation immediately prior to
the Change in Control Date or to pay you the amounts that you would be entitled
to receive in accordance with the Incentive Plan, excluding for this purpose an
isolated, insubstantial and inadvertent action not taken in bad faith which is
remedied by the Company within ninety (90) days after notice thereof is given
by you;

 

(d)                                 The Company’s requiring you to be based
more than thirty-five (35) miles from the location where you are based
immediately prior to the Change in Control Date, except for required travel on
the Company’s business to an extent substantially consistent with your business
travel obligations prior to the Change in Control Date, or if you consent to
that relocation, the failure by the Company to pay (or reimburse you for) all
reasonable moving expenses incurred by you or to indemnify you against any loss
realized in the sale of your principal residence in connection with that
relocation;

 

(e)                                  The failure by the Company to continue in
effect any retirement or compensation plan, supplemental retirement plan,
performance share plan, stock option plan, life insurance plan, health and
accident plan, disability plan or any other benefit plan in which you are
participating immediately prior to the Change in Control Date (or provide plans
providing you with substantially similar benefits), the taking of any action by
the Company that would adversely affect your participation or materially reduce
your benefits under any of those plans or deprive you of any material fringe
benefit enjoyed by you immediately prior to the Change in Control Date, or the
failure by the Company to provide you with the number of paid vacation days to
which you are then entitled in accordance with the Company’s normal vacation
practices in effect immediately prior to the Change in Control Date, excluding
for this purpose an isolated, insubstantial and inadvertent action not taken in
bad faith which is remedied by the Company within ninety (90) days after notice
thereof is given by you;

 

(f)                                    Any failure by the Company to obtain the
assumption of the agreement to perform this Letter by any successor, as
required by paragraph 6; or

 

(g)                                 Any purported termination of your
employment that is not effected pursuant to a Notice of Termination satisfying
the requirements of subparagraph 4.4
(and, if applicable, subparagraph 4.1).

 

For purposes of this subparagraph 4.3, “Change
in Control Date” means the date six months prior to the date of the Change in
Control.

 

6

 

4.4                           Notice of Termination. 
Any purported termination by the Company pursuant to subparagraphs 4.1 or 4.2 or by you
pursuant to subparagraph 4.3 will
be communicated by written Notice of Termination to the other party.  For purposes of this Letter, a “Notice of
Termination” means a notice that indicates the specific termination provision
in this Letter relied upon and setting forth in reasonable detail the facts and
circumstances claimed to provide a basis for termination of your employment
under the provision so indicated.  Any
purported termination not effected pursuant to a Notice of Termination meeting
the requirements set forth in this Letter will not be effective.

 

4.5                           Date of Termination. 
For purposes of this Letter, the date of the termination of your
employment (“Date of Termination”) will be (a) if your employment is
terminated by your death, the end of the month in which your death occurs, (b) if
your employment is terminated for Disability, thirty (30) days after Notice of
Termination is given, or (c) if your employment is terminated by you or
the Company for any other reason, the date specified in the Notice of
Termination, which will not be later than thirty (30) days after the date on
which the Notice of Termination is given.

 

5.                                       Benefits upon Certain Terminations
following a Change in Control.  If any of the
events described in paragraph 3 constituting a Change in Control occurs and
your employment is terminated under the circumstances described in paragraph 4
which entitle you to payments and benefits under this paragraph 5, then the
following provisions will apply:

 

5.1                                 Compensation through Date of Termination. 
The Company will pay you (a) any unpaid amount of your base salary
through the Date of Termination, (b) with respect to any year then
completed, any unpaid amount accrued to you pursuant to the Incentive Plan, and
(c) with respect to any year then partially completed, a pro rata portion
through the Date of Termination of your annual bonus under the Incentive Plan.
For purposes of item (c) above,
your “annual bonus under the Incentive Plan” will be your highest annual bonus
under the Incentive Plan with respect to the three (3) calendar years
immediately preceding the year in which the Date of Termination occurs,
prorated for the number of days through the Date of Termination.

 

5.2                                 Additional Severance. 
In lieu of any further salary payments to you for periods subsequent to
the Date of Termination, the Company will pay as severance pay to you on the
fifth (5th) business day following the Date of Termination a lump
sum equal to
                      
(    ) [2 or 3 depending
on whether Tier II or I] times the sum of (a) your annual base
salary at the highest rate in effect during the twelve (12) months immediately
preceding the Date of Termination plus (b) your highest annual bonus
earned under the Incentive Plan with respect to the three (3) calendar
years immediately preceding the year in which the Date of Termination occurs.

 

7

 

5.3                                 Additional Retirement Benefit. 
If you are a participant in the Company’s defined benefit retirement
plan or supplemental retirement plan (collectively, the “Retirement Plan”), the
Company will pay you on the fifth (5th) business day following the
Date of Termination a lump sum retirement benefit, in addition to the benefits
to which you are or would be entitled under the Retirement Plan.  That benefit will be a lump sum amount that
is the actuarial equivalent of your benefits calculated pursuant to the terms
of the Retirement Plan with the following adjustments:  (a) regardless of your Years of Vesting
Service under the Retirement Plan, you will be treated as if you were 100%
vested under the Retirement Plan, (b) the number of Years of Benefit
Service used with respect to any supplemental retirement plan will be the
actual number of Years of Benefit Service accumulated as of the Date of
Termination plus an additional number of Years of Benefit Service (up to a
maximum of five (5) additional years) equal to the number of additional
Years of Benefit Service that you would have earned if you had remained an
employee of the Company until attainment of age sixty-two (62), (c) the
Final Average Earnings (for purposes of applying the benefit formula under the
Retirement Plan) will be determined using (I) the highest monthly rate of
Base Salary in effect during the twelve (12) months immediately preceding the
Date of Termination, plus (II) the highest annual bonus paid to you or
paid but deferred on your behalf under the Incentive Plan with respect to the
three (3) calendar years immediately preceding the Date of Termination
(regardless of the earnings limitations under the Retirement Plan or governmental
regulations applicable to those plans), and (d) the monthly retirement
benefit so calculated will be reduced by an amount equal to the monthly
retirement benefit payable to you under the Retirement Plan.  All capitalized terms used in this  subparagraph, unless otherwise defined, will have the same
meanings as those terms are defined in the Retirement Plan.  The actuarial equivalent will be calculated
based on the assumptions contained in the Retirement Plan on the Date of
Termination; provided that the assumptions on which the actuarial equivalent
will be calculated will be no less favorable to you than those assumptions
contained in the Retirement Plan on the date of the Change in Control.

 

5.4                                 Benefit Plans.

 

(a)                                  Unless your employment is terminated for
Cause, the Company will maintain in full force and effect, for your continued
benefit for three (3) years after your Date of Termination, the group
health, dental, vision, life insurance, disability and similar coverages in
which you are entitled to participate immediately prior to the Date of
Termination at the same level as for active employees and in the same manner as
if your employment had not terminated. 
Any additional coverages you had at termination, including dependent
coverage, will also be continued for that period on the same terms, to the
extent permitted by the applicable policies or contracts.  You will be responsible for paying any costs
you were paying for those coverages at the time of termination by separate
check payable to the Company each month in advance.  If the terms of any benefit plan referred to
in this subparagraph 5.4(a), or the laws applicable to that plan 

 

8

 

do not permit your continued participation, then the Company will
arrange for other coverages satisfactory to you at the Company’s expense that
provide substantially similar benefits, or the Company will pay you a lump sum
amount equal to the costs you would have to pay to obtain those coverage(s) for
the three-year period.

 

(b)                                 If you have satisfied the requirements
for receiving the Company’s retiree medical coverage on your Date of
Termination or will satisfy those requirements prior to the last day of the
three-year benefit continuation period provided in item (a) above, you
(and your dependents) will be covered by, and receive benefits under, the
Company’s retiree medical coverage program for employees at your level.  Your retiree medical coverage will commence
on the date your health care coverage terminates under item (a) above, and
will continue for your life (i.e.,
the coverage will be vested and may not be terminated), subject only to those
changes in the level of coverage that apply to employees at your level
generally.

 

(c)                                  You will be entitled to continue to participate
in the Company’s 401(k) Retirement and Savings Plan for the three-year
period after your Date of Termination. 
For purposes of the 401(k) Plan, you will receive an amount equal
to the Company’s contributions to the 401(k) Plan, assuming you had made
contributions to the 401(k) Plan at the maximum permissible level.  If the Company cannot contribute those
additional amounts to the 401(k) Plan on your behalf because of the terms
of the 401(k) Plan or applicable law, the Company will pay to you within
five (5) days of the Date of Termination a lump sum amount equal to the
additional amounts the Company would have been required to contribute (based
upon the terms of the 401(k) Plan as in effect on the Date of
Termination).

 

5.5                                 No Mitigation Required. 
You will not be required to mitigate the amount of any payment or
benefits provided for in this paragraph 5 by seeking other employment or
otherwise, nor will the amount of any payment or benefits provided for in this
paragraph 5 be reduced by any compensation earned by you, or benefits provided
to you, as the result of employment by another employer after the Date of
Termination, or otherwise.

 

5.6                                 Tax Gross-Up Payment. If any payments or benefits provided
pursuant to this Letter or any other payments or benefits provided to you by
the Company are subject to an excise tax on an “excess parachute payment” under
Section 4999 of the Internal Revenue Code of 1986 (the “Code”), or any
successor provision of the Code, or are subject to an excise or penalty tax under
any similar provision of any other revenue system to which you may be subject,
the Company will provide a gross-up payment to you in order to place you in the
same after-tax position you would have been in had no excise or penalty tax
become due and payable under Code Section 4999 (or any successor
provision) or any similar provision of that other revenue system.  That gross-up payment will not apply to any
excise or penalty tax attributable to any incentive stock 

 

9

 

option granted to you by the Company prior to April 1, 1998.  Any gross-up payment to which you are
entitled as a result of the applicability of an excise tax under Code Section 4999
or any successor provision of the Code, or as a result of any excise or penalty
tax under any similar provision of any other revenue system to which you may be
subject, will be determined in accordance with a “Policy with Respect to Tax
Gross-up Payments” adopted, or which will be adopted, by the Board of Directors
(or a Committee of the Board), and once that policy is adopted, no amendment of
that policy that adversely affects you will be effective with respect to your
rights under this Letter without your written consent.  Any gross-up payment pursuant to this paragraph
5.6 shall be paid to you within five days after you remit the excise tax to the
Internal Revenue Service; provided that, solely to satisfy an express
requirement in the regulations under Code Section 409A, such payment shall
be made no later than the end of the calendar year immediately following the
calendar year in which you pay the related tax.

 

5.7                                 Executive Release Prior to Receipt of
Benefits.  Upon the termination of your employment as
described in paragraph 3 following a Change in Control, and prior to your
receiving any benefits under this Letter on account thereof, you shall, as of
the Date of Termination, execute an employee release substantially in the form
attached hereto as Exhibit A (“Release”) as shall be determined by the
Company.  Such Release shall specifically
relate to all of your rights and claims in existence at the time of such
execution relating to your employment with the Company, but shall not include (i) your
rights under this Letter; (ii) your rights under any employee benefit plan
sponsored by the Company; (iii) your rights under any written employment
agreement with the Company; (iv) your rights to indemnification under the
Company’s bylaws or other governing instruments or under any agreement
addressing such subject matter between you and the Company or under any merger
or acquisition agreement addressing such subject matter; (v) your rights
of insurance under any liability policy covering the Company’s officers; or (vi) claims
which you may not release as a matter of law, including, but not limited to,
indemnification claims under applicable law. 
It is understood that you have twenty-one (21) days after receipt of the
form of Release from the Company to consider whether to execute such Release
and you may revoke such Release at any time within seven (7) days
following its execution.  In the event
that you have not received a form of Release from the Company by the tenth (10th)
day following the Date of Termination, you may execute the form of Release
attached hereto as Exhibit A and that shall be deemed acceptable to the
Company.  In the event you do not execute
the Release within the twenty-one (21) day period, or if you revoke such
Release within the seven (7) day period, no benefits shall be payable
under this Letter and this Letter shall be null and void.  Nothing in this Letter shall limit the scope
or time of applicability of such release once it is executed and not timely
revoked.

 

10

 

6.                                       Successors: Binding Agreement.

 

6.1                                 Assumption by Company’s Successor. 
The Company will require any successor (whether direct or indirect, by
purchase, merger, consolidation, liquidation or otherwise) to all or
substantially all of the Company’s business and/or assets to expressly assume
the Company’s obligations under this Letter in the same manner and to the same
extent as the Company would be required to perform such obligations in the
absence of a succession.  Failure of the
Company to obtain that agreement prior to the effectiveness of any succession
will be a breach of this Letter and will entitle you to compensation from the
Company in the same amount and on the same terms as you would be entitled under
this Letter if you terminated your employment for Good Reason within [2 or 3 depending on Tier II or I] years
following a Change in Control, except that for purposes of implementing the
foregoing, the date on which that succession becomes effective will be deemed
the Date of Termination.  As used in this
Letter, “Company” means Equifax Inc. and any successor to its business and/or
assets, whether or not such successor executes and delivers an assumption
agreement provided for in this subparagraph 6.1 or becomes bound by the terms
of this Letter by operation of law or otherwise.

 

6.2                                 Enforcement by Your Successor. 
This Letter will inure to the benefit of and be enforceable by your
personal or legal representatives, executors, administrators, successors,
heirs, distributees, devisees and legatees. 
If you die subsequent to the termination of your employment while any
amount would still be payable to you pursuant to this Letter if you had
continued to live, all those amounts, unless otherwise provided in this Letter,
will be paid in accordance with the terms of this Letter to your devisee,
legatee or other designee or, if there be no designee, to your estate; that
payment to be made in a lump sum within sixty (60) days from the date of your
death.

 

7.                                       Notice.  For purposes
of this Letter, notices and all other communications provided for in this
Letter will be in writing and will be deemed to have been duly given when
delivered or mailed by United States registered mail, return receipt requested,
postage pre-paid, addressed to the respective addresses set forth on the first page of
this Letter, provided that all notices to the Company will be directed to the
attention of the Chief Executive Officer of the Company (or if the notice is
from the Chief Executive Officer, to the Chief Legal Officer of the Company),
or to that other address as either party may have furnished to the other in
writing in accordance with this paragraph 7, except that notice of change of
address will be effective only upon receipt.

 

8.                                       Modification and Waiver. 
No provision of this Letter may be modified, waived or discharged unless
that waiver, modification or discharge is agreed to in writing by you and that
officer as may be specifically designated by the Board of Directors of the
Company.  No waiver by either party at
any time of any breach by the other party of, or compliance with, any condition
or provision of this Letter to be performed by that other 

 

11

 

party will be deemed a
waiver of similar or dissimilar provisions or conditions at the time or at any
prior or subsequent time.

 

9.                                       Construction. 
This Letter supersedes any oral agreement between you and the Company
and any oral representation by the Company to you with respect to the subject
matter of this Letter.  The validity,
interpretation, construction and performance of this Letter will be governed by
the laws of the State of Georgia.

 

10.                                 Severability.  
If any one or more of the provisions of this Letter or any word, phrase,
clause, sentence or other portion of a provision is deemed illegal or
unenforceable for any reason, that provision or portion will be modified or
deleted in such a manner as to make this Letter as modified legal and
enforceable to the fullest extent permitted under applicable laws.  The validity and enforceability of the
remaining provisions or portions of this Letter will remain in full force and
effect.

 

11.                                 Counterparts. 
This Letter may be executed in two or more counterparts, each of which
will take effect as an original and all of which will evidence one and the same
agreement.

 

12.                                 Legal Fees and Expenses. 
If the Company breaches this Letter or if, within [2 or 3 depending on Tier II or I] years following
a Change in Control, your employment is terminated under circumstances
described in paragraph 4  that
entitle you to payments and benefits under paragraph 5, the Company will
reimburse you for all legal fees and expenses reasonably incurred by you to
enforce your rights and benefits under this Letter, provided that, if you do
not prevail on at least one material issue in any such action, you must
reimburse the Company for such legal fees and expenses.  Upon presentation to the Company of the
invoice for those legal fees and expenses, the Company will reimburse you
monthly for those legal fees and expenses.

 

13.                                 Indemnification. 
After your termination, the Company will indemnify you and hold you
harmless from and against any claim relating to your performance as an officer,
director or employee of the Company or any of its subsidiaries or other
affiliates or in any other capacity, including any fiduciary capacity, in which
you served at the Company’s request, in each case to the maximum extent
permitted by law and under the Company’s Articles of Incorporation and Bylaws
(the “Governing Documents”), provided that under no circumstances will the
protection afforded to you under this paragraph be less than that afforded
under the Governing Documents as in effect on the date of this Agreement except
for changes mandated by law.  You will
continue to receive the benefits of, and be covered by, any policy of directors
and officers liability insurance maintained by the Company for the benefit of
its directors, officers and employees.

 

12

 

14.                                 Employment by a Subsidiary. 
Either the Company or a Subsidiary may be your legal employer.  For purposes of this Letter, any reference to
your termination of employment with the Company means termination of employment
with the Company and all Subsidiaries, and does not include a transfer of
employment between any of them.  The
actions referred to under the definition of “Good Reason” in subparagraph 4.3 include the actions
of the Company or your employing Subsidiary, as applicable.  The obligations created under this Letter are
obligations of the Company.  A change in
control of a Subsidiary will not constitute a Change in Control for purposes of
this Letter unless there is also a contemporaneous Change in Control of the
Company.  For purposes of paragraph 1 and this paragraph, a “Subsidiary”
means an entity more than fifty percent (50%) of whose equity interests are
owned directly or indirectly by the Company.

 

15.                                 Compliance with Section 409A.  In the event that (i) one
or more payments of compensation or benefits received or to be received by you
pursuant to this Letter (“Payment”) would constitute deferred compensation
subject to Section 409A of the Internal Revenue Code of 1986, as amended
(the “Code”) and (ii) you are deemed at the time of such termination of
employment to be a “specified employee” under Section 409A(a)(2)(B)(i) of
the Code, then such Payment shall not be made or commence until the earlier of (i) six
(6) months and one day after the date of your “separation from service”
(as such term is at the time defined in Treasury Regulations under Code Section 409A)
with the Company or (ii) such earlier time permitted under Code Section 409A
and the regulations or other authority promulgated thereunder; provided,
however, that such deferral shall only be effected to the extent required to
avoid adverse tax treatment to you under Code Section 409A, including
(without limitation) the additional twenty percent (20%) tax for which you
would otherwise be liable under Code Section 409A(a)(1)(B) in the
absence of such deferral.  During any period in which a Payment to you is
deferred pursuant to the foregoing, you shall be entitled to interest on the
deferred Payment at a per annum rate equal to the highest rate of interest
applicable to six (6)-month non-callable certificates of deposit with daily
compounding offered by the following institutions: Citibank N.A., Wells Fargo
Bank, N.A. or Bank of America, N.A., on the date of such separation from
service.  Upon the expiration of the applicable deferral period, any
Payment which would have otherwise been made during that period (whether in a
single sum or in installments) in the absence of this paragraph shall be paid
to you or your beneficiary in one lump sum including all accrued interest.

 

16.  Restrictions
on Conduct of Executive.

 

16.1 General. You and the Company
understand and agree that the purpose of the provisions of this paragraph 16 is
to protect legitimate business interests of the Company, as more fully
described below, and is not intended to impair or infringe upon your right to
work, earn a living, or acquire and possess property from the fruits of your 

 

13

 

labor.  You hereby acknowledge that you have received
good and valuable consideration for the post-employment restrictions set forth
in this paragraph 16 in the form of the compensation and benefits provided for
herein.  You hereby further acknowledge
that the post-employment restrictions set forth in this paragraph 16 are
reasonable and that they do not, and will not, unduly impair your ability to
earn a living after the termination of your employment with the Company or its
affiliates.

 

In addition, the parties acknowledge: (A) that
your services to the Company require unique expertise and talent in the
provision of Competitive Services and that you have substantial contacts with
customers, suppliers, advertisers and vendors of the Company; (B) that you
are in a position of trust and responsibility and you have access to a
substantial amount of Confidential Information and Trade Secrets and that the
Company is placing you in such position and giving you access to such
information in reliance upon your agreement not to solicit customers during the
Restricted Period; (C) that due to your unique experience and talent, the
loss of your services to the Company cannot reasonably or adequately be
compensated solely by damages in an action at law; (D) that you are
capable of competing with the Company; and (E) that you are capable of
obtaining gainful, lucrative and desirable employment that does not violate the
restrictions contained in this Letter.

 

Therefore, you shall be subject to the
restrictions set forth in this paragraph 16.

 

16.2 Definitions. The following
capitalized terms used in this paragraph 16 shall have the meanings assigned to
them below, which definitions shall apply to both the singular and the plural
forms of such terms:

 

“Competitive
Position”
means any employment with a Competitor in the capacity of a senior executive
officer in which you have duties for such Competitor that involve Competitive
Services and that are the same or similar to those services actually performed
by you for the Company.

 

“Competitive
Services”
means the business of automated credit risk management and financial
technologies for the internet and traditional lending environments.

 

“Competitor” means any of the following companies:
Acxiom Corporation, CBC Companies, CSC Credit Services, The Dun &
Bradstreet Corporation, Experian Group Ltd., Fair Isaac Corporation,
Lexis-Nexis (a division of Reed Elsevier Inc.) and TransUnion, each of which is
engaged, wholly or in part, in Competitive Services within the Restricted
Territory.

 

14

 

“Confidential
Information”
means all information regarding the Company, its activities, business or
clients that is the subject of reasonable efforts by the Company to maintain
its confidentiality and that is not generally disclosed by practice or
authority to persons not employed by the Company, but that does not rise to the
level of a Trade Secret. “Confidential Information”
shall include, but is not limited to, financial plans and data concerning the
Company; management planning information; business plans; operational methods;
market studies; marketing plans or strategies; product development techniques
or plans; customer lists; customer files, data and financial information;
details of customer contracts; current and anticipated customer requirements;
identifying and other information pertaining to business referral sources;
past, current and planned research and development; business acquisition plans;
and new personnel acquisition plans.  “Confidential Information” shall not include information
that has become generally available to the public by the act of one who has the
right to disclose such information without violating any right or privilege of
the Company. This definition shall not limit any definition of “confidential information” or any equivalent term under
state or federal law.

 

“Determination
Date”
means the date of termination of your employment with the Company or its
affiliates for any reason whatsoever or any earlier date (during such
employment period) of an alleged breach of the Restrictive Covenants by you.

 

“Person” means any individual or any corporation,
partnership, joint venture, limited liability company, association or other
entity or enterprise.

 

“Principal
or Representative’“
means a principal, owner, partner, stockholder, joint venturer, investor,
member, trustee, director, officer, manager, employee, agent, representative or
consultant.

 

“Protected
Customers”
means any Person to whom the Company has sold its products or services or
solicited to sell its products or services, other than through general advertising
targeted at consumers, during the 12 months prior to the Determination Date.

 

“Protected
Employees”
means employees of the Company who were employed by the Company or its
affiliates at any time within six months prior to the Determination Date, other
than those who were discharged by the Company or such affiliated employer
without cause.

 

“Restricted
Period” means the period of your employment with the Company or its
affiliates plus one year after the Date of Termination.

 

“Restricted
Territory”
means the United States of America.

 

15

 

“Restrictive
Covenants”
means the restrictive covenants contained in paragraph 16.3 hereof.

 

“Third
Party Information”
means confidential or proprietary information subject to a duty on the Company’s
and its affiliates’ part to maintain the confidentiality of such information
and to use it only for certain limited purposes.

 

“Trade
Secret”
means all information, without regard to form, including, but not limited to,
technical or nontechnical data, a formula, a pattern, a compilation, a program,
a device, a method, a technique, a drawing, a process, financial data,
financial plans, product plans, distribution lists or a list of actual or
potential customers, advertisers or suppliers which is not commonly known by or
available to the public and which information: (A) derives economic value,
actual or potential, from not being generally known to, and not being readily
ascertainable by proper means by, other persons who can obtain economic value
from its disclosure or use; and (B) is the subject of efforts that are
reasonable under the circumstances to maintain its secrecy. Without limiting
the foregoing, Trade Secret means any item of confidential information that
constitutes a “trade secret(s)” under the common law or statutory law of the
State of Georgia.

 

“Work
Product”
means all inventions, innovations, improvements, developments, methods,
processes, programs, designs, analyses, drawings, reports, and all similar or
related information (whether or not patentable) that relate to the Company’s or
its affiliates’ actual or anticipated business, research and development, or
existing or future products or services and that are conceived, developed,
contributed to, made, or reduced to practice by you (either solely or jointly
with others) while employed by the Company or its affiliates.

 

                
16.3                         Restrictive Covenants.

 

                                                                                                 (i)  Restriction on Disclosure
and Use of Confidential Information and Trade Secrets. You understand and
agree that the Confidential Information and Trade Secrets constitute valuable
assets of the Company and its affiliated entities, and may not be converted to
your own use. Accordingly, you hereby agree that you shall not, directly or
indirectly, while employed by the Company or its affiliates and for a period of
two years after the Date of Termination, reveal, divulge, or disclose to any
Person not expressly authorized by the Company any Confidential Information,
and you shall not, directly or indirectly, during such employment period and
for a period of two years after the Date of Termination, use or make use of any
Confidential Information in connection with any business activity other than
that of the Company. You shall not directly or indirectly transmit or disclose
any Trade Secret of the Company to any Person, and shall not make use of any
such Trade Secret, directly or indirectly, for yourself or for others, without
the prior written consent of the Company throughout the 

 

16

 

term of this Letter and for the period during
which the information remains a Trade Secret under applicable law. The parties
acknowledge and agree that this Letter is not intended to, and does not, alter
either the Company’s rights or your obligations under any state or federal
statutory or common law regarding trade secrets and unfair trade practices.

 

            
Anything herein to the contrary notwithstanding, you shall not be
restricted from disclosing or using Confidential Information or any Trade
Secret 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.

 

You acknowledge that
any and all Confidential Information is the exclusive property of the Company
and agree to deliver to the Company on the Date of Termination, or at any other
time the Company may request in writing, any and all Confidential Information
which you may then possess or have under your control in whatever form same may
exist, including, but not by way of limitation, hard copy files, soft copy files,
computer disks, and all copies thereof.

 

                                                                                                 (ii)  Nonsolicitation of
Protected Employees. You understand and agree that the relationship between
the Company and each of its Protected Employees constitutes a valuable asset of
the Company and may not be converted to your own use.  Accordingly, you hereby agree that during the
Restricted Period, you shall not directly or indirectly on your own behalf or
as a Principal or Representative of any Person or otherwise solicit or induce
any Protected Employee to terminate his employment relationship with the
Company or to enter into employment with any other Person.

 

                                                                                                 (iii)  Restriction on
Relationships with Protected Customers. 
You understand and agree that the relationship between the Company and
each of its Protected Customers constitutes a valuable asset of the Company and
may not be converted to your own use. Accordingly, you hereby agree that,
during the Restricted Period, you shall not, without the prior written consent
of the Company, directly or indirectly, on your own behalf or as a Principal or
Representative of any Person, solicit, divert, take away or attempt to solicit,
divert or take away a Protected Customer for the purpose of providing or
selling Competitive Services; provided, however, that the prohibition of this
covenant shall apply only to Protected Customers with whom you had Material
Contact on the Company’s behalf during the 12 months immediately preceding the
Date of Termination; and, provided further, that the prohibition of this
covenant shall not apply to the conduct of general advertising activities.  For purposes of this Agreement, you had “Material
Contact” with a Protected Customer if (a) you had business dealings with
the Protected Customer on the Company’s behalf; (b) you were 

 

17

 

responsible for supervising or coordinating the
dealings between the Company and the Protected Customer; or (c) you
obtained Trade Secrets or Confidential Information about the customer as a
result of your association with the Company.

 

(iv)  Noncompetition with the
Company.  In consideration of the
compensation and benefits being paid and to be paid by the Company to you
hereunder, you hereby agree that, during the Restricted Period, you will not,
without prior written consent of the Company, directly or indirectly obtain,
serve in or operate in a Competitive Position with a Competitor where your
duties involve operations of such Competitor within the Restricted Territory.
You acknowledge that in the performance of your duties for the Company you are
charged with operating on the Company’s behalf throughout the Restricted
Territory and you hereby acknowledge, therefore, that the Restricted Territory
is reasonable.

 

(v)  Ownership of Work Product.  You acknowledge that the Work Product belongs
to the Company or its affiliates and you hereby assign, and agree to assign,
all of the Work Product to the Company or its affiliates.  Any copyrightable work prepared in whole or
in part by you in the course of your work for any of the foregoing entities
shall be deemed a “work made for hire” under the copyright laws, and the
Company or such affiliate shall own all rights therein. To the extent that any
such copyrightable work is not a “work made for hire,” you hereby assign and
agree to assign to the Company or such affiliate all right, title, and
interest, including without limitation, copyright in and to such copyrightable
work. You shall promptly disclose such Work Product and copyrightable work to
the Company and perform all actions reasonably requested by the Company
(whether during or after your employment with the Company or its affiliates) to
establish and confirm the Company’s or such affiliate’s ownership (including,
without limitation, assignments, consents, powers of attorney, and other
instruments).

 

(vi)  Third Party Information.  You understand that the Company and its
affiliates will receive Third Party Information. During your employment with
the Company or its affiliates and thereafter, and without in any way limiting
the provisions of paragraph l6.3(i) above, you will hold Third Party
Information in the strictest confidence and will not disclose to anyone (other
than personnel of the Company or its affiliates who need to know such
information in connection with their work for the Company or its affiliates) or
use, except in connection with your work for the Company or its affiliates,
Third Party Information unless expressly authorized by the Company (other than
you) in writing.

 

16.4                        Enforcement of Restrictive Covenants.

 

(i)  Rights
and Remedies Upon Breach.  In the
event you breach, or threaten to commit a breach of, any of the provisions of
the Restrictive Covenants, the 

 

18

 

Company shall have the
right and remedy to enjoin, preliminarily and permanently, you from violating
or threatening to violate the Restrictive Covenants and to have the Restrictive
Covenants specifically enforced by any court or tribunal of competent
jurisdiction, it being agreed that any breach or threatened breach of the
Restrictive Covenants would cause irreparable injury to the Company and that
money damages would not provide an adequate remedy to the Company. Such right
and remedy shall be independent of any others and severally enforceable, and
shall be in addition to, and not in lieu of, any other rights and remedies
available to the Company at law or in equity.

 

(ii) Severability
of Covenants. You acknowledge and agree that the Restrictive Covenants are
reasonable and valid in time and scope and in all other respects. The covenants
set forth in this Letter shall be considered and construed as separate and
independent covenants. Should any part or provision of any covenant be held
invalid, void or unenforceable, such invalidity, voidness or unenforceability
shall not render invalid, void or unenforceable any other part or provision of
this Letter. If any portion of the foregoing provisions is found to be invalid
or unenforceable because its duration, the territory, the definition of activities
or the definition of information covered is considered to be invalid or
unreasonable in scope, the invalid or unreasonable term shall be redefined, or
a new enforceable term provided, such that the intent of the Company and you in
agreeing to the provisions of this Letter will not be impaired and the
provision in question shall be enforceable to the fullest extent of the
applicable laws.

 

(iii)  Reformation.
The parties hereunder agree that it is their intention that the Restrictive
Covenants be enforced in accordance with their terms to the maximum extent
possible under applicable law. The parties further agree that, in the event any
tribunal of competent jurisdiction shall find that any provision hereof is not
enforceable in accordance with its terms, the tribunal shall reform the
Restrictive Covenants such that they shall be enforceable to the maximum extent
permissible at law.

 

If you accept the above terms, please sign and
return to me the enclosed copy of this Letter.

 

Sincerely,

 

Agreed
to as of
                            ,

 

 

19

 

[Name]

 

20

 

EXHIBIT A

Form of Release

 

THIS RELEASE (“Release”) is granted
effective as of the
           day of
                        ,
by
                                            
(“Executive”) in favor of Equifax Inc. (the “Company”). This is the Release
referred to in that certain Change in Control Agreement effective as of
                    ,
20     by and between the Company and Executive (the “Agreement”),
with respect to which this Release is an integral part.

 

FOR AND IN
CONSIDERATION of the payments and benefits provided by the  Agreement and the Company’s other promises
and covenants as recited in the Agreement, the receipt and sufficiency of which
are hereby acknowledged, Executive, for himself or herself, Executive’s
successors and assigns, now and forever hereby releases and discharges the
Company and all its past and present officers, directors, stockholders,
employees, agents, parent corporations, predecessors, subsidiaries,  affiliates, estates, successors, assigns,
benefit plans, consultants, administrators, and attorneys (hereinafter
collectively referred to as “Releasees”) from any and all claims, charges,
actions, causes of action, sums of money due, suits, debts, covenants,
contracts, agreements, promises, demands or liabilities (hereinafter
collectively referred to as “Claims”) whatsoever, in law or in equity, whether
known or unknown, which Executive ever had or now has from the beginning of
time up to the date this Release (“Release”) is executed, including, but not
limited to, claims under the Age Discrimination in Employment Act, as amended
by the Older Workers Benefit Protection Act, Title VII of the Civil Rights Act
of 1964 (and all of its amendments), the Americans with Disabilities Act, as
amended, or any other federal or state statutes, all tort claims, all claims
for wrongful employment termination or breach of contract, and any other claims
which Executive has, had, or may have against the Releasees on account of or
arising out of Executive’s employment with or termination from the Company; provided, however, that nothing contained in this Release
shall in any way diminish or impair (i) any rights of Executive to the
benefits conferred or referenced in the Agreement or under any employment
agreement between Executive and the Company, (ii) any rights to
indemnification that may exist from time to time under any indemnification
agreement between Executive and the Company, or the Company’s articles of
incorporation or bylaws, or Georgia law, or (iii) Executive’s ability to
raise an affirmative defense in connection with any lawsuit or other legal
claim or charge instituted or asserted by the Company against Executive
(collectively, the “Excluded Claims”).

 

Without limiting the generality of the
foregoing, Executive hereby acknowledges and covenants that in consideration
for the sums being paid to Executive he or she has knowingly waived any right
or opportunity to assert any claim that is in any way connected with any
employment relationship or the termination of any employment relationship which
existed between the Company and Executive. Executive further understands and
agrees that, except for the Excluded Claims, Executive has knowingly
relinquished, waived and forever released any and all remedies arising out of
the aforesaid employment relationship or the termination thereof, including,
without

 

1

 

limitation, claims for backpay, front pay,
liquidated damages, compensatory damages, general damages, special damages,
punitive damages, exemplary damages, costs, expenses and attorneys’ fees.

 

Executive specifically acknowledges and agrees
that he or she has knowingly and voluntarily released the Company and all other
Releasees from any and all claims arising under the Age Discrimination in
Employment Act (“ADEA”), 29 U.S.C. § 621, et seq., which Executive ever had or
now has from the beginning of time up to the date this Release is executed,
including but not limited to those claims which are in any way connected with
any employment relationship or the termination of any employment relationship
which existed between the Company and Executive.  Executive further acknowledges and agrees
that he or she has been advised to consult with an attorney prior to executing
this Release and that he or she has been given twenty-one (21) days to consider
this Release prior to its execution. 
Executive also understands that he or she may revoke this Release at any
time within seven (7) days following its execution.  Executive understands, however, that this
Release shall not become effective and that none of the consideration described
above shall be paid to him or her until the expiration of the seven-day
revocation period.

 

Executive agrees never to seek reemployment or
future employment with the Company or any of the other Releasees.

 

Executive acknowledges that the terms of this
Release must be kept confidential. Accordingly, Executive agrees not to
disclose or publish to any person or entity the terms and conditions or sums
being paid in connection with this Release, except as required by law, as
necessary to prepare tax returns, or as necessary to enforce the Excluded
Claims.

 

It is understood and agreed by Executive that
the payment made to him or her is not to be construed as an admission of any
liability whatsoever on the part of the Company or any of the other Releasees,
by whom liability is expressly denied.

 

                                                Executive agrees and covenants that he or
she will not make any derogatory or disparaging statements about or relating to
the Company, its business practices, its products, its services or its
employment practices and that he or she will not engage in any harassing
conduct directed at Company.  For
purposes of this provision, “Company” means and includes the Company and its
officers, directors, agents, representatives and employees. Nothing in this
provision is intended to prohibit Executive from testifying truthfully in any
judicial or quasi-judicial proceeding.

 

This Release is executed by Executive
voluntarily and is not based upon any representations or statements of any kind
made by the Company or any of the other Releasees as to the merits, legal
liabilities or value of his or her claims. 
Executive further acknowledges that he or she has had a full and
reasonable opportunity to consider this Release and that he or she has not been
pressured or in any way coerced into executing this Release.

 

2

 

Executive acknowledges and agrees that this
Release may not be revoked at any time after the expiration of the seven-day
revocation period and that he or she will not institute any suit, action, or
proceeding, whether at law or equity, challenging the enforceability of this
Release. Furthermore, with the exception of an action to challenge his or her
waiver of claims under the ADEA, if Executive does not prevail in an action to
challenge this Release, to obtain an order declaring this Release to be null
and void, or in any action against the Company or any other Releasee based upon
a claim which is covered by the release set forth herein, Executive shall pay
to the Company and/or the appropriate Releasee all their costs and attorneys’
fees incurred in their defense of Executive’s action.

 

This Release and the rights and obligations of
the parties hereto shall be governed and construed in accordance with the laws
of the State of Georgia. If any provision hereof is unenforceable or is held to
be unenforceable, such provision shall be fully severable, and this document
and its terms shall be construed and enforced as if such unenforceable
provision had never comprised a part hereof, the remaining provisions hereof
shall remain in full force and effect, and the court or tribunal construing the
provisions shall add as a part hereof a provision as similar in terms and
effect to such unenforceable provision as may be enforceable, in lieu of the
unenforceable provision.

 

This document contains all terms of the Release
and supersedes and invalidates any previous agreements or contracts.  No representations, inducements, promises or
agreements, oral or otherwise, which are not embodied herein shall be of any
force or effect.

 

IN WITNESS WHEREOF, the undersigned acknowledges
that he or she has read these three pages and he or she sets his or her
hand this            day of
                        ,
20      .

 

 

	
   

  	
   

  	
   

  
	
   

  	
   

  	
  [Name of Executive]

  

 

Sworn to and subscribed before me this
           day of
                                      ,
20    .

 

	
   

  	
   

  
	
  Notary Public

  	
   

  

 

My Commission Expires:

 

3

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