Document:

Exhibit 10.15

 

[Duff & Phelps Acquisitions, LLC
Letterhead]

 

 

September 11, 2007

 

Duff & Phelps Corporation

55 East 52nd Street

New York, NY 10055

Attention:  Noah Gottdiener

 

Dear Mr. Gottdiener:

 

Reference is made to (1) your employment agreement with Duff &
Phelps, LLC, dated July 17, 2007 (the “Employment Agreement”), (2) the Second
Amended and Restated Limited Liability Company Agreement of Duff & Phelps
Holdings LLC (“DPH”), dated September 30, 2005, (3) the Second Amended and
Restated Limited Liability Company Agreement of Duff & Phelps Acquisitions,
LLC (“DPA”), dated October 31, 2006 (the “DPA LLC Agreement”), (4) the
Reorganization Agreement by and among Duff & Phelps Acquisitions, LLC, the
Existing DPA Members and the Existing DPH Members, dated April 9, 2007 (the “Reorganization
Agreement”), (5) the Agreement and Plan of Merger by and between Duff &
Phelps Holdings LLC and Duff & Phelps Acquisitions, LLC, to be dated upon
the date of consummation of the IPO (the “DPH Merger Agreement”), and (6) the
Exchange Agreement by and among DPA, LM Duff Holdings, LLC, Lovell Minnick
Equity Partners LP, Vestar Capital Partners IV, L.P., Vestar/D&P Holdings
LLC and certain other Members, to be dated upon the date of consummation of the
IPO (the “Exchange Agreement”). Capitalized terms used and not otherwise
defined herein shall have the meaning ascribed to them in the Reorganization
Agreement.

 

Pursuant to the Reorganization Agreement, Class A Interests and Class D
Interests in DPH will be exchanged for a number of New Class A Units in DPA
(the “Replacement Units”) upon the merger of DPH into DPA (the “Merger”).

 

This letter confirms our agreement (the “Agreement”)  with respect to your Replacement Units.

 

1.             Restrictions on
Replacement Units. Notwithstanding anything to the contrary in any other
agreement, any Replacement Units shall be subject to the following provisions:

 

(a)           75% of the Replacement Units will be fully vested and
not subject to forfeiture.

 

(b)           25% of the Replacement Units (the “Restricted Units”)
shall become vested in accordance with the following schedule:

 

 

(i)            Except as set forth below, 20% of the Restricted Units
shall vest and become non-forfeitable on each of the first five anniversaries
of the date of the pricing of the IPO.

 

(ii)           Any Restricted Units that remain unvested shall vest
and become non-forfeitable in the event of death, Disability, Retirement,
termination of employment without Cause, for Good Reason or following a Change
in Control (each as defined in the Employment Agreement) to the extent provided
in the Employment Agreement.

 

2.             Taxes and Withholding.
If Duff & Phelps, LLC, is required to withhold for taxes or other amounts
upon the vesting of the Replacement Units, you hereby (a) authorize Duff &
Phelps, LLC to deduct any withholding amounts from any payment or transfer of
any kind otherwise due to you, and, (b) if necessary, agree to pay to Duff
& Phelps, LLC, in the form of cash or a certified or bank cashier’s check,
an amount sufficient to satisfy any taxes or other amounts required by any
governmental authority to be withheld and paid over to such authority for your
account.

 

3.             No Rights to
Continuation of Employment. Nothing in this Agreement shall confer upon you any
right to continue in the employ of Duff & Phelps, LLC, or any parent,
subsidiary or affiliate thereof or shall interfere with or restrict the right
of Duff & Phelps, LLC, or its members (or of a parent, subsidiary or
affiliate or its stockholders, as the case may be) to terminate your employment
any time for any reason whatsoever, with or without cause.

 

4.             THIS
AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, INTERNAL
SUBSTANTIVE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO CONFLICT OF
LAWS PRINCIPLES THEREOF (OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS
LAW OF THE STATE OF NEW YORK).

 

5.             This Agreement may
not be amended except in writing signed by the parties hereto.

 

6.             This Agreement may be
executed in two or more counterparts, each of which shall be deemed an original
and all of which shall, taken together, be considered one and the same
agreement and shall become effective when two or more counterparts have been
signed by each of the parties and delivered to the other parties. After
reviewing this letter agreement, please indicate your agreement and
acknowledgment of the terms and conditions set forth above by signing and
returning a copy of this letter to the undersigned.

 

2

 

7.             Nothing in this
Agreement shall be construed to give any person other than the parties to this
Agreement any legal or equitable right, remedy or claim under or with respect
to this Agreement or any provision of this Agreement. This Agreement and all of
its provisions and conditions are for the sole and exclusive benefit of the
parties to this Agreement and their successors and assigns.

 

[Signature page follows]

 

3

 

IN WITNESS WHEREOF, the parties hereto have
duly executed this  Agreement as of the
date first above written.

 

 

	
   

  	
  DUFF & PHELPS ACQUISITIONS, LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Edward S. Forman

  	
   

  
	
   

  	
  Name:

  	
  Edward S. Forman

  
	
   

  	
  Title:

  	
  Executive Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  DUFF & PHELPS, LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Edward S. Forman

  	
   

  
	
   

  	
  Name:

  	
  Edward S. Forman

  
	
   

  	
  Title:

  	
  Executive Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  AGREED AND ACKNOWLEDGED:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  NOAH GOTTDIENER

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Noah Gottdiener

  	
   

  	
   

  	
   

  
	
  Name:

  	
  Noah Gottdiener

  	
   

  	
   

  
						

 

4Exhibit 10.16

 

[Duff & Phelps Acquisitions, LLC
Letterhead]

 

 

September 11, 2007

 

Duff & Phelps Corporation

55 East 52nd Street

New York, NY 10055

Attention:  Jacob Silverman

 

Dear Mr. Silverman:

 

Reference is made to (1) your employment agreement with Duff &
Phelps, LLC, dated July 17, 2007 (the “Employment Agreement”), (2) the Second
Amended and Restated Limited Liability Company Agreement of Duff & Phelps
Holdings LLC (“DPH”), dated September 30, 2005, (3) the Second Amended and
Restated Limited Liability Company Agreement of Duff & Phelps Acquisitions,
LLC (“DPA”), dated October 31, 2006 (the “DPA LLC Agreement”), (4) the
Reorganization Agreement by and among Duff & Phelps Acquisitions, LLC, the
Existing DPA Members and the Existing DPH Members, dated April 9, 2007 (the “Reorganization
Agreement”), (5) the Agreement and Plan of Merger by and between Duff &
Phelps Holdings LLC and Duff & Phelps Acquisitions, LLC, to be dated upon
the date of consummation of the IPO (the “DPH Merger Agreement”), and (6) the
Exchange Agreement by and among DPA, LM Duff Holdings, LLC, Lovell Minnick
Equity Partners LP, Vestar Capital Partners IV, L.P., Vestar/D&P Holdings
LLC and certain other Members, to be dated upon the date of consummation of the
IPO (the “Exchange Agreement”). Capitalized terms used and not otherwise
defined herein shall have the meaning ascribed to them in the Reorganization
Agreement.

 

Pursuant to the Reorganization Agreement, Class A Interests and Class D
Interests in DPH will be exchanged for a number of New Class A Units in DPA
(the “Replacement Units”) upon the merger of DPH into DPA (the “Merger”).

 

This letter confirms our agreement (the “Agreement”)  with respect to your Replacement Units.

 

1.             Restrictions on
Replacement Units. Notwithstanding anything to the contrary in any other
agreement, any Replacement Units shall be subject to the following provisions:

 

(a)           75% of the Replacement Units will be fully vested and
not subject to forfeiture.

 

(b)           25% of the Replacement Units (the “Restricted Units”)
shall become vested in accordance with the following schedule:

 

 

(i)            Except as set forth below, 20% of the Restricted Units
shall vest and become non-forfeitable on each of the first five anniversaries
of the date of the pricing of the IPO.

 

(ii)           Any Restricted Units that remain unvested shall vest
and become non-forfeitable in the event of death, Disability, Retirement,
termination of employment without Cause, for Good Reason or following a Change
in Control (each as defined in the Employment Agreement) to the extent provided
in the Employment Agreement.

 

2.             Taxes and Withholding.
If Duff & Phelps, LLC, is required to withhold for taxes or other amounts
upon the vesting of the Replacement Units, you hereby (a) authorize Duff &
Phelps, LLC to deduct any withholding amounts from any payment or transfer of
any kind otherwise due to you, and, (b) if necessary, agree to pay to Duff
& Phelps, LLC, in the form of cash or a certified or bank cashier’s check,
an amount sufficient to satisfy any taxes or other amounts required by any
governmental authority to be withheld and paid over to such authority for your
account.

 

3.             No Rights to
Continuation of Employment. Nothing in this Agreement shall confer upon you any
right to continue in the employ of Duff & Phelps, LLC, or any parent,
subsidiary or affiliate thereof or shall interfere with or restrict the right
of Duff & Phelps, LLC, or its members (or of a parent, subsidiary or
affiliate or its stockholders, as the case may be) to terminate your employment
any time for any reason whatsoever, with or without cause.

 

4.             THIS
AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, INTERNAL
SUBSTANTIVE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO CONFLICT OF
LAWS PRINCIPLES THEREOF (OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS
LAW OF THE STATE OF NEW YORK).

 

5.             This Agreement may
not be amended except in writing signed by the parties hereto.

 

6.             This Agreement may be
executed in two or more counterparts, each of which shall be deemed an original
and all of which shall, taken together, be considered one and the same
agreement and shall become effective when two or more counterparts have been
signed by each of the parties and delivered to the other parties. After
reviewing this letter agreement, please indicate your agreement and
acknowledgment of the terms and conditions set forth above by signing and
returning a copy of this letter to the undersigned.

 

2

 

7.             Nothing in this
Agreement shall be construed to give any person other than the parties to this
Agreement any legal or equitable right, remedy or claim under or with respect
to this Agreement or any provision of this Agreement. This Agreement and all of
its provisions and conditions are for the sole and exclusive benefit of the
parties to this Agreement and their successors and assigns.

 

[Signature page follows]

 

3

 

IN WITNESS WHEREOF, the parties hereto have
duly executed this  Agreement as of the
date first above written.

 

 

	
   

  	
  DUFF & PHELPS ACQUISITIONS, LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Edward S. Forman

  	
   

  
	
   

  	
  Name:

  	
  Edward S. Forman

  
	
   

  	
  Title:

  	
  Executive Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  DUFF & PHELPS, LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Edward S. Forman

  	
   

  
	
   

  	
  Name:

  	
  Edward S. Forman

  
	
   

  	
  Title:

  	
  Executive Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  AGREED AND ACKNOWLEDGED:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  JACOB SILVERMAN

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Jacob Silverman

  	
   

  	
   

  	
   

  
	
  Name:

  	
  Jacob Silverman

  	
   

  	
   

  
						

 

4

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