Change of Control Agreement – Interactive Data Corp.
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32 Crosby Drive |
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Bedford, MA 01730 |
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Tel: +1 781 687 8800 |
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Fax: +1 781 687 8005 |
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www.interactivedata.com |
Privileged and Confidential
March 26, 2010
Jeffrey Banker
55 William Street
Needham, MA 02494
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Re: |
Special Retention and Protection Program |
Dear Jeffrey:
As you know, the Board of Directors of Interactive Data Corporation (the
“Company”) has been conducting a review of strategic alternatives for the
Company. Although this review may result in one of a number of possible outcomes
(including maintaining the status quo), one such alternative could involve a
sale of the Company whereby control of the Company changes hands. We believe
that any successful sale will require you and certain other key employees to
assume additional responsibilities through the sale process and for a period of
time after the sale, and therefore we are offering an attractive stay bonus,
sales incentive, and enhanced severance protection, as follows:
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1. |
Stay Bonus. You will be entitled to a cash stay bonus (the “Stay |
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2. |
Sales Incentive. For each $0.01 that the Change of Control Price |
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3. |
Enhanced Severance Protection. The following enhancements shall be |
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a. |
Your aggregate Severance Pay under the Severance Plan shall equal the sum of |
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b. |
The Severance Period under the Severance Plan shall be based on 78 Weeks of |
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c. |
The Stay Bonus, to the extent not already paid, shall be paid at the same |
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d. |
A termination by you for Good Reason during the Change of Control Period |
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e. |
The Waiver and Release required by the Severance Plan in order to receive |
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f. |
Any determination made by the Company or the Administrator under the |
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4. |
Expiration Date. If either (i) a definitive agreement which, if |
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5. |
Entire Agreement. This Letter Agreement contains the entire |
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6. |
Confidentiality. You agree to maintain at all times the |
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7. |
Definitions. Capitalized terms not otherwise defined above or in this |
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a. |
“Change of Control Price” means (i) the price paid in a Change of |
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b. |
“Good Reason” means any of the following events or conditions |
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8. |
Tax Matters. You should consult your own tax advisor as to the tax |
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particular tax treatment. All payments provided pursuant to this Letter |
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9. |
No Right to Continued Employment. This Letter Agreement does not |
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10. |
Assignment. The Company may, prior to a Change of Control, assign this |
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11. |
Governing Law. This Letter Agreement shall be governed by the laws of |
Please indicate your agreement to and acceptance of this Letter Agreement by
signing the enclosed copy and returning it in the envelope provided,
postmarked no later than April 9, 2010, to Peter Castrichini,
Director, Compensation, Benefits & HRIS, Interactive Data Corporation, 32
Crosby Drive, Bedford MA 01730.
I would like to take this opportunity to thank you for all your hard work and
the contributions you have made, and look forward to our continued success with
the Company.
Sincerely,
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INTERACTIVE DATA CORPORATION |
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By: |
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Raymond L. D153Arcy |
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President and Chief Executive Officer |
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Agreed to and Accepted by: |
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Jeffrey Banker |
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Date |
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