Letter Agreement Regarding Change in Title and Role of Mason Slaine with Interactive Data Corporation
This agreement is between Mason Slaine and Interactive Data Corporation (and its parent, Igloo Holdings Corporation). It confirms that, effective September 20, 2013, Mr. Slaine will step down as President and CEO and become Executive Chairman, as outlined in his existing Employment Agreement. The letter clarifies that this change does not affect his positions as Chairman of the Board and does not constitute "Good Reason" for resignation under his Employment Agreement. Mr. Slaine's continued employment as Executive Chairman will follow the terms of his original agreement.
Exhibit 10.7
September 12, 2013
BY HAND
Mr. Mason Slaine
Mason:
The purpose of this letter is to confirm our mutual understandings and agreements with respect to your change in title and role with the Company. Reference is made to your Employment Agreement (the Employment Agreement), dated August 4, 2010, with Igloo Holdings Corporation, Interactive Data Corporation (the Company).
Effective as of September 20, 2013, and subject to the commencement of employment of the Companys new President and Chief Executive Officer, you will relinquish your titles of President and Chief Executive Officer of the Company, and will revert to the role of Executive Chairman of the Company, as specified in the Employment Agreement. Thereafter, the terms of your continued employment with the Company as Executive Chairman shall continue to be governed by the Employment Agreement. Nothing in this letter is intended to alter your positions as Chairman of the Board of Directors of the Company or Chairman of the Board of Directors the Parent.
You acknowledge and agree none of the relinquishment of your positions, the appointment of the Companys new President and Chief Executive Officer, your reversion to the role of Executive Chairman of the Company or the assignment of duties and responsibilities consistent therewith will constitute Good Reason under the Employment Agreement.
To indicate your acceptance with the understandings and agreements set forth herein, please countersign this letter where indicated below and return to the Company, c/o Vincent Chippari, the Companys Chief Financial Officer.
Sincerely,
IGLOO HOLDINGS CORPORATION | INTERACTIVE DATA CORPORATION | |||||||
/s/ Vincent A. Chippari | /s/ Vincent A. Chippari | |||||||
By: | Vincent A. Chippari | By: | Vincent A. Chippari | |||||
Title: | Treasurer | Title: | Senior Vice-President and CFO | |||||
AGREED AND ACCEPTED: | ||||||||
/s/ Mason Slaine | ||||||||
Mason Slaine | ||||||||
Date: September 12, 2013 |