{"id":40244,"date":"2015-09-17T11:25:58","date_gmt":"2015-09-17T16:25:58","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-legal\/contracts\/uncategorized\/pensions-transitional-agreement-interactive-data-corp.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"pensions-transitional-agreement-interactive-data-corp","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/compensation\/pensions-transitional-agreement-interactive-data-corp.html","title":{"rendered":"Pensions Transitional Agreement – Interactive Data Corp."},"content":{"rendered":"

THIS DEED <\/strong>is made on May 7, 2010<\/p>\n

B<\/strong>ETWEEN<\/strong><\/p>\n\n\n\n
<\/td>\n\n

(1)<\/p>\n<\/td>\n

\n

PEARSON PLC<\/strong>, a company incorporated in England with
\nregistered number 00053723 whose registered address is at 80 Strand, London WC2R
\n0RL (Pearson plc<\/em><\/strong>);<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/p>\n\n\n\n
<\/td>\n\n

(2)<\/p>\n<\/td>\n

\n

PEARSON DBC HOLDINGS, INC<\/strong>, a corporation incorporated under
\nthe laws of the State of Delaware (Pearson Seller<\/em><\/strong>);\n<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/p>\n\n\n\n
<\/td>\n\n

(3)<\/p>\n<\/td>\n

\n

PEARSON SERVICES LIMITED<\/strong>, a company incorporated in England
\nwith registered number 01341060 whose registered address is at 80 Strand, London
\nWC2R 0RL (Pearson Services<\/em><\/strong>);<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/p>\n\n\n\n
<\/td>\n\n

(4)<\/p>\n<\/td>\n

\n

PEARSON MANAGEMENT SERVICES LIMITED<\/strong>, a company incorporated
\nin England with registered number 00096263, whose registered address is at 80
\nStrand, London WC2R 0RL (PMSL<\/em><\/strong>);<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/p>\n\n\n\n
<\/td>\n\n

(5)<\/p>\n<\/td>\n

\n

PEARSON GROUP PENSION TRUSTEE LIMITED<\/strong>, a company
\nincorporated in England with registered number 01765290, whose registered
\naddress is at 80 Strand, London WC2R 0RL (the
\nTrustee<\/em><\/strong>);<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/p>\n\n\n\n
<\/td>\n\n

(6)<\/p>\n<\/td>\n

\n

INTERACTIVE DATA CORPORATION<\/strong>, a corporation incorporated
\nunder the laws of the State of Delaware (IDCO Inc<\/em><\/strong>);\n<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/p>\n\n\n\n
<\/td>\n\n

(7)<\/p>\n<\/td>\n

\n

INTERACTIVE DATA (EUROPE) LIMITED<\/strong>, a company incorporated in
\nEngland with registered number 00949387 whose registered address is at Fitzroy
\nHouse, 13-17 Epworth Street, London EC2A 4DL (IDCO
\nUK<\/em><\/strong>); and<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/p>\n\n\n\n
<\/td>\n\n

(8)<\/p>\n<\/td>\n

\n

HG INVESTORS LLC<\/strong>, a limited liability company formed under
\nthe laws of the State of Delaware (the Purchaser<\/em><\/strong>).\n<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

W<\/strong>HEREAS<\/strong>: <\/strong><\/p>\n

(A) As at the date of this Agreement, Pearson plc through its indirect
\nsubsidiary Pearson Seller holds approximately 61% of the shares of capital stock
\nof IDCO Inc. Pursuant to an agreement and plan of merger dated on or around the
\ndate hereof (as amended from time to time, the Merger
\nAgreement<\/em><\/strong>) between the Purchaser and IDCO Inc, upon the terms and
\nsubject to the conditions set forth therein, a subsidiary of the Purchaser will
\nmerge into IDCO Inc and, as a result of such merger, the outstanding shares of
\ncapital stock of IDCO Inc will be converted into the right to receive the amount
\nof cash set forth therein and IDCO Inc will become a 100% owned subsidiary of
\nthe Purchaser with effect on and from the effective time of such merger (the
\nClosing Date).<\/p>\n

(B) IDCO UK is a subsidiary of IDCO Inc.<\/p>\n

(C) As at the date of this Agreement IDCO UK participates in the following
\nsections of the Pearson Group Pension Plan (the PGPP), which is currently
\ngoverned by the Trust Deed:<\/p>\n\n\n\n
<\/td>\n\n

a.<\/p>\n<\/td>\n

\n

the Pearson Group Final Pay Section;<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/p>\n\n\n\n
<\/td>\n\n

b.<\/p>\n<\/td>\n

\n

the Pearson Group Money Purchase Section;<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/p>\n\n\n\n
<\/td>\n\n

c.<\/p>\n<\/td>\n

\n

the Money Purchase 2003 Section;<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/p>\n\n\n\n
<\/td>\n\n

d.<\/p>\n<\/td>\n

\n

the Extel Section; and<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/p>\n\n\n\n
<\/td>\n\n

e.<\/p>\n<\/td>\n

\n

the Financial Times Section.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

\n

(D) Pearson Services is the principal company of the PGPP and the Trustee is
\nthe trustee of the PGPP.<\/p>\n

(E) Pursuant to a deed of cessation of participation dated on or around the
\ndate of this Agreement (between Pearson Services, the Trustee and IDCO UK), IDCO
\nUK shall cease to participate in the PGPP on the Closing Date.<\/p>\n

(F) The parties wish to make arrangements relating to IDCO UK153s participation
\n(and cessation of participation) in the PGPP on the terms set out in this
\nAgreement.<\/p>\n

N<\/strong>OW<\/strong>
\nT<\/strong>HIS<\/strong> D<\/strong>EED<\/strong>
\nW<\/strong>ITNESSES<\/strong> as follows:<\/p>\n\n\n\n
\n

1.<\/strong><\/p>\n<\/td>\n

\n

A<\/strong>PPLICATION<\/strong> OF<\/strong>
\nTHIS<\/strong> A<\/strong>GREEMENT<\/strong>
\nAND<\/strong> D<\/strong>EFINITIONS<\/strong><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

1.1 In this Agreement the following expressions shall, unless the context
\notherwise requires, have the following meanings:<\/p>\n

Actuary<\/em><\/strong> means the PGPP153s actuary from time to time;\n<\/p>\n

Bank <\/em><\/strong>has the meaning given in clause 6.2;<\/p>\n

Business Day<\/em><\/strong> means a day other than a Saturday or
\nSunday or public holiday in England and Wales on which banks are open in London
\nfor general commercial business;<\/p>\n

Closing Date<\/em><\/strong> has the meaning given in recital (A),
\nand Closing shall be construed accordingly;<\/p>\n

Extel Section <\/em><\/strong>means the Extel Section of the PGPP,
\ngoverned by the Trust Deed, and the rules of the Extel Section dated 21 December
\n1999, as from time to time amended;<\/p>\n

Employees in a Qualifying Period<\/em><\/strong> means employees of
\nIDCO UK who would be eligible to join the Money Purchase 2003 Section of the
\nPGPP but for the fact they have not yet completed the required length of service
\nwith IDCO UK;<\/p>\n

Escrow Account <\/em><\/strong>has the meaning given in clause 6.1;\n<\/p>\n

Financial Times Section <\/em><\/strong>means the Financial Times
\nSection of the PGPP, governed by the Trust Deed, and the rules of the Financial
\nTimes Section dated 21 December 1999, as from time to time amended;<\/p>\n

IDCO<\/em><\/strong> means IDCO Inc and IDCO UK;<\/p>\n

IDCO Group<\/em><\/strong> means IDCO Inc, and each and every
\nentity that is an Affiliate (as defined in the Merger Agreement) or a Related
\nParty (as defined in the Merger Agreement) of IDCO Inc on and from the Closing
\nDate;<\/p>\n

IDCO UK Members<\/em><\/strong> means all of the current and former
\nemployees of IDCO UK who are members of the PGPP;<\/p>\n

Independent Committee<\/em><\/strong> means the Independent
\nCommittee of the Board of Directors of IDCO Inc comprising Ms Drucker, Dr
\nGreenberg, Mr Lamb, and Victor Simone as of the date hereof, and responsible for
\n(among other matters) reviewing, approving, or ratifying related-party
\ntransactions of IDCO Inc;<\/p>\n

Page 2<\/p>\n

\n

Interest Rate<\/em><\/strong> means LIBOR;<\/p>\n

LIBOR<\/em><\/strong> means the display rate per annum of the
\noffered quotation for deposits in sterling for a period of one month which
\nappears on the appropriate page of the Reuters Screen (or such other page as the
\nparties may agree) at or about 11.00a.m. London time on the date on which
\npayment of the sum under this Agreement was due but not paid;<\/p>\n

Merger Agreement <\/em><\/strong>has the meaning given in recital
\n(A);<\/p>\n

Money Purchase 2003 Section <\/em><\/strong>means the Money
\nPurchase 2003 Section of the PGPP, governed by the Trust Deed, and the rules of
\nthe Money Purchase 2003 Section dated 20 December 2002, as from time to time
\namended;<\/p>\n

Pearson<\/em><\/strong> means Pearson plc, Pearson Seller, Pearson
\nServices and PMSL;<\/p>\n

Pearson Group Final Pay Section <\/em><\/strong>means the Pearson
\nGroup Final Pay Section of the PGPP, governed by the Trust Deed, and the rules
\nof the Pearson Group Final Pay Section dated 20 December 2002, as from time to
\ntime amended;<\/p>\n

Pearson Group Money Purchase Section <\/em><\/strong>means the
\nPearson Group Money Purchase Section of the PGPP, governed by the Trust Deed,
\nand the rules of the Pearson Group Money Purchase Section dated 20 December
\n2002, as from time to time amended;<\/p>\n

Pearson Related Party <\/em><\/strong>means each and every entity
\nthat is an Affiliate (as defined in the Merger Agreement) or a Related Party (as
\ndefined in the Merger Agreement) of Pearson on and from the Closing Date;<\/p>\n

Pensionable Employees<\/em><\/strong> means all of:<\/p>\n\n\n\n
\n

(a)<\/p>\n<\/td>\n

\n

the employees of IDCO UK immediately before the Closing Date who are then
\nactive members of the PGPP and who continue to be employed by IDCO UK
\nimmediately after the Closing Date (including any members entitled to benefits
\non death in service only); and<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/p>\n\n\n\n
\n

(b)<\/p>\n<\/td>\n

\n

Employees in a Qualifying Period;<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

PGPP<\/em><\/strong> has the meaning given in recital (C). Where
\nthe context so requires the PGPP includes the Trustee;<\/p>\n

Recovery Plan<\/em><\/strong> means the recovery plan of the PGPP
\ndated 22 March 2010;<\/p>\n

registered pension scheme<\/em><\/strong> means a scheme which is a
\nregistered pension scheme under Part 4 of the Finance Act 2004;<\/p>\n

Rules<\/em><\/strong> means the rules adopted in accordance with
\nthe Trust Deed which apply in relation to members of the Pearson Group Final Pay
\nSection, the Pearson Group Money Purchase Section, the Money Purchase 2003
\nSection, the Extel Section and the Financial Times Section as amended from time
\nto time. Where a member is not a Pensionable Employee, it will be the rules
\nwhich applied when they ceased to be an active member of the PGPP;<\/p>\n

Schedule of Contributions<\/em><\/strong> means the schedule of
\ncontributions of the PGPP dated 22 March 2010;<\/p>\n

Page 3<\/p>\n

\n

Section 75<\/em><\/strong> means Sections 75 and 75A of the
\nPensions Act 1995;<\/p>\n

Section 75 Certificate<\/em><\/strong> means the statutory
\ncertificate produced pursuant to Section 75 by the Actuary upon the cessation of
\nIDCO UK in the PGPP at Closing, and referred to at clause 5;<\/p>\n

Section 75 Intra Group Payment<\/em><\/strong> has the meaning
\ngiven in clause 6.7(b);<\/p>\n

Section 75 Top Up<\/em><\/strong> has the meaning given in clause
\n6.7; and<\/p>\n

Trust Deed<\/em><\/strong> means the eighth consolidated trust deed
\nin respect of the PGPP, dated 8 February 2006, made between Pearson Services and
\nthe Trustee (as amended).<\/p>\n\n\n\n
\n

1.2<\/p>\n<\/td>\n

\n

Except where the context otherwise requires:<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/p>\n\n\n\n
\n

(a)<\/p>\n<\/td>\n

\n

words and phrases which are defined in the Pension Schemes Act 1993, the
\nPensions Act 1995 or the Pensions Act 2004 shall have the same meanings in this
\nAgreement;<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/p>\n\n\n\n
\n

(b)<\/p>\n<\/td>\n

\n

any reference to an enactment is a reference to it as from time to time
\namended, consolidated or re-enacted (with or without modification) and includes
\nall instruments or orders made thereunder; and<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/p>\n\n\n\n
\n

(c)<\/p>\n<\/td>\n

\n

headings are inserted for convenience only and shall not affect the
\nconstruction of this Agreement.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/p>\n\n\n\n
\n

2.<\/strong><\/p>\n<\/td>\n

\n

A<\/strong>DMINISTRATION<\/strong> OF<\/strong>
\nTHE<\/strong> PGPP B<\/strong>EFORE<\/strong>
\nTHE<\/strong> C<\/strong>LOSING<\/strong>
\nD<\/strong>ATE<\/strong><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Obligations of Pearson and the Trustee <\/strong><\/p>\n

2.1 Pearson and the Trustee agree that during and in respect of the period
\nfrom the date of this Agreement up to and including the Closing Date, the
\nPensionable Employees will be permitted to remain members of the PGPP and IDCO
\nUK will be permitted to participate in the PGPP until the Closing Date.<\/p>\n

2.2 Other than as provided for under clause 2.3, Pearson and the Trustee
\nshall not, during and in respect of the period from the date of this Agreement
\nto the Closing Date alter the Trust Deed or Rules or exercise any other power or
\ndiscretion so as to increase materially the obligations of IDCO UK as a
\nparticipating employer, or any debt potentially payable by IDCO UK under Section
\n75 (and, in particular, Pearson and the Trustee shall not alter the Schedule of
\nContributions in any manner increasing IDCO UK153s contributions to the PGPP).\n<\/p>\n

2.3 Pearson and the Trustee may do or omit to do the actions described in
\nclause 2.2 in the following circumstances:<\/p>\n\n\n\n
\n

(a)<\/p>\n<\/td>\n

\n

with the written consent of IDCO UK (such consent not to be unreasonably
\nwithheld or delayed (it being acknowledged that it will not be deemed
\nunreasonable for IDCO UK to withhold or delay consent if any action or omission
\nto act by Pearson and\/or the Trustee results in any change to the obligations of
\nIDCO UK under the Schedule of Contributions dated 22 March 2010 or in any other
\nmaterial increases to IDCO UK153s obligations)); or<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/p>\n\n\n\n
\n

(b)<\/p>\n<\/td>\n

\n

as required by law, or as is necessary in the reasonable opinion of Pearson
\nand\/or the Trustee, to avoid prejudicing the position of the PGPP as a
\nregistered pension scheme or as a contracted out scheme; or<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Page 4<\/p>\n

\n\n\n\n
\n

(c)<\/p>\n<\/td>\n

\n

if such actions are being taken in the normal course of administering the
\nPGPP and\/or affect all participating employers in the PGPP in the same manner
\n(including, for the avoidance of doubt, (i) the revision of actuarial factors
\nused in the calculation of early retirement and late retirement benefits, and
\nconversion of a member153s voluntary contributions to benefits under the PGPP, and
\n(ii) the replacement of the Trust Deed and Rules with documents that have been
\nrewritten for the purpose of facilitating ease of administration and updating
\nlegislative references; both of which (i) and (ii) are expected to occur between
\nthe date of this Agreement and the Closing Date).<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Obligations of IDCO <\/strong><\/p>\n

2.4 IDCO UK agrees that it will (and IDCO shall procure that IDCO UK will),
\nduring and in respect of the period up to and including the Closing Date:<\/p>\n\n\n\n
\n

(a)<\/p>\n<\/td>\n

\n

comply in all material respects with the provisions of the PGPP and the
\nobligations imposed on an employer in relation to the PGPP by relevant
\nlegislation;<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/p>\n\n\n\n
\n

(b)<\/p>\n<\/td>\n

\n

take such steps as are necessary or reasonable to procure that the
\nPensionable Employees remain in contracted-out employment in relation to the
\nPGPP;<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/p>\n\n\n\n
\n

(c)<\/p>\n<\/td>\n

\n

not exercise any power, right or discretion conferred on it by the PGPP, or
\nin relation to the PGPP, by or under any legislation, including the giving or
\nwithholding of consent to any event or course of action, conferred on IDCO UK by
\nthe PGPP except on such terms (whether as to payment of additional contributions
\nor otherwise) as Pearson Services may agree, such agreement not to be
\nunreasonably withheld or delayed; and<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/p>\n\n\n\n
\n

(d)<\/p>\n<\/td>\n

\n

not do or omit to do anything whereby the position of the PGPP as a
\nregistered pension scheme or as a contracted out scheme would or might be
\nprejudiced.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

2.5 The parties to this Agreement acknowledge that the Pensions Act 1995 and
\nthe Pensions Act 2004 and regulations already made under them or to be made
\nunder them in the future (the Pensions Legislation<\/em><\/strong>)
\nwill impose requirements on and grant discretions to employers under and in
\nrelation to the PGPP. Subject to clause 2.2 above (when read in conjunction with
\nclause 2.3 above).<\/p>\n\n\n\n
\n

(a)<\/p>\n<\/td>\n

\n

IDCO UK agrees that Pearson Services may make all decisions and exercise all
\ndiscretions in relation to the PGPP envisaged by or desirable under the Pensions
\nLegislation as though Pearson Services were the sole employer participating in
\nthe PGPP;<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/p>\n\n\n\n
\n

(b)<\/p>\n<\/td>\n

\n

while IDCO UK remains an employer in relation to the PGPP, IDCO UK will in
\nrelation to the PGPP:<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/p>\n\n\n\n
<\/td>\n\n

(i)<\/p>\n<\/td>\n

\n

exercise no right or discretion conferred on it by or under the Pensions
\nLegislation without the prior written consent of Pearson Services;<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/p>\n\n\n\n
<\/td>\n\n

(ii)<\/p>\n<\/td>\n

\n

exercise each right or discretion conferred on it by or under the Pensions
\nLegislation as directed from time to time in writing by Pearson Services;<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/p>\n\n\n\n
<\/td>\n\n

(iii)<\/p>\n<\/td>\n

\n

from time to time execute all deeds, documents, agreements, consents or
\napprovals for the purpose of complying with its obligations under sub- clauses
\n(i) or (ii) above as may be considered necessary or desirable by Pearson
\nServices; and<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/p>\n\n\n\n
<\/td>\n\n

(iv)<\/p>\n<\/td>\n

\n

co-operate with Pearson Services and the Trustee in providing information
\nabout, and access to, its employees from time to time; and<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Page 5<\/p>\n

\n\n\n\n
\n

(c)<\/p>\n<\/td>\n

\n

Pearson Services may exercise the authorities and discretions envisaged by
\nthis clause in its absolute unfettered discretion and in its own interests. Save
\nas provided in this Agreement (and in particular, without limitation, clause 2.2
\nwhen read in conjunction with clause 2.3), the Purchaser and IDCO accept that
\nPearson Services owes no duty or responsibility to IDCO UK, to the Purchaser, or
\nto IDCO Inc in relation to the exercise of the authorities and discretions
\nenvisaged as conferred on Pearson Services by this clause.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

2.6 IDCO shall procure that a relevant insolvency event for the purposes of
\nSection 75 does not occur in relation to IDCO UK while it is an employer in
\nrelation to the PGPP for the purposes of that section.<\/p>\n

2.7 Pearson Services, the Trustee and IDCO UK shall take such steps as may be
\nrequired of them to procure that IDCO UK ceases to hold or be named in a
\ncontracting out certificate in relation to the PGPP with effect from the end of
\nthe Closing Date.<\/p>\n

2.8 IDCO UK shall use reasonable endeavours to carry out any obligations
\nrelating to consultation of the IDCO UK employees (whether under The
\nOccupational and Personal Pension Schemes (Consultation by Employers and
\nMiscellaneous Amendment) Regulations 2006 or otherwise) before the Closing Date
\nin relation to the Purchaser153s proposals for pensions accruals post-Closing, and
\nthe Purchaser, Pearson plc and IDCO Inc shall assist IDCO UK in relation to any
\nreasonable request thereto by IDCO UK.<\/p>\n\n\n\n
\n

3.<\/strong><\/p>\n<\/td>\n

\n

P<\/strong>AYMENT<\/strong> OF<\/strong>
\nC<\/strong>ONTRIBUTIONS<\/strong> TO<\/strong>
\nTHE<\/strong> PGPP<\/strong><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

3.1 PMSL shall, during and in respect of the period from the date of this
\nAgreement up to and including the Closing Date, pay (or procure the payment of)
\nthe following monthly contributions, within nineteen (19) days of the end of the
\ncalendar month in which the deduction from the Pensionable Employees153 earnings
\nwere made, to the PGPP on behalf of IDCO UK:<\/p>\n\n\n\n
\n

(a)<\/p>\n<\/td>\n

\n

pending and subject to the relevant procedures relating to approval by the
\nIndependent Committee of the Board of Directors of IDCO, 103,025.00, which are
\nthe monthly payments in respect of IDCO UK153s share of the deficit contributions
\nset out in the recovery plan for the PGPP dated 22 March 2010 (required under
\nsection 226 of the Pensions Act 2004);<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/p>\n\n\n\n
\n

(b)<\/p>\n<\/td>\n

\n

contributions to the PGPP in respect of the Pensionable Employees calculated
\nas follows:<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Section of the PGPP<\/strong><\/p>\n<\/td>\n

<\/td>\n\n

Contribution rate (expressed as a percentage
\nof<\/strong><\/p>\n

Pensionable Salary (as defined in the Trust
\nDeed))<\/strong><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/tr>\n
\n

The Financial Times Section<\/p>\n<\/td>\n

<\/td>\n\n

45.4%<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/tr>\n
\n

The Extel Section<\/p>\n<\/td>\n

<\/td>\n\n

35.0%<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/tr>\n
\n

The Pearson Group Final Pay Section<\/p>\n<\/td>\n

<\/td>\n\n

23.9%<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/tr>\n
\n

The Pearson Group Money Purchase Section<\/p>\n<\/td>\n

<\/td>\n\n

5.8%, plus twice the percentage amount of Pensionable Salary due from the
\nrelevant Pensionable Employee in respect of the calendar month in which the
\ndeduction from the Pensionable Employee153s earnings were made<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/tr>\n
\n

The Money Purchase 2003 Section<\/p>\n<\/td>\n

<\/td>\n\n

5.8%, plus twice the percentage amount of Pensionable Salary due from the
\nrelevant Pensionable Employee in respect of the calendar month in which the
\ndeduction from the Pensionable Employee153s earnings were made<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Page 6<\/p>\n

\n\n\n\n
\n

(c)<\/p>\n<\/td>\n

\n

the amount calculated as the member contribution due from each Pensionable
\nEmployee under the Rules;<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/p>\n\n\n\n
\n

(d)<\/p>\n<\/td>\n

\n

any amount representing Pensionable Employees153 voluntary contributions
\ndeducted from pay by IDCO UK; and<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/p>\n\n\n\n
\n

(e)<\/p>\n<\/td>\n

\n

any other amount which is payable by IDCO UK as an employer under the Trust
\nDeed and Rules,<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

in each case above, as set out in the Schedule of Contributions and the
\nRecovery Plan.<\/p>\n

3.2 For the avoidance of doubt, if the Closing Date does not fall on the last
\nday of the month, the payments under clause 3.1 above will be pro-rated to take
\naccount of the portion of the month that IDCO UK continued to participate in the
\nPGPP.<\/p>\n

3.3 IDCO UK shall pay to PMSL (or procure that such an amount is paid to PMSL
\non IDCO UK153s behalf) amount(s) equal to the amount(s) paid by PMSL to the PGPP
\nunder clause 3.1 above (in the case of the amounts referred to in clause 3.1(a),
\npending and subject to the relevant procedures relating to approval by the
\nIndependent Committee) within seven days of the date of such contributions
\nbecoming due to the PGPP, together with interest at the Interest Rate in respect
\nof the period from the day after the relevant amount is paid to the PGPP up to
\nand including the date on which it is paid to PMSL by or on behalf of IDCO UK
\n(and, for the avoidance of doubt, no payment under this clause 3 shall relate to
\nthe Section 75 Top Up referred to at clause 6.6).<\/p>\n\n\n\n
\n

4.<\/strong><\/p>\n<\/td>\n

\n

C<\/strong>ESSATION<\/strong> OF<\/strong> IDCO
\nUK153S P<\/strong>ARTICIPATION<\/strong> IN<\/strong>
\nTHE<\/strong> PGPP<\/strong><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

4.1 Each of Pearson Services, the Trustee, and IDCO shall do everything in
\nits power to ensure that all of the employees of IDCO UK in relation to the PGPP
\ncease to be in pensionable service under the PGPP on the Closing Date.<\/p>\n

4.2 Pearson Services, the Trustee, and IDCO UK will, on or around the date of
\nthis Agreement, enter into a deed under which:<\/p>\n\n\n\n
\n

(a)<\/p>\n<\/td>\n

\n

notice will be given by IDCO UK to the Trustee, terminating IDCO UK153s
\nparticipation in the PGPP with effect on and from the Closing Date; and<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/p>\n\n\n\n
\n

(b)<\/p>\n<\/td>\n

\n

the Trustee shall give IDCO UK a conditional discharge from all IDCO UK153s
\nliabilities to the PGPP.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

This deed will be in substantially the form annexed to this Agreement as
\nAnnexure 1 (or such other form as may be agreed in writing by the parties).<\/p>\n

Page 7<\/p>\n

\n\n\n\n
\n

5.<\/strong><\/p>\n<\/td>\n

\n

S<\/strong>ECTION<\/strong> 75
\nD<\/strong>EBT<\/strong> OF<\/strong> IDCO UK<\/strong><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

If any amount becomes payable by IDCO UK to the Trustee as a debt under
\nSection 75, the Trustee will promptly instruct the Actuary to calculate and
\ncertify such debt and, when the debt has been certified (the
\nSection 75 Certificate<\/em><\/strong>), will promptly notify Pearson,
\nIDCO Inc and IDCO UK in writing of:<\/p>\n\n\n\n
\n

(a)<\/p>\n<\/td>\n

\n

the amount of the debt; and<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/p>\n\n\n\n
\n

(b)<\/p>\n<\/td>\n

\n

the amount of any difference between the debt and the amount standing to the
\ncredit of the Escrow Account (established under clause 6.1 below) in immediately
\navailable cleared funds.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/p>\n\n\n\n
\n

6.<\/strong><\/p>\n<\/td>\n

\n

E<\/strong>SCROW<\/strong>
\nA<\/strong>CCOUNT<\/strong> AND<\/strong> PAYMENT<\/strong>
\nOF<\/strong> S<\/strong>ECTION<\/strong> 75
\n<\/strong>DEBT<\/strong><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

6.1 As security for IDCO UK153s obligation referred to in clause 5, the
\nPurchaser and IDCO Inc shall procure that IDCO UK (or such other person as the
\nPurchaser may direct) shall pay the sum of 53 million into a deposit account
\n(the Escrow Account<\/em><\/strong>) in the name of the Trustee (the
\ndetails of such account to be notified by the Trustee to Pearson, IDCO Inc, IDCO
\nUK and the Purchaser on or before the Closing Date, in accordance with clause 9
\nbelow) on or before the Closing Date, to be held in cash in the Escrow Account,
\nand administered and released in accordance with the terms set out in this
\nclause 6.<\/p>\n

6.2 The Trustee shall not issue any instructions to the bank at which the
\nEscrow Account is held (the Bank<\/em><\/strong>) to release funds
\nfrom the Escrow Account save as provided for under this Agreement or otherwise
\nrequired by any law, regulation or court order.<\/p>\n

6.3 Any bank or other charges arising on the Escrow Account shall be charged
\nto the Escrow Account.<\/p>\n

6.4 Any interest or profit generated on the Escrow Account (subject to any
\ndeduction or withholding of tax at source or any bank or other charges properly
\ncharged to the Escrow Account) shall be paid, in the event amounts become
\npayable under clause 6.5(b) below, as part of the amounts payable under that
\nclause 6.5(b).<\/p>\n

6.5 Within 5 Business Days of IDCO UK receiving the notice from the Trustee
\nunder clause 5, the Trustee shall issue instructions to the Bank to:<\/p>\n\n\n\n
\n

(a)<\/p>\n<\/td>\n

\n

release from the Escrow Account to the Trustee (in its capacity as trustee of
\nthe PGPP) an amount equal to:<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/p>\n\n\n\n
<\/td>\n\n

(i)<\/p>\n<\/td>\n

\n

the amount due from IDCO UK to the PGPP above, in satisfaction of the Section
\n75 liability of IDCO UK referred to in clause 5; or<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/p>\n\n\n\n
<\/td>\n\n

(ii)<\/p>\n<\/td>\n

\n

if the aggregate amount standing to the credit of the Escrow Account in
\nimmediately available cleared funds is less than the Section 75 liability of
\nIDCO UK, the aggregate amount then standing to the credit of the Escrow Account
\nin immediately available cleared funds towards satisfaction of IDCO UK153s Section
\n75 liability referred to in clause 5; and<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/p>\n\n\n\n
\n

(b)<\/p>\n<\/td>\n

\n

where clause 6.5(a)(i) applies, immediately after the payment to the Trustee
\nfrom the Escrow Account is made under clause 6.5(a)(i), pay any remaining
\nbalance on the Escrow Account to Pearson plc or such person or persons as it may
\nafter the Closing Date direct.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Page 8<\/p>\n

\n

6.6 The Trustee undertakes to issue instructions for payment from the Escrow
\nAccount of the amounts due under the above clauses without delay.<\/p>\n

6.7 In the event that the Trustee notifies Pearson, IDCO Inc and IDCO UK
\n(under clause 5 above) that the aggregate amount in the Escrow Account is less
\nthan the amount due from IDCO UK to the PGPP under Section 75 (as referred to in
\nclause 5) (the amount of the difference between those amounts being the
\nSection 75 Top Up<\/em><\/strong>), the following shall apply:<\/p>\n\n\n\n
\n

(a)<\/p>\n<\/td>\n

\n

Pearson Seller undertakes to pay to IDCO Inc, in the manner contemplated by
\nsub-clause (d) below, as a reduction to the consideration payable under the
\nMerger Agreement, an amount equal to the Section 75 Top Up.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/p>\n\n\n\n
\n

(b)<\/p>\n<\/td>\n

\n

Following receipt of the Section 75 Top Up in accordance with (a), IDCO Inc
\nundertakes to immediately lend, contribute, or otherwise make available an
\namount equal to the Section 75 Top Up to IDCO UK (the Section 75
\nIntra Group Payment<\/em><\/strong>) in the manner contemplated by sub-clause (d)
\nbelow, and will prepare appropriate intercompany documentation evidencing such
\nloan, contribution, or other transfer.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/p>\n\n\n\n
\n

(c)<\/p>\n<\/td>\n

\n

IDCO UK undertakes to Pearson to pay (and IDCO Inc undertakes to Pearson to
\nprocure that IDCO UK pays) in the manner contemplated by clause (d) below, the
\nentire amount it receives from IDCO Inc in accordance with (b) immediately to
\nthe Trustee (in its capacity as trustee of the PGPP) in satisfaction of the
\nSection 75 liability of IDCO UK.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/p>\n\n\n\n
\n

(d)<\/p>\n<\/td>\n

\n

Pearson, IDCO Inc, the Purchaser and IDCO UK agree that direct payment of the
\nSection 75 Top-Up to the Trustee by or on behalf of Pearson Seller shall:<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/p>\n\n\n\n
<\/td>\n\n

(i)<\/p>\n<\/td>\n

\n

constitute the payment being made by Pearson Seller as the adjustment to the
\nconsideration payable by it under the Merger Agreement pursuant to (a);<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/p>\n\n\n\n
<\/td>\n\n

(ii)<\/p>\n<\/td>\n

\n

constitute the making by IDCO Inc of the Section 75 Intra Group Payment (and
\nsatisfy IDCO Inc153s obligation to deliver to IDCO UK an amount equal to that
\npayment in accordance with (b)); and<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/p>\n\n\n\n
<\/td>\n\n

(iii)<\/p>\n<\/td>\n

\n

when taken together with the release of funds from the Escrow under clause
\n6.5, satisfy the liability of IDCO UK to the PGPP under Section 75,<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

and Pearson Seller, accordingly, at the direction of IDCO Inc and IDCO UK
\nshall pay (or together with Pearson plc procure the payment of) an amount equal
\nto the Section 75 Top Up to the Trustee (in its capacity as trustee of the PGPP)
\non behalf of IDCO UK and as further contemplated by this clause 6.7 within 10
\nBusiness Days of the notice being received from the Trustee under clause 5
\nabove.<\/p>\n\n\n\n
\n

7.<\/strong><\/p>\n<\/td>\n

\n

R<\/strong>EPAYMENT<\/strong> AND<\/strong>
\nINDEMNITY<\/strong><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Subject to Closing, Pearson plc agrees to procure that Pearson Seller shall,
\nand Pearson Seller agrees to, pay to IDCO Inc, as a reduction to the
\nconsideration payable under the Merger Agreement, an amount (on an after tax
\nbasis) equal to all costs, losses and liabilities of all members of the IDCO
\nGroup (including, without limitation, IDCO UK) (other than the amount paid to
\nthe PGPP from the Escrow Account under clause 6.5(a), any amount treated as paid
\nunder clause 6.7 , any payments contemplated under clause 3 and any amounts (not
\nexceeding 900,000 in aggregate) that, once the relevant procedural steps
\ninvolving the Independent Committee have been undertaken, will become payable by
\nIDCO UK to PMSL in respect of contributions paid prior to the date of this
\nAgreement by PMSL to the PGPP on behalf of IDCO UK) that is or may after the
\ndate of this Agreement be payable to or in respect of the PGPP by the Purchaser
\nor any member of the IDCO Group, whether arising as a result of a breach by
\nPearson of its obligations under clause 6.7, or otherwise.<\/p>\n

Page 9<\/p>\n

\n\n\n\n
\n

8.<\/strong><\/p>\n<\/td>\n

\n

A<\/strong>GREEMENT<\/strong><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Each party to this Agreement agrees that, to the extent such matters are
\nwithin its control, it will take all reasonable steps necessary to ensure that
\nthe arrangements envisaged under this Agreement occur, and will take no steps to
\nprevent them from occurring.<\/p>\n\n\n\n
\n

9.<\/strong><\/p>\n<\/td>\n

\n

N<\/strong>OTICES<\/strong><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

9.1 Any notice or other communication to be given by one party to any other
\nparty under, or in connection with, this Agreement shall be in writing and
\nsigned by or on behalf of the party giving it. It shall be served by sending it
\nby fax (where such a fax number has been provided in clause 9.2 by the relevant
\nparty) to the number set out in clause 9.2, or delivering it by hand, or sending
\nit by pre paid recorded delivery, special delivery or registered post, to the
\naddress set out in clause 9.2 and in each case marked for the attention of the
\nrelevant party set out in clause 9.2 (or as otherwise notified from time to time
\nin accordance with the provisions of this clause 9). Any notice so served by
\nhand, fax or post shall be deemed to have been duly given:<\/p>\n\n\n\n
\n

(a)<\/p>\n<\/td>\n

\n

in the case of delivery by hand, when delivered;<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/p>\n\n\n\n
\n

(b)<\/p>\n<\/td>\n

\n

in the case of fax, at the time of transmission;<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/p>\n\n\n\n
\n

(c)<\/p>\n<\/td>\n

\n

in the case of prepaid recorded delivery, special delivery or registered
\npost, at 10am on the second Business Day following the date of posting,<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

provided that in each case where delivery by hand or by fax occurs after 6pm
\non a Business Day or on a day which is not a Business Day, service shall be
\ndeemed to occur at 9am on the next following Business Day.<\/p>\n

References to time in this clause are to local time in the country of the
\naddressee.<\/p>\n

9.2 The addresses and (where applicable) fax numbers of the parties for the
\npurpose of clause 9.1 are as follows:<\/p>\n

Pearson plc, Pearson Seller, Pearson Services and PMSL <\/strong><\/p>\n\n\n\n\n\n
<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Address:<\/p>\n<\/td>\n

<\/td>\n\n

Pearson plc, 80 Strand, London, W2R 0RL<\/p>\n<\/td>\n<\/tr>\n

\n

For the attention of:<\/p>\n<\/td>\n

<\/td>\n\n

Philip Hoffman<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

The Trustee <\/strong><\/p>\n\n\n\n\n\n\n
<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Address:<\/p>\n<\/td>\n

<\/td>\n\n

c\/o Group Pensions, Pearson plc, 80 Strand, London, WC2R 0RL<\/p>\n<\/td>\n<\/tr>\n

\n

Fax:<\/p>\n<\/td>\n

<\/td>\n\n

+44 (0)20 7010 6727<\/p>\n<\/td>\n<\/tr>\n

\n

For the attention of:<\/p>\n<\/td>\n

<\/td>\n\n

James Joll (Chairman of Pearson Group Pension Trustee Limited)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

IDCO Inc and IDCO UK <\/strong><\/p>\n\n\n\n\n\n
<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Address:<\/p>\n<\/td>\n

<\/td>\n\n

22 Crosby Drive Bedford, Massachusetts 01730 USA<\/p>\n<\/td>\n<\/tr>\n

\n

For the attention of:<\/p>\n<\/td>\n

<\/td>\n\n

General Counsel<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Page 10<\/p>\n

\n

The Purchaser <\/strong><\/p>\n\n\n\n\n\n\n\n
<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Address:<\/p>\n<\/td>\n

<\/td>\n\n

c\/o Silver Lake Partners III, L.P., 2775 Sand Hill Road, Suite 100, Menlo
\nPark, California 94025, United States<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/tr>\n
\n

Fax:<\/p>\n<\/td>\n

<\/td>\n\n

+1-650-233-8125<\/p>\n<\/td>\n<\/tr>\n

\n

For the attention of:<\/p>\n<\/td>\n

<\/td>\n\n

General Counsel<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

9.3 A party may notify any other party to this agreement of a change to its
\nname, relevant addressee, address or fax number for the purposes of this clause
\n9, provided that, such notice shall only be effective on:<\/p>\n\n\n\n
\n

(a)<\/p>\n<\/td>\n

\n

the date specified in the notice as the date on which the change is to take
\nplace; or<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/p>\n\n\n\n
\n

(b)<\/p>\n<\/td>\n

\n

if no date is specified or the date specified is less than five Business Days
\nafter the date on which notice is given, the date following five Business Days
\nafter notice of any change has been given.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/p>\n\n\n\n
\n

10.<\/strong><\/p>\n<\/td>\n

\n

T<\/strong>HIRD<\/strong>
\nP<\/strong>ARTY<\/strong> R<\/strong>IGHTS<\/strong><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Save in relation to the rights of any member of the IDCO Group under clause
\n7, a person who is not a party to this Agreement is not entitled to enforce this
\nAgreement or any of its terms by virtue of the Contracts (Rights of Third
\nParties) Act 1999 or otherwise and such person shall have no rights by virtue of
\nthe Contracts (Rights of Third Parties) Act 1999.<\/p>\n\n\n\n
\n

11.<\/strong><\/p>\n<\/td>\n

\n

M<\/strong>ISCELLANEOUS<\/strong><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

11.1 The terms of this Agreement may be amended by a deed executed by the
\nparties hereto.<\/p>\n

11.2 The provisions of this Agreement will be effective on and from the date
\nof this Agreement. This Agreement is delivered as a deed on the date written at
\nthe start of the Agreement.<\/p>\n

11.3 This Agreement may be executed in any number of counterparts which taken
\ntogether shall constitute one document, and any party may execute this Agreement
\nby executing any one or more such counterparts. Delivery of a counterpart of
\nthis Deed by e-mail attachment or telecopy shall be an effective mode of
\ndelivery.<\/p>\n

11.4 In the event that the Merger Agreement is terminated (whether under
\nArticle VII of the Merger Agreement or otherwise), the provisions of this
\nAgreement shall cease to have effect, save for clauses 9, 10, 11.1, 11.3, 11.5
\nand 11.6, which shall continue to have full force and effect.<\/p>\n

11.5 Each party undertakes that it shall (and, where relevant, undertakes to
\nprocure that its officers, employees, agents and professional and other advisers
\nand those of any member of its group shall) use all reasonable endeavours to
\nkeep confidential at all times and not permit or cause the disclosure of any
\ninformation which it may have or acquire before or after the date of this
\nAgreement in relation to Pearson Plc or any member of its group, or the
\nPurchaser, or any member of its group or any of their customers, business,
\nassets or affairs, including without limitation, any relating to the provisions
\nof, and negotiations leading to, this Agreement (such information being
\nConfidential Information). In performing its obligations under this clause 11.5,
\neach party shall apply confidentiality standards and procedures at least as
\nstringent as those it applies generally in relation to its own confidential
\ninformation. Each party to this agreement shall be permitted, notwithstanding
\nthe foregoing, to disclose the Confidential Information to its officers,
\nemployees, agents and professional and other advisers and those of any member of
\nits group and to disclose the Confidential Information to the extent required by
\nthe applicable law or regulations of any jurisdiction.<\/p>\n

Page 11<\/p>\n

\n

11.6 This Agreement and any non-contractual obligations arising out of or in
\nrelation to this Agreement are shall be governed by and construed in accordance
\nwith English law.<\/p>\n

EXECUTED and DELIVERED as a DEED <\/strong><\/p>\n

Page 12<\/p>\n

\n

ANNEX 1 <\/strong><\/p>\n

FORM OF DEED OF CESSATION OF PARTICIPATION <\/strong>\n<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

EXECUTED<\/strong> as a deed by<\/p>\n<\/td>\n

<\/td>\n\n

)<\/p>\n<\/td>\n<\/tr>\n

\n

PEARSON PLC<\/strong><\/p>\n<\/td>\n

<\/td>\n\n

)<\/p>\n<\/td>\n<\/tr>\n

\n

acting by<\/p>\n<\/td>\n

<\/td>\n\n

)<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/tr>\n
\n

Director<\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/tr>\n
\n

Director\/Secretary<\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/tr>\n
\n

EXECUTED<\/strong> as a deed by<\/p>\n<\/td>\n

<\/td>\n\n

)<\/p>\n<\/td>\n<\/tr>\n

\n

PEARSON DBC<\/strong><\/p>\n<\/td>\n

<\/td>\n\n

)<\/p>\n<\/td>\n<\/tr>\n

\n

HOLDINGS, INC<\/strong><\/p>\n<\/td>\n

<\/td>\n\n

)<\/p>\n<\/td>\n<\/tr>\n

\n

acting by<\/p>\n<\/td>\n

<\/td>\n\n

)<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/tr>\n
\n

Director<\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/tr>\n
\n

Director\/Secretary<\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/tr>\n
\n

EXECUTED<\/strong> as a deed by<\/p>\n<\/td>\n

<\/td>\n\n

)<\/p>\n<\/td>\n<\/tr>\n

\n

PEARSON SERVICES LIMITED<\/strong><\/p>\n<\/td>\n

<\/td>\n\n

)<\/p>\n<\/td>\n<\/tr>\n

\n

acting by<\/p>\n<\/td>\n

<\/td>\n\n

)<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/tr>\n
\n

Director<\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/tr>\n
\n

Director\/Secretary<\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Page 14<\/p>\n

\n\n\n\n\n\n\n\n
<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

EXECUTED<\/strong> as a deed by<\/p>\n<\/td>\n

<\/td>\n\n

)<\/p>\n<\/td>\n<\/tr>\n

\n

PEARSON MANAGEMENT<\/strong><\/p>\n<\/td>\n

<\/td>\n\n

)<\/p>\n<\/td>\n<\/tr>\n

\n

SERVICES LIMITED<\/strong><\/p>\n<\/td>\n

<\/td>\n\n

)<\/p>\n<\/td>\n<\/tr>\n

\n

acting by<\/p>\n<\/td>\n

<\/td>\n\n

)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Director<\/p>\n

Director\/Secretary<\/p>\n\n\n\n\n\n\n\n
<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

EXECUTED<\/strong> as a deed by<\/p>\n<\/td>\n

<\/td>\n\n

)<\/p>\n<\/td>\n<\/tr>\n

\n

PEARSON GROUP PENSION<\/strong><\/p>\n<\/td>\n

<\/td>\n\n

)<\/p>\n<\/td>\n<\/tr>\n

\n

TRUSTEE LIMITED<\/strong><\/p>\n<\/td>\n

<\/td>\n\n

)<\/p>\n<\/td>\n<\/tr>\n

\n

acting by<\/p>\n<\/td>\n

<\/td>\n\n

)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Director<\/p>\n

Director\/Secretary<\/p>\n\n\n\n\n\n\n\n
<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

EXECUTED<\/strong> as a deed by<\/p>\n<\/td>\n

<\/td>\n\n

)<\/p>\n<\/td>\n<\/tr>\n

\n

INTERACTIVE DATA<\/strong><\/p>\n<\/td>\n

<\/td>\n\n

)<\/p>\n<\/td>\n<\/tr>\n

\n

CORPORATION<\/strong><\/p>\n<\/td>\n

<\/td>\n\n

)<\/p>\n<\/td>\n<\/tr>\n

\n

acting by<\/p>\n<\/td>\n

<\/td>\n\n

)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Director<\/p>\n

Director\/Secretary<\/p>\n

\n\n\n\n\n\n\n\n
<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

EXECUTED<\/strong> as a deed by<\/p>\n<\/td>\n

<\/td>\n\n

)<\/p>\n<\/td>\n<\/tr>\n

\n

INTERACTIVE DATA<\/strong><\/p>\n<\/td>\n

<\/td>\n\n

)<\/p>\n<\/td>\n<\/tr>\n

\n

(EUROPE) LIMITED<\/strong><\/p>\n<\/td>\n

<\/td>\n\n

)<\/p>\n<\/td>\n<\/tr>\n

\n

acting by<\/p>\n<\/td>\n

<\/td>\n\n

)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Director<\/p>\n

Director\/Secretary<\/p>\n\n\n\n\n\n\n
<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

EXECUTED<\/strong> as a deed by<\/p>\n<\/td>\n

<\/td>\n\n

)<\/p>\n<\/td>\n<\/tr>\n

\n

HG INVESTORS LLC<\/strong><\/p>\n<\/td>\n

<\/td>\n\n

)<\/p>\n<\/td>\n<\/tr>\n

\n

acting by<\/p>\n<\/td>\n

<\/td>\n\n

)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Director<\/p>\n

Director\/Secretary<\/p>\n

Page 16<\/p>\n

\n

2010 <\/strong><\/p>\n

PEARSON PLC <\/strong><\/p>\n

PEARSON DBC HOLDINGS, INC <\/strong><\/p>\n

PEARSON SERVICES LIMITED <\/strong><\/p>\n

PEARSON MANAGEMENT SERVICES LIMITED <\/strong><\/p>\n

PEARSON GROUP PENSION TRUSTEE LIMITED <\/strong><\/p>\n

INTERACTIVE DATA CORPORATION <\/strong><\/p>\n

INTERACTIVE DATA (EUROPE) LIMITED <\/strong><\/p>\n

HG INVESTORS LLC <\/strong><\/p>\n

PENSIONS TRANSITIONAL AGREEMENT <\/strong><\/p>\n

\n

Freshfields Bruckhaus Deringer LLP<\/p>\n

\n

CONTENTS <\/strong><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

CLAUSE<\/strong><\/p>\n<\/td>\n

<\/td>\n\n

PAGE<\/strong><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

1.<\/p>\n<\/td>\n

<\/td>\n\n

APPLICATION OF THIS AGREEMENT AND DEFINITIONS<\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

2<\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

2.<\/p>\n<\/td>\n

<\/td>\n\n

ADMINISTRATION OF THE PGPP BEFORE THE CLOSING DATE<\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

4<\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

3.<\/p>\n<\/td>\n

<\/td>\n\n

PAYMENT OF CONTRIBUTIONS TO THE PGPP<\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

6<\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

4.<\/p>\n<\/td>\n

<\/td>\n\n

CESSATION OF IDCO UK153S PARTICIPATION IN THE PGPP<\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

7<\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

5.<\/p>\n<\/td>\n

<\/td>\n\n

SECTION 75 DEBT OF IDCO UK<\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

8<\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

6.<\/p>\n<\/td>\n

<\/td>\n\n

ESCROW ACCOUNT AND PAYMENT OF SECTION 75 DEBT<\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

8<\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

7.<\/p>\n<\/td>\n

<\/td>\n\n

REPAYMENT AND INDEMNITY<\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

9<\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

8.<\/p>\n<\/td>\n

<\/td>\n\n

AGREEMENT<\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

10<\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

9.<\/p>\n<\/td>\n

<\/td>\n\n

NOTICES<\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

10<\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

10.<\/p>\n<\/td>\n

<\/td>\n\n

THIRD PARTY RIGHTS<\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

11<\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

11.<\/p>\n<\/td>\n

<\/td>\n\n

MISCELLANEOUS<\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

11<\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/tr>\n
\n

ANNEX 1 FORM OF DEED OF CESSATION OF PARTICIPATION<\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

13<\/p>\n<\/td>\n

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