Document:

Document

EXHIBIT 10.3

January 20, 2021 

Brian Crotty 
c/o IHS Markit 
450 West 33rd Street 
New York, NY 10011

Dear Brian:

As you are aware, IHS Markit Ltd. (the “Company”) has entered into an Agreement and Plan of Merger, dated as of November 29, 2020 (the “Merger Agreement”), with S&P Global Inc. (“Parent”) and Sapphire Subsidiary, Ltd. (“Merger Sub”), pursuant to which Merger Sub will merge with and into the Company, with the Company being the surviving company and a wholly-owned subsidiary of Parent (the “Merger”).  In order to encourage your continued contributions and high level of commitment to the Company (the Company together with its subsidiaries and affiliates, including IHS Global Inc. (“IHS Global Inc.”) and, on and after the Closing Date (as defined in the Merger Agreement), Parent and its subsidiaries and affiliates, the “Affiliated Group”) during the Retention Period (as defined below), you will be eligible to receive a special retention bonus (the “Retention Bonus”) in accordance with, and subject to the terms and conditions of, this letter agreement (this “Agreement”).

1.Retention Bonus.  The aggregate amount of your potential Retention Bonus is $1,500,000.00 (the “Retention Amount”).  Subject to the terms and conditions of this Agreement, your Retention Bonus will be paid to you in cash on the following schedule:

a.100% of the Retention Amount will be paid as soon as practicable (but in no event later than 60 days) following the twelve (12) month anniversary of the Closing Date (the “Payment Date”).

For purposes of this Agreement, the “Retention Period” is the period beginning on the date of this Agreement and ending on the Payment Date.

2.Conditions to Retention Bonus.

a.The payment of the Retention Amount is conditioned upon (i) the consummation of the Merger; (ii) your continued employment through the Payment Date; and (iii) your compliance in all material respects with the terms of this Agreement.  Accordingly, if your employment with the Affiliated Group terminates on or before the Payment Date for any reason, other than if a member of the Affiliated Group terminates your employment without Cause (as defined below) or you 

    

terminate your employment for Good Reason (as defined below), then you will not be entitled to the Retention Amount.  If a member of the Affiliated Group terminates your employment without Cause or you terminate your employment for Good Reason, the Retention Amount that has not already been paid to you will be paid to you no later than 60 days after the earlier of your termination date or the Closing Date.

b.For purposes of this Agreement, “Cause” means the occurrence of any of the following: (I) to the extent you are a party to an employment agreement or other arrangement with the Company (an “Employment Agreement”) under which Cause is defined, any event or occurrence which would constitute Cause as defined in such Employment Agreement, or (II) if you are not a party to an Employment Agreement, (i)(x) your willful misconduct in the performance of your duties to the Company or (y) your engaging in any other misconduct that results or could reasonably be expected to result in financial, reputational or other harm to the Company; (ii) your breach of any employment, service or restrictive covenant agreement between you and the Company; (iii) gross negligence by you; (iv) any material violation by you of any Company policy, rule, procedure or guideline; (v) your conviction of, or plea of guilty or nolo contendere to, (x) a felony or (y) a misdemeanor involving moral turpitude or fraud; or (vi) your commission of an act of fraud, embezzlement or misappropriation against the Company.  You will be provided a 10-day period to cure any of the events or occurrences described in the immediately preceding subsections (ii), (iii) and (iv), to the extent capable of cure during such 10-day period.

c.For purposes of this Agreement, “Good Reason” means the occurrence of either of the following: (i) the reduction of your base salary or wages or (ii) the Company’s relocation of your principal location of work by more than 50 miles (other than any relocation recommended or consented to by you); it being understood, however, that you may be required to travel on business to other locations as may be required or desirable in connection with the performance of your duties as specified in this letter agreement.  Notwithstanding the foregoing, neither of the events in clauses (i) or (ii) above will constitute Good Reason for purposes of this Agreement unless (x) you provide the Company with a written notice specifying the circumstances alleged to constitute Good Reason within 90 days after you become aware of the first occurrence of such circumstances, (y) the Company or other member of the Affiliated Group fails to cure such circumstances in all material respects within 30 days following delivery to the Company of such notice and (z) the effective date of the termination of your employment with the Affiliated Group (the “Termination Date”) occurs within 30 days following the expiration of the foregoing cure period, unless another Termination Date is mutually agreed to between you and the Company.

d.You hereby agree that you will use your best efforts to continue to perform your duties and responsibilities relating to your employment with the Affiliated Group for the duration of the Retention Period, except if a member of the Affiliated Group terminates your employment without Cause or you terminate your employment for Good Reason.

e.You agree that this Retention Bonus is in lieu of any cash incentive or equity grant you may have otherwise been eligible to receive between the Closing Date 

2

    

and the Payment Date.  Should your employment terminate at the conclusion of the Retention Period, you will, however, remain eligible for severance pursuant to your Amended and Restated Terms of Employment dated January 16, 2020 (the “Employment Agreement”), provided that you meet the applicable terms and conditions set forth in the Employment Agreement.  For purposes of calculating any severance, your target annual cash incentive opportunity will be the same as it was the day before the Closing Date.

3.Miscellaneous.

a.Governing Law.  The terms of this Agreement and all rights and obligations of the parties thereto, including its enforcement, will be interpreted and governed by the laws of the State of New York without regard to the principles of conflicts of laws of the State or those of any other jurisdiction which could cause the application of the laws of any jurisdiction other than the State of New York.

b.Entire Agreement.  The terms contained in this Agreement constitute the entire agreement between the parties with respect to the subject matter hereof, and supersede all prior negotiations, representations or agreements relating thereto whether written or oral.  For the avoidance of doubt, this Agreement will not supersede your Employment Agreement, any other restrictions relating to confidentiality, non-competition or non- solicitation to which you may be subject.

c.Withholding.  The Affiliated Group will withhold from any amounts payable under this Agreement such Federal, state or local taxes as may be required to be withheld pursuant to any applicable law or regulation.

d.Section 409A.  The terms and provisions of payments provided under this Agreement are designed and intended to comply with or be exempt from Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and the Department of Treasury regulations and other interpretive guidance issued thereunder (collectively, “Section 409A”) and to be exempt from Section 457A of the Code so as to avoid the application of any additional taxes under such sections.  The provisions of this Section 4(d) will only apply if and to the extent required to avoid the imposition of taxes, interest and penalties on you under Section 409A.  Section 409A applies to nonqualified deferred compensation which exists if an individual has a “legally binding right” to compensation that is or may be payable in a later year.  In furtherance of the objective of this Section 4(d) to the extent that Section 409A would result in your being subject to payment of taxes, interest or penalties under Section 409A, you and the Company agree to use our best efforts to amend this Agreement in order to avoid or limit the imposition of any such taxes, interest or penalties, while maintaining to the maximum extent practicable the original intent of the applicable provisions.  This Section 3(d) does not guarantee that you will not be subject to taxes, interest or penalties under Section 409A with respect to payments described in this Agreement.

To the extent that any payment under this Agreement is subject to Section 409A and is payable as a result of your termination of employment, “termination of employment” will be interpreted as “separation from service” (as defined under Section 409A).  Your right to receive any payments under this Agreement will be 

3

    

treated as a right to receive a series of separate payments and, accordingly, each such payment will at all times be considered a separate and distinct payment as permitted under Section 409A.  Except as otherwise permitted under Section 409A, no payment hereunder will be accelerated or deferred unless such acceleration or deferral would not result in additional tax or interest pursuant to Section 409A.  Furthermore, and notwithstanding any contrary provision in this Agreement, to the extent necessary to avoid the imposition of taxes, interest and penalties on you under Section 409A, if at the time of the termination of your employment you are a “specified employee” (as defined in Section 409A), you will not be entitled to any payments upon termination of employment until the first day of the seventh month after the termination of employment and any such payments to which you would otherwise be entitled during the first six months following your termination of employment will be accumulated and paid without interest on the first day of the seventh month after the termination of employment.

e.No Guarantee of Employment.  This Agreement does not and will not be construed as a guarantee of continued employment of you by the Company or any member of the Affiliated Group for any period of time.  Your employment remains an employment terminable at will by either party at any time and for any reason and the Affiliated Group reserves all rights as an employer.  Nothing herein will give you any claims against the Company or any member of the Affiliated Group for any actions taken by such party, including with respect to the transactions contemplated by the Merger Agreement.

f.Headings.  The headings of the sections contained in this Agreement are for convenience of reference only and will not be deemed to control or affect the meaning or construction of any provision of this Agreement.

g.Notice.  Notices given pursuant to this Agreement will be in writing and will be deemed received when personally delivered, or on the date of written confirmation of receipt by (i) overnight carrier, (ii) facsimile, (iii) registered or certified mail, return receipt requested, postage prepaid, or (iv) such other method of delivery as provides a written confirmation of delivery.  Notice to the Company will be directed to:

Attn: Sari Granat 
Executive Vice President, Chief Administrative 
Officer &  General Counsel 
IHS Markit 
450 West 33rd Street, Fifth Floor  
New York, New York 10001  
Facsimile No.:  212-205-7123

Notices to or with respect to you will be directed to you, or in the event of your death, your executors, personal representatives or distributees, at your home address as set forth in the records of the Company, with a copy to your attorney if notified in writing to the company.

4

    

a.Counterparts.  This Agreement may be executed in two or more counterparts, each of which will be deemed an original of the party executing the same and all of which together will constitute one and the same instrument.

b.Successors and Assigns.  The rights and obligations of the Company under this Agreement will be binding upon its successors and assigns, including, for the avoidance of doubt, Parent and its subsidiaries, and may be assigned by the Company to the successors in interest of the Company.  The rights and obligations of you under this Agreement will be binding upon your heirs, legatees, personal representatives, executors or administrators.  This Agreement may not be assigned by you, but any amount owed to you upon your death will inure to the benefit of your heirs, legatees, personal representatives, executors, or administrators.

c.Waiver.  No delay or omission by the Company or you in exercising any right under this Agreement will operate as a waiver of that or any other right.  A waiver or consent given by the Company or you on any one occasion will be effective only in that instance and will not be construed as a bar or waiver of any right on any other occasion.

d.Severability.  In the event that any one or more of the provisions of this Agreement is held to be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions will not in any way be affected or impaired thereby.

[Signature Page Follows]

5

    

						
	IHS MARKIT
	By:	/s/ Lance Uggla
		Name: Lance Uggla
		Title: Chairman of the Board and Chief Executive Officer

			
	Accepted and Agreed:
	
	/s/ Brian Crotty
	Name: Brian Crotty
	
	Dated: Jan 20, 2021

6Document

Exhibit 10.4

January 11, 2019

PRIVATE & CONFIDENTIAL

Brian Crotty 
SVP, Product Management  
OPIS

Dear Brian,

Relocation/Assignment – United States to London, UK

I am pleased to confirm that your assignment has been approved from Rockville, MD United States (“Home”) to London, UK (“Host”) effective April 6, 2019 (“Effective Date”) contingent on your securing a valid work visa in the Host location, for a period of 2 years.

If the date of your move to the Host location changes, or you plan on arriving earlier than the Effective Date, please notify me and your new local HR lead (Joanna Gracia).

Employment Terms

You will remain on your Home location legal entity, payroll, benefits and employment terms through the period of your assignment.  You will also remain entitled to annual leave and Bank Holidays according to your Home location policies and legislation.

Your Line Manager, job title and grade remain unchanged. 

Work Authorization
In some countries, the local work permit/visa requirements will result in certain limitations to your working conditions such as future job or pay changes.  For further information please do not hesitate to reach out to me or your new local HR lead. 

Practical Considerations

Please be aware that living and working in another country can be a significant change for you and any dependants, and will likely include disruption and administration on your part to complete the transition.  Some of the items you will need to think about include:

    

a.Financial changes such as local pay rates, differences in tax treatment and practical admin and time setting up a bank account;

b.Challenges in setting up personal contracts such as rental or mobile phones, when you are new in country without a credit history;

c.Differences in social benefits available through the local government, and differences in Company provided benefits between countries (and differences in how those benefits may be taxed);

d.Differences in school arrangements, term times, charges and facilities for children;

e.Differences in your contractual arrangements with the Company and employment rights;

f.Be aware of differences in insurance cover, including personal travel which may not be covered by Company benefits, and different insurance costs for driving on international licenses;

g.Local visa/work permit administration and any restrictions that may be connected to the type of arrangement in place;

h.Connecting with local health professionals;

i.Making local accommodation arrangements and all associated utilities, which may be arranged and facilitated in a different way than your current country;

j.Learning local logistics such as driving regulations or public transport.

For more information on living and working in your new location, please refer to your new local HR lead. 

Property and IT Set-Up

If applicable please raise an IT Helpdesk ticket to ensure your physical set-up will be ready for you in your new location.  This may be required to set up any docking station/ laptop, arrange phone connections and so on.  In some countries it may be required to return your existing equipment to be issued with new local items.

Please also ensure you arrange to meet with your new local HR lead, line manager, or other local contact in your first few days to receive an orientation of the office, arrange any security pass or other local set-up as needed.

Stock

Any unvested IHS Markit equity awards you hold will be allowed to vest as scheduled.  However, your equity may be taxable in the country where you are at the time of grant, vest or exercise, and in any other countries where you might have lived or worked during the period between grant, vest or exercise.  This taxable amount will be apportioned to the time spent in each location.  There would be no money due as the tax would be paid using the vested shares.  This is likely even though you won’t be on the Host country payroll or terms.  If you have any more questions on stock please contact stock @ihsmarkit.com.

2

    

Tax Implications 

Please be aware that there may be tax liabilities because of moving between locations, and the receiving of pay and/or benefits in either location.  In some jurisdictions, personal travel to such locations would also be counted towards any visa/tax triggers because of frequent business travel.

Country Compliance

From the Effective Date of your assignment you may be subject to employment policies and country laws of the Host location, despite staying on your Home country arrangements.  Your new local HR lead (Joanna Gracia) can support you with any questions on the local environment.

Assignment Support

The Company will support your assignment to the Host location along with your spouse.
Please note that IHS Markit cannot provide personal tax guidance and is not responsible for personal tax obligations that this relocation may trigger in either country.  It is highly recommended that you secure a personal tax accountant to assist you with your taxes.

The Company is supportive of your travel, however you are responsible for the arrangements and costs.  You will also be responsible for ensuring your travel remains within the approved timelines, and you agree to sharing travel dates with HR when requested to ensure compliance and avoidance of risk such as tax liability triggers.

Visas

IHS Markit will assist you in obtaining a work visa for you and relevant residential visas for your eligible accompanying dependants.  In many countries, the necessary visa, passport and/or work permits must be granted before the individual begins work in the Host location and any dependants relocate.

There may be a separate ‘clawback’ process for the costs incurred for immigration should your employment with Company end within a certain time for certain reasons.  Further details will be provided to you by your new Host country HR lead who will be working with you on the visa process.

Air Travel

IHS Markit will provide you with a one-way economy class airline ticket (or relevant ticket as applicable under the terms of the current travel policy) to the Host location as part of your relocation.  You can book your flight via the current IHS Markit travel provider.

Medical Coverage

While on assignment you can utilise our international healthcare plan, details of which will be provided to you separately from the Benefits team.  You will be responsible for all cost directly involved for your international coverage.  Any reimbursement to the company will be dependent on your plan choice.

3

    

Allowance

Beginning at your effective date of the assignment, you will be eligible for an allowance of $175,000 per annum for the 2 year period to be paid on a semi-monthly basis in accordance with the current US payroll schedule for the duration of the assignment.  All expenses incurred for your assignment will be your responsibility and should be covered with this additional payment.

Tax Services

The company will not provide direct tax services in regards to your assignment.  You will have the option to utilize our current Company-appointed tax consultant, PricewaterhouseCoopers (PWC), and all costs will be at your own expense.

Tax Impact

Please note that in some countries the provision of the above services may be classed as a taxable benefit.  IHS Markit cannot provide personal tax guidance and is not responsible for personal tax obligations that this relocation may trigger in either country.  It is highly recommended that you secure a personal tax accountant to assist you with your taxes.

Termination of Support

The Company reserves the right to require repayment, on a prorated basis, of any direct payments, reimbursements or payments to yourself or a third party in the event an employee doesn’t complete the move, fails to provide adequate documentation when reasonably requested to do so and/or if the employee resigns or is discharged for cause within twelve months of the effective date of the move as calculated from the date of resignation/date departure from the Company is confirmed.  Employees terminated from the Company through reason of redundancy will not be required to make a repayment.

The Company reserves the right to withdraw approval for the relocation should business circumstances change, before a move takes place.  In such circumstances the employee will not be required to make a repayment.

Any clawback or withdrawal of service will be determined by the prevailing local laws of the service/payments being offered. 

Please refer to the Global Relocation Policy for full terms and conditions.

						
	Completed months since relocation	Amount Reimbursable to the Company
	0-6 months	100%
	6-9 months	75%
	9-12 months	50%
	Over 12 months	0%

4

    

Next Steps

We will first require you to sign and return this Relocation Letter to agree to the terms of your physical move and the support in place (where applicable).  Once signed, the Global Mobility Team with local HR contacts will initiate any required visa process.

Once we have any required visas secured, any required employment contracts signed, and clarity on your planned travel dates, we will then confirm your official Transfer Date to the new location to instruct Payroll.

If you have any questions on your relocation process, don’ t hesitate to reach out to the Global Mobility Team; Emma Twining-Smith, Maryann Daly or Alissa Shelton-Twiss.

Please sign and return a copy of this letter to the undersigned.  Please do not hesitate to contact your line manager or me with any questions.

			
	Yours sincerely,
	
	Damien Teisseire
	VP, Total Rewards & Global Mobility

Copy to Home & Host HR teams

I acknowledge and concur with the terms set out above.									
			
	/s/ B. Crotty		1/15/19
	Employee Signature		Date

     

5

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00329-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00329-of-00352.parquet"}]]