EXECUTIVE EMPLOYMENT AGREEMENT OF
This Executive Employment Agreement ("AGREEMENT") is entered into between PRIVATE BUSINESS,
INC., a Tennessee corporation ("COMPANY"), and THOMAS BLACK, a resident of Nashville, Tennessee
("EXECUTIVE"). The Company and Executive are sometimes referred to herein as the "PARTIES."
1. Introduction. The Company has employed Executive as its President and Chief Executive Officer since
February 1, 2001. Accordingly, the Company and Executive intend by this Agreement to specify the terms and
conditions of Executive's current employment relationship with the Company.
2. Employment. The Company confirms the employment of Executive and Executive hereby confirms its
acceptance of employment with the Company upon terms and conditions set forth herein, in each instance
effective February 1, 2001.
3. Duties and Responsibilities.
3.1 Extent of Service. Executive shall, during the term of this Agreement, devote such of his entire time, attention,
energies and business efforts to his duties as an executive of the Company as are reasonably necessary to carry
out his duties specified in Paragraph 3.2 below. Executive shall not, during the term of this Agreement, engage in
any other business activity (whether or not such business activity is pursued for gain, profit or other pecuniary
advantage) if such business activity would impair Executive's ability to carry out his duties hereunder. This
Paragraph 3.1, however, shall not be construed to prevent Executive from investing his personal assets as a
passive investor or from serving on the boards of directors of companies whose Business Activities (as defined in
Section 10.1) are not competitive with either (i) any of the Business Activities conducted or offered by the
Company or its subsidiaries or affiliates, which Business Activities shall include in any event and without limitation,
providing software products and marketing, training, management, billing, collection and insurance brokerage