Pensions Transitional Agreement – Interactive Data Corp.
THIS DEED is made on May 7, 2010
BETWEEN
|
(1) |
PEARSON PLC, a company incorporated in England with |
|
(2) |
PEARSON DBC HOLDINGS, INC, a corporation incorporated under |
|
(3) |
PEARSON SERVICES LIMITED, a company incorporated in England |
|
(4) |
PEARSON MANAGEMENT SERVICES LIMITED, a company incorporated |
|
(5) |
PEARSON GROUP PENSION TRUSTEE LIMITED, a company |
|
(6) |
INTERACTIVE DATA CORPORATION, a corporation incorporated |
|
(7) |
INTERACTIVE DATA (EUROPE) LIMITED, a company incorporated in |
|
(8) |
HG INVESTORS LLC, a limited liability company formed under |
WHEREAS:
(A) As at the date of this Agreement, Pearson plc through its indirect
subsidiary Pearson Seller holds approximately 61% of the shares of capital stock
of IDCO Inc. Pursuant to an agreement and plan of merger dated on or around the
date hereof (as amended from time to time, the Merger
Agreement) between the Purchaser and IDCO Inc, upon the terms and
subject to the conditions set forth therein, a subsidiary of the Purchaser will
merge into IDCO Inc and, as a result of such merger, the outstanding shares of
capital stock of IDCO Inc will be converted into the right to receive the amount
of cash set forth therein and IDCO Inc will become a 100% owned subsidiary of
the Purchaser with effect on and from the effective time of such merger (the
Closing Date).
(B) IDCO UK is a subsidiary of IDCO Inc.
(C) As at the date of this Agreement IDCO UK participates in the following
sections of the Pearson Group Pension Plan (the PGPP), which is currently
governed by the Trust Deed:
|
a. |
the Pearson Group Final Pay Section; |
|
b. |
the Pearson Group Money Purchase Section; |
|
c. |
the Money Purchase 2003 Section; |
|
d. |
the Extel Section; and |
|
e. |
the Financial Times Section. |
(D) Pearson Services is the principal company of the PGPP and the Trustee is
the trustee of the PGPP.
(E) Pursuant to a deed of cessation of participation dated on or around the
date of this Agreement (between Pearson Services, the Trustee and IDCO UK), IDCO
UK shall cease to participate in the PGPP on the Closing Date.
(F) The parties wish to make arrangements relating to IDCO UK153s participation
(and cessation of participation) in the PGPP on the terms set out in this
Agreement.
NOW
THIS DEED
WITNESSES as follows:
|
1. |
APPLICATION OF |
1.1 In this Agreement the following expressions shall, unless the context
otherwise requires, have the following meanings:
Actuary means the PGPP153s actuary from time to time;
Bank has the meaning given in clause 6.2;
Business Day means a day other than a Saturday or
Sunday or public holiday in England and Wales on which banks are open in London
for general commercial business;
Closing Date has the meaning given in recital (A),
and Closing shall be construed accordingly;
Extel Section means the Extel Section of the PGPP,
governed by the Trust Deed, and the rules of the Extel Section dated 21 December
1999, as from time to time amended;
Employees in a Qualifying Period means employees of
IDCO UK who would be eligible to join the Money Purchase 2003 Section of the
PGPP but for the fact they have not yet completed the required length of service
with IDCO UK;
Escrow Account has the meaning given in clause 6.1;
Financial Times Section means the Financial Times
Section of the PGPP, governed by the Trust Deed, and the rules of the Financial
Times Section dated 21 December 1999, as from time to time amended;
IDCO means IDCO Inc and IDCO UK;
IDCO Group means IDCO Inc, and each and every
entity that is an Affiliate (as defined in the Merger Agreement) or a Related
Party (as defined in the Merger Agreement) of IDCO Inc on and from the Closing
Date;
IDCO UK Members means all of the current and former
employees of IDCO UK who are members of the PGPP;
Independent Committee means the Independent
Committee of the Board of Directors of IDCO Inc comprising Ms Drucker, Dr
Greenberg, Mr Lamb, and Victor Simone as of the date hereof, and responsible for
(among other matters) reviewing, approving, or ratifying related-party
transactions of IDCO Inc;
Page 2
Interest Rate means LIBOR;
LIBOR means the display rate per annum of the
offered quotation for deposits in sterling for a period of one month which
appears on the appropriate page of the Reuters Screen (or such other page as the
parties may agree) at or about 11.00a.m. London time on the date on which
payment of the sum under this Agreement was due but not paid;
Merger Agreement has the meaning given in recital
(A);
Money Purchase 2003 Section means the Money
Purchase 2003 Section of the PGPP, governed by the Trust Deed, and the rules of
the Money Purchase 2003 Section dated 20 December 2002, as from time to time
amended;
Pearson means Pearson plc, Pearson Seller, Pearson
Services and PMSL;
Pearson Group Final Pay Section means the Pearson
Group Final Pay Section of the PGPP, governed by the Trust Deed, and the rules
of the Pearson Group Final Pay Section dated 20 December 2002, as from time to
time amended;
Pearson Group Money Purchase Section means the
Pearson Group Money Purchase Section of the PGPP, governed by the Trust Deed,
and the rules of the Pearson Group Money Purchase Section dated 20 December
2002, as from time to time amended;
Pearson Related Party means each and every entity
that is an Affiliate (as defined in the Merger Agreement) or a Related Party (as
defined in the Merger Agreement) of Pearson on and from the Closing Date;
Pensionable Employees means all of:
|
(a) |
the employees of IDCO UK immediately before the Closing Date who are then |
|
(b) |
Employees in a Qualifying Period; |
PGPP has the meaning given in recital (C). Where
the context so requires the PGPP includes the Trustee;
Recovery Plan means the recovery plan of the PGPP
dated 22 March 2010;
registered pension scheme means a scheme which is a
registered pension scheme under Part 4 of the Finance Act 2004;
Rules means the rules adopted in accordance with
the Trust Deed which apply in relation to members of the Pearson Group Final Pay
Section, the Pearson Group Money Purchase Section, the Money Purchase 2003
Section, the Extel Section and the Financial Times Section as amended from time
to time. Where a member is not a Pensionable Employee, it will be the rules
which applied when they ceased to be an active member of the PGPP;
Schedule of Contributions means the schedule of
contributions of the PGPP dated 22 March 2010;
Page 3
Section 75 means Sections 75 and 75A of the
Pensions Act 1995;
Section 75 Certificate means the statutory
certificate produced pursuant to Section 75 by the Actuary upon the cessation of
IDCO UK in the PGPP at Closing, and referred to at clause 5;
Section 75 Intra Group Payment has the meaning
given in clause 6.7(b);
Section 75 Top Up has the meaning given in clause
6.7; and
Trust Deed means the eighth consolidated trust deed
in respect of the PGPP, dated 8 February 2006, made between Pearson Services and
the Trustee (as amended).
|
1.2 |
Except where the context otherwise requires: |
|
(a) |
words and phrases which are defined in the Pension Schemes Act 1993, the |
|
(b) |
any reference to an enactment is a reference to it as from time to time |
|
(c) |
headings are inserted for convenience only and shall not affect the |
|
2. |
ADMINISTRATION OF |
Obligations of Pearson and the Trustee
2.1 Pearson and the Trustee agree that during and in respect of the period
from the date of this Agreement up to and including the Closing Date, the
Pensionable Employees will be permitted to remain members of the PGPP and IDCO
UK will be permitted to participate in the PGPP until the Closing Date.
2.2 Other than as provided for under clause 2.3, Pearson and the Trustee
shall not, during and in respect of the period from the date of this Agreement
to the Closing Date alter the Trust Deed or Rules or exercise any other power or
discretion so as to increase materially the obligations of IDCO UK as a
participating employer, or any debt potentially payable by IDCO UK under Section
75 (and, in particular, Pearson and the Trustee shall not alter the Schedule of
Contributions in any manner increasing IDCO UK153s contributions to the PGPP).
2.3 Pearson and the Trustee may do or omit to do the actions described in
clause 2.2 in the following circumstances:
|
(a) |
with the written consent of IDCO UK (such consent not to be unreasonably |
|
(b) |
as required by law, or as is necessary in the reasonable opinion of Pearson |
Page 4
|
(c) |
if such actions are being taken in the normal course of administering the |
Obligations of IDCO
2.4 IDCO UK agrees that it will (and IDCO shall procure that IDCO UK will),
during and in respect of the period up to and including the Closing Date:
|
(a) |
comply in all material respects with the provisions of the PGPP and the |
|
(b) |
take such steps as are necessary or reasonable to procure that the |
|
(c) |
not exercise any power, right or discretion conferred on it by the PGPP, or |
|
(d) |
not do or omit to do anything whereby the position of the PGPP as a |
2.5 The parties to this Agreement acknowledge that the Pensions Act 1995 and
the Pensions Act 2004 and regulations already made under them or to be made
under them in the future (the Pensions Legislation)
will impose requirements on and grant discretions to employers under and in
relation to the PGPP. Subject to clause 2.2 above (when read in conjunction with
clause 2.3 above).
|
(a) |
IDCO UK agrees that Pearson Services may make all decisions and exercise all |
|
(b) |
while IDCO UK remains an employer in relation to the PGPP, IDCO UK will in |
|
(i) |
exercise no right or discretion conferred on it by or under the Pensions |
|
(ii) |
exercise each right or discretion conferred on it by or under the Pensions |
|
(iii) |
from time to time execute all deeds, documents, agreements, consents or |
|
(iv) |
co-operate with Pearson Services and the Trustee in providing information |
Page 5
|
(c) |
Pearson Services may exercise the authorities and discretions envisaged by |
2.6 IDCO shall procure that a relevant insolvency event for the purposes of
Section 75 does not occur in relation to IDCO UK while it is an employer in
relation to the PGPP for the purposes of that section.
2.7 Pearson Services, the Trustee and IDCO UK shall take such steps as may be
required of them to procure that IDCO UK ceases to hold or be named in a
contracting out certificate in relation to the PGPP with effect from the end of
the Closing Date.
2.8 IDCO UK shall use reasonable endeavours to carry out any obligations
relating to consultation of the IDCO UK employees (whether under The
Occupational and Personal Pension Schemes (Consultation by Employers and
Miscellaneous Amendment) Regulations 2006 or otherwise) before the Closing Date
in relation to the Purchaser153s proposals for pensions accruals post-Closing, and
the Purchaser, Pearson plc and IDCO Inc shall assist IDCO UK in relation to any
reasonable request thereto by IDCO UK.
|
3. |
PAYMENT OF |
3.1 PMSL shall, during and in respect of the period from the date of this
Agreement up to and including the Closing Date, pay (or procure the payment of)
the following monthly contributions, within nineteen (19) days of the end of the
calendar month in which the deduction from the Pensionable Employees153 earnings
were made, to the PGPP on behalf of IDCO UK:
|
(a) |
pending and subject to the relevant procedures relating to approval by the |
|
(b) |
contributions to the PGPP in respect of the Pensionable Employees calculated |
|
Section of the PGPP |
Contribution rate (expressed as a percentage Pensionable Salary (as defined in the Trust |
|
|
The Financial Times Section |
45.4% |
|
|
The Extel Section |
35.0% |
|
|
The Pearson Group Final Pay Section |
23.9% |
|
|
The Pearson Group Money Purchase Section |
5.8%, plus twice the percentage amount of Pensionable Salary due from the |
|
|
The Money Purchase 2003 Section |
5.8%, plus twice the percentage amount of Pensionable Salary due from the |
|
Page 6
|
(c) |
the amount calculated as the member contribution due from each Pensionable |
|
(d) |
any amount representing Pensionable Employees153 voluntary contributions |
|
(e) |
any other amount which is payable by IDCO UK as an employer under the Trust |
in each case above, as set out in the Schedule of Contributions and the
Recovery Plan.
3.2 For the avoidance of doubt, if the Closing Date does not fall on the last
day of the month, the payments under clause 3.1 above will be pro-rated to take
account of the portion of the month that IDCO UK continued to participate in the
PGPP.
3.3 IDCO UK shall pay to PMSL (or procure that such an amount is paid to PMSL
on IDCO UK153s behalf) amount(s) equal to the amount(s) paid by PMSL to the PGPP
under clause 3.1 above (in the case of the amounts referred to in clause 3.1(a),
pending and subject to the relevant procedures relating to approval by the
Independent Committee) within seven days of the date of such contributions
becoming due to the PGPP, together with interest at the Interest Rate in respect
of the period from the day after the relevant amount is paid to the PGPP up to
and including the date on which it is paid to PMSL by or on behalf of IDCO UK
(and, for the avoidance of doubt, no payment under this clause 3 shall relate to
the Section 75 Top Up referred to at clause 6.6).
|
4. |
CESSATION OF IDCO |
4.1 Each of Pearson Services, the Trustee, and IDCO shall do everything in
its power to ensure that all of the employees of IDCO UK in relation to the PGPP
cease to be in pensionable service under the PGPP on the Closing Date.
4.2 Pearson Services, the Trustee, and IDCO UK will, on or around the date of
this Agreement, enter into a deed under which:
|
(a) |
notice will be given by IDCO UK to the Trustee, terminating IDCO UK153s |
|
(b) |
the Trustee shall give IDCO UK a conditional discharge from all IDCO UK153s |
This deed will be in substantially the form annexed to this Agreement as
Annexure 1 (or such other form as may be agreed in writing by the parties).
Page 7
|
5. |
SECTION 75 |
If any amount becomes payable by IDCO UK to the Trustee as a debt under
Section 75, the Trustee will promptly instruct the Actuary to calculate and
certify such debt and, when the debt has been certified (the
Section 75 Certificate), will promptly notify Pearson,
IDCO Inc and IDCO UK in writing of:
|
(a) |
the amount of the debt; and |
|
(b) |
the amount of any difference between the debt and the amount standing to the |
|
6. |
ESCROW |
6.1 As security for IDCO UK153s obligation referred to in clause 5, the
Purchaser and IDCO Inc shall procure that IDCO UK (or such other person as the
Purchaser may direct) shall pay the sum of 53 million into a deposit account
(the Escrow Account) in the name of the Trustee (the
details of such account to be notified by the Trustee to Pearson, IDCO Inc, IDCO
UK and the Purchaser on or before the Closing Date, in accordance with clause 9
below) on or before the Closing Date, to be held in cash in the Escrow Account,
and administered and released in accordance with the terms set out in this
clause 6.
6.2 The Trustee shall not issue any instructions to the bank at which the
Escrow Account is held (the Bank) to release funds
from the Escrow Account save as provided for under this Agreement or otherwise
required by any law, regulation or court order.
6.3 Any bank or other charges arising on the Escrow Account shall be charged
to the Escrow Account.
6.4 Any interest or profit generated on the Escrow Account (subject to any
deduction or withholding of tax at source or any bank or other charges properly
charged to the Escrow Account) shall be paid, in the event amounts become
payable under clause 6.5(b) below, as part of the amounts payable under that
clause 6.5(b).
6.5 Within 5 Business Days of IDCO UK receiving the notice from the Trustee
under clause 5, the Trustee shall issue instructions to the Bank to:
|
(a) |
release from the Escrow Account to the Trustee (in its capacity as trustee of |
|
(i) |
the amount due from IDCO UK to the PGPP above, in satisfaction of the Section |
|
(ii) |
if the aggregate amount standing to the credit of the Escrow Account in |
|
(b) |
where clause 6.5(a)(i) applies, immediately after the payment to the Trustee |
Page 8
6.6 The Trustee undertakes to issue instructions for payment from the Escrow
Account of the amounts due under the above clauses without delay.
6.7 In the event that the Trustee notifies Pearson, IDCO Inc and IDCO UK
(under clause 5 above) that the aggregate amount in the Escrow Account is less
than the amount due from IDCO UK to the PGPP under Section 75 (as referred to in
clause 5) (the amount of the difference between those amounts being the
Section 75 Top Up), the following shall apply:
|
(a) |
Pearson Seller undertakes to pay to IDCO Inc, in the manner contemplated by |
|
(b) |
Following receipt of the Section 75 Top Up in accordance with (a), IDCO Inc |
|
(c) |
IDCO UK undertakes to Pearson to pay (and IDCO Inc undertakes to Pearson to |
|
(d) |
Pearson, IDCO Inc, the Purchaser and IDCO UK agree that direct payment of the |
|
(i) |
constitute the payment being made by Pearson Seller as the adjustment to the |
|
(ii) |
constitute the making by IDCO Inc of the Section 75 Intra Group Payment (and |
|
(iii) |
when taken together with the release of funds from the Escrow under clause |
and Pearson Seller, accordingly, at the direction of IDCO Inc and IDCO UK
shall pay (or together with Pearson plc procure the payment of) an amount equal
to the Section 75 Top Up to the Trustee (in its capacity as trustee of the PGPP)
on behalf of IDCO UK and as further contemplated by this clause 6.7 within 10
Business Days of the notice being received from the Trustee under clause 5
above.
|
7. |
REPAYMENT AND |
Subject to Closing, Pearson plc agrees to procure that Pearson Seller shall,
and Pearson Seller agrees to, pay to IDCO Inc, as a reduction to the
consideration payable under the Merger Agreement, an amount (on an after tax
basis) equal to all costs, losses and liabilities of all members of the IDCO
Group (including, without limitation, IDCO UK) (other than the amount paid to
the PGPP from the Escrow Account under clause 6.5(a), any amount treated as paid
under clause 6.7 , any payments contemplated under clause 3 and any amounts (not
exceeding 900,000 in aggregate) that, once the relevant procedural steps
involving the Independent Committee have been undertaken, will become payable by
IDCO UK to PMSL in respect of contributions paid prior to the date of this
Agreement by PMSL to the PGPP on behalf of IDCO UK) that is or may after the
date of this Agreement be payable to or in respect of the PGPP by the Purchaser
or any member of the IDCO Group, whether arising as a result of a breach by
Pearson of its obligations under clause 6.7, or otherwise.
Page 9
|
8. |
AGREEMENT |
Each party to this Agreement agrees that, to the extent such matters are
within its control, it will take all reasonable steps necessary to ensure that
the arrangements envisaged under this Agreement occur, and will take no steps to
prevent them from occurring.
|
9. |
NOTICES |
9.1 Any notice or other communication to be given by one party to any other
party under, or in connection with, this Agreement shall be in writing and
signed by or on behalf of the party giving it. It shall be served by sending it
by fax (where such a fax number has been provided in clause 9.2 by the relevant
party) to the number set out in clause 9.2, or delivering it by hand, or sending
it by pre paid recorded delivery, special delivery or registered post, to the
address set out in clause 9.2 and in each case marked for the attention of the
relevant party set out in clause 9.2 (or as otherwise notified from time to time
in accordance with the provisions of this clause 9). Any notice so served by
hand, fax or post shall be deemed to have been duly given:
|
(a) |
in the case of delivery by hand, when delivered; |
|
(b) |
in the case of fax, at the time of transmission; |
|
(c) |
in the case of prepaid recorded delivery, special delivery or registered |
provided that in each case where delivery by hand or by fax occurs after 6pm
on a Business Day or on a day which is not a Business Day, service shall be
deemed to occur at 9am on the next following Business Day.
References to time in this clause are to local time in the country of the
addressee.
9.2 The addresses and (where applicable) fax numbers of the parties for the
purpose of clause 9.1 are as follows:
Pearson plc, Pearson Seller, Pearson Services and PMSL
|
Address: |
Pearson plc, 80 Strand, London, W2R 0RL |
|
|
For the attention of: |
Philip Hoffman |
The Trustee
|
Address: |
c/o Group Pensions, Pearson plc, 80 Strand, London, WC2R 0RL |
|
|
Fax: |
+44 (0)20 7010 6727 |
|
|
For the attention of: |
James Joll (Chairman of Pearson Group Pension Trustee Limited) |
IDCO Inc and IDCO UK
|
Address: |
22 Crosby Drive Bedford, Massachusetts 01730 USA |
|
|
For the attention of: |
General Counsel |
Page 10
The Purchaser
|
Address: |
c/o Silver Lake Partners III, L.P., 2775 Sand Hill Road, Suite 100, Menlo |
|
|
Fax: |
+1-650-233-8125 |
|
|
For the attention of: |
General Counsel |
|
9.3 A party may notify any other party to this agreement of a change to its
name, relevant addressee, address or fax number for the purposes of this clause
9, provided that, such notice shall only be effective on:
|
(a) |
the date specified in the notice as the date on which the change is to take |
|
(b) |
if no date is specified or the date specified is less than five Business Days |
|
10. |
THIRD |
Save in relation to the rights of any member of the IDCO Group under clause
7, a person who is not a party to this Agreement is not entitled to enforce this
Agreement or any of its terms by virtue of the Contracts (Rights of Third
Parties) Act 1999 or otherwise and such person shall have no rights by virtue of
the Contracts (Rights of Third Parties) Act 1999.
|
11. |
MISCELLANEOUS |
11.1 The terms of this Agreement may be amended by a deed executed by the
parties hereto.
11.2 The provisions of this Agreement will be effective on and from the date
of this Agreement. This Agreement is delivered as a deed on the date written at
the start of the Agreement.
11.3 This Agreement may be executed in any number of counterparts which taken
together shall constitute one document, and any party may execute this Agreement
by executing any one or more such counterparts. Delivery of a counterpart of
this Deed by e-mail attachment or telecopy shall be an effective mode of
delivery.
11.4 In the event that the Merger Agreement is terminated (whether under
Article VII of the Merger Agreement or otherwise), the provisions of this
Agreement shall cease to have effect, save for clauses 9, 10, 11.1, 11.3, 11.5
and 11.6, which shall continue to have full force and effect.
11.5 Each party undertakes that it shall (and, where relevant, undertakes to
procure that its officers, employees, agents and professional and other advisers
and those of any member of its group shall) use all reasonable endeavours to
keep confidential at all times and not permit or cause the disclosure of any
information which it may have or acquire before or after the date of this
Agreement in relation to Pearson Plc or any member of its group, or the
Purchaser, or any member of its group or any of their customers, business,
assets or affairs, including without limitation, any relating to the provisions
of, and negotiations leading to, this Agreement (such information being
Confidential Information). In performing its obligations under this clause 11.5,
each party shall apply confidentiality standards and procedures at least as
stringent as those it applies generally in relation to its own confidential
information. Each party to this agreement shall be permitted, notwithstanding
the foregoing, to disclose the Confidential Information to its officers,
employees, agents and professional and other advisers and those of any member of
its group and to disclose the Confidential Information to the extent required by
the applicable law or regulations of any jurisdiction.
Page 11
11.6 This Agreement and any non-contractual obligations arising out of or in
relation to this Agreement are shall be governed by and construed in accordance
with English law.
EXECUTED and DELIVERED as a DEED
Page 12
ANNEX 1
FORM OF DEED OF CESSATION OF PARTICIPATION
|
EXECUTED as a deed by |
) |
|
|
PEARSON PLC |
) |
|
|
acting by |
) |
|
|
Director |
||
|
Director/Secretary |
||
|
EXECUTED as a deed by |
) |
|
|
PEARSON DBC |
) |
|
|
HOLDINGS, INC |
) |
|
|
acting by |
) |
|
|
Director |
||
|
Director/Secretary |
||
|
EXECUTED as a deed by |
) |
|
|
PEARSON SERVICES LIMITED |
) |
|
|
acting by |
) |
|
|
Director |
||
|
Director/Secretary |
||
Page 14
|
EXECUTED as a deed by |
) |
|
|
PEARSON MANAGEMENT |
) |
|
|
SERVICES LIMITED |
) |
|
|
acting by |
) |
Director
Director/Secretary
|
EXECUTED as a deed by |
) |
|
|
PEARSON GROUP PENSION |
) |
|
|
TRUSTEE LIMITED |
) |
|
|
acting by |
) |
Director
Director/Secretary
|
EXECUTED as a deed by |
) |
|
|
INTERACTIVE DATA |
) |
|
|
CORPORATION |
) |
|
|
acting by |
) |
Director
Director/Secretary
|
EXECUTED as a deed by |
) |
|
|
INTERACTIVE DATA |
) |
|
|
(EUROPE) LIMITED |
) |
|
|
acting by |
) |
Director
Director/Secretary
|
EXECUTED as a deed by |
) |
|
|
HG INVESTORS LLC |
) |
|
|
acting by |
) |
Director
Director/Secretary
Page 16
2010
PEARSON PLC
PEARSON DBC HOLDINGS, INC
PEARSON SERVICES LIMITED
PEARSON MANAGEMENT SERVICES LIMITED
PEARSON GROUP PENSION TRUSTEE LIMITED
INTERACTIVE DATA CORPORATION
INTERACTIVE DATA (EUROPE) LIMITED
HG INVESTORS LLC
PENSIONS TRANSITIONAL AGREEMENT
Freshfields Bruckhaus Deringer LLP
CONTENTS
|
CLAUSE |
PAGE |
|||||
|
1. |
APPLICATION OF THIS AGREEMENT AND DEFINITIONS |
2 |
||||
|
2. |
ADMINISTRATION OF THE PGPP BEFORE THE CLOSING DATE |
4 |
||||
|
3. |
PAYMENT OF CONTRIBUTIONS TO THE PGPP |
6 |
||||
|
4. |
CESSATION OF IDCO UK153S PARTICIPATION IN THE PGPP |
7 |
||||
|
5. |
SECTION 75 DEBT OF IDCO UK |
8 |
||||
|
6. |
ESCROW ACCOUNT AND PAYMENT OF SECTION 75 DEBT |
8 |
||||
|
7. |
REPAYMENT AND INDEMNITY |
9 |
||||
|
8. |
AGREEMENT |
10 |
||||
|
9. |
NOTICES |
10 |
||||
|
10. |
THIRD PARTY RIGHTS |
11 |
||||
|
11. |
MISCELLANEOUS |
11 |
||||
|
ANNEX 1 FORM OF DEED OF CESSATION OF PARTICIPATION |
13 |
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