Document:

2004 Executive Stock Option Plan

 Exhibit 10.19 
  
 BRODER BROS., CO. 
  
 2004 EXECUTIVE STOCK OPTION PLAN 
  
 1. Purpose of Plan. This 2004 Executive Stock Option Plan (the “Plan”) of Broder Bros., Co., a Michigan corporation (the
“Company”), is designed to provide incentives to such present and future executives, directors, consultants or advisers of the Company or its subsidiaries (each, a “Participant” and collectively, the
“Participants”), as may be selected in the sole discretion of the Committee (as defined below), through the grant of Options (as defined below) by the Company to Participants or through the sale of Common Shares (as defined below)
to Participants. Only those Participants who are employees of the Company shall be eligible to receive incentive stock options within the meaning of Section 422 of the Code (as defined below). This Plan is a compensatory benefit plan within the
meaning of Rule 701 of the Securities Act of 1933, as amended (the “1933 Act”), and, unless and until the Company’s Common Shares are publicly traded, the issuance of Options pursuant to the Plan, the issuance of Option Shares
(as defined below) pursuant to the exercise of such Options and the issuance of any other Common Shares pursuant to this Plan are, to the extent permitted by applicable federal securities laws, intended to qualify for the exemption from registration
under Rule 701 of the Securities Act of 1933, as amended. 
  
 2.
Definitions. Certain terms used in this Plan have the meanings set forth below: 
  
 “Affiliate” means, as to a particular Person, any other Person controlling, controlled by or under common control with such Person. 
  
 “Board” means the Company’s board of directors. 
  
 “Cause” shall have the meaning assigned to such term in
Participant’s written employment agreement with the Company or any of its Subsidiaries or, in the absence of any such written employment agreement, “Cause” shall mean with respect to Participant one or more of the following:
(i) the commission of a felony or other crime involving moral turpitude or the commission of any crime involving misappropriation, embezzlement or fraud with respect to the Company or any of its Subsidiaries or any of their customers or suppliers,
(ii) conduct causing the Company or any of its Subsidiaries substantial public disgrace or disrepute, (iii) repeated failure to perform duties as reasonably directed by the Board, which failure is not cured within 30 days after delivery of written
notice from the Company to Participant describing specifically the nature of such failures and the action required to cure, (iv) any act or omission intentionally aiding or abetting a competitor, supplier or customer of the Company or any of its
Subsidiaries to the material disadvantage or detriment of the Company and its Subsidiaries, (v) gross negligence, willful misconduct or a material breach of fiduciary duty with respect to the Company or any of its Subsidiaries, or (vi) any material
breach by Participant of any written agreement between the Company and Participant which is not cured to the Board’s reasonable satisfaction within 15 days after written notice thereof to Participant. 
  
 “Class B Common” means the Company’s Class B Common
Shares, par value $0.01 per share, or, in the event that the outstanding shares of Class B Common are hereafter recapitalized, converted into or exchanged for different stock or securities of the Company, such other stock or securities. 

 “Class B Common Option” shall entitle a Participant to purchase from the Company one or
more shares of Class B Common and shall have an exercise price per share as determined by the Board and evidenced in such Participant’s option agreement. 
  

“Class L Common” shall mean the Class L Common, Series 3 and Class L Common, Series 4, collectively. 
  
 “Class L Common, Series 3” means the Company’s Class L
Common Shares, Series 3, par value $0.01 per share, or, in the event that the outstanding shares of Class L Common, Series 3 are hereafter recapitalized, converted into or exchanged for different stock or securities of the Company, such other stock
or securities. 
  
 “Class L Common, Series 4”
means the Company’s Class L Common Shares, Series 4, par value $0.01 per share, or, in the event that the outstanding shares of Class L Common, Series 4 are hereafter recapitalized, converted into or exchanged for different stock or securities
of the Company, such other stock or securities. 
  
 “Class
L Common Option” shall entitle a Participant to purchase from the Company one or more shares of Class L Common, and shall have an exercise price per share as determined by the Board and evidenced in such Participant’s stock option
agreement. 
  
 “Code” means the Internal Revenue
Code of 1986, as it may be amended from time to time. 
  
 “Committee” shall mean the committee of the Board which may be designated by the Board to administer the Plan. The Committee shall be composed of two or more directors as appointed from time to time to serve by the Board.
In the absence of the appointment of any such Committee, any action permitted or required to be taken hereunder shall be deemed to refer to the Board. 
  
 “Common Shares” means the Class B Common and the Class L Common. 
  
 “Competitive Activity” shall have the meaning assigned to such term in any separate employment agreement
between the Company and Participant. 
  
 “Disability” shall mean incapacity due to physical or mental illness such that Participant is considered disabled under the Company’s long-term disability insurance plans. 
  
 “Fair Market Value” of each Option Share means, except as
otherwise provided herein, the fair market value of such share as determined in good faith by the Board. Notwithstanding any other provision of this Plan, if Participant disputes the Fair Market Value, as determined by the Board, Participant may
seek an appraisal of the Option Shares by a mutually acceptable nationally recognized independent appraiser. The determination of the appraiser will then constitute the Fair Market Value. The fees and expenses of such appraiser 
  

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 shall be paid by Participant, except that Participant will be entitled to reimbursement by the Company for such fees and
expenses if the Fair Market Value, as previously determined by the Board, is less than 80% of the Fair Market Value, as ultimately and finally determined by the appraiser. 
  
 “Good Reason” shall have the meaning assigned to such term in Participant’s written employment
agreement with the Company or any of its Subsidiaries or, in the absence of any such written employment agreement, “Good Reason” shall mean if Participant resigns from employment with the Company and its Subsidiaries as a result of
one or more of the following reasons: (i) the Company reduces the amount of Participant’s base salary or potential target bonus without Participant’s written consent, other than a reduction in salary of no more than 10% of
Participant’s then current base salary done in connection with salary reductions affecting all members of the Company’s executive management team, (ii) the Company substantially reduces Participant’s authority or responsibilities
without Participant’s written consent, (iii) the Company changes Participant’s principal place of work to a location more than 25 miles without Participant’s prior consent, (iv) the Company assigns to Participant duties inconsistent
with his positions without Participant’s written consent, or (v) any other material breach by the Company (or its successors) of any written agreement between the Company and Participant, in each case set forth above which is not cured to
Participant’s reasonable satisfaction within 15 days after written notice thereof to the Company; provided that in each case written notice of Participant’s resignation for Good Reason must be delivered to the Company within 45 days after
the occurrence of any such event in order for Participant’s resignation with Good Reason to be effective hereunder. 
  
 “Independent Third Party” means any individual, partnership, joint venture, corporation, trust, limited liability company, unincorporated
organization or government department or agency who, immediately prior to the contemplated transaction, does not own in excess of 10% of the Company’s Common Shares on a fully diluted basis, who is not controlling, controlled by or under common
control with any such 10% owner of the Company’s Common Shares and who is not the spouse or descendant (by birth or adoption) of any such 10% owner of the Company’s Common Shares. 
  
 “Investors” means Bain Capital Fund VII, L.P., BCIP
Associates III, BCIP T Associates III, BCIP Associates III-B and BCIP T Associates III-B and Randolph Street Partners II. 
  
 “Noncompete Period” shall have the meaning assigned to such term in any separate employment agreement between the Company and
Participant. 
  
 “Option” means any option
enabling the holder thereof to purchase shares of the Company’s Class B Common or the Company’s Class L Common granted by the Committee pursuant to the provisions of this Plan, unless otherwise provided in a Participant’s Option
Agreement. Options to purchase shares of the Class B Common or Class L Common are hereinafter referred to individually as an “Option” and collectively as the “Options”. Options to be granted under this Plan shall
either be incentive stock options within the meaning of the Code (“Incentive Stock Options”) or non-qualified stock options or in such other form, consistent with this Plan, as the Committee may determine. Unless otherwise specified in a
Participant’s Option Agreement, Options shall be deemed non-qualified stock options. 
  

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 “Option Agreement” with respect to a Participant, means the Executive Stock Option
Agreement between the Company and Participant. 
  
 “Option
Shares” with respect to a Participant, means any Common Shares issued to such Participant upon exercise of any Options granted hereunder. For all purposes of this Plan, Option Shares will continue to be Option Shares in the hands of any
holder other than a Participant (except for the Company, the Investors and purchasers pursuant to a Public Sale), and each such other holder of Option Shares will succeed to all rights and obligations attributable to such Participant as a holder of
Option Shares hereunder. Option Shares will also include shares of the Company’s capital stock issued with respect to Option Shares by way of a stock split, stock dividend or other recapitalization. 
  
 “Original Cost” of each Option Share will be equal to the
price paid by Participant for each share of Common Shares (as proportionally adjusted for all stock splits, stock dividends and other recapitalizations affecting the Common Shares subsequent to the date hereof). 
  
 “Person” means an individual, a partnership, a joint
venture, a corporation, a trust, a limited liability company, an unincorporated organization and a government or any department or agency thereof. 
  
 “Sale of the Company” means any transaction involving the Company and an Independent Third Party or affiliated group of Independent Third
Parties pursuant to which such party or parties acquire (i) a majority of the outstanding shares of capital stock of the Company entitled to vote generally in the election of Company’s Board (whether by merger, consolidation or sale or transfer
of the Company’s capital stock) or (ii) all or substantially all of the Company’s assets determined on a consolidated basis (for purposes hereof “all or substantially all” shall have the meaning given such phrase in the Revised
Model Business Corporation Act). 
  
 “Shareholders
Agreement” means the Amended and Restated Shareholders Agreement dated as of September 22, 2003, among the Company and certain of its shareholders, as amended from time to time. 
  
 “Strategic Transaction” means a sale or transfer of Common Shares in connection with an acquisition by the
Company or to a strategic partner, i.e., a person or entity who, as determined by the Board, will benefit the Company as a result of experience, expertise, knowledge or relationships. 
  
 “Subsidiary” means any corporation of which shares of stock having a majority of the general voting power
in electing the board of directors are, at the time as of which any determination is being made, owned by the Company either directly or through its Subsidiaries. 
  
 3. Grant of Options. The Committee shall have the right and power to grant to any Participant such Options at
any time prior to the termination of this Plan in such quantity, at 
  

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 such price, on such terms and subject to such conditions that are consistent with this Plan and established by the
Committee. Options granted under this Plan shall be subject to such terms and conditions and evidenced by agreements as shall be determined from time to time by the Committee. Except as otherwise set forth in such an agreement between the Company
and any Participant, Options shall be subject to all of the terms and conditions contained in this Plan. 
  
 4. Exercisability. 
  
 (a) The Options will vest, and thus become exercisable as set forth in the stock option agreement between the Company and Participant, or, in the absence
of such a term in such agreement, on each date set forth below with respect to the cumulative percentage of Options issuable upon exercise set forth opposite such date if the respective Participant is, and has been, continuously employed by the
Company or any of its Subsidiaries from the date of grant through such date: 
  

				
	 Date

	 	 Cumulative Percentage
 Options
 Exercisable and Vested

	 
	 First Anniversary of Date of Grant
	 	25	%
	 Second Anniversary of Date of Grant
	 	50	%
	 Third Anniversary of Date of Grant
	 	75	%
	 Fourth Anniversary of Date of Grant
	 	100	%

  
 ; provided, however,
that upon any Sale of the Company, so long as Participant was employed by the Company or any of its Subsidiaries on the day immediately prior to such Sale of the Company (or ceased to be so employed as a result of a termination of employment by the
Company without Cause or a termination of employment by Participant with Good Reason, in each case occurring within 90 days prior to such Sale of the Company), all of the Options granted to Participant shall become fully vested and immediately
exercisable; provided, further, that, if the purchaser effecting a Sale of the Company desires to have a Participant continue such Participant’s employment in the Company’s business following consummation of such Sale of the Company, the
Company and Participant agree that, and agree to take all actions reasonably necessary such that, the consideration received for the Option Shares acquired upon exercise of Options which are not vested and are exercisable as of the date of the Sale
of the Company only by reason of the first proviso to this paragraph 4(a) (“Sale Exercised Option Shares”) shall be deposited in a third party escrow and distributed to Participant in accordance with paragraph 4(b) below.

  
 (b) Any escrowed amounts pursuant to this paragraph 4 shall be
distributed to Participant on the earlier of either (x) the date when and as the Options exercised for the Sale Exercised Option Shares would have vested and become exercisable were it not for the provisions of the first proviso to this paragraph
4(a) or (y) the first anniversary of the consummation of any Sale of the Company; provided, however, (i) that the distribution to Participant of any remaining escrowed amounts not then payable shall be accelerated and paid in a lump sum within ten
(10) days in the event Participant’s employment is terminated due to 
  

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 Participant’s death or Disability, the Company terminates Participant without Cause or Participant terminates
employment with the Company for Good Reason and (ii) that Participant shall forfeit all right and interest to any remaining escrowed amounts not then payable (and such amounts instead shall be released to the persons who owned Common Shares
immediately prior to the consummation of the Sale of the Company, pursuant to the rights and preferences set forth in the Company’s Articles of Incorporation as in effect immediately prior to the Sale of the Company) in the event of a
termination of Participant’s employment for any other reason. The escrow established pursuant to this paragraph 4 shall be for the sole benefit of Participant and Participant shall not transfer any interest in the escrow and the escrow shall
not be subject to the creditors of the Company. Participant shall, subject to the reasonable approval of the Company, direct the investment of the escrowed amounts and, upon the distribution of any escrowed amount to Participant, Participant also
shall be paid any investment returns earned with respect to such distributed escrow amount. 
  
 (c) Early Expiration of Options. Any portion of the Options that has not vested and become exercisable prior to the Termination Date (as defined in paragraph 6(a) below) shall remain outstanding for 90 days
after the Termination Date, but may not be exercised under any circumstance on or after the Termination Date, except upon a Sale of the Company within 90 days of the Termination Date as provided for in the first proviso of paragraph 4(a) above. Any
portion of the Options that has vested and become exercisable prior to the Termination Date will expire on the earlier of (i) the later of (x) ninety (90) days after the Termination Date or (y) if the Board’s determination of Fair Market Value
is being disputed pursuant to the provisions of this Plan or an agreement between a Participant and the Company, the date on which Fair Market Value is finally determined, or (ii) the expiration date of the Options. Notwithstanding any provision in
this Agreement to the contrary, any portion of the Options which has not been exercised prior to or in connection with a Sale of the Company shall expire (without any payment or consideration owing to Participant in respect thereof) upon the
consummation of such Sale of the Company. 
  
 (d) Procedure for
Exercise. At any time after all or any portion of the Options have become vested and exercisable and prior to their expiration, a Participant may exercise all or a portion of his or her Option which has become vested and exercisable by
delivering written notice of exercise to the Company (an “Exercise Notice”) together with (i) a written acknowledgment that such Participant has read and has been afforded an opportunity to ask questions of management of the Company
regarding all financial and other information provided to such Participant regarding the Company and (ii) payment in full by delivery of a cashier’s, certified check or wire transfer in the amount equal to the product of the Option Price
multiplied by the number of Options to be acquired plus the amount of any additional federal and state income taxes required to be withheld by reason of the exercise of the Option, except as otherwise may be permitted by the Company pursuant to
paragraph 15 below. To the extent a Participant has been granted an Option to purchase both Class B Common and Class L Common, a Participant must exercise such Option to purchase a proportionate amount of Class B Common and Class L Common (including
as to each series of Class L Common) in the same proportion as the original Option grant (i.e., if a Participant’s Option covered 900 shares of Class B Common, 50 shares of Class L, Series 3 Common and 50 shares of Class L, Series 4 Common, any
exercise of the Option would have to be in the ratio of 9 to .5 to .5 with respect to the shares of Class B Common, Class L, Series 3 Common and Class L, Series 4 Common, respectively. As a 
  

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 condition to any exercise of an Option, a Participant will permit any of the Company and its Subsidiaries to deliver to
him or her all financial and other information regarding the Company and its Subsidiaries which it believes necessary to enable such Participant to make an informed investment decision. 
  
 (e) Class L Common Option Exercise. Each share of Class L Common issued upon exercise of any Class L Common Option
shall be deemed to have accrued any unpaid yield as of the date of exercise as if such share of Class L Common had been issued on the date the Class L Common Option was issued hereunder or such other date as is specified in the stock option
agreement pursuant to which such Class L Common Option was issued. 
  
 (f) Non-Transferability of Options. The Options are personal to Participant and are not transferable by Participant except by will or pursuant to the laws of descent or distribution. Only Participant or his legal guardian or
representative may exercise the Options. 
  
 (g) Conditional
Exercise. Any exercise by Participant of all or any portion of the Options in connection with (i) a Sale of the Company may, at the written election of Participant, be conditioned upon the consummation of the Sale of the Company, in which case
such exercise shall not be deemed to be effective until the consummation of such Sale of the Company, or (ii) following a Termination Date may, at the written election of Participant, be conditioned upon the determination of the Fair Market Value of
the Option Shares, in which case such exercise shall not be deemed to be effective until the final determination of Fair Market Value (including the resolution of any dispute with respect thereto) of such Option Shares. 
  
 (h) Shareholders Agreement. Upon exercise of any Option granted
hereunder, Participant, if not already a party thereto, shall execute and deliver to the Company a counterpart to the Shareholders Agreement in form and substance satisfactory to the Company agreeing to be bound by the terms and conditions thereof.
Participant accepts, acknowledges, and agrees that the Option Shares issued upon exercise of any Options are subject to the terms and conditions of the Shareholders Agreement, including the restrictions on transfer contained therein. 
  
 5. Representations Upon Exercise. In connection with any
exercise of Options and the issuance of Option Shares thereunder (other than pursuant to an effective registration statement under the 1933 Act), Participant shall by the act of delivering the Exercise Notice (and without any further action on the
part of Participant) represent and warrant to the Company that as of the time of such exercise: 
  

	 	(i)	The Option Shares to be acquired by Participant upon exercise shall be acquired for Participant’s own account and not with a view to, or intention of, distribution thereof in
violation of the 1933 Act or any applicable state securities laws, and the Option Shares shall not be disposed of in contravention of the 1933 Act or any applicable state securities laws. 

  

	 	(ii)	Participant is sophisticated in financial matters, and is able to evaluate the risks and benefits of the investment in the Option Shares. 

  

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	 	(iii)	Participant is able to bear the economic risks of his investment in the Option Shares for an indefinite period of time and is aware that transfer of the Option Shares may not be
possible because (A) such transfer is subject to contractual restrictions on transfer set forth herein and/or in the option grant agreement or Stockholders Agreement and (B) the Option Shares have not been registered under the 1933 Act or any
applicable state securities laws and, therefore, cannot be sold unless subsequently registered under the 1933 Act and such applicable state securities laws or an exemption from such registration is available 

  

	 	(iv)	Participant has had an opportunity to ask questions and receive answers concerning the terms and conditions of the offering of the Option Shares issued upon exercise and has had
full access to such other information concerning the Company as Participant has requested. 

  

	 	(v)	The Option Shares shall be offered and issued to Participant pursuant to this Plan and as part of the compensation and incentive arrangements between the Company and Participant and
not for capital raising purposes. 

  
 In connection with any
exercise of Options, Participant shall make such additional customary investment representations as the Company may require and Participant shall execute such documents necessary for the Company to perfect exemptions from registration under federal
and state securities laws as the Company may reasonably request. 
  
 6. Repurchase Option. 
  
 (a)
Repurchase Option. In the event that a Participant is no longer employed by the Company or any of its Subsidiaries for any reason (the date of such termination being referred to herein as the “Termination Date”), the Option
Shares, whether held by Participant or one or more transferees, will be subject to repurchase by the Investors and the Company (each of the aforementioned, solely at their option) pursuant to the terms and conditions set forth in this paragraph 6
(the “Repurchase Option”). 
  
 (b) Repurchase
Price. If Participant ceases to be employed by the Company or any of its Subsidiaries for any reason, the Company and the Investors may elect to purchase (i) in the case of Participant’s termination for Cause or, if applicable, in the case
of Participant’s participation in any Competitive Activity during the Noncompete Period, all or any portion of the Option Shares at a price per share equal to the lower of Original Cost or Fair Market Value, unless (as a result of a delay in
the determination of Fair Market Value or otherwise) the closing of such purchase occurs more than 180 days after the Repurchase Option is exercised, in which case, the Repurchase Option shall be at a price per share equal to the Fair Market Value,
as determined within 45 days prior to such closing and (ii) in any other case, all of any portion of the Option Shares at a price per share equal to the Fair Market Value thereof, unless (as a result of a delay in the determination of Fair Market
Value or otherwise) the closing of such purchase occurs more than 180 days after the Repurchase Option is exercised, in which case, the Repurchase Option shall be at a price per share equal to the Fair Market Value, as determined within 45 days
prior to such closing. 
  

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 (c) Repurchase Procedures. The Investors may each elect to exercise the Repurchase Option to
purchase up to their pro rata share (determined based upon the number of Common Shares held by such Investor), by delivering written notice (the “Initial Repurchase Notice”) to the holder or holders of each class of Option Shares,
the Company and the other Investors, within 60 days after the occurrence of the Termination Date (provided that such notice may be delivered (i) in the case of any Option Shares issued after the Termination Date within 60 days of the date any such
Option Shares is issued or (ii), if applicable, in the case of Participant’s participation in any Competitive Activity during the Noncompete Period, within 60 days after the date the Company and the Investors become aware of any such
participation). To the extent that any of the Investors do not elect to repurchase their full allotment of Option Shares, the other Investors shall be entitled to purchase all or any portion of the remaining Option Shares by providing notice (the
“Supplemental Repurchase Notice”) to each of the parties receiving the Initial Repurchase Notice within 10 business days following the earlier to occur of (i) receipt of Initial Repurchase Notices from all of the Investors or (ii)
the expiration of the 60 day period during which the Investors were entitled to deliver Initial Repurchase Notices. To the extent that, after giving effect to the reoffer pursuant to the immediately preceding sentence, any portion of the Option
Shares is not being repurchased by the Investors, the Company may exercise the Repurchase Option for the remaining Option Shares by delivering written notice (a “Company Repurchase Notice” and together with the Initial Repurchase
Notice and Supplemental Repurchase Notice, a “Repurchase Notice”) to the holder or holders of the applicable Option Shares within 10 business days of the expiration of the 10 business day period during which the Investors were
entitled to deliver Supplemental Repurchase Notices. Each Repurchase Notice will set forth the number of shares of each class of Option Shares to be acquired from such holder(s), the aggregate consideration to be paid for such holder’s shares
of each such class of Option Shares and the time and place for the closing of the transaction. If any shares of any class of Option Shares are held by any transferees of Participant, the Investors and the Company, as the case may be, will purchase
such shares of such class elected to be purchased from such holder(s) of Option Shares, pro rata according to the number of shares of such class of Option Shares held by such holder(s) at the time of delivery of such Repurchase Notice (determined as
nearly as practicable to the nearest share). 
  
 (d)
Closing. 
  
 (i) The closing of the transactions
contemplated by this paragraph 6 will take place on the date designated by the Investors in the Repurchase Notice or the Supplemental Repurchase Notice, as the case may be, which date will not be more than thirty (30) days after the delivery of such
notice. 
  
 (ii) The Investors and/or the Company, as the case may
be, will pay for the Option Shares to be purchased pursuant to the Repurchase Option by delivery of, in the case of each Investor, a check payable to the holder of such Option Shares, and in the case of the Company by delivery of one or more checks,
one or more promissory notes and/or a combination of checks and notes as follows: (A) if the Repurchase Option is being exercised as a result of a termination of employment by the Company for Cause, Participant’s resignation without Good
Reason, or, if applicable, as a result of Participant’s participation in any Competitive Activity during the Noncompete Period, the Company shall pay for the Option Shares with checks; unless in the good faith determination of the Board, the
Company lacks sufficient available cash, 
  

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 including any borrowing available under the Company’s then current credit facilities that have additional borrowing
capacity, to pay for such purchase and to provide sufficient funding for its business and operations, the Company may pay for the Option Shares with subordinated notes or (B) if the Repurchase Option is being exercised as a result of a termination
of employment for any reason not covered by the preceding clause (A) the Company shall pay for Option Shares with checks. Any checks issued pursuant to this paragraph 6(d) shall be certified or cashiers’ checks. 
  
 (iii) Any subordinated notes issued by the Company pursuant to this paragraph
6(d) shall be payable in three equal annual installments beginning on the first anniversary of the closing of such purchase, shall bear interest at a rate per annum equal to the highest borrowing cost that is being charged to the Company as of the
date the note is issued under the Company’s then existing revolving credit facility plus two (2) percent; shall be subject to any restrictive covenants to which the Company is subject at the time of such purchase; provided that the principal of
and all interest accrued on such notes will be due and payable in full on the earlier to occur of (i) the closing of Sale of the Company and (ii) a redemption of, or dividend on, the Company’s equity securities (other than a repurchase of
equity securities in connection with the termination of employment of any employee or consultant). 
  
 (iv) Notwithstanding anything to the contrary contained in this Agreement, all repurchases of Option Shares by the Company will be subject to applicable
restrictions contained in the Michigan Business Corporation Act and in the Company’s and its Subsidiaries’ debt and equity financing agreements with persons or entities other than Investors or their Affiliates. If any such restrictions
prohibit the repurchase of Option Shares hereunder which the Company is otherwise entitled to make, the Company may make such repurchases as soon as it is permitted to do so under such restrictions. The Company and/or the Investor, as the case may
be, will receive customary representations and warranties from each seller regarding the sale of the Option Shares, including, but not limited to, the representation that such seller has good and marketable title to the Option Shares to be
transferred free and clear of all liens, claims and other encumbrances. 
  
 (e) Termination of Repurchase Option. The provisions of this paragraph 6 will terminate upon the earlier of (i) a Sale of the Company or (ii) a Public Offering. 
  
 7. Approved Sale of the Company. 
  
 (a) If the holders of a majority of the Company’s Common Shares held by the Investors approve (and, in the case of any
sale or other fundamental change which requires the approval of the board of directors of a Michigan corporation pursuant to the Michigan Business Corporation Act, the Company’s Board shall have approved such sale) (i) a sale of all or
substantially all of the Company’s assets determined on a consolidated basis or a sale of a majority of the Company’s outstanding capital stock (whether by merger, recapitalization, consolidation, reorganization, combination or otherwise)
to an Independent Third Party or group of Independent Third Parties or (ii) a sale, transfer, assignment, pledge, encumbrance or direct or indirect disposal of any Common Shares in connection with a Strategic Transaction (collectively, an
“Approved Sale”), each holder of Option Shares will consent to and raise no objections 
  

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 against such Approved Sale. If the Approved Sale is structured as (i) a merger or consolidation, each holder of Option
Shares will waive any dissenters’ rights, appraisal rights or similar rights in connection with such merger or consolidation or (ii) sale of stock (including by recapitalization, consolidation, reorganization, combination or otherwise), each
holder of Option Shares will agree to sell all of his Option Shares and rights to acquire Option Shares on the terms and conditions approved by the Company’s Board and the holders of a majority of the Company’s Common Shares then
outstanding. Each holder of Option Shares will take all necessary or desirable actions in connection with the consummation of the Approved Sale as reasonably requested by the Company. 
  
 (b) The obligations of the holders of Common Shares with respect to the Approved Sale are subject to the satisfaction of the
following conditions: (i) upon the consummation of the Approved Sale, each holder of Common Shares will receive the same form of consideration and the same portion of the aggregate consideration that such holders of Common Shares would have received
if such aggregate consideration had been distributed by the Company in complete liquidation pursuant to the rights and preferences set forth in the Company’s Articles of Incorporation as in effect immediately prior to such Approved Sale; (ii)
if any holders of a class of Common Shares are given an option as to the form and amount of consideration to be received, each holder of such class of Common Shares will be given the same option; and (iii) each holder of then currently exercisable
rights to acquire shares of a class of Common Shares will be given an opportunity to exercise such rights prior to the consummation of the Approved Sale and participate in such sale as holders of such class of Common Shares. Notwithstanding the
foregoing, upon the consummation of an Approved Sale, so long as Participant is, and has been, continuously employed by the Company or any of its Subsidiaries from the date of this Agreement through the time immediately prior to consummation of the
Approved Sale, 100% of the Options granted to Participant shall become immediately exercisable subject to the terms of the Plan including the escrow provisions of paragraph 4 herein. 
  
 (c) If the Company or the holders of the Company’s securities enter into any negotiation or transaction for which Rule
506 (or any similar rule then in effect) promulgated by the Securities Exchange Commission may be available with respect to such negotiation or transaction (including a merger, consolidation or other reorganization), the holders of Option Shares
will, at the request of the Company, appoint a purchaser representative (as such term is defined in Rule 501) reasonably acceptable to the Company. If any holder of Option Shares appoints a purchaser representative designated by the Company, the
Company will pay the fees of such purchaser representative, but if any holder of Option Shares declines to appoint the purchaser representative designated by the Company, such holder will appoint another purchaser representative, and such holder
will be responsible for the fees of the purchaser representative so appointed. 
  
 (d) Participant and the other holders of Option Shares (if any) will bear their pro-rata share (based upon the number of shares sold) of the costs of any sale of Option Shares pursuant to an Approved Sale to the
extent such costs are incurred for the benefit of all holders of Common Shares and are not otherwise paid by the Company or the acquiring party. Costs incurred by Participant and the other holders of Option Shares on their own behalf will not be
considered costs of the transaction hereunder. 
  

 11 

 (e) The provisions of this paragraph 7 will terminate upon the closing of a Public Offering (as defined
below). 
  
 8. Public Offering. In the event that
the Company’s board of directors and the holders of a majority of the Company’s shares of common stock then outstanding approve an initial public offering and sale of the Company’s common stock (a “Public Offering”)
pursuant to an effective registration statement under the 1933 Act, with regard to their capital stock, and it is determined that the Company’s then existing capital structure will adversely affect the marketability of the offering, each holder
of Option Shares will consent to and vote for a recapitalization, reorganization and/or exchange of the Common Shares and Warrants into securities that the managing underwriters, the Company’s board of directors and holders of a majority of the
Common Shares then outstanding find acceptable and will take all necessary or desirable actions in connection with the consummation of the recapitalization, reorganization and/or exchange; provided that such recapitalization, reorganization or
exchange shall be implemented consistently among all shares of the same class of securities, including all options to purchase shares of that same class of securities, affected thereby. 
  
 9. Administration of the Plan. The Committee shall have the power and authority to prescribe, amend and
rescind rules and procedures governing the administration of this Plan, including, but not limited to the full power and authority (i) to interpret the terms of this Plan, the terms of any Options granted under this Plan, and the rules and
procedures established by the Committee governing any such Options and (ii) to determine the rights of any person under this Plan, or the meaning of requirements imposed by the terms of this Plan or any rule or procedure established by the
Committee. Each action of the Committee which shall be binding on all persons. 
  
 10. Limitation on the Aggregate Number of Shares. The number of Common Shares issued under this Plan (including the number of Common Shares with respect to which Options may be granted under this Plan
(and which may be issued upon the exercise or payment thereof)) shall not exceed, in the aggregate, 426,174 Class L Common, Series 3, 370,820 Class L Common, Series 4 and 3,954,897 Class B Common Shares (as such numbers are equitably adjusted
pursuant to paragraph 14 hereof). If any Options expire unexercised or unpaid or are canceled, terminated or forfeited in any manner without the issuance of Common Shares or payment thereunder, the shares with respect to which such Options were
granted shall again be available under this Plan. Similarly, if any Common Shares issued hereunder upon exercise of Options are repurchased by the Company hereunder, such shares shall again be available under this Plan for reissuance as Options.
Common Shares to be issued upon exercise of the Options may be either authorized and unissued shares, treasury shares, or a combination thereof, as the Committee shall determine. 
  
 11. Listing, Registration and Compliance with Laws and Regulations. Each Option shall be subject to the
requirement that if at any time the Committee shall determine, in its discretion, that the listing, registration or qualification of the shares subject to the Option upon any securities exchange or under any state or federal securities or other law
or regulation, or the consent or approval of any governmental regulatory body, is necessary or desirable as a condition to or in connection with the granting of such Option or the issue or purchase of shares thereunder, no such Option may be
exercised or paid in Common Shares in whole or in part 
  

 12 

 unless such listing, registration, qualification, consent or approval (a “Required Listing”) shall have
been effected or obtained, and the holder of the Option will supply the Company with such certificates, representations and information as the Company shall request which are reasonably necessary or desirable in order for the Company to obtain such
Required Listing, and shall otherwise cooperate with the Company in obtaining such Required Listing. In the case of officers and other persons subject to Section 16(b) of the Securities Exchange Act of 1934, as amended, the Committee may at any time
impose any limitations upon the exercise of an Option which, in the Committee’s discretion, are necessary or desirable in order to comply with Section 16(b) and the rules and regulations thereunder. If the Company, as part of an offering of
securities or otherwise, finds it necessary because of federal or state regulatory requirements to reduce the period during which any Options may be exercised, the Committee may, in its discretion and without the consent of the holders of any such
Options, so reduce such period on not less than 15 days’ written notice to the holders thereof. 
  
 12. Cash Payments Upon Exercise. Options may, in the Committee’s discretion, provide that the holder thereof, as soon as practicable
after the exercise of the Options will receive, in lieu of any issuance of Common Shares, a cash payment in such amount equal to the excess of the Fair Market Value of a Common Share (on the date the Option is exercised) minus the Option’s
exercise price multiplied by the number of shares as to which the Option is exercised, less any withholdings for taxes. 
  
 13. Cashless Exercise. At the discretion of the Board, a Participant may be permitted to acquire Common Shares upon the exercise of
Options without the payment in cash or by promissory note of the exercise price therefor pursuant to a cashless exercise of such Options, which cashless exercise shall be effectuated by the surrender and termination by such Participant of a number
of Option Shares for which the aggregate difference between the exercise price of such Options to acquire such Option Shares and the Fair Market Value of the Common Shares underlying such Options equals the aggregate exercise price of Options for
the number of Common Shares to be issued to Participant; provided, that the total number of Options which are then vested and exercisable by such Participant shall be at least equal to the sum of the number of Options being so surrendered and
terminated plus the number of Options for the Common Shares to be issued to Participant. 
  
 14. Adjustment for Change in Common Shares. In the event of a reorganization, recapitalization, stock split, stock dividend, combination of shares, merger, consolidation or other change in the Common
Shares, the Committee shall make appropriate changes in the number and type of shares authorized by this Plan, the number and type of shares covered by outstanding Options and the prices specified therein. 
  
 15. Taxes. The Company shall be entitled, if necessary or
desirable, to withhold (or secure payment from the Plan participant in lieu of withholding) the amount of any withholding or other tax due from the Company with respect to any amount payable and/or shares issuable under this Plan, and the Company
may defer such payment or issuance unless indemnified to its satisfaction. 
  

 13 

 16. Termination and Amendment. The Committee at any time may suspend or terminate this Plan
and make such additions or amendments as it deems advisable under this Plan, except that they may not, without further approval by the Company’s stockholders, (a) increase the maximum number of shares as to which Options may be granted under
this Plan, except pursuant to paragraph 14 above or (b) extend the term of this Plan; provided that, subject to the terms of this Plan, any of the terms of a written agreement with respect to any outstanding Option between the Company and the holder
of such Option and any provision of the Plan (to the extent such Plan amendments are adverse, in a material respect to the then outstanding Options and apply to such then outstanding Options) may not be changed without the consent of the affected
Participant. No Options shall be granted or Common Shares issued hereunder after April 19, 2014. 
  
 17. Incentive Stock Option. Notwithstanding anything to the contrary contained herein, all Incentive Stock Options (i) shall have an
exercise price per share of Common Stock of not less than 100% of the Fair Market Value of such share on the date of grant, (ii) shall not be exercisable more than 10 years after the date of grant, (iii) shall not be transferable other than by will
or under the laws of descent and distribution and, during the lifetime of the Participant to whom such Incentive Stock Options were granted, may be exercised only by such Participant (or his guardian or legal representative), and (iv) shall be
exercisable only during the Participant’s employment by the Company, or within three months after termination of the Participant’s employment for any reason (other than on account of the death or Disability of such Participant, in which
case such three month period shall be extended to one year); and provided further that if an Incentive Stock Option is granted to a person who owns, on the date of grant, stock possessing more than 10% of the total combined voting power of all
classes of stock of the Company (or of any parent or subsidiary of the Company in existence on such date of grant), (A) the price at which each share of Common Stock may be purchased upon exercise of such Incentive Stock Option may not be less than
110% of the Fair Market Value of such share on the date of grant, and (B) the Incentive Stock Option, by its terms, may not be exercised more than five years after the date of grant. The Committee’s discretion to extend the period during which
an Incentive Stock Option is exercisable shall only apply to the extent that (i) the Participant was entitled to exercise such Incentive Stock Option on the date of termination and (ii) such Incentive Stock Option would not have expired had the
Participant continued to be employed by the Company. To the extent that the aggregate fair market value of shares with respect to which Incentive Stock Options are exercisable for the first time exceeds $100,000, such options shall be treated as
options which are not Incentive Stock Options. 
  
 *    *    *    *    * 
  

 14Employment Agreement for Carl J. Williams

 Exhibit 10.22 

  
 EMPLOYMENT AGREEMENT 
  
 BETWEEN 
  
 CARL J. WILLIAMS 
  
 AND 
  
 GLOBAL PAYMENTS INC. 
  
 Dated as of March 15, 2004 
  

  

 EMPLOYMENT AGREEMENT 
  
 CONTENTS 
  

			
	1. Effective Date	  	1
		
	2. Employment	  	1
		
	3. Employment Period	  	1
		
	4. Extent of Service	  	2
		
	5. Compensation and Benefits	  	2
		
	 (a)     Base Salary
	  	2
		
	 (b)     Incentive and Savings Plans
	  	2
		
	 (c)     Welfare Benefit Plans
	  	3
		
	 (d)     Expenses
	  	3
		
	 (e)     Fringe Benefits
	  	3
		
	6. Change in Control	  	4
		
	7. Termination of Employment	  	5
		
	 (a)     Death, Retirement or Disability
	  	5
		
	 (b)     Termination by the Company
	  	5
		
	 (c)     Termination by Executive
	  	6
		
	 (d)     Notice of Termination
	  	6
		
	 (e)     Date of Termination
	  	7
		
	8. Obligations of the Company upon Termination	  	7
		
	 (a)     Prior to a Change in Control: Termination by Executive for Good Reason; Termination by the Company Other Than
for Poor Performance, Cause or Disability
	  	7
		
	 (b)     Prior to Change in Control: Termination by the Company for Poor Performance
	  	8
		
	 (c)     After or in Connection with a Change in Control: Termination by Executive for Good Reason; Termination by the
Company Other Than for Cause or Disability
	  	9
		
	 (d)     Death, Disability or Retirement
	  	10

  

			
	 (e)    Cause or Voluntary Termination without Good Reason
	  	10
		
	9. Non-exclusivity of Rights	  	10
		
	10. Certain Additional Payments by the Company	  	11
		
	11. Costs of Enforcement	  	13
		
	12. Representations and Warranties	  	14
		
	13. Restrictions on Conduct of Executive	  	14
		
	 (a)     General
	  	14
		
	 (b)     Definitions
	  	14
		
	 (c)     Restrictive Covenants
	  	16
		
	 (d)     Enforcement of Restrictive Covenants
	  	18
		
	14. Arbitration	  	18
		
	15. Letter of Credit	  	19
		
	16. Assignment and Successors	  	19
		
	17. Miscellaneous	  	20
		
	 (a)     Waiver
	  	20
		
	 (b)     Severability
	  	20
		
	 (c)     Other Agents
	  	20
		
	 (d)     Entire Agreement
	  	20
		
	 (e)     Governing Law
	  	20
		
	 (f)      Notices
	  	20
		
	 (g)     Amendments and Modifications
	  	21

  

 - ii - 

 EMPLOYMENT AGREEMENT 
  
 THIS EMPLOYMENT AGREEMENT (this “Agreement”) is made and entered into as of the 15th day of March, 2004 by and
between Global Payments Inc., a Georgia corporation (the “Company”), and Carl J. Williams (“Executive”) and supercedes the letter to Executive from Paul R. Garcia dated March 1, 2004. 
  
 BACKGROUND 
  
 Executive shall serve as Executive Vice President, International Operations.
Executive and the Company desire to memorialize the terms of such employment in this Agreement. In addition, the Board of Directors of the Company (the “Board”), has determined that it is in the best interests of the Company and its
stockholders to assure that the Company will have the continued dedication of the Executive, notwithstanding the possibility, threat or occurrence of a Change in Control (as defined below) of the Company. As it is desired and anticipated that
Executive will continue to be employed and provide services for the Company’s successor for at least 24 months following a Change in Control, one purpose of this Agreement is to provide Executive with compensation and benefits arrangements
which ensure that the compensation and benefits expectations of Executive will be satisfied and which are competitive with those of other corporations. Therefore, in order to accomplish these objectives, the Board has caused the Company to enter
into this Agreement. The terms of this Agreement replace any terms that might have been contained in any offer letter or other communication regarding Executive’s employment. 
  
 NOW THEREFORE, in consideration of the foregoing and of the mutual covenants and agreements set forth herein, and other good
and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
  
 1. Effective Date. The effective date of this Agreement (the “Effective Date”) is March 15, 2004. 
  
 2. Employment. Executive is hereby employed as the Executive Vice
President, International Operations, but may be reassigned to such other position as the Chief Executive Office shall designate. In such capacity, Executive shall have the responsibilities commensurate with such position as shall be assigned to him
by the Chief Executive Officer of the Company, in accordance with the policies and objectives established by the Board. Initially, Executive shall be located in Prague, Czech Republic but may be relocated to another location designated by the Chief
Executive Officer. 
  
 3. Employment Period.
Executive’s employment hereunder shall begin on the Effective Date and continue until terminated in accordance with Section 7 hereof (the “Employment Period”). 
  

 4. Extent of Service. During the Employment Period, Executive shall render his services to the
Company (or to its successor following a Change in Control) in conformity with professional standards, in a prudent and workmanlike manner and in a manner consistent with the obligations imposed on officers of corporations under applicable law.
Executive shall promote the interests of the Company and its subsidiaries in carrying out Executive’s duties and shall not deliberately take any action which could, or fail to take any action which failure could, reasonably be expected to have
a material adverse effect upon the business of the Company or any of its subsidiaries or any of their respective affiliates. Executive agrees to devote his business time, attention, skill and efforts exclusively to the faithful performance of his
duties hereunder (both before and after a Change in Control); provided, however, that it shall not be a violation of this Agreement for Executive to (i) devote reasonable periods of time to charitable and community activities and, with the approval
of the Company, industry or professional activities, and/or (ii) manage personal business interests and investments, so long as such activities do not materially interfere with the performance of Executive’s responsibilities under this
Agreement. 
  
 5. Compensation and Benefits. 
  
 (a) Base Salary. Thereafter, during the Employment
Period, the Company will pay to Executive a base salary in the amount of U.S. $300,000 per year (“Base Salary”), less normal withholdings, payable in equal bi-weekly or other installments as are customary under the Company’s payroll
practices from time to time. The Compensation Committee of the Board shall review Executive’s Base Salary periodically and in its sole discretion, subject to approval of the Board, may increase Executive’s Base Salary from time to time.
The periodic review of Executive’s salary by the Board will consider, among other things, Executive’s own performance and the Company’s performance. 
  
 (b) Incentive and Savings Plans. During the Employment Period, Executive shall be entitled to
participate in incentive and savings plans, practices, policies and programs applicable generally to employees of the Company. Certain executive programs will be made available on a selective basis at the discretion of the Chief Executive Officer or
the Compensation Committee of the Board. Without limiting the foregoing, the following shall apply: 
  
 (i) Annual Bonus. Since Executive will only have the opportunity to work for ten weeks of fiscal year 2004, his bonus opportunity
shall be $20,000 based on 100% achievement of agreed-upon financial and performance objectives. For the fiscal year 2005, Executive’s bonus opportunity shall be $200,000, based on 100% achievement of agreed-upon financial and performance
objectives. Each year thereafter the Chief Executive Officer and the Executive shall establish Executive’s annual bonus opportunity, based on 100% achievement of agreed-upon financial and performance objectives. The Executive’s annual
bonus opportunity as determined pursuant to the foregoing shall be referred to herein as the “Bonus Opportunity”. The Company may determine in any year that a portion of the Bonus Opportunity for that year will be 

  

 - 2 - 

 
deferred based upon sustained results over time. The annual Bonus Opportunity and specific performance and financial objectives will be set forth in
Executive’s individual performance and incentive plan for each year. Executive must be an employee on the day the bonus is paid to be eligible to receive such bonus. 
  
 (ii) Incentive Awards. Subject to the approval of the Board of Directors, the Company will make a
grant of 65,000 stock options to Executive as a long-term incentive for performance and in consideration for entering into this Agreement. Further grants of incentive awards may be made to Executive in future fiscal years. 
  
 (c) Welfare Benefit Plans. During the Employment
Period, Executive and Executive’s family shall be eligible for participation in, and shall receive all benefits under, the welfare benefit plans, practices, policies and programs provided by the Company (including, without limitation, medical,
prescription, dental, disability, employee life, group life, accidental death and travel accident insurance plans and programs) (“Welfare Plans”). 
  
 (d) Expenses. During the Employment Period, Executive shall be entitled to receive prompt reimbursement for all reasonable expenses
incurred by Executive in accordance with the policies, practices and procedures of the Company. 
  
 (e) Fringe Benefits. During the Employment Period, Executive shall be entitled to fringe benefits in accordance with the plans,
practices, programs and policies of the Company. 
  
 (f) Relocation Assistance. In connection with Executive’s relocation to Prague, Czech Republic, the Company will pay reasonable transportation and moving costs for Executive’s personal effects, give Executive a one-time
payment of $30,000 for furniture and miscellaneous moving expenses, and reimburse Executive for his reasonable expenses incurred in connection with establishing residency in Prague. As for any of the above referenced expenses that are taxable to the
Executive, the Company shall “gross up” the amount paid to ensure that Executive receives 100% of the amount to be reimbursed. Notwithstanding anything else contained in this Agreement to the contrary, if Executive resigns from the Company
within eighteen months from the Effective Date, Executive shall reimburse the Company for all amounts received pursuant to this section 5(f) on a pro-rata basis. For purposes of the foregoing sentence, all amounts paid to the Employee in accordance
of this section 5(f) shall be added together and divided by 547 (which is the number of calendar days in an eighteen month period). In order to determine the amount to be re-paid by Executive, the resulting quotient shall be multiplied by the number
of days remaining in Executive’s initial 18 month term of employment. For example, if all of the expenses referred to herein are $60,000 and the Executive resigns on December 31, 2004, the Executive shall pay the Company $28,299
(60,000/547x258). 
  

 - 3 - 

 (g) Housing Allowance. The Company shall pay up to $6000 per month for an
apartment for Executive in Prague. 
  
 6. Change in
Control. For the purposes of this Agreement, a “Change in Control” shall mean: 
  
 (a) The acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act
of 1934, as amended (the “Exchange Act”)) (a “Person”) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 35% or more of the combined voting power of the then outstanding voting
securities of the Company entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities”); provided, however, that for purposes of this subsection (a), the following acquisitions shall not constitute a
Change in Control: (i) any acquisition by a Person who is on the Effective Date the beneficial owner of 35% or more of the Outstanding Company Voting Securities, (ii) any acquisition directly from the Company, (iii) any acquisition by the Company
which reduces the number of Outstanding Company Voting Securities and thereby results in any person having beneficial ownership of more than 35% of the Outstanding Company Voting Securities, (iv) any acquisition by any employee benefit plan (or
related trust) sponsored or maintained by the Company or any corporation controlled by the Company, or (v) any acquisition by any corporation pursuant to a transaction which complies with clauses (i) and (ii) of subsection (b) of this Section 6; or

  
 (b) Consummation of a reorganization, merger
or consolidation or sale or other disposition of all or substantially all of the assets of the Company (a “Business Combination”), in each case, unless, following such Business Combination, (i) all or substantially all of the individuals
and entities who were the beneficial owners, respectively, of the Outstanding Company Common Stock and Outstanding Company Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than 50% of,
respectively, 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, as the case may be, of the corporation resulting from such
Business Combination (including, without limitation, a corporation which as a result of such 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 as their ownership, immediately prior to such Business Combination of the Outstanding Company Common Stock and Outstanding Company Voting Securities, as the case may be, and (ii) no Person (excluding the Company or any employee
benefit plan (or related trust) of the Company or such corporation resulting from such Business Combination) beneficially owns, directly or indirectly, 35% or more of the combined voting power of the then outstanding voting securities of such
corporation except to the extent that such ownership existed prior to the Business Combination; provided, however, that 
  

 - 4 - 

 (c) Notwithstanding anything in this definition to the contrary, a restructuring and/or
separation of any line of business or business unit from the Company will not of itself constitute a Change in Control. 
  
 7. Termination of Employment. 
  
 (a) Death, Retirement or Disability. Executive’s employment and the Employment Period shall terminate automatically upon
Executive’s death or Retirement. For purposes of this Agreement, “Retirement” shall mean normal retirement as defined in the Company’s then-current retirement plan, or if there is no such retirement plan, “Retirement”
shall mean voluntary termination after age 65 with at least ten years of service. If the Company determines in good faith that the Disability of Executive has occurred (pursuant to the definition of Disability set forth below), it may give to
Executive written notice of its intention to terminate Executive’s employment. In such event, Executive’s employment with the Company shall terminate effective on the 30th day after receipt of such written notice by Executive (the
“Disability Effective Date”), provided that, within the 30 days after such receipt, Executive shall not have returned to full-time performance of Executive’s duties. For purposes of this Agreement, “Disability” shall mean a
mental or physical disability as determined by the Board in accordance with standards and procedures similar to those under the Company’s employee long-term disability plan, if any. At any time that the Company does not maintain such a
long-term disability plan, Disability shall mean the inability of Executive, as determined by the Board, to substantially perform the essential functions of his regular duties and responsibilities due to a medically determinable physical or mental
illness which has lasted (or can reasonably be expected to last) for a period of six consecutive months. 
  
 (b) Termination by the Company. The Company may terminate Executive’s employment for Poor Performance or with or without
Cause. For purposes of this Agreement: 
  
 “Poor Performance” shall mean the consistent failure of Executive to substantially meet reasonable performance expectations (other than any such failure resulting from incapacity due to physical or mental illness); provided,
however, that termination for Poor Performance shall not be effective unless at least 30 days prior to such termination Executive shall have received written notice from Chief Executive Officer or the Board which specifically identifies the manner
in which the Board or the Chief Executive Officer believes that Executive has not met performance expectations and Executive shall have failed after receipt of such notice to resume the diligent performance of his duties to the satisfaction of the
Chief Executive Officer or the Board; and 
  
 “Cause” shall mean: 
  
 (i)
the willful and continued failure of Executive to substantially perform Executive’s duties with the Company (other than any such failure resulting from 

  

 - 5 - 

 
incapacity due to physical or mental illness, and specifically excluding any failure by Executive, after reasonable efforts, to meet performance
expectations), after a written demand for substantial performance is delivered to Executive by the Chief Executive Officer or the Board of Directors of the Company which specifically identifies the manner in which such Board or officer believes that
Executive has not substantially performed Executive’s duties, or 
  
 (ii) any act of fraud, misappropriation, embezzlement or similar dishonest or wrongful act by Executive, or 
  
 (iii) Executive’s abuse of alcohol or any substance which materially interferes with Executive’s ability to perform services on
behalf of the Company, or 
  
 (iv)
Executive’s conviction for, or plea of guilty or nolo contendere to, a felony, or 
  
 (v) Executive’s material violation of the Company’s policies and procedures, including its Business Code of Conduct. 

 
 (c) Termination by Executive. Executive’s
employment may be terminated by Executive for Good Reason or for no reason. For purposes of this Agreement, “Good Reason” shall mean: 
  
 (i) a reduction by the Company in Executive’s Base Salary as in effect on the Effective Date or as the same may be increased from
time to time, unless a similar reduction is made in salary of similarly-situated senior executives; or 
  
 (ii) any failure by the Company to comply with and satisfy Section 16(c) of this Agreement. 
  
 For purposes of the foregoing, any relocation to a location with a more expensive cost of
living shall not constitute a reduction in Executive’s Base Salary. 
  
 (d) Notice of Termination. Any termination by the Company for Poor Performance or Cause, or by Executive for Good Reason, shall be communicated by Notice of Termination to the other party hereto given in
accordance with Section 17(f) of this Agreement. For purposes of this Agreement, a “Notice of Termination” means a written notice which (i) indicates the specific termination provision in this Agreement relied upon, (ii) to the extent
applicable, sets forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of Executive’s employment under the provision so indicated and (iii) if the Date of Termination (as defined below) is other than
the date of receipt of such notice, specifies the termination date (which date shall be not more than 30 days after the giving of such notice). The failure by Executive or the Company to set forth in the Notice of Termination any fact or
circumstance which contributes to a showing of Good Reason, Poor Performance or Cause shall not waive any 

  

 - 6 - 

 
right of Executive or the Company, respectively, hereunder or preclude Executive or the Company, respectively, from asserting such fact or circumstance in
enforcing Executive’s or the Company’s rights hereunder. 
  
 (e) Date of Termination. “Date of Termination” means (i) if Executive’s employment is terminated other than by reason of death, Disability or Retirement, the date of receipt of the Notice of
Termination, or any later date specified therein (which shall not be more than 60 days after the date of delivery of the Notice of Termination), or (ii) if Executive’s employment is terminated by reason of death, Disability or Retirement, the
Date of Termination will be the date of death or Retirement, or the Disability Effective Date, as the case may be. 
  
 8. Obligations of the Company upon Termination. 
  
 (a) Prior to a Change in Control: Termination by Executive for Good Reason; Termination by the Company Other Than for Poor Performance,
Cause or Disability. If, prior to a Change in Control, the Company shall terminate Executive’s employment other than for Poor Performance, Cause or Disability, or Executive shall terminate employment for Good Reason within a period of 90
days after the occurrence of the event giving rise to Good Reason, then (and with respect to the payments and benefits described in clauses (ii) through (v) below, only if Executive executes a Release in substantially the form of Exhibit A hereto
(the “Release”)): 
  
 (i) the Company
shall pay to Executive in a lump sum in cash within 30 days after the Date of Termination the sum of (A) Executive’s Base Salary through the Date of Termination to the extent not theretofore paid, and (B) any accrued vacation pay to the extent
not theretofore paid (the sum of the amounts described in clauses (A) and (B) shall be hereinafter referred to as the “Accrued Obligations”); and 
  
 (ii) for the shorter of nine (9) months after the Date of Termination or until Executive becomes employed with a subsequent employer,
earns an income from becoming an owner, partner, or an independent contractor of any other entity, or in the event Employee earns an income from becoming a consultant, starting a business, or otherwise, (the “Normal Severance Period”), the
Company will continue to pay Executive an amount equal to his monthly Base Salary, payable in equal monthly or more frequent installments as are customary under the Company’s payroll practices from time to time; provided, however that the
Company’s obligation to make or continue such payments shall cease if Executive violates any of the Restrictive Covenants (as set forth in Section 13 of this Agreement) and fails to remedy such violation to the satisfaction of the Board within
10 days of notice of such violation; and 
  
 (ii)
during the Normal Severance Period, the Company shall continue benefits to Executive and/or Executive’s family at least equal to those which would have been provided to them in accordance with the Welfare Plans described in Section 5(c) of this
Agreement if Executive’s employment had not been terminated; provided, however 

  

 - 7 - 

 
that the Company’s obligation to provide such benefits shall cease if Executive violates any of the Restrictive Covenants (as set forth in Section 13 of
this Agreement) and fails to remedy such violation to the satisfaction of the Board within 10 days of notice of such violation; and 
  
 (iv) all of Executive’s options to acquire Common Stock of the Company (“Options”) that would have become vested (by lapse
of time) within the 24-month period following the Date of Termination had Executive remained employed during such period will become immediately vested as of the Date of Termination; and 
  
 (v) notwithstanding the provisions of the applicable Option agreement, all of Executive’s vested but
unexercised Options as of the Date of Termination (including those with accelerated vesting pursuant to Section 8(a)(iv) above) shall remain exercisable through the earlier of (A) the original expiration date of the Option, or (B) the 90th day following the end of the Normal Severance Period. 
  
 (b) Prior to a Change in Control: Termination by the Company for Poor Performance. If, prior to the
occurrence of a Change in Control, the Company shall terminate Executive’s employment for Poor Performance, then (and with respect to the payments and benefits described in clauses (ii) through (vi) below, only if Executive executes the
Release): 
  
 (i) the Company shall pay to
Executive the Accrued Obligations in a lump sum in cash within 30 days after the Date of Termination; and 
  
 (ii) for the shorter of six (6) months after the Date of Termination or until Executive becomes employed with a subsequent employer, earns
an income from becoming an owner, partner, or an independent contractor of any other entity, or in the event Employee earns an income from becoming a consultant, starting a business, or otherwise, (the “Poor Performance Severance Period”),
the Company will continue to pay Executive an amount equal to his monthly Base Salary, payable in equal monthly or more frequent installments as are customary under the Company’s payroll practices from time to time; provided, however that the
Company’s obligation to make or continue such payments shall cease if Executive violates any of the Restrictive Covenants (as set forth in Section 13 of this Agreement) and fails to remedy such violation to the satisfaction of the Board within
10 days of notice of such violation; and 
  
 (iii) during the Poor Performance Severance Period, the Company shall continue benefits to Executive and/or Executive’s family at least equal to those which would have been provided to them in accordance with the Welfare Plans
described in Section 5(c) of this Agreement if Executive’s employment had not been terminated; provided, however that the Company’s obligation to provide such benefits shall cease if Executive violates any of the Restrictive Covenants (as
set forth in Section 13 of this 

  

 - 8 - 

 
Agreement) and fails to remedy such violation to the satisfaction of the Board within 10 days of notice of such violation; and 
  
 (iv) all grants of Restricted Stock held by Executive as of
the Date of Termination that would have become vested (by lapse of time) within the 24-month period following the Date of Termination had Executive remained employed during such period will become immediately vested as of the Date of Termination;
and 
  
 (vi) all of Executive’s Options that
would have become vested (by lapse of time) within the 24-month period following the Date of Termination had Executive remained employed during such period will become immediately vested and exercisable as of the Date of Termination; and 

 
 (vii) notwithstanding the provisions of the applicable
Option agreement, all of Executive’s vested but unexercised Options as of the Date of Termination (including those with accelerated vesting pursuant to the Section 8(b)(v) above) shall remain exercisable through the earlier of (A) the original
expiration date of the Option, or (B) the 90th day following the end of the Poor Performance Severance Period.

  
 (c) After or in Connection with a Change
in Control: Termination by Executive for Good Reason; Termination by the Company Other Than for Cause or Disability. If there occurs a Change in Control and, within 36 months following such Change in Control (or if Executive can reasonably show
that such termination by the Company was in anticipation of the Change in Control), the Company shall terminate Executive’s employment other than for Cause or Disability, or Executive shall terminate employment for Good Reason, then (and with
respect to the payments and benefits described in clauses (ii) through (vii) below, only if Executive executes the Release): 
  
 (i) the Company (or its successor) shall pay to Executive the Accrued Obligations in a lump sum in cash within 30 days after the Date of
Termination; and 
  
 (ii) for nine (9) months
after the Date of Termination (the “Change in Control Severance Period”), the Company (or its successor) will, as a severance benefit, continue to pay Executive an amount equal to his monthly Base Salary, payable in equal monthly or more
frequent installments as are customary under the Company’s payroll practices from time to time; provided, however that the Company’s obligation to make or continue such payments shall cease if Executive violates any of the Restrictive
Covenants (as set forth in Section 13 of this Agreement) and fails to remedy such violation to the satisfaction of the Board within 10 days of notice of such violation; and 
  
 (iii) during the Change in Control Severance Period, the Company shall continue benefits to Executive and/or
Executive’s family at least equal to those which would have been provided to them in accordance with the Welfare Plans described 

  

 - 9 - 

 
in Section 5(c) of this Agreement if Executive’s employment had not been terminated; provided, however that the Company’s obligation to provide
such benefits shall cease if Executive violates any of the Restrictive Covenants (as set forth in Section 13 of this Agreement) and fails to remedy such violation to the satisfaction of the Board within 10 days of notice of such violation; and

  
 (iv) not later than 30 days after the Date of
Termination, Executive will be paid a bonus for the year in which the Date of Termination occurs in an amount equal to 100% of the applicable year’s Bonus Opportunity (as defined in Section 5(b)(i)); and 
  
 (v) all grants of Restricted Stock held by Executive as of
the Date of Termination will become immediately vested as of the Date of Termination; and 
  
 (vi) all of Executive’s Options held by Executive as of the Date of Termination will become immediately vested and exercisable as of
the Date of Termination; and 
  
 (vii)
notwithstanding the provisions of the applicable Option agreement, all of Executive’s vested but unexercised Options as of the Date of Termination (including those with accelerated vesting pursuant to the Section 8(c)(vi) above) shall remain
exercisable through the earlier of (A) the original expiration date of the Option, or (B) the 90th day following the
end of the Change in Control Severance Period; and 
  
 (viii) to the extent not theretofore paid or provided, the Company shall timely pay or provide to Executive his Other Benefits. 
  
 (d) Death, Disability or Retirement. Regardless of whether or not a Change in Control shall have occurred, if Executive’s
employment is terminated by reason of Executive’s death, Disability or Retirement, this Agreement shall terminate without further obligations to Executive or his estate or legal representatives under this Agreement, other than for payment of
Accrued Obligations. Accrued Obligations shall be paid to Executive’s estate or beneficiary, as applicable, in a lump sum in cash within 30 days of the Date of Termination. 
  
 (e) Cause or Voluntary Termination without Good Reason. Regardless of whether or not a Change in
Control shall have occurred, if Executive’s employment shall be terminated for Cause, or if Executive voluntarily terminates employment without Good Reason, this Agreement shall terminate without further obligations to Executive, other than for
payment of Accrued Obligations and the timely payment or provision of Other Benefits. 
  
 9. Non-exclusivity of Rights. Nothing in this Agreement shall prevent or limit Executive’s continuing or future participation in any plan, program, policy or practice 

  

 - 10 - 

 
provided by the Company and for which Executive may qualify, nor, subject to Section 17(d), shall anything herein limit or otherwise affect such rights as
Executive may have under any contract or agreement with the Company. Amounts which are vested benefits or which Executive is otherwise entitled to receive under any plan, policy, practice or program of or any contract or agreement with the Company
at or subsequent to the Date of Termination shall be payable in accordance with such plan, policy, practice or program or contract or agreement except as explicitly modified by this Agreement (“Other Benefits”). 
  
 10. Certain Additional Payments by the Company. 
  
 (a) Anything in this Agreement to the contrary
notwithstanding and except as set forth below, in the event it shall be determined that any payment or distribution by the Company to or for the benefit of Executive (whether paid or payable or distributed or distributable pursuant to the terms of
this Agreement or otherwise, but determined without regard to any additional payments required under this Section 10) (a “Payment”) would be subject to the excise tax imposed by Section 4999 of the Code or any interest or penalties are
incurred by Executive with respect to such excise tax (such excise tax, together with any such interest and penalties, are hereinafter collectively referred to as the “Excise Tax”), then Executive shall be entitled to receive an additional
payment (a “Gross-Up Payment”) in an amount such that after payment by Executive of all taxes (including any interest or penalties imposed with respect to such taxes), including, without limitation, any income taxes (and any interest and
penalties imposed with respect thereto) and Excise Tax imposed upon the Gross-Up Payment, Executive retains an amount of the Gross-Up Payment equal to the Excise Tax imposed upon the Payments. Notwithstanding the foregoing provisions of this Section
10(a), if it shall be determined that Executive is entitled to a Gross-Up Payment, but that Executive, after taking into account the Payments and the Gross-Up Payment, would not receive a net after-tax benefit of at least $50,000 (taking into
account both income taxes and any Excise Tax) as compared to the net after-tax proceeds to Executive resulting from an elimination of the Gross-Up Payment and a reduction of the Payments, in the aggregate, to an amount (the “Reduced
Amount”) such that the receipt of Payments would not give rise to any Excise Tax, then no Gross-Up Payment shall be made to Executive and the Payments, in the aggregate, shall be reduced to the Reduced Amount. In that event, Executive shall
direct which Payments are to be modified or reduced. 
  
 (b) Subject to the provisions of Section 10(c), all determinations required to be made under this Section 10, including whether and when a Gross-Up Payment is required and the amount of such Gross-Up Payment and the assumptions to be
utilized in arriving at such determination, shall be made by Deloitte & Touche LLP or such other certified public accounting firm reasonably acceptable to the Company as may be designated by Executive (the “Accounting Firm”) which
shall provide detailed supporting calculations both to the Company and Executive within 15 business days of the receipt of notice from Executive that there has been a Payment, or such earlier time as is requested by the Company. In the event that
the Accounting Firm is serving as accountant or 

  

 - 11 - 

 
auditor for the individual, entity or group effecting the Change in Control, Executive shall appoint another nationally recognized accounting firm to make
the determinations required hereunder (which accounting firm shall then be referred to as the Accounting Firm hereunder). All fees and expenses of the Accounting Firm shall be borne solely by the Company. Any Gross-Up Payment, as determined pursuant
to this Section 10, shall be paid by the Company to Executive within five days of the receipt of the Accounting Firm’s determination. Any determination by the Accounting Firm shall be binding upon the Company and Executive. As a result of the
uncertainty in the application of Section 4999 of the Code at the time of the initial determination by the Accounting Firm hereunder, it is possible that Gross-Up Payments which will not have been made by the Company should have been made
(“Underpayment”), consistent with the calculations required to be made hereunder. In the event that the Company exhausts its remedies pursuant to Section 10(c) and Executive thereafter is required to make a payment of any Excise Tax, the
Accounting Firm shall determine the amount of the Underpayment that has occurred and any such Underpayment shall be promptly paid by the Company to or for the benefit of Executive. 
  
 (c) The Executive shall notify the Company in writing of any claim by the Internal Revenue Service that, if
successful, would require the payment by the Company of the Gross-Up Payment. Such notification shall be given as soon as practicable but no later than ten business days after Executive is informed in writing of such claim and shall apprise the
Company of the nature of such claim and the date on which such claim is requested to be paid. The Executive shall not pay such claim prior to the expiration of the 30-day period following the date on which it gives such notice to the Company (or
such shorter period ending on the date that any payment of taxes with respect to such claim is due). If the Company notifies Executive in writing prior to the expiration of such period that it desires to contest such claim, Executive shall:

  
 (i) give the Company any information
reasonably requested by the Company relating to such claim, 
  
 (ii) take such action in connection with contesting such claim as the Company shall reasonably request in writing from time to time, including, without limitation, accepting legal representation with respect to such
claim by an attorney reasonably selected by the Company, 
  
 (iii) cooperate with the Company in good faith in order effectively to contest such claim, and 
  
 (iv) permit the Company to participate in any proceedings relating to such claim; 
  
 provided, however, that the Company shall bear and pay directly all costs and expenses
(including additional interest and penalties) incurred in connection with such contest and shall indemnify and hold Executive harmless, on an after-tax basis, for any Excise Tax or 

  

 - 12 - 

 
income tax (including interest and penalties with respect thereto) imposed as a result of such representation and payment of costs and expenses. Without
limitation of the foregoing provisions of this Section 10(c), the Company shall control all proceedings taken in connection with such contest and, at its sole option, may pursue or forgo any and all administrative appeals, proceedings, hearings and
conferences with the taxing authority in respect of such claim and may, at its sole option, either direct Executive to pay the tax claimed and sue for a refund or contest the claim in any permissible manner, and Executive agrees to prosecute such
contest to a determination before any administrative tribunal, in a court of initial jurisdiction and in one or more appellate courts, as the Company shall determine; provided, however, that if the Company directs Executive to pay such claim and sue
for a refund, the Company shall advance the amount of such payment to Executive, on an interest-free basis and shall indemnify and hold Executive harmless, on an after-tax basis, from any Excise Tax or income tax (including interest or penalties
with respect thereto) imposed with respect to such advance or with respect to any imputed income with respect to such advance; and further provided that any extension of the statute of limitations relating to payment of taxes for the taxable year of
Executive with respect to which such contested amount is claimed to be due is limited solely to such contested amount. Furthermore, the Company’s control of the contest shall be limited to issues with respect to which a Gross-Up Payment would
be payable hereunder and Executive shall be entitled to settle or contest, as the case may be, any other issue raised by the Internal Revenue Service or any other taxing authority. 
  
 (d) If, after the receipt by Executive of an amount advanced by the Company pursuant to Section 10(c),
Executive becomes entitled to receive any refund with respect to such claim, Executive shall (subject to the Company’s complying with the requirements of Section 10(c)) promptly pay to the Company the amount of such refund (together with any
interest paid or credited thereon after taxes applicable thereto). If, after the receipt by Executive of an amount advanced by the Company pursuant to Section 10(c), a determination is made that Executive shall not be entitled to any refund with
respect to such claim and the Company does not notify Executive in writing of its intent to contest such denial of refund prior to the expiration of 30 days after such determination, then such advance shall be forgiven and shall not be required to
be repaid and the amount of such advance shall offset, to the extent thereof, the amount of Gross-Up Payment required to be paid. 
  
 11. Costs of Enforcement. Unless otherwise provided by the arbitrator(s) in an arbitration proceeding pursuant to Section 14 hereof, in any action
taken in good faith relating to the enforcement of this Agreement or any provision herein, Executive shall be entitled to be paid any and all costs and expenses incurred by him in enforcing or establishing his rights thereunder, including, without
limitation, reasonable attorneys’ fees, whether suit be brought or not, and whether or not incurred in trial, bankruptcy or appellate proceedings, but only if Executive is successful on at least one material issue raised in the enforcement
proceeding. 
  

 - 13 - 

 12. Representations and Warranties. Executive hereby represents and warrants to the Company that
Executive is not a party to, or otherwise subject to, any covenant not to compete with any person or entity, and Executive’s execution of this Agreement and performance of his obligations hereunder will not violate the terms or conditions of
any contract or obligation, written or oral, between Executive and any other person or entity. 
  
 13. Restrictions on Conduct of Executive. 
  
 (a) General. Executive and the Company understand and agree that the purpose of the provisions of this Section 13 is to protect
legitimate business interests of the Company, as more fully described below, and is not intended to eliminate Executive’s post-employment competition with the Company per se, nor is it intended to impair or infringe upon Executive’s
right to work, earn a living, or acquire and possess property from the fruits of his labor. Executive hereby acknowledges that the post-employment restrictions set forth in this Section 13 are reasonable and that they do not, and will not, unduly
impair his ability to earn a living after the termination of this Agreement. Therefore, subject to the limitations of reasonableness imposed by law, Executive shall be subject to the restrictions set forth in this Section 13. For purposes of Section
13 the Company shall be deemed to include its parents, affiliates, and subsidiaries. 
  
 (b) Definitions. The following terms used in this Section 13 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 which Executive will use or is likely to use any Confidential Information or Trade Secrets, or in which Executive has duties for
such Competitor that relate to Competitive Services and that are the same or similar to those services actually performed by Executive for the Company; 
  
 “Competitive Services” means the provision of products and services to facilitate or assist with the movement of
electronic commerce, including without limitation, payment and financial information, merchant and cardholder processing, credit and debit transaction processing, check guarantee and verification, electronic authorization and capture, terminal
management services, portfolio risk management, purchase card services, financial electronic data interchange, and cash management services, including internet applications of any of the foregoing. 
  
 “Competitor” means any Person engaged,
wholly or in part, in Competitive Services, including without limitation, Equifax Inc., Vital, Electronic Data Systems Corporation, Concord EFS, Inc., First Data Corporation, Total System Services, Inc., Nova Corporation, Harbinger Corporation,
First USA, Inc., First USA Paymentech, Inc., and Automatic Data Processing, Inc. 
  

 - 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; lists of current or prospective customers; details of customer contracts; current and anticipated customer requirements; 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 Executive’s employment with the Company for any reason whatsoever or any earlier date of an alleged breach of the Restrictive Covenants by Executive. 
  
 “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, shareholder, 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 during the twelve (12) months prior to the Determination Date. 
  
 “Protected Employees” means employees of the Company who were employed by the Company at
any time within six (6) months prior to the Determination Date. 
  
 “Restricted Period” means the Employment Period and a period extending two (2) years from the termination of Executive’s employment with the Company. 
  
 “Restricted Territory” means countries
other than the United States. 
  
 “Restrictive Covenants” means the restrictive covenants contained in Section 13(c) hereof. 
  

 - 15 - 

 “Trade Secret” means all information, without regard to form, including,
but not limited to, technical or non-technical 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 applicable state law. 
  
 (c) Restrictive Covenants. 
  
 (i) Restriction on Disclosure and Use of Confidential Information and Trade Secrets. Executive understands and agrees that the
Confidential Information and Trade Secrets constitute valuable assets of the Company and its affiliated entities, and may not be converted to Executive’s own use. Accordingly, Executive hereby agrees that Executive shall not, directly or
indirectly, at any time during the Restricted Period reveal, divulge, or disclose to any Person not expressly authorized by the Company any Confidential Information, and Executive shall not, directly or indirectly, at any time during the Restricted
Period use or make use of any Confidential Information in connection with any business activity other than that of the Company. Throughout the term of this Agreement and at all times after the date that this Agreement terminates for any reason,
Executive 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 himself or for others, without the prior written consent of
the Company. The parties acknowledge and agree that this Agreement is not intended to, and does not, alter either the Company’s rights or Executive’s obligations under any state or federal statutory or common law regarding trade secrets
and unfair trade practices. 
  
 Anything herein
to the contrary notwithstanding, Executive shall not be restricted from disclosing or using Confidential Information 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, Executive 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 Executive. 
  
 (ii) Non-solicitation of Protected Employees.
Executive understands and agrees 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 Executive’s own use. Accordingly, Executive hereby agrees
that during the Restricted Period Executive shall not directly or indirectly on Executive’s own behalf or as a Principal or Representative of any Person or otherwise solicit or induce any Protected 

  

 - 16 - 

 
Employee to terminate his or her employment relationship with the Company or to enter into employment with any other Person. 
  
 (iii) Restriction on Relationships with Protected
Customers. Executive understands and agrees 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 Executive’s own use. Accordingly, Executive
hereby agrees that, during the Restricted Period, Executive shall not, without the prior written consent of the Company, directly or indirectly, on Executive’s 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 Executive
had Material Contact on the Company’s behalf during the twelve (12) months immediately preceding the termination of his employment hereunder. For purposes of this Agreement, Executive had “Material Contact” with a Protected Customer
if (a) he had business dealings with the Protected Customer on the Company’s behalf; (b) he was responsible for supervising or coordinating the dealings between the Company and the Protected Customer; or (c) he obtained Trade Secrets or
Confidential Information about the customer as a result of his association with the Company. 
  
 (iv) Non-competition with the Company. The parties acknowledge: (A) that Executive’s services under this Agreement require
special expertise and talent in the provision of Competitive Services and that Executive will have substantial contacts with customers, suppliers, advertisers and vendors of the Company; (B) that pursuant to this Agreement, Executive will be placed
in a position of trust and responsibility and he will have access to a substantial amount of Confidential Information and Trade Secrets and that the Company is placing him in such position and giving him access to such information in reliance upon
his agreement not to compete with the Company during the Restricted Period; (C) that due to his management duties, Executive will be the repository of a substantial portion of the goodwill of the Company and would have an unfair advantage in
competing with the Company; (D) that due to Executive’s special experience and talent, the loss of Executive’s services to the Company under this Agreement cannot reasonably or adequately be compensated solely by damages in an action at
law; (E) that Executive is capable of competing with the Company; and (F) that Executive is capable of obtaining gainful, lucrative and desirable employment that does not violate the restrictions contained in this Agreement. In consideration of the
compensation and benefits being paid and to be paid by the Company to Executive hereunder, Executive hereby agrees that, during the Restricted Period, Executive will not, without prior written consent of the Company, directly or indirectly seek or
obtain a Competitive Position in the Restricted Territory with a Competitor; provided, however, that the provisions of this Agreement shall not be deemed to prohibit the ownership by Executive of any securities of the Company or its affiliated
entities or not more than five percent (5%) of any class of securities of any corporation having a class of securities registered pursuant to the Securities Exchange Act of 1934, as amended. 
  

 - 17 - 

 (d) Enforcement of Restrictive Covenants. 
  
 (i) Rights and Remedies Upon Breach. In the event
Executive breaches, or threatens to commit a breach of, any of the provisions of the Restrictive Covenants, the Company shall have the following rights and remedies, which 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: 
  
 (A) the right and remedy to enjoin, preliminarily and permanently, Executive from violating or threatening to violate the Restrictive
Covenants and to have the Restrictive Covenants specifically enforced by any court 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; and 
  
 (B) the right and remedy to require Executive to account for and pay over to the Company all compensation, profits, monies, accruals, increments or other benefits derived or received by Executive as the result of any
transactions constituting a breach of the Restrictive Covenants. 
  
 (ii) Severability of Covenants. Executive acknowledges and agrees that the Restrictive Covenants are reasonable and valid in time and scope and in all other respects. The covenants set forth in this Agreement
shall be considered and construed as separate and independent covenants. Should any part or provision of any covenant be held invalid, void or unenforceable in any court of competent jurisdiction, such invalidity, voidness or unenforceability shall
not render invalid, void or unenforceable any other part or provision of this Agreement. If any portion of the foregoing provisions is found to be invalid or unenforceable by a court of competent jurisdiction 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
Executive in agreeing to the provisions of this Agreement will not be impaired and the provision in question shall be enforceable to the fullest extent of the applicable laws. 
  
 14. Arbitration. Any claim or dispute arising under this Agreement (other than under Section 13) shall be subject to
arbitration, and prior to commencing any court action, the parties agree that they shall arbitrate all such controversies. The arbitration shall be conducted in Atlanta, Georgia, in accordance with the Employment Dispute Rules of the American
Arbitration Association and the Federal Arbitration Act, 9 U.S.C. §1, et. seq. The arbitrator(s) shall be authorized to award both liquidated and actual damages, in addition to injunctive relief, but no punitive damages. The
arbitrator(s) may also award attorney’s fees and costs, without regard to any restriction on the amount of such award under Georgia or other applicable law. Such an award shall be binding and conclusive upon the parties hereto, subject to 9
U.S.C. §10. Each party shall have the right to have the award made the judgment of a court of competent jurisdiction. 
  

 - 18 - 

 Initials of parties as to this Section 14: 
  
 Company:                    
                             
  
 Executive:                    
                             
  
 15. Letter of Credit. In order to ensure the payment of the severance benefit provided for in Section 8(c)(ii) of
this Agreement, immediately following the commencement of any action by a third party with the aim of effecting a Change in Control of the Company, or the publicly-announced threat by a third party to commence any such action, the Company shall
establish an irrevocable standby Letter of Credit issued by a national banking association in favor of Executive in the amount of the severance payment that would have been paid to Executive under Section 8(c)(ii) if the Date of Termination had
occurred on the date of commencement, or publicly-announced threat of commencement, of such action by the third party. Such Letter of Credit shall provide that the issuer thereof, subject only to Executive’s written certification to such issuer
that Executive is entitled to payment of the severance benefit pursuant to Section 8(c)(ii) of this Agreement and that the Company shall have failed to commence payment of such benefit to Executive, shall have the unconditional obligation to pay the
amount of such Letter of Credit to Executive in 9 equal monthly installments commencing on the first day of the month following the Date of Termination. In the event that subsequent to commencement of such installment payments to Executive pursuant
to such Letter of Credit (i) the Company and Executive shall mutually agree that Executive shall not have been entitled to payment of the severance benefit pursuant to Section 8(c)(ii) of this Agreement or (ii) a court of competent jurisdiction
shall finally adjudge Executive not to have been entitled to payment of such severance benefit and such judgment shall have been affirmed on appeal or shall not have been appealed within any time period specified for the filing of an appeal,
Executive shall promptly pay to the Company the total amount previously paid to Executive by the issuer of such Letter of Credit and no further payment shall be made to Executive pursuant to such Letter of Credit. 
  
 16. Assignment and Successors. 
  
 (a) This Agreement is personal to Executive and without the
prior written consent of the Company shall not be assignable by Executive otherwise than by will or the laws of descent and distribution. This Agreement shall inure to the benefit of and be enforceable by the Executive’s legal representatives.

  
 (b) This Agreement shall inure to the benefit
of and be binding upon the Company and its successors and assigns. 
  
 (c) The Company will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company to assume expressly and
agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place. As used in this Agreement, “Company” shall 

  

 - 19 - 

 
mean the Company as hereinbefore defined and any successor to its business and/or assets as aforesaid which assumes and agrees to perform this Agreement by
operation of law, or otherwise. 
  
 17. Miscellaneous.

  
 (a) Waiver. Failure of either party to
insist, in one or more instances, on performance by the other in strict accordance with the terms and conditions of this Agreement shall not be deemed a waiver or relinquishment of any right granted in this Agreement or of the future performance of
any such term or condition or of any other term or condition of this Agreement, unless such waiver is contained in a writing signed by the party making the waiver. 
  
 (b) Severability. If any provision or covenant, or any part thereof, of this Agreement should be held
by any court to be invalid, illegal or unenforceable, either in whole or in part, such invalidity, illegality or unenforceability shall not affect the validity, legality or enforceability of the remaining provisions or covenants, or any part
thereof, of this Agreement, all of which shall remain in full force and effect. 
  
 (c) Other Agents. Nothing in this Agreement is to be interpreted as limiting the Company from employing other personnel on
such terms and conditions as may be satisfactory to it. 
  
 (d) Entire Agreement. Except as provided herein, this Agreement contains the entire agreement between the Company and Executive with respect to the subject matter hereof and, from and after the Effective Date,
this Agreement shall supersede any other agreement between the parties with respect to the subject matter hereof. 
  
 (e) Governing Law. Except to the extent preempted by federal law, and without regard to conflict of laws principles, the laws of
the State of Georgia shall govern this Agreement in all respects, whether as to its validity, construction, capacity, performance or otherwise. 
  
 (f) Notices. All notices, requests, demands and other communications required or permitted hereunder shall be in writing and shall
be deemed to have been duly given if delivered or three days after mailing if mailed, first class, certified mail, postage prepaid: 
  

			
	 To Company:
	  	 Global Payments Inc.

	 	  	 10 Glenlake Parkway, North Tower

	 	  	 Atlanta, Georgia 30328-3473

	 	  	 Office of the Corporate Secretary

  

 - 20 - 

			
	 To Executive:
	  	 Carl J. Williams

	 	  	 Registry #361, Parcel #428

	 	  	 Valassikca St. #5, Prague 1 Mala Strana

	 	  	 Postal Code 11000

  
 Any party may change the address to
which notices, requests, demands and other communications shall be delivered or mailed by giving notice thereof to the other party in the same manner provided herein. 
  
 (g) Amendments and Modifications. This Agreement may be amended or modified only by a writing signed
by both parties hereto, which makes specific reference to this Agreement. 
  

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 IN WITNESS WHEREOF, the parties hereto have duly executed and delivered this Employment Agreement as of
the date first above written. 
  

			
	 GLOBAL PAYMENTS INC.

		
	 By:
	 	/s/ PAUL R. GARCIA
	 Name: 
	 	Paul R. Garcia
	 Title:
	 	Chief Executive Officer
	 Date:
	 	March 15, 2004
	
	 EXECUTIVE:

	
	/s/ CARL J. WILLIAMS
	Carl J. Williams

  

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 EXHIBIT A 
 Form of Release 
  
 This
Release is granted effective as of the              day of             ,
            , by Carl J. Williams (“Executive”) in favor of Global Payments Inc. (the “Company”). This is the Release referred to that certain Employment
Agreement effective as of March 15, 2004 by and between the Company and Executive (the “Employment Agreement”). Executive gives this Release in consideration of the Company’s promises and covenants as recited in the Employment
Agreement, with respect to which this Release is an integral part. 
  
 1. Release of the Company. Executive, for himself, his successors, assigns, attorneys, and all those entitled to assert his rights, now and forever hereby releases and discharges the Company and its respective officers, directors,
stockholders, trustees, employees, agents, parent corporations, subsidiaries, affiliates, estates, successors, assigns and attorneys (“the Released Parties”), from any and all claims, actions, causes of action, sums of money due, suits,
debts, liens, covenants, contracts, obligations, costs, expenses, damages, judgments, agreements, promises, demands, claims for attorney’s fees and costs, or liabilities whatsoever, in law or in equity, which Executive ever had or now has
against the Released Parties, including any claims arising by reason of or in any way connected with any employment relationship which existed between the Company or any of its parents, subsidiaries, affiliates, or predecessors, and Executive. It is
understood and agreed that this Release is intended to cover all actions, causes of action, claims or demands for any damage, loss or injury, which may be traced either directly or indirectly to the aforesaid employment relationship, or the
termination of that relationship, that Executive has, had or purports to have, from the beginning of time to the date of this Release, whether known or unknown, that now exists, no matter how remotely they may be related to the aforesaid employment
relationship. You acknowledge and agree that this release includes, but is not limited to, claims arising under federal, state, or local laws prohibiting employment discrimination and claims growing out of any legal restrictions of Company’s
rights to terminate employees or to take any other employment action, whether statutory, contractual or arising under common law or case law. You specifically acknowledge and agree that you are releasing any and all rights/claims under federal,
state and local employment laws, including, without limitation, the Civil Rights Act of 1964 (“Title VII”), as amended (including amendments made through the Civil Rights Act of 1991), 42 U.S.C. Section 2000e, et seq., 42 U.S.C. Section
1981, as amended, the Americans With Disabilities Act (“ADA”), as amended, 42 U.S.C. Section 12101, et. Seq., the Rehabilitation Act of 1973, as amended, 29 U.S.C. Section 701, et seq., the Employee Retirement Income Security Act of 1974
(“ERISA”) as amended, 29 U.S.C. Section 301, et seq., the Worker Adjustment and Retraining Notification Act, 29 U.S.C. Section 2101, et seq., the Family and Medical Leave Act of 1993 (“FMLA”), as amended, 29 U.S.C. Section 2601
et. seq., the Fair Labor Standards Act (“FLSA”), as amended, 29 U.S.C. Section 201 et seq., the Employee Polygraph Protection Act of 1988, 29 U.S.C. Section 2001, et. seq., the Age Discrimination in Employment Act of 1967
(“ADEA”) as amended, 29 U.S.C. Section 621, et seq., and any other state or federal law or regulation relating to employment, employment discrimination, emotional and/or mental distress, defamation, privacy, breach of contract, 

  

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workers’ compensation, claims for attorney’s fees, expenses and costs; claims for defamation; claims for wages or vacation pay; claims for
benefits, and provided, however, that nothing herein shall release the Company of its obligations to Executive under the Employment Agreement or any other contractual obligations between the Company or its affiliates and Executive, or any
indemnification obligations to Executive under the Company’s bylaws, certificate of incorporation, Delaware law or otherwise. 
  
 2. Release of Claims Under Age Discrimination in Employment Act. Without limiting the generality of the foregoing, Executive agrees that by
executing this Release, he has released and waived any and all claims he has or may have as of the date of this Release for age discrimination under the Age Discrimination in Employment Act, 29 U.S.C. § 621, et seq. It is
understood that Executive is advised to consult with an attorney prior to executing this Release; that he in fact has consulted a knowledgeable, competent attorney regarding this Release; that he may, before executing this Release, consider this
Release for a period of twenty-one (21) calendar days; and that the consideration he receives for this Release is in addition to amounts to which he was already entitled. It is further understood that this Release is not effective until seven (7)
calendar days after the execution of this Release and that Executive may revoke this Release within seven (7) calendar days from the date of execution hereof. 
  

Executive agrees that he has carefully read this Release and is signing it voluntarily. Executive acknowledges that he has had twenty one (21) days
from receipt of this Release to review it prior to signing or that, if Executive is signing this Release prior to the expiration of such 21-day period, Executive is waiving his right to review the Release for such full 21-day period prior to signing
it. Executive has the right to revoke this release within seven (7) days following the date of its execution by him. However, if Executive revokes this Release within such seven (7) day period, no severance benefit will be payable to him under the
Employment Agreement and he shall return to the Company any such payment received prior to that date. 
  
 EXECUTIVE HAS CAREFULLY READ THIS RELEASE AND ACKNOWLEDGES THAT IT CONSTITUTES A GENERAL RELEASE OF ALL KNOWN AND UNKNOWN CLAIMS AGAINST THE COMPANY UNDER
THE AGE DISCRIMINATION IN EMPLOYMENT ACT. EXECUTIVE ACKNOWLEDGES THAT HE HAS HAD A FULL OPPORTUNITY TO CONSULT WITH AN ATTORNEY OR OTHER ADVISOR OF HIS CHOOSING CONCERNING HIS EXECUTION OF THIS RELEASE AND THAT HE IS SIGNING THIS RELEASE VOLUNTARILY
AND WITH THE FULL INTENT OF RELEASING THE COMPANY FROM ALL SUCH CLAIMS. 
  

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