Document:

10.5 subplan to the 2005 plan

Exhibit 10.5

                                

GLOBAL PAYMENTS Inc.
Annual Performance Plan

                                

Annual Management Cash Incentive Plan

- ii -
TABLE OF CONTENTS

ARTICLE 1  ESTABLISHMENT OF PLAN    1
1.1    Background    1
1.2    Purpose    1
1.3    Effective Date    1
ARTICLE 2  DEFINITIONS    2
2.1    Definitions    2
ARTICLE 3  ADMINISTRATION    3
3.1    Committee    3
3.2    Authority of Committee    3
3.3    Decisions Binding    4
ARTICLE 4  ELIGIBILITY    4
4.1    Designation of Participants    4
4.2    Partial Year Participation    4
4.3    Demotions    4
ARTICLE 5  OPERATION OF THE PLAN    4
5.1    Plan Structure    4
5.2    Establishment of Target Awardes    4
5.3    Company Performance Objectives    5
5.4    Individual Performance Objectives    5

5.5    Threshold Performance Goal and Individual Award Limits    5
5.6    Payout Form and Timing    6
5.7    Terminations of Employment    6
ARTICLE 6  AMENDMENT, MODIFICATION AND TERMINATION    6
6.1    Amendment, Modification and Termination    6
6.2    Termination After or During Plan Year    6
ARTICLE 7  GENERAL PROVISIONS    7
7.1    No Right to Participate    7
7.2    No Right to Employment    7
7.3    Withholding    7
7.4    Funding    7
7.5    Expenses    7
7.6    Titles and Headings    7
7.7    Gender and Number    7
7.8    Governing Law    7
7.9    2005 Incentive Plan Controls    7

    

8
LEGAL02/32833626v1

GLOBAL PAYMENTS Inc.
ANNUAL PERFORMANCE PLAN

ARTICLE 1ARTICLE 1  ESTABLISHMENT OF PLAN
ESTABLISHMENT OF PLAN

1.1    Background1.1    Background.  This Annual Performance Plan (the “Annual Performance Plan” or “Plan”) is a subplan of the Global Payments Inc. Third Amended and Restated 2005 Incentive Plan (“2005 Incentive Plan”) or any successor plan thereto, consisting of a program for the grant of annual cash-based performance awards under Articles 9 and 14.10 of the 2005 Incentive Plan.  This Plan has been established and approved, and will be administered by, the Committee pursuant to the terms of the 2005 Incentive Plan.  It is intended that the annual performance awards earned under this Plan shall be Qualified Performance-Based Awards under Article 14 of the 2005 Incentive Plan with respect to Participants who are Covered Employees, with the intent that the Annual Incentive Awards will be fully deductible by the Company without regard to the limitations of Code Section 162(m).  The applicable Award limits of Section 5.4 of the 2005 Incentive Plan shall apply with respect to this Plan.  As of the Effective Date, Section 5.4 of the 2005 Incentive Plan provides that the maximum aggregate amount that may be paid with respect to a cash-based Award under the 2005 Incentive Plan to any one Participant in any one calendar year is $2,500,000.

1.2.    Purpose1.2    Purpose.  The purpose of this Plan is to provide for the payment of annual cash incentive awards to eligible employees of the Company, the payment of which will be based on the achievement of one or more Performance Objectives during a Plan Year.  The Plan shall remain in effect for successive Plan Years unless and until terminated by the Committee pursuant to Article 6.  Unless otherwise specified by the Committee, the Performance Objectives include Company Performance Objectives, Individual Performance Objectives and the Threshold Performance Objective.  Company Performance Objectives are designed to focus on overall corporate financial or operational results that drive shareholder value.  Individual Performance Objectives are intended to measure individual goals and competencies and 

to motivate and reward outstanding individual performance.  The Threshold Performance Objective, which applies only to Covered Employees, requires that the Company achieve positive Operating Income before any incentive awards will be payable to any Covered Employees under the Plan.

1.3.    EFFECTIVE DATE1.3    Effective Date.  This Plan was approved by the Committee on August 29, 2011, to be effective as of the beginning of the fiscal year of the Company ending May 31, 2012.

ARTICLE 2ARTICLE 2  DEFINITIONS
DEFINITIONS

2.1.    DEFINITIONS2.1    Definitions.  Capitalized terms used herein and not otherwise defined shall have the meanings assigned to such terms in the 2005 Incentive Plan.  In addition, the following terms shall have the following meanings for purposes of this Plan, unless the context in which they are used clearly indicates that some other meaning is intended.

Annual Incentive Award.  The cash incentive award payable to a Participant under this Plan calculated by reference to the achievement of applicable Performance Objectives, as determined in accordance with Article 5.

Annual Performance Plan or Plan.  This Global Payments Inc. Annual Performance Plan, a subplan of the 2005 Incentive Plan, as set forth in this document together with any subsequent amendments hereto.

Change in Control.  As defined in a Participant's employment agreement, if any.  

Company Performance Objectives.  The Company Performance Objectives established by the Committee for a Plan Year, as provided in Article 5. 

Effective Date.  June 1, 2011 (the beginning of fiscal year 2012).

Individual Award Limit.  Has the meaning described in Section 5.5.

Individual Performance Objectives.  The Individual Performance Objectives established by the Committee for a Plan Year, as provided in Article 5. 

Operating Income.  Shall mean “operating income” as shown in the Company's Consolidated Statements of Income for the year ended May 31, 2012, as filed with the Securities and Exchange Commission on the Company's Form 10-K for 2012, except that for the purpose of this Plan,  Operating Income will be rounded up or down to the nearest whole million dollar level and shall exclude the impact of restructuring, acquisition- related  intangible amortization expense, foreign  exchange, and other non-recurring charges that are specifically excluded from the calculation of the Company's “cash” fiscal 2012 operating income, as described and quantified in the Company's fiscal 2012 year-end earnings press release.

Participant.  A person who, as an employee of the Company or any Affiliate, has been granted an Annual Incentive Award opportunity under the Plan.

Performance Objectives.  Collectively, with respect to a Participant, the Threshold Performance Objective (which only applies to Covered Employees) and any Company Performance Objectives and Individual Performance Objectives applicable to the Participant, as provided in Article 5. 

Plan Year.  June 1 to May 31 of each year (the fiscal year of the Company).

Target Award.  Has the meaning described in Section 5.2.

Threshold Performance Objective.  Has the meaning given such term in Section 5.5.

2005 Incentive Plan.  The Global Payments Inc. Third Amended and Restated 2005 Incentive Plan, as amended form time to time.

ARTICLE 3ARTICLE 3  ADMINISTRATION
ADMINISTRATION

3.1.    COMMITTEE3.1    Committee.  This Plan shall be administered by the Committee.

3.2.    AUTHORITY OF COMMITTEE3.2    Authority of Committee.  Without limiting its authority under Article 4 of the 2005 Incentive Plan, the Committee has the exclusive power, authority and discretion to:

(a)  Designate Participants for each Plan Year (by individual or employee class);

(b)  Establish and review Individual Performance Objectives and weightings for different Individual Performance Objectives for each Plan Year;

(c)  Establish and review Company Performance Objectives and weightings for different Company Performance Objectives for each Plan Year;

(d)  Establish Target Awards for Participants for each Plan Year;

(e)  Determine whether and to what extent Performance Objectives were achieved for each Plan Year;

(f)  Increase (subject to the Individual Award Limit) or decrease the Annual Incentive Award otherwise payable to any Participant resulting from the achievement of Company Performance Objectives and Individual Performance Objectives in any Plan Year, based on such objective or subjective factors as the Committee shall deem relevant;

(g)  Establish, adopt or revise any rules and regulations as it may deem necessary or advisable to administer this Plan; 

(h)  Make all other decisions and determinations that may be required under this Plan or as the Committee deems necessary or advisable to administer this Plan; and

(i)  Amend this Plan as provided herein.

3.3.    DECISIONS BINDING3.3    Decisions Binding.  The Committee's interpretation of this Plan and all decisions and determinations by the Committee with respect to this Plan are final, binding, and conclusive on all parties.

ARTICLE 4ARTICLE 4  ELIGIBILITY
ELIGIBILITY

4.1.    DESIGNATION OF PARTICIPANTS4.1    Designation of Participants.  Exhibit A hereto 

lists the Executives who are designated as Participants in this Plan for the 2012 Plan Year.  The Committee, in its discretion, may determine whether other positions may qualify for participation in all or any portion of this Plan for any subsequent Plan Year or change Target Awards of existing Participants, subject to the terms of any employment agreement with the Participant.  On or before August 29 of each Plan Year, the Committee shall approve and substitute a new Exhibit A indicating the Participants and their Target Awards for that Plan Year.  The Committee will notify or cause Participants to be notified of their eligibility to participate, and the terms thereof, in writing.

4.2.    Partial Year Participation4.2    Partial Year Participation.  If a Participant begins employment or is promoted to an eligible position after the beginning of a Plan Year, the Committee, in its discretion, may determine whether such employee may participate in this Plan and if so, the terms of such participation, which will be prorated based on the number of days such person participated in this Plan during the Plan Year, unless the Committee determines otherwise.  If a Participant takes a leave of absence during the Plan Year for any reason, the Participant will receive a pro rata share of an Annual Incentive Award, if any, for such Plan Year, unless the Committee decides otherwise. 

4.3.    Demotions4.3    Demotions.  If a Participant is demoted during the Plan Year, the Committee will determine whether Plan participation ends at that time, or is continued, perhaps at a reduced level.  

ARTICLE 5ARTICLE 5  OPERATION OF THE PLAN
OPERATION OF THE PLAN

5.1.    PLAN STRUCTURE5.1    Plan Structure.  Each Participant shall be eligible to receive an Annual Incentive Award for the Plan Year if the Company meets or exceeds certain Performance Objectives set by the Committee.  Each Plan Year, the Committee shall establish or approve Performance Objectives and their respective weightings and Target Awards as provided in Sections 5.2, 5.3 and 5.4.  In establishing Performance Objectives, the Committee may take into account such factors as it deems appropriate, including, without limitation, prior year results, planned business results, anticipated business trends, performance relative to peer companies and macroeconomic conditions.  

5.2.    Establishment of TARGET AWARDs5.2    Establishment of Target Awards.  Exhibit A sets forth the percentage of each Participant's base salary that will be awarded to the Participant for that Plan Year if, with respect to Covered Employees only, the Threshold Performance Objective is achieved, and if, with respect to all Participants, the other established Performance Objectives are achieved at the target level (the “Target Award”).  Each Participant's Target Award percentage will be communicated in writing to the Participant upon such Participant's initial participation in the Plan, and shall remain in effect until any change thereto is communicated to the Participant in writing.  The actual Annual Incentive Award to a Participant may be greater or less than his or her Target Award, depending on the level of achievement of Company Performance Objectives and Individual Performance Objectives.

5.3.    Company Performance Objectives5.3    Company Performance Objectives.  On or before August 29 of each Plan Year, the Committee shall approve Company Performance Objectives for that Plan Year, which shall be communicated in writing to the Participants.  The Company Performance Objectives shall include a formula or performance grid that the Committee will consider in determining a Participant's Annual Incentive Award (at a level below the Individual Award Limit, with respect to Covered Employees).  Such Company Performance Objectives shall be set forth in Schedule I attached to this Plan document, as changed from year to year.  

5.4.    INDIVIDUAL PERFORMANCE Objectives5.4    Individual Performance Objectives.  On or before August 29 of each Plan Year, the Committee may approve Individual Performance Objectives for 

the Chief Executive Officer, and the Chief Executive Officer or other appropriate officers may approve Individual Performance Objectives for other Participants.  Individual Performance Objectives should be designed to promote accountability for personal performance regarding areas under the Participant's responsibility.  Any such Individual Performance Objectives will be communicated to Participants in writing.  The Committee shall consider the degree of achievement of Individual Performance Objectives in determining a Participant's Annual Incentive Award (at a level below the Individual Award Limit, with respect to Covered Employees). 

5.5    Threshold Performance Goal and INDIVIDUAL Award Limits5.5    Threshold Performance Goal and Individual Award Limits.  With respect to Covered Employees only, pursuant to Section 14.10 of the 2005 Incentive Plan, by adopting this Annual Performance Plan, the Committee has established for each Plan Year beginning with Plan Year 2012, a threshold performance goal under the Plan based on achieving positive Operating Income, which is one of the Qualified Business Criteria approved by the shareholders under Section 14.10 of the 2005 Incentive Plan (“Threshold Performance Objective”).  Unless waived by the Committee in the case of the death or Disability of a Participant or the occurrence of a Change in Control, no incentive awards shall be payable under the Plan for any Plan Year to Participants who are Covered Employees unless the Threshold Performance Objective has been achieved.  

In any Plan Year in which the Threshold Performance Objective is achieved, the Annual Incentive Award payable to each Covered Employee under the Plan for such Plan Year shall be: (A) 2.00% of Operating Income, with respect to the Company's Chief Executive Officer, or 1.00% of Operating Income, with respect to the Company's Covered Employees other than the Company's Chief Executive Officer, but in no event to exceed $2,500,000 per Participant (the “Individual Award Limit”), or (B) any lesser amount determined by the Committee based on the level of actual performance with respect to Company Performance Objectives and/or Individual Performance Objectives.  As described herein, it is anticipated that the Committee will exercise discretion such that the Annual Incentive Award paid to a Covered Employee for a Plan Year would represent the amount that would be payable pursuant to the applicable Company Performance Objectives and/or Individual Performance Objectives, rather than the full Individual Award Limit.  
    
5.6.    PAYOUT FORM AND TIMING5.6    Payout Form and Timing.  Annual Incentive Awards will be paid within thirty (30) days after the Committee determines whether and to what extent Performance Objectives were achieved, but no later than August 15 following the end of the Plan Year for which the Annual Incentive Awards, if any, were earned.

5.7.    TERMINATION OF EMPLOYMENT5.7    Terminations of Employment.  Subject to any contrary provision in an individual employment, key position, severance or similar agreement with a Participant, a Participant must be actively employed and in good standing or on approved leave of absence as of the last day of the Plan Year in order to be eligible to receive an Annual Incentive Award for such Plan Year, and Participants whose employment terminates for any reason prior to the end of the Plan Year shall forfeit their right to receive an Annual Incentive Award for such Plan Year.  For terminations after the end of the Plan Year, but before payout from this Plan, payout will be made as though the termination had not occurred.  Any amounts paid on behalf of a deceased Participant will be paid to the Participant's Beneficiary.

    
ARTICLE 6ARTICLE 6  AMENDMENT, MODIFICATION AND TERMINATION
AMENDMENT, MODIFICATION AND TERMINATION

6.1.    AMENDMENT, MODIFICATION AND TERMINATION6.1    Amendment, Modification and Termination.  The Committee may, at any time and from time to time, amend, modify or terminate this Plan.  The Committee may condition any amendment or modification on the approval of 

shareholders of the Company if such approval is necessary or deemed advisable with respect to tax, securities or other applicable laws, policies or regulations, including without limitation Code Section 162(m).

6.2.    Termination AFTER OR during Plan Year6.2    Termination After or During Plan Year.  Termination of this Plan after a Plan Year but before Annual Incentive Awards are paid for that Plan Year will not reduce Participants' rights to receive Annual Incentive Awards for the Plan Year.  Termination or amendment of this Plan during a Plan Year may be retroactive to the beginning of the Plan Year, at the discretion of the Committee.  If a Change in Control occurs, no amendment or termination may adversely affect amounts payable to a Participant without the consent of the Participant.

ARTICLE 7ARTICLE 7  GENERAL PROVISIONS
GENERAL PROVISIONS

7.1.    NO RIGHT TO PARTICIPATE7.1    No Right to Participate3.  No officer or employee shall have any right to be selected to participate in this Plan.

7.2.    NO RIGHT TO EMPLOYMENT7.2    No Right to Employment.  Nothing in this Plan shall interfere with or limit in any way the right of the Company or any Affiliate to terminate any Participant's employment at any time, nor confer upon any Participant any right to continue in the employ of the Company or any Affiliate.

7.3.    WITHHOLDING7.3    Withholding3.  The Company or any Affiliate shall have the authority and the right to deduct or withhold, or require a Participant to remit to the Company, an amount sufficient to satisfy federal, state, and local taxes (including the Participant's FICA obligation) required by law to be withheld with respect to any taxable event arising as a result of this Plan.  

7.4.    FUNDING7.4    Funding.  Benefits payable under this Plan to a Participant or to a Beneficiary will be paid by the Company from its general assets.  The Company is not required to segregate on its books or otherwise establish any funding procedure for any amount to be used for the payment of benefits under this Plan.  The Company may, however, in its sole discretion, set funds aside in investments to meet its anticipated obligations under this Plan.  Any such action or set-aside may not be deemed to create a trust of any kind between the Company and any Participant or beneficiary or to constitute the funding of any Plan benefits.  Consequently, any person entitled to a payment under this Plan will have no rights greater than the rights of any other unsecured creditor of the Company.

7.5.    EXPENSES7.5    Expenses.  The expenses of administering this Plan shall be borne by the Company and its Subsidiaries.

7.6.    TITLES AND HEADINGS7.6    Titles and Headings.  The titles and headings of the Sections in this Plan are for convenience of reference only, and in the event of any conflict, the text of this Plan, rather than such titles or headings, shall control.

7.7.  GENDER AND NUMBER7.7    Gender and Number67.  Except where otherwise indicated by the context, any masculine term used herein also shall include the feminine; the plural shall include the singular and the singular shall include the plural.

7.8.    GOVERNING LAW7.8    Governing Law.  To the extent not governed by federal law, this Plan shall be construed in accordance with and governed by the laws of the State of Georgia.

7.9    2005 Incentive Plan CONTROLS7.9    2005 Incentive Plan Controls.  This Plan is adopted pursuant to and shall be governed by and construed in accordance with the 2005 Incentive Plan.  In the event 

of any actual or alleged conflict between the provisions of the 2005 Incentive Plan and the provisions of this Plan, the provisions of the 2005 Incentive Plan shall be controlling and determinative.

The foregoing is hereby acknowledged as being the Global Payments Inc. Annual Performance Plan as adopted by the Committee on August 29, 2011, to be effective as of June 1, 2011.

GLOBAL PAYMENTS INC.

/s/ Suellyn P. Tornay
Suellyn P. Tornay, General Counsel10.6 form of performance unit

Exhibit 10.6

Global Payments Inc.
Performance  UNIT  Award  CERTIFICATE

Non-transferable

G R A N T   T O
___________________
(“Grantee”)

by Global Payments Inc. (the “Company”) of Performance Units (the “Performance Units”) representing the right to earn, on a one-for-one basis, shares of the Company's no par value common stock (“Shares”), pursuant to and subject to the provisions of the Global Payments Inc. Amended and Restated 2005 Incentive Plan (the “Plan”) and to the terms and conditions set forth on the following pages of this award certificate (this “Certificate”).  

The target number of Shares subject to this award is ____________ (the “Target Award”).  Depending on the Company's level of attainment of specified performance goals for the three-year period beginning June 1, ____ and ending May 31, ____, Grantee may earn 0% to 200% of the Target Award, in accordance with the performance metrics described on Exhibit A hereto and the terms of this Certificate.  

By accepting this Award, Grantee shall be deemed to have agreed to the terms and conditions of this Certificate and the Plan.  

IN WITNESS WHEREOF, Global Payments Inc., acting by and through its duly authorized officers, has caused this Certificate to be executed.

	
		
	Global Payments Inc.

By: ____________________________________________
Its:  Authorized Officer
	Grant Date:  
Grant Number:  

Accepted by Grantee:  __________________________

	 
	 

TERMS AND CONDITIONS
1.    Defined Terms.  Capitalized terms used herein and not otherwise defined shall have the meanings assigned to such terms in the Plan.  In addition, for purposes of this Certificate:

(d)  Applicable Ranking is defined in Exhibit A.

(a)  Change in Control means the occurrence during the Performance Period of a “change in control event” as defined in 

Treas. Reg. §1.409A-3(i)(5)(i), with respect to the Company.

(b)  Comparator Group means the companies comprising the “S&P 500” as of the beginning of the Performance Period; except that companies acquired during the Performance Period will be eliminated from the Comparator Group.

(c)  Confirmation Date is defined in Exhibit A.

(d)  Confirmed Performance Units is defined in Exhibit A.

(e)  Conversion Date is defined in Exhibit A.

(f)  Final Payout Factor is defined in Exhibit A.

(g)  Performance Period means the three-year period beginning June 1, ___ and ending May 31, ____.

(h) Qualifying CIC Termination means a termination of Grantee's employment without cause prior to the end of the Performance Period and within two years after a Change in Control.

(i)  Total Shareholder Return or “TSR” with respect to a corporation means (i) increase in stock price over a designated period plus reinvested dividends, divided by (ii) stock price at the beginning of the period.

2.    Performance Units.  The Performance Units have been credited to a bookkeeping account on behalf of Grantee.  The Performance Units will be earned in whole, in part, or not at all, as provided on Exhibit A attached hereto.  Any Performance Units that fail to vest in accordance with the terms of this Certificate will be forfeited and reconveyed to the Company without further consideration or any act or action by Grantee.

3.    Conversion to Shares.  Except as otherwise provided in Section 4 below, the Performance Units that are earned based on performance will be converted to actual unrestricted Shares (one Share per Confirmed Performance Unit) on the Conversion Date.  These shares will be registered on the books of the Company in Grantee's name as of the Conversion Date and stock certificates for the Shares shall be delivered to Grantee or Grantee's designee upon request of Grantee. 

4.    Termination of Employment.  If Grantee's employment is terminated during the Performance Period, the following provisions of this Section 4 shall govern the vesting and payout of the Performance Units:

(i) Death or Disability.  If Grantee's employment is terminated by reason of death or Disability, the number of Performance Units earned shall be determined in accordance with Exhibit A and any Confirmed Performance Units shall convert to Shares on the Conversion Date as if such termination of employment had not occurred.  

(ii) Change in Control.  If Grantee's incurs a Qualifying CIC Termination, the number of Performance Units earned shall be determined in accordance with Exhibit A and any Confirmed Performance Units shall convert to Shares on the date of the Qualifying CIC Termination.

(iii) Any Other Reason.  If Grantee's employment is terminated for any other reason, all of the Performance Units shall be forfeited; provided, however, that in the case of Grantee's Retirement or a termination of Grantee's employment by the Company without cause (other than a Qualifying CIC Termination), the Committee may, but shall not be required to, waive the employment condition for some or all of the Performance Units, in which case the number of such Performance Units earned shall be determined in accordance with Exhibit A and any Confirmed Performance Units shall convert to Shares on the Conversion Date as if such termination of employment had not occurred.

5.    Restrictions on Transfer and Pledge.  No right or interest of Grantee in the Performance Units may be pledged, encumbered, or hypothecated or be made subject to any lien, obligation, or liability of Grantee to any other party other than the Company or an Affiliate.  The Performance Units may not be sold, assigned, transferred or otherwise disposed of by Grantee other than by will or the laws of descent and distribution. 

6.    Restrictions on Issuance of Shares.  If at any time the Committee shall determine, in its discretion, that registration, listing or qualification of the Shares underlying the Performance Units upon any securities exchange or similar self-regulatory organization or under any foreign, federal, or local law or practice, or the consent or approval of any governmental regulatory body, is necessary or desirable as a condition to the settlement of the Performance Units, stock units will not be converted to Shares in whole or in part unless and until such registration, listing, qualification, consent or approval shall have been effected or obtained free of any 

conditions not acceptable to the Committee. 

7.    Limitation of Rights.  The Performance Units do not confer to Grantee or Grantee's beneficiary, executors or administrators any rights of a shareholder of the Company unless and until Shares are in fact issued to such person in connection with the units.  Nothing in this Certificate shall interfere with or limit in any way the right of the Company or any Affiliate to terminate Grantee's employment at any time, nor confer upon Grantee any right to continue in employment of the Company or any Affiliate.

8.    No Entitlement to Future Awards.  The grant of the Performance Units does not entitle Grantee to the grant of any additional units or other awards under the Plan in the future.  Future grants, if any, will be at the sole discretion of the Company, including, but not limited to, the timing of any grant, the number of units, and vesting provisions.  

9.    Payment of Taxes.  The Company or any Affiliate employing Grantee has the authority and the right to deduct or withhold, or require Grantee to remit to the employer, an amount sufficient to satisfy federal, state, and local taxes (including Grantee's FICA obligation) required by law to be withheld with respect to any taxable event arising as a result of the vesting or settlement of the Performance Units.  The withholding requirement may be satisfied, in whole or in part, at the election of the Company's general counsel, principal financial officer or comptroller, by withholding Shares upon the settlement of the Performance Units having a Fair Market Value on the date of withholding equal to the minimum amount (and not any greater amount) required to be withheld for tax purposes, all in accordance with such procedures as such officer establishes.  The obligations of the Company under this Certificate will be conditional on such payment or arrangements, and the Company and, where applicable, its Affiliates will, to the extent permitted by law, have the right to deduct any such taxes from any payment of any kind otherwise due to Grantee.

10.    Amendment.  The Committee may amend, modify or terminate this Certificate without approval of Grantee; provided, however, that such amendment, modification or termination shall not, without Grantee's consent, reduce or diminish the value of this award determined as if it had been fully vested on the date of such amendment or termination.

11.    Plan Controls.  The terms contained in the Plan shall be and are hereby incorporated into and made a part of this Certificate and this Certificate shall be governed by and construed in accordance with the Plan.  Without limiting the foregoing, the terms and conditions of the Performance Units, including the number of shares and the class or series of capital stock which may be delivered upon settlement of the Performance Units, are subject to adjustment as provided in Article 15 of the Plan.  In the event of any actual or alleged conflict between the provisions of the Plan and the provisions of this Certificate, the provisions of the Plan shall be controlling and determinative.  Any conflict between this Certificate and the terms of a written employment or change-in-control agreement with Grantee that has been approved, ratified or confirmed by the Committee prior to the Grant Date shall be decided in favor of the provisions of such employment or change-in-control agreement.

12.    Governing Law.  This Certificate shall be construed in accordance with and governed by the laws of the State of Georgia, United States of America, regardless of the law that might be applied under principles of conflict of laws.

13.    Severability.  If any one or more of the provisions contained in this Certificate is deemed to be invalid, illegal or unenforceable, the other provisions of this Certificate will be construed and enforced as if the invalid, illegal or unenforceable provision had never been included.

14.    Relationship to Other Benefits.  The Performance Units shall not affect the calculation of benefits under any other compensation plan or program of the Company, except to the extent specially provided in such other plan or program.

15.    Notice.  Notices and communications hereunder must be in writing and either personally delivered or sent by registered or certified United States mail, return receipt requested, postage prepaid.  Notices to the Company must be addressed to Global Payments Inc., 10 Glenlake Parkway, North Tower, Atlanta, Georgia 30328; Attn: Secretary, or any other address designated by the Company in a written notice to Grantee.  Notices to Grantee will be directed to the address of Grantee then currently on file with the Company, or at any other address given by Grantee in a written notice to the Company.

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