November 9, 2006 James S. Mahan, III At the address on file with the Company Re: Your separation from S1 Corporation Dear Chip:Covenants Agreement • November 13th, 2006 • S1 Corp /De/ • Services-computer programming, data processing, etc. • North Carolina
This letter agreement (the “Agreement”) sets forth the terms under which your employment with S1 Corporation (“S1” or the “Company”) effective October 20, 2006 (the “Separation Date”) has ended. We desire to resolve any and all issues relating to your employment and the conclusion of your employment with the Company amicably and on mutually satisfactory terms. Specifically, you (“You” or “Your”) and the Company (collectively, the “Parties”) agree:
