July 1, 1991 Dr. Daniel W. McGlaughlin 3430 Tuxedo Road Atlanta, GA 30305 Dear Dan: 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 ------------------------- 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 ------------------- 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: Dr. Daniel W. McGlaughlin July 1, 1991 Page 2
Annual Retirement Benefit (including benefits payable Age at Retirement under both plans) ----------------- ----------------- 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 ---------- 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 ----------- ------- 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
Dr. Daniel W. McGlaughlin 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/ C. B. Rogers, Jr. - ----------------------------------- C. B. Rogers, Jr. President and CEO Agreed to this 22nd day of July, 1991. /s/ Daniel W. McGlaughlin - ----------------------------------- D. W. McGlaughlin