July 1, 1991
Xx. Xxxxxx X. XxXxxxxxxxx
0000 Xxxxxx Xxxx
Xxxxxxx, XX 00000
Dear Xxx:
In my June 22, 1989 letter to you, stating the terms of your contemplated
employment with Equifax, I covered our agreement that for the time period of
July 1, 1991 to July 31, 1991, both you and the Company would have the
opportunity to evaluate the suitability of your continued employment.
We are agreed that continuation of your employment with Equifax is in your and
the Company's best interests, however, you have expressed your desire to amend
our agreement so as to provide additional benefits in the event you elect to
retire from the Company prior to your age 65, or in the event you become
disabled while employed by the Company.
In consideration of your continuing your employment with Equifax under the terms
of our prior agreement, this letter will serve to amend Paragraph 5 of that
agreement, so that it reads as follows:
5. Group and Executive Plans. You shall be entitled to all general
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employee and executive benefits granted to all employees and to senior
executives of the Company, including, without limitation, participation in
the Company's Thrift Plan, qualified and non-qualified retirement plans,
Major Medical Insurance Plan, and Group Term Insurance Plan, but only
pursuant to the terms of such plans, as from time to time in effect and to
the extent therein permitted. As soon as practical after your employment
with the Company, you will be presented with a Change in Control Agreement,
to be executed by you and the Company which is substantially similar to
agreements signed by other senior executives. When executed, the Change in
Control Agreement shall become an integral part of this Agreement. In
addition, you shall be entitled to retirement and disability benefits as
described below.
5.1 Retirement Benefits. Should you retire at age 60 or thereafter, your
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annual retirement benefit will be paid according to the terms and conditions of
the Supplemental Executive Retirement Plan and the qualified retirement plan,
except that the total amount of the benefits payable under both plans shall be
supplemented to the extent necessary to provide aggregate annual payments
according to the following schedule:
Xx. Xxxxxx X. XxXxxxxxxxx
July 1, 1991
Page 2
Annual Retirement Benefit
(including benefits payable
Age at Retirement under both plans)
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60 24% of Final Average Earnings
61 27% of Final Average Earnings
62 30% of Final Average Earnings
63 35% of Final Average Earnings
64 45% of Final Average Earnings
65 60% of Final Average Earnings
5.2 Disability. Should you incur a disability within the meaning of the
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Company's long-term disability plan (whether or not you are covered by said
plan), you will be entitled to receive disability benefits for the duration of
said disability, until retirement, according to the following schedule:
Age on Date Amount of
Disability Disability
Is Incurred Benefit
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After age 55 but
before age 63 30% of Final Average Earnings
Age 63 35% of Final Average Earnings
Age 64 45% of Final Average Earnings
Age 65 60% of Final Average Earnings
Xx. Xxxxxx X. XxXxxxxxxxx
July 1, 1991
Page 3
If you agree that this letter correctly sets forth the amendment to our
agreement on your continued employment, please sign and return to me one copy of
this letter which, together with our prior agreement, will evidence the
agreement between the Company and you.
Sincerely,
Equifax Inc.
/s/ X. X. Xxxxxx, Xx.
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X. X. Xxxxxx, Xx.
President and CEO
Agreed to this 22nd day of July, 1991.
/s/ Xxxxxx X. XxXxxxxxxxx
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X. X. XxXxxxxxxxx
