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                                                                    EXHIBIT 10.3

                         DATA BROADCASTING CORPORATION

                         2000 LONG-TERM INCENTIVE PLAN

     1. Purpose.  The purpose of this 2000 Long-Term Incentive Plan (the "Plan")
of Data Broadcasting Corporation, a Delaware corporation (the "Company"), is to
advance the interests of the Company and its stockholders by providing a means
to attract, retain, motivate and reward directors, officers, employees and
consultants of and service providers to the Company and its affiliates and to
enable such persons to acquire or increase a proprietary interest in the
Company, thereby promoting a closer identity of interests between such persons
and the Company's stockholders.

     2. Definitions.  The definitions of awards under the Plan, including
Options, SARs (including Limited SARs), Restricted Stock, Deferred Stock, Stock
granted as a bonus or in lieu of other awards, Dividend Equivalents and Other
Stock-Based Awards as are set forth in Section 6 of the Plan. Such awards,
together with any other right or interest granted to a Participant under the
Plan, are termed "Awards." For purposes of the Plan, the following additional
terms shall be defined as set forth below:

          (a) "Award Agreement" means any written agreement, contract, notice or
     other instrument or document evidencing an Award.

          (b) "Beneficiary" shall mean the person, persons, trust or trusts
     which have been designated by a Participant in his or her most recent
     written beneficiary designation filed with the Committee to receive the
     benefits specified under the Plan upon such Participant's death or, if
     there is no designated Beneficiary or surviving designated Beneficiary,
     then the person, persons, trust or trusts entitled by will or the laws of
     descent and distribution to receive such benefits.

          (c) "Board" means the Board of Directors of the Company.

          (d) "Code" means the Internal Revenue Code of 1986, as amended from
     time to time. References to any provision of the Code shall be deemed to
     include regulations thereunder and successor provisions and regulations
     thereto.

          (e) "Committee" means the committee appointed by the Board to
     administer the Plan, or if no committee is appointed, the Board.

          (f) "Exchange Act" means the Securities Exchange Act of 1934, as
     amended from time to time. References to any provision of the Exchange Act
     shall be deemed to include rules thereunder and successor provisions and
     rules thereto.

          (g) "Fair Market Value" means, with respect to Stock, Awards, or other
     property, the fair market value of such Stock, Awards, or other property
     determined by such methods or procedures as shall be established from time
     to time by the Committee, provided, however, that if the Stock is listed on
     a national securities exchange or quoted in an interdealer quotation

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     system, the Fair Market Value of such Stock on a given date shall be based
     upon the last sales price at the end of regular trading or, if unavailable,
     the average of the closing bid and asked prices per share of the Stock at
     the end of regular trading on such date (or, if there was no trading or
     quotation in the Stock on such date, on the next preceding date on which
     there was trading or quotation) as provided by one of such organizations.

          (h) "ISO" means any Option that is designated as an incentive stock
     option within the meaning of Section 422 of the Code, and qualifies as
     such.

          (i) "Parent" means any "person" (within the meaning of Section
     13(d)(3) or 14(d)(2) of the Exchange Act) that controls the Company, either
     directly or indirectly through one or more intermediaries.

          (j) "Participant" means a person who, at a time when eligible under
     Section 5 hereof, has been granted an Award under the Plan.

          (k) "Rule 16b-3" means Rule 16b-3, as from time to time in effect and
     applicable to the Plan and Participants, promulgated by the Securities and
     Exchange Commission under Section 16 of the Exchange Act.

          (l) "Stock" means the Company's Common Stock, and such other
     securities as may be substituted for Stock pursuant to Section 4.

          (m) "Subsidiary" means each entity that is controlled by the Company
     or a Parent, either directly or indirectly through one or more
     intermediaries.

     3. ADMINISTRATION.

     (a) Authority of the Committee. Except as otherwise provided below, the
Plan shall be administered by the Committee. The Committee shall have full and
final authority to take the following actions, in each case subject to and
consistent with the provisions of the Plan:

          (i) to select persons to whom Awards may be granted;

          (ii) to determine the type or types of Awards to be granted to each
     such person;

          (iii) to determine the number of Awards to be granted, the number of
     shares of Stock to which an Award will relate, the terms and conditions of
     any Award granted under the Plan (including, but not limited to, any
     exercise price, grant price or purchase price, any restriction or
     condition, any schedule for lapse of restrictions or conditions relating to
     transferability or forfeiture, exercisability or settlement of an Award,
     and waivers or accelerations thereof, performance conditions relating to an
     Award (including performance conditions relating to Awards not intended to
     be governed by Section 7(f) and waivers and modifications thereof), based
     in each case on such considerations as the Committee shall determine), and
     all other matters to be determined in connection with an Award;

        (iv) to determine whether, to what extent and under what circumstances

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     an Award may be settled, or the exercise price of an Award may be paid, in
     cash, Stock, other Awards, or other property, or an Award may be canceled,
     forfeited, or surrendered;

          (v) to determine whether, to what extent and under what circumstances
     cash, Stock, other Awards or other property payable with respect to an
     Award will be deferred either automatically, at the election of the
     Committee or at the election of the Participant;

          (vi) to determine the restrictions, if any, to which Stock received
     upon exercise or settlement of an Award shall be subject (including
     lock-ups and other transfer restrictions), may condition the delivery of
     such Stock upon the execution by the Participant of any agreement providing
     for such restrictions;

          (vii) to prescribe the form of each Award Agreement, which need not be
     identical for each Participant;

          (viii) to adopt, amend, suspend, waive and rescind such rules and
     regulations and appoint such agents as the Committee may deem necessary or
     advisable to administer the Plan;

          (ix) to correct any defect or supply any omission or reconcile any
     inconsistency in the Plan and to construe and interpret the Plan and any
     Award, rules and regulations, Award Agreement or other instrument
     hereunder; and

          (x) to make all other decisions and determinations as may be required
     under the terms of the Plan or as the Committee may deem necessary or
     advisable for the administration of the Plan.

     Other provisions of the Plan notwithstanding, the Board shall perform the
functions of the Committee for purposes of granting awards to directors who
serve on the Committee, and the Board may perform any function of the Committee
under the Plan for any other purpose, including without limitation for the
purpose of ensuring that transactions under the Plan by Participants who are
then subject to Section 16 of the Exchange Act in respect of the Company are
exempt under Rule 16b-3. In any case in which the Board is performing a function
of the Committee under the Plan, each reference to the Committee herein shall be
deemed to refer to the Board, except where the context otherwise requires.

     (b) Manner of Exercise of Committee Authority.  Any action of the Committee
with respect to the Plan shall be final, conclusive and binding on all persons,
including the Company, its Parent and Subsidiaries, Participants, any person
claiming any rights under the Plan from or through any Participant and
stockholders, except to the extent the Committee may subsequently modify, or
take further action not consistent with, its prior action. If not specified in
the Plan, the time at which the Committee must or may make any determination
shall be determined by the Committee, and any such determination may thereafter
be modified by the Committee (subject to Section 8(e)). The express grant of any
specific power to the Committee, and the taking of any action by the Committee,
shall not be construed as limiting any power or authority of the Committee.

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Except as provided under Section 7(f), the Committee may delegate to officers or
managers of the Company, its Parent or Subsidiaries the authority, subject to
such terms as the Committee shall determine, to perform such functions as the
Committee may determine, to the extent permitted under applicable law.

     (c) Limitation of Liability; Indemnification.  Each member of the Committee
shall be entitled to, in good faith, rely or act upon any report or other
information furnished to him by any officer or other employee of the Company ,
its Parent or Subsidiaries, the Company's independent certified public
accountants or any executive compensation consultant, legal counsel or other
professional retained by the Company to assist in the administration of the
Plan. No member of the Committee, or any officer or employee of the Company
acting on behalf of the Committee, shall be personally liable for any action,
determination or interpretation taken or made in good faith with respect to the
Plan, and all members of the Committee and any officer or employee of the
Company acting on its behalf shall, to the extent permitted by law, be fully
indemnified and protected by the Company with respect to any such action,
determination or interpretation.

     4. Stock Subject to Plan.

     (a) Amount of Stock Reserved.  The total number of shares of Stock that may
be subject to outstanding Awards, determined immediately after the grant of any
Award, shall not exceed 20% of the total number of shares of all classes of the
Company's common stock outstanding at the effective time of such grant. For
purposes of the foregoing limitation, shares of Stock subject to options
outstanding under the Stock Option Plan of Data Broadcasting Corporation (as
amended through September 13, 1994) shall be treated as shares subject to
outstanding Awards. In no event shall the number of shares of Stock delivered
upon the exercise of ISOs exceed 20% of the total number of shares of all
classes of the Company's common stock outstanding determined (i) at the time the
Plan is approved by the Company's stockholders, or (ii) if at the time of such
approval, the shareholders also ratify the Agreement and Plan of Merger, (the
"Merger Agreement") dated as of November 14, 1999, among the Company,
Interactive Data Corporation, Detective Merger-Sub, Inc. and Pearson Longman,
Inc. immediately after the effective time of the merger contemplated by such
agreement; provided, however, that shares subject to ISOs shall not be deemed
delivered if such ISOs are forfeited, expire or otherwise terminate without
delivery of shares to the Participant. If an Award valued by reference to Stock
may only be settled in cash, the number of shares to which such Award relates
shall be deemed to be Stock subject to such Award for purposes of this Section
4(a). Any shares of Stock delivered pursuant to an Award may consist, in whole
or in part, of authorized and unissued shares, treasury shares or shares
acquired in the market on a Participant's behalf.

     (b) Annual Per-Participant Limitations.  During any calendar year, no
Participant may be granted Awards that may be settled by delivery of more than
1,000,000 shares of Stock, subject to adjustment as provided in Section 4(c). In
addition, with respect to Awards that may be settled in cash (in whole or in
part), no Participant may be paid during any calendar year cash amounts relating
to such Awards that exceed the greater of the Fair Market Value of the number of
shares of Stock set forth in the preceding sentence at the date of grant or the
date of settlement of the Award. This provision sets forth two separate
limitations, so that Awards that may be settled solely by delivery of Stock will
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not operate to reduce the amount of cash-only Awards, and vice versa;
nevertheless, Awards that may be settled in Stock or cash must not exceed either
limitation.

     (c) Adjustments.  In the event that the Committee shall determine that any
recapitalization, forward or reverse split, reorganization, merger,
consolidation, spin-off, combination, repurchase or exchange of Stock or other
securities, Stock dividend or other special, large and non-recurring dividend or
distribution (whether in the form of cash, securities or other property),
liquidation, dissolution, or other similar corporate transaction or event,
affects the Stock such that an adjustment is appropriate in order to prevent
dilution or enlargement of the rights of Participants under the Plan, then the
Committee shall, in such manner as it may deem equitable, adjust any or all of
(i) the number and kind of shares of Stock reserved and available for Awards
under Sections 4(a) and 4(b), including shares reserved for ISOs, (ii) the
number and kind of shares of outstanding Restricted Stock or other outstanding
Awards in connection with which shares have been issued, (iii) the number and
kind of shares that may be issued in respect of other outstanding Awards and
(iv) the exercise price, grant price or purchase price relating to any Award.
(or, if deemed appropriate, the Committee may make provision for a cash payment
with respect to any outstanding Award). In addition, the Committee is authorized
to make adjustments in the terms and conditions of, and the criteria included
in, Awards (including, without limitation, cancellation of unexercised or
outstanding Awards, or substitution of Awards using stock of a successor or
other entity) in recognition of unusual or nonrecurring events (including,
without limitation, events described in the preceding sentence) affecting the
Company, its Parent or any Subsidiary or the financial statements of the
Company, its Parent or any Subsidiary, or in response to changes in applicable
laws, regulations, or accounting principles.

     5. Eligibility.  Directors, officers and employees of the Company or its
Parent or any Subsidiary, and persons who provide consulting or other services
to the Company, its Parent or any Subsidiary deemed by the Committee to be of
substantial value to the Company or its Parent and Subsidiaries, are eligible to
be granted Awards under the Plan. In addition, persons who have been offered
employment by, or agreed to become a director of, the Company, its Parent or any
Subsidiary, and persons employed by an entity that the Committee reasonably
expects to become a Subsidiary of the Company, are eligible to be granted an
Award under the Plan.

     6. Specific Terms of Awards.

     (a) General.  Awards may be granted on the terms and conditions set forth
in this Section 6. In addition, the Committee may impose on any Award or the
exercise thereof such additional terms and conditions, not inconsistent with the
provisions of the Plan, as the Committee shall determine, including terms
requiring forfeiture of Awards in the event of termination of employment or
service of the Participant. Except as expressly provided by the Committee
(including for purposes of complying with the requirements of the Delaware
General Corporation Law relating to lawful consideration for the issuance of
shares), no consideration other than services will be required as consideration
for the grant (but not the exercise) of any Award.

     (b) Options.  The Committee is authorized to grant options to purchase
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Stock on the following terms and conditions ("Options"):

          (i) Exercise Price.  The exercise price per share of Stock purchasable
     under an Option shall be determined by the Committee.

          (ii) Time and Method of Exercise.  The Committee shall determine the
     time or times at which an Option may be exercised in whole or in part, the
     methods by which such exercise price may be paid or deemed to be paid, the
     form of such payment, including, without limitation, cash, Stock, other
     Awards or awards granted under other Company plans or other property
     (including notes or other contractual obligations of Participants to make
     payment on a deferred basis, such as through "cashless exercise"
     arrangements, to the extent permitted by applicable law), and the methods
     by which Stock will be delivered or deemed to be delivered to Participants.

          (iii) Termination of Employment.  The Committee shall determine the
     period, if any, during which Options shall be exercisable following a
     Participant's termination of his employment relationship with the Company,
     its Parent or any Subsidiary. For this purpose, unless otherwise determined
     by the Committee, any sale of a Subsidiary of the Company pursuant to which
     it ceases to be a Subsidiary of the Company shall be deemed to be a
     termination of employment by any Participant employed by such Subsidiary.
     Unless otherwise determined by the Committee, (x) during any period that an
     Option is exercisable following termination of employment, it shall be
     exercisable only to the extent it was exercisable upon such termination of
     employment, and (y) if such termination of employment is for cause, as
     determined in the discretion of the Committee, all Options held by the
     Participant shall immediately terminate.

          (iv) Sale of the Company.  Upon the consummation of any transaction
     other than any transaction contemplated by the Merger Agreement whereby the
     Company (or any successor to the Company or substantially all of its
     business) becomes a wholly-owned Subsidiary of any corporation, all Options
     outstanding under the Plan shall terminate, unless such other corporation
     shall continue or assume the Plan as it relates to Options then outstanding
     (in which case such other corporation shall be treated as the Company for
     all purposes hereunder, and, pursuant to Section 4(c), the Committee of
     such other corporation shall make appropriate adjustment in the number and
     kind of shares of Stock subject thereto and the exercise price per share
     thereof to reflect consummation of such transaction). If the Plan is not to
     be so assumed, the Company shall notify the Participant of consummation of
     such transaction at least ten days in advance thereof.

          (v) Options Providing Favorable Tax Treatment.  The Committee may
     grant Options that may afford a Participant with favorable treatment under
     the tax laws applicable to such Participant, including, but not limited to
     ISOs. If Stock acquired by exercise of an ISO is sold or otherwise disposed
     of within two years after the date of grant of the ISO or within one year
     after the transfer of such Stock to the Participant, the holder of the
     Stock immediately prior to the disposition shall promptly notify the
     Company in writing of the date and terms of the disposition and shall
     provide such other information regarding the disposition as the Company may

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     reasonably require in order to secure any deduction then
     available against the Company's or any other corporation's taxable income.
     The Company may impose such procedures as it determines may be necessary to
     ensure that such notification is made. Each Option granted as an ISO shall
     be designated as such in the Award Agreement relating to such Option.

     (c) Stock Appreciation Rights.  The Committee is authorized to grant stock
appreciation rights on the following terms and conditions ("SARs"):

          (i) Right to Payment.  An SAR shall confer on the Participant to whom
     it is granted a right to receive, upon exercise thereof, the excess of (A)
     the Fair Market Value of one share of Stock on the date of exercise (or, if
     the Committee shall so determine in the case of any such right other than
     one related to an ISO, the Fair Market Value of one share at any time
     during a specified period before or after the date of exercise), over (B)
     the grant price of the SAR as determined by the Committee as of the date of
     grant of the SAR, which, except as provided in Section 7(a), shall be not
     less than the Fair Market Value of one share of Stock on the date of grant.

          (ii) Other Terms.  The Committee shall determine the time or times at
     which an SAR may be exercised in whole or in part, the method of exercise,
     method of settlement, form of consideration payable in settlement, method
     by which Stock will be delivered or deemed to be delivered to Participants,
     whether or not an SAR shall be in tandem with any other Award, and any
     other terms and conditions of any SAR. Limited SARs that may only be
     exercised upon the occurrence of a change in control of the Company may be
     granted on such terms, not inconsistent with this Section 6(c), as the
     Committee may determine. Limited SARs may be either freestanding or in
     tandem with other Awards.

     (d) Restricted Stock.  The Committee is authorized to grant Stock that is
subject to restrictions based on continued employment on the following terms and
conditions ("Restricted Stock"):

          (i) Grant and Restrictions.  Restricted Stock shall be subject to such
     restrictions on transferability and other restrictions, if any, as the
     Committee may impose, which restrictions may lapse separately or in
     combination at such times, under such circumstances, in such installments,
     or otherwise, as the Committee may determine. Except to the extent
     restricted under the terms of the Plan and any Award Agreement relating to
     the Restricted Stock, a Participant granted Restricted Stock shall have all
     of the rights of a stockholder including, without limitation, the right to
     vote Restricted Stock or the right to receive dividends thereon.

          (ii) Forfeiture.  Except as otherwise determined by the Committee,
     upon termination of employment or service (as determined under criteria
     established by the Committee) during the applicable restriction period,
     Restricted Stock that is at that time subject to restrictions shall be
     forfeited and reacquired by the Company; provided, however, that the
     Committee may provide, by rule or regulation or in any Award Agreement, or
     may determine in any individual case, that restrictions or forfeiture
     conditions relating to Restricted Stock will be waived in whole or in part
     in the event of termination resulting from specified causes.

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          (iii) Certificates for Stock.  Restricted Stock granted under the Plan
     may be evidenced in such manner as the Committee shall determine. If
     certificates representing Restricted Stock are registered in the name of
     the Participant, such certificates may bear an appropriate legend referring
     to the terms, conditions, and restrictions applicable to such Restricted
     Stock, the Company may retain physical possession of the certificate, in
     which case the Participant shall be required to have delivered a stock
     power to the Company, endorsed in blank, relating to the Restricted Stock.

          (iv) Dividends.  Dividends paid on Restricted Stock shall be either
     paid at the dividend payment date in cash or in shares of unrestricted
     Stock having a Fair Market Value equal to the amount of such dividends, or
     the payment of such dividends shall be deferred and/or the amount or value
     thereof automatically reinvested in additional Restricted Stock, other
     Awards, or other investment vehicles, as the Committee shall determine or
     permit the Participant to elect. Stock distributed in connection with a
     Stock split or Stock dividend, and other property distributed as a
     dividend, shall be subject to restrictions and a risk of forfeiture to the
     same extent as the Restricted Stock with respect to which such Stock or
     other property has been distributed, unless otherwise determined by the
     Committee.

     (e) Deferred Stock.  The Committee is authorized to grant units
representing the right to receive Stock at a future date subject to the
following terms and conditions ("Deferred Stock"):

          (i) Award and Restrictions.  Delivery of Stock will occur upon
     expiration of the deferral period specified for an Award of Deferred Stock
     by the Committee (or, if permitted by the Committee, as elected by the
     Participant). In addition, Deferred Stock shall be subject to such
     restrictions as the Committee may impose, if any, which restrictions may
     lapse at the expiration of the deferral period or at earlier specified
     times, separately or in combination, in installments or otherwise, as the
     Committee may determine.

          (ii) Forfeiture.  Except as otherwise determined by the Committee,
     upon termination of employment or service (as determined under criteria
     established by the Committee) during the applicable deferral period or
     portion thereof to which forfeiture conditions apply (as provided in the
     Award Agreement evidencing the Deferred Stock), all Deferred Stock that is
     at that time subject to such forfeiture conditions shall be forfeited;
     provided, however, that the Committee may provide, by rule or regulation or
     in any Award Agreement, or may determine in any individual case, that
     restrictions or forfeiture conditions relating to Deferred Stock will be
     waived in whole or in part in the event of termination resulting from
     specified causes.

     (f) Bonus Stock and Awards in Lieu of Cash Obligations.  The Committee is
authorized to grant Stock as a bonus, or to grant Stock or other Awards in lieu
of Company obligations to pay cash under other plans or compensatory
arrangements.

     (g) Dividend Equivalents.  The Committee is authorized to grant awards
entitling the Participant to receive cash, Stock, other Awards or other
property

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equal in value to dividends paid with respect to a specified number of
shares of Stock ("Dividend Equivalents"). Dividend Equivalents may be awarded on
a free-standing basis or in connection with another Award. The Committee may
provide that Dividend Equivalents shall be paid or distributed when accrued or
shall be deemed to have been reinvested in additional Stock, Awards or other
investment vehicles, and subject to such restrictions on transferability and
risks of forfeiture, as the Committee may specify.

     (h) Other Stock-Based Awards.  The Committee is authorized, subject to
limitations under applicable law, to grant such other Awards that may be
denominated or payable in, valued in whole or in part by reference to, or
otherwise based on, or related to, Stock and factors that may influence the
value of Stock, as deemed by the Committee to be consistent with the purposes of
the Plan, including, without limitation, convertible or exchangeable debt
securities, other rights convertible or exchangeable into Stock, purchase rights
for Stock, Awards with value and payment contingent upon performance of the
Company or any other factors designated by the Committee and Awards valued by
reference to the book value of Stock or the value of securities of or the
performance of specified Subsidiaries ("Other Stock Based Awards"). The
Committee shall determine the terms and conditions of such Awards. Stock issued
pursuant to an Award in the nature of a purchase right granted under this
Section 6(h) shall be purchased for such consideration, paid for at such times,
by such methods, and in such forms, including, without limitation, cash, Stock,
other Awards, or other property, as the Committee shall determine. Cash awards,
as an element of or supplement to any other Award under the Plan, may be granted
pursuant to this Section 6(h).

     7. Certain Provisions Applicable to Awards.

     (a) Stand-Alone, Additional, Tandem, and Substitute Awards.  Awards granted
under the Plan may, in the discretion of the Committee, be granted either alone
or in addition to, in tandem with or in substitution for any other Award granted
under the Plan or any award granted under any other plan of the Company, its
Parent or Subsidiaries or any business entity to be acquired by the Company or a
Subsidiary, or any other right of a Participant to receive payment from the
Company its Parent or Subsidiaries. Awards granted in addition to or in tandem
with other Awards or awards may be granted either as of the same time as or a
different time from the grant of such other Awards or awards.

     (b) Term of Awards.  The term of each Award shall be for such period as may
be determined by the Committee; provided, however, that (i) in no event shall
the term of any ISO or an SAR granted in tandem therewith exceed a period of ten
years from the date of its grant (or such shorter period as may be applicable
under Section 422 of the Code), and (ii) the term of any Option granted to a
resident of the United Kingdom shall not exceed a period of ten years from the
date of its grant.

     (c) Form of Payment Under Awards.  Subject to the terms of the Plan and any
applicable Award Agreement, payments to be made by the Company, its Parent or
Subsidiaries upon the grant, exercise or settlement of an Award may be made in
such forms as the Committee shall determine, including, without limitation,
cash, Stock, other Awards or other property, and may be made in a single payment
or transfer, in installments or on a deferred basis. Such payments may include,
without limitation, provisions for the payment or crediting of reasonable
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interest on installment or deferred payments or the grant or crediting of
Dividend Equivalents in respect of installment or deferred payments denominated
in Stock.

     (d) Rule 16b-3 Compliance.

          (i) Six-Month Holding Period.  Unless a Participant could otherwise
     dispose of equity securities, including derivative securities, acquired
     under the Plan without incurring liability under Section 16(b) of the
     Exchange Act, equity securities acquired under the Plan must be held for a
     period of six months following the date of such acquisition, provided that
     this condition shall be satisfied with respect to a derivative security if
     at least six months elapse from the date of acquisition of the derivative
     security to the date of disposition of the derivative security (other than
     upon exercise or conversion) or its underlying equity security.

          (ii) Other Compliance Provisions.  With respect to a Participant who
     is then subject to Section 16 of the Exchange Act in respect of the
     Company, the Committee shall implement transactions under the Plan and
     administer the Plan in a manner that will ensure that each transaction by
     such a Participant is exempt from liability under Rule 16b-3, except that
     such a Participant may be permitted to engage in a non-exempt transaction
     under the Plan if written notice has been given to the Participant
     regarding the non-exempt nature of such transaction. The Committee may
     authorize the Company to repurchase any Award or shares of Stock resulting
     from any Award in order to prevent a Participant who is subject to Section
     16 of the Exchange Act from incurring liability under Section 16(b). Unless
     otherwise specified by the Participant, equity securities, including
     derivative securities, acquired under the Plan which are disposed of by a
     Participant shall be deemed to be disposed of in the order acquired by the
     Participant.

     (e) Loan Provisions.  With the consent of the Committee, and subject at all
times to, and only to the extent, if any, permitted under and in accordance
with, laws and regulations and other binding obligations or provisions
applicable to the Company, the Company may make, guarantee or arrange for a loan
or loans to a Participant with respect to the exercise of any Option or other
payment in connection with any Award, including the payment by a Participant of
any or all federal, state or local income or other taxes due in connection with
any Award. Subject to such limitations, the Committee shall have full authority
to decide whether to make a loan or loans hereunder and to determine the amount,
terms and provisions of any such loan or loans, including the interest rate to
be charged in respect of any such loan or loans, whether the loan or loans are
to be with or without recourse against the borrower, the terms on which the loan
is to be repaid and conditions, if any, under which the loan or loans may be
forgiven.

     (f) Performance-Based Awards.  The Committee may, in its discretion,
designate any Award the exercisability or settlement of which is subject to the
achievement of performance conditions as a performance-based Award subject to
this Section 7(f), in order to qualify such Award as "qualified
performance-based compensation" within the meaning of Code Section 162(m) and
regulations thereunder. The performance objectives for an Award subject to this
Section 7(f) shall consist of one or more business criteria and a targeted level
or levels of performance with respect to such criteria, as specified by the
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Committee but subject to this Section 7(f). Performance objectives shall be
objective and shall otherwise meet the requirements of Section 162(m)(4)(C) of
the Code. Business criteria used by the Committee in establishing performance
objectives for Awards subject to this Section 7(f) shall be selected from among
the following:

          (1) Annual return on capital;

          (2) Annual earnings or earnings per share;

          (3) Annual cash flow provided by operations;

          (4) Increase in stock price;

          (5) Changes in annual revenues; and/or

          (6) Strategic business criteria, consisting of one or more objectives
     based on meeting specified revenue, market penetration, geographic business
     expansion goals, cost targets, and goals relating to acquisitions or
     divestitures.

     The levels of performance required with respect to such business criteria
may be expressed in absolute or relative levels. Performance objectives may
differ for such Awards to different Participants. The Committee shall specify
the weighting to be given to each performance objective for purposes of
determining the final amount payable with respect to any such Award. The
Committee may, in its discretion, reduce the amount of a payout otherwise to be
made in connection with an Award subject to this Section 7(f), but may not
exercise discretion to increase such amount, and the Committee may consider
other performance criteria in exercising such discretion. All determinations by
the Committee as to the achievement of performance objectives shall be in
writing. The Committee may not delegate any responsibility with respect to an
Award subject to this Section 7(f).

     8. General Provisions.

     (a) Compliance With Laws and Obligations.  The Company shall not be
obligated to issue or deliver Stock in connection with any Award or take any
other action under the Plan in a transaction subject to the requirements of any
applicable securities law, any requirement under any listing agreement between
the Company and any national securities exchange or automated quotation system
or any other law, regulation or contractual obligation of the Company until the
Company is satisfied that such laws, regulations, and other obligations of the
Company have been complied with in full. Certificates representing shares of
Stock issued under the Plan will be subject to such stop-transfer orders and
other restrictions as may be applicable under such laws, regulations and other
obligations of the Company, including any requirement that a legend or legends
be placed thereon.

     (b) Limitations on Transferability.  Awards and other rights under the Plan
will not be transferable by a Participant except by will or the laws of descent
and distribution or to a Beneficiary in the event of the Participant's death,
shall not be pledged, mortgaged, hypothecated or otherwise encumbered, or
otherwise subject to the claims of creditors, and, in the case of ISOs and SARs
in tandem therewith, shall be exercisable during the lifetime of a Participant

<PAGE>   12
only by such Participant or his guardian or legal representative; provided,
however, that such Awards and other rights (other than ISOs and SARs in tandem
therewith) may be
transferred to one or more transferees during the lifetime of the Participant to
the extent and on such terms as then may be permitted by the Committee.

     (c) No Right to Continued Employment or Service. Neither the Plan nor any
action taken hereunder shall be construed as giving any employee, director or
other person the right to be retained in the employ or service of the Company,
its Parent or any Subsidiary, nor shall it interfere in any way with the right
of the Company, its Parent or any Subsidiary to terminate any employee's
employment or other person's service at any time or with the right of the Board
or stockholders to remove any director.

     (d) Taxes.  The Company, its Parent and Subsidiaries are authorized to
withhold from any Award granted or to be settled, any delivery of Stock in
connection with an Award, any other payment relating to an Award or any payroll
or other payment to a Participant amounts of withholding and other taxes due or
potentially payable in connection with any transaction involving an Award, and
to take such other action as the Committee may deem advisable to enable the
Company, its Parent and Subsidiaries and Participants to satisfy obligations for
the payment of withholding taxes and other tax obligations relating to any
Award. This authority shall include authority to withhold or receive Stock or
other property and to make cash payments in respect thereof in satisfaction of a
Participant's tax obligations.

     (e) Changes to the Plan and Awards.  The Board may amend, alter, suspend,
discontinue or terminate the Plan or the Committee's authority to grant Awards
under the Plan without the consent of stockholders or Participants, except that
any such action shall be subject to the approval of the Company's stockholders
at or before the next annual meeting of stockholders for which the record date
is after such Board action if such stockholder approval is required by any
federal or state law or regulation or the rules of any stock exchange or
automated quotation system on which the Stock may then be listed or quoted, and
the Board may otherwise, in its discretion, determine to submit other such
changes to the Plan to stockholders for approval; provided, however, that,
without the consent of an affected Participant, no such action may materially
impair the rights of such Participant under any Award theretofore granted to him
(as such rights are set forth in the Plan and the Award Agreement). The
Committee may waive any conditions or rights under, or amend, alter, suspend,
discontinue, or terminate, any Award theretofore granted and any Award Agreement
relating thereto; provided, however, that, without the consent of an affected
Participant, no such action may materially impair the rights of such Participant
under such Award (as such rights are set forth in the Plan and the Award
Agreement). Notwithstanding the foregoing, the Board or the Committee may take
any action (including actions affecting or terminating outstanding Awards) to
the extent necessary for a business combination in which the Company is a party
to be accounted for under the pooling-of-interests method of accounting under
Accounting Principles Board Opinion No. 16 (or any successor thereto). The Board
or the Committee shall also have the authority to establish separate sub-plans
under the Plan with respect to Participants resident in a particular
jurisdiction (the terms of which shall not be inconsistent with those of the
Plan) if necessary or desirable to comply with the applicable laws of such
jurisdiction.

<PAGE>   13
     (f) No Rights to Awards; No Stockholder Rights.  No person shall have any
claim to be granted any Award under the Plan, and there is no obligation for
uniformity of treatment of Participants and employees. No Award shall confer on
any Participant any of the rights of a stockholder of the Company unless and
until Stock is duly issued or transferred and delivered to the Participant in
accordance with the terms of the Award or, in the case of an Option, the Option
is duly exercised.

     (g) Unfunded Status of Awards; Creation of Trusts.  The Plan is intended to
constitute an "unfunded" plan for incentive and deferred compensation. With
respect to any payments not yet made to a Participant pursuant to an Award,
nothing contained in the Plan or any Award shall give any such Participant any
rights that are greater than those of a general creditor of the Company;
provided, however, that the Committee may authorize the creation of trusts or
make other arrangements to meet the Company's obligations under the Plan to
deliver cash, Stock, other Awards, or other property pursuant to any Award,
which trusts or other arrangements shall be consistent with the "unfunded"
status of the Plan unless the Committee otherwise determines with the consent of
each affected Participant.

     (h) Nonexclusivity of the Plan.  Neither the adoption of the Plan by the
Board nor any submission of the Plan or amendments thereto to the stockholders
of the Company for approval shall be construed as creating any limitations on
the power of the Board to adopt such other compensatory arrangements as it may
deem desirable, including, without limitation, the granting of stock options
otherwise than under the Plan, and such arrangements may be either applicable
generally or only in specific cases.

     (i) No Fractional Shares.  No fractional shares of Stock shall be issued or
delivered pursuant to the Plan or any Award. The Committee shall determine
whether cash, other Awards, or other property shall be issued or paid in lieu of
such fractional shares or whether such fractional shares or any rights thereto
shall be forfeited or otherwise eliminated.

     (j) Governing Law.  The validity, construction and effect of the Plan, any
rules and regulations relating to the Plan and any Award Agreement shall be
determined in accordance with the laws of the State of Delaware, without giving
effect to principles of conflicts of laws, and applicable federal law.

     (k) Effective Date; Plan Termination.  The Plan shall become effective as
of the date of its adoption by the Board, and shall continue in effect until
terminated by the Board; provided, however, that if approval of such adoption by
the Company's shareholders is not obtained within 12 months of the date of such
adoption, the Plan shall terminate ab initio, and any Awards then outstanding
shall be canceled.

<PAGE>   14

                                   SIGNATURES

     Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the Company has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.

                                          DATA BROADCASTING CORPORATION

                                          By:
                                            ------------------------------------
                                                      Stuart J. Clark
                                                  Chief Executive Officer
                                                      March [  ], 2001

     Pursuant to the requirements of the Securities Exchange Act of 1934, this
report has been signed below by the following persons in the capacities and on
the dates indicated.

Principal Executive Officer:

                                          By:
                                            ------------------------------------
                                                      Stuart J. Clark
                                                  Chief Executive Officer
                                                      March [  ], 2001

Principal Financial Officer:

                                          By:
                                            ------------------------------------
                                                      Steven G. Crane
                                                  Chief Financial Officer
                                                      March [  ], 2001

Directors:

<TABLE>
<CAPTION>

<S>                                                    <C>
-----------------------------------------------------  -----------------------------------------------------
Stuart Clark                                           John Fallon
Chief Executive Officer and Director                   Director
March [  ], 2001                                       March [  ], 2001

-----------------------------------------------------  -----------------------------------------------------
Donald P. Greenberg                                    Stephen Hill
Director                                               Chairman of the Board
March [  ], 2001                                       March [  ], 2001

-----------------------------------------------------  -----------------------------------------------------
Alan J. Hirschfield                                    Philip J. Hoffman
Director                                               Director
March [  ], 2001                                       March [  ], 2001
</TABLE>

<PAGE>   15

<TABLE>
<CAPTION>

<S>                                                    <C>
-----------------------------------------------------  -----------------------------------------------------
Gloria Samuels                                         Giles Spackman
Director                                               Director
March [  ], 2001                                       March [  ], 2001

-----------------------------------------------------  -----------------------------------------------------
Carl Spielvogel                                        Allan R. Tessler
Director                                               Director
March [  ], 2001                                       March [  ], 2001
</TABLE><PAGE>   1
                                                                    EXHIBIT 10.4

                          DATA BROADCASTING CORPORATION
                              3490 Clubhouse Drive
                             Jackson, Wyoming 83014

November 14, 1999

Mr. Alan J. Hirschfield
1150 Fall Creek Road
Wilson, Wyoming  83014

Dear Mr. Hirschfield:

This agreement and release (this "Letter Agreement") confirms the termination of
your status as an officer and employee of and with Data Broadcasting Corporation
(the "Company"), and each of the Company's direct and indirect subsidiaries,
such termination to be effective upon the effective time of the merger
contemplated by the Agreement and Plan of Merger, dated as of the date hereof,
among the Company, Detective Merger-Sub, Inc., Interactive Data Corporation and
Pearson Longman, Inc. (the "Termination Date"). In addition, for good and
valuable consideration, the receipt of which is hereby acknowledged, you and the
Company mutually agree as follows:

1.   Termination of Employment Agreement; Resignation as Employee and Officer.
     Your execution of this Letter Agreement hereby confirms in writing the
     termination of your status as an employee and officer of the Company and
     any and all of its subsidiaries, effective as of the Termination Date. Such
     execution further confirms that, except as otherwise provided herein, the
     employment agreement dated as of October 7, 1999 between you and the
     Company (the "Employment Agreement") is terminated effective as of the
     Termination Date, and all provisions thereof shall be null and void as of
     such date.

2.   Director Status. Although your status (if any) as Chairman or Co-Chairman
     of the Board of Directors of the Company (the "Board") will cease as of the
     Termination Date, this Letter Agreement will not affect your status as a
     member of the Board, and you may continue to serve as such until expiration
     of your term. If you are removed as a director of the Company prior to
     expiration of your term, or you are not re-elected after expiration of your
     term, any remaining payments pursuant to Section 3(a) below will be
     accelerated. Any directorships that you may hold in any subsidiary of the
     Company will terminate upon the Termination Date.

3.   Payments and Benefits. In connection with your termination and resignation,
     you shall receive the following (subject, in each case, to (i) your
     compliance with the terms of this Letter Agreement, and (ii) applicable
     statutory deductions and withholdings):

     (a)  a payment of $1,125,000, spread over the three-year period commencing
          on the Termination Date (the "Severance Period") and made in
          accordance with the Company's normal payroll practices;
<PAGE>   2
     (b)  full vesting of any unvested stock options, and the ability to
          exercise all of your outstanding options until the end of the
          Severance Period (or, if earlier, the expiration of the outside term
          of each such option); and

     (c)  continued coverage under the Company's group medical plan during the
          Severance Period on the same basis as active employees of the Company
          are covered, and for purposes of determining any period of "COBRA"
          coverage thereafter, your "qualifying event" shall be deemed to have
          occurred on the Termination Date.

4.   Cessation of all other Compensation and Benefits. From and after the
     Termination Date, and except as otherwise expressly set forth in this
     Letter Agreement, you will not receive compensation, payments or benefits
     of any kind from the Company or its subsidiaries, and you expressly
     acknowledge and agree that, except with respect to the payments and
     benefits specifically set forth in this Letter Agreement, you are not
     entitled to any compensation, payment or benefit whatsoever, including,
     without limitation, any right to payment under Section 8 or 10 of the
     Employment Agreement.

5.   Payment is in Consideration of Release and Other Continuing Obligations.
     You understand and agree that the payments provided for in Section 3 of
     this Letter Agreement are being provided to you in consideration for your
     acceptance and execution of, and in reliance upon your agreements in, this
     Letter Agreement, including but not limited to the release contained
     herein.

6.   Certain Covenants. You acknowledge and agree that Section 6
     (non-competition) and Section 7 (confidential information) of the
     Employment Agreement shall survive the termination of your employment, and
     that for purposes of Section 6 of the Employment Agreement, the restriction
     on your ability to compete will continue during the two-year period
     following the Termination Date.

7.   Non-Disparagement. You agree that you will not, directly or indirectly,
     disparage (whether in writing or orally) the Company or the Releasees (as
     defined below) in any manner whatsoever at any time.

8.   Release.

               (a) You hereby agree to accept the compensation, payments and
     benefits provided for in Section 3 hereof in full resolution and
     satisfaction of, and hereby IRREVOCABLY AND UNCONDITIONALLY RELEASE, REMISE
     AND FOREVER DISCHARGE the Company, its past, present and future direct and
     indirect parents (including Pearson plc and its affiliates), subsidiaries,
     affiliates, divisions, predecessors, successors, and assigns, and their
     respective current and former officers, directors, shareholders,
     representatives, agents and employees, in their official and individual
     capacities, jointly and individually (the "Releasees") from, any and all
     agreements, promises, liabilities, claims and demands of any kind
     whatsoever, in law or equity, whether known or unknown, suspected or
     unsuspected, fixed or contingent, apparent or concealed, which you, your
     respective heirs, executors, administrators, successors or assigns ever

                                       2
<PAGE>   3
     had, now have or in the future may have, including, without limitation, any
     and all claims arising out of or relating to your employment, the
     Employment Agreement, your compensation and benefits with the Company
     and/or the termination thereof, and any and all contract, tort or fraud
     claims, claims for defamation or other personal injury, claims under any
     federal, state or municipal wage payment, discrimination or fair employment
     practices law, statute or regulation and claims for costs, expenses and
     attorneys' fees with respect thereto, arising from the beginning of the
     world through the effective date of this Letter Agreement, in each case,
     against the Company or any of the Releasees, other than any claims with
     respect to the Company's breach of this Letter Agreement. However, it is
     agreed that you do not waive your rights for coverage or indemnification
     under any directors & officers policy, or pursuant to Certificate of
     Incorporation and the the by-laws of the Company for acts or omissions
     occurring during your employment. THIS RELEASE AND WAIVER INCLUDES, WITHOUT
     LIMITATION, ANY AND ALL CLAIMS UNDER THE AGE DISCRIMINATION IN EMPLOYMENT
     ACT, 29 U.S.C. "621-634 (THE "ADEA").

               (b) By signing this Letter Agreement and by acceptance of the
     compensation, payments and benefits provided for in Section 3 above, you
     hereby WAIVE, RELEASE AND COVENANT NOT TO SUE the Company or the Releasees
     with respect to any matter relating to or arising out of any claims being
     released hereunder, and you agree that you will not (i) file, charge,
     claim, sue or cause or permit to be filed any civil action, suit or legal
     proceeding for any claims which are being released hereunder against the
     Company or the Releasees, whether in the form of a federal, state or
     municipal court lawsuit or administrative agency action, an arbitration
     proceeding or otherwise, (ii) seek reinstatement or any other monetary,
     equitable or personal relief of any kind from the Company or the Releasees,
     however that relief might be called, on the basis of any such claim, or
     (iii) accept any such relief (as described in subclause (ii) above) on the
     basis of any claims which are being released hereunder if sought by any
     person, organization or other entity other than you or acting for you or on
     your behalf. You represent and warrant as of the date hereof (i) that you
     have not filed any claim or demand for relief against the Company or
     Releasees, (ii) that there are no outstanding claims, or other claims or
     demands for relief within the meaning of this Section 8, and (iii) that
     there has been no assignment of any such claims.

9.   Consulting Services; Future Cooperation. During the Severance Period, you
     agree to make yourself available for consultation with the Company and its
     subsidiaries to provide, as requested, advice and information with respect
     to the business of the Company and its subsidiaries. You further agree that
     upon the Company's reasonable request (whether during or after the
     Severance Period), you will use reasonable efforts to assist and cooperate
     with the Company and the Releasees in connection with the defense or
     prosecution of any claim that may be made against or by the Company or the
     Releasees, or in connection with any ongoing or future investigation or
     dispute or claim of any kind involving the Company or the Releasees,
     including any proceeding before any arbitral, administrative, regulatory,
     self-regulatory, judicial, legislative, or other body or agency. You will
     not be paid any additional amounts for any consulting services that you
     render or assistance that you provide, although you will be entitled to
     reimbursement for reasonable out-of-pocket expenses.

                                       3
<PAGE>   4
10.  Successors and Assigns. This Letter Agreement shall inure to the benefit of
     and shall be binding upon the parties hereto and their respective
     successors and assigns, including but not limited to (i) with respect to
     the Company, any entity with which the Company may merge or consolidate or
     to which the Company may sell substantially all of its assets, and (ii)
     with respect to you, your executors, administrators, heirs and legal
     representatives. In the event of your death during the Severance Period,
     any remaining amounts due under this Agreement shall be accelerated and
     payable to your estate.

11.  Severability; Headings. In the event that any provision of this Letter
     Agreement shall be held by a court of proper jurisdiction to be invalid,
     void or voidable or otherwise unenforceable, the balance of this Letter
     Agreement shall continue in full force and effect unless such construction
     would clearly be contrary to the intentions of the parties or would result
     in an unconscionable injustice. The headings of the sections and paragraphs
     of this Letter Agreement are for convenience of reference only and shall
     not constitute a part hereof.

12.  Miscellaneous: Choice of Law. This Letter Agreement may be executed in
     several counterparts, each or which shall be deemed to be an original but
     all of which together will constitute one and the same instrument. This
     Letter Agreement constitutes the entire agreement, and supersedes all prior
     agreements, of the parties hereto relating to the subject matter hereof,
     and there are no written or oral terms or representations made by either
     party other than those contained herein and therein. This Letter Agreement
     cannot be modified, altered or amended except by a writing signed by all
     the parties. No waiver by either party of any provision or condition of
     this Letter Agreement at any time shall be deemed a waiver of such
     provision or condition at any prior or subsequent time or of any provision
     or condition at the same or any prior or subsequent time. This Letter
     Agreement shall be governed by and construed in accordance with the
     domestic laws of the State of Delaware, without giving effect to any choice
     of law or conflict of law provision or rule (whether of the State of
     Delaware or any other jurisdiction) that would cause the application of the
     laws of any jurisdiction other than the State of Delaware.

13.  Facsimile Signatures Valid. Execution of this Letter Agreement with
     signatures transmitted via facsimile shall be considered valid.

                                     * * * *

If this Letter Agreement conforms to your understanding and is acceptable to
you, please indicate your agreement by signing and dating the enclosed copy of
this Letter Agreement where indicated and returning it to the Company. YOU
ACKNOWLEDGE AND AGREE THAT YOU HAVE BEEN PROVIDED WITH THE OPPORTUNITY TO HAVE A
PERIOD OF AT LEAST 21 DAYS IN WHICH TO REVIEW AND CONSIDER THIS LETTER
AGREEMENT, AND YOU HAVE USED SUCH REVIEW PERIOD TO THE EXTENT DESIRED BY YOU.
AFTER YOUR EXECUTION OF THIS LETTER AGREEMENT, YOU WILL THEN BE PERMITTED TO
REVOKE THIS LETTER AGREEMENT IN WRITING AT ANY TIME DURING THE PERIOD OF SEVEN
DAYS FOLLOWING THE EXECUTION THEREOF. IN THE EVENT THAT YOU EXECUTE THIS LETTER
AGREEMENT, THIS LETTER AGREEMENT WILL NOT BE EFFECTIVE OR ENFORCEABLE, AND NO
PAYMENTS WILL BE MADE HEREUNDER, UNTIL THE SEVEN-DAY REVOCATION PERIOD HAS
EXPIRED; UPON THE EXPIRATION OF SUCH SEVEN DAY PERIOD AFTER YOUR EXECUTION (AND
ASSUMING

                                       4
<PAGE>   5
NO REVOCATION), THIS LETTER AGREEMENT SHALL BECOME EFFECTIVE. IN THE EVENT THAT
YOU FAIL TO EXECUTE THIS LETTER BY THE DATE SPECIFIED IN THE FIRST SENTENCE
ABOVE, OR IF YOU EXECUTE THIS LETTER AGREEMENT AND SUBSEQUENTLY ELECT TO REVOKE
THIS LETTER AGREEMENT IN WRITING PURSUANT TO THE TERMS HEREOF WITHIN SUCH SEVEN
DAY REVOCATION PERIOD, THIS LETTER AGREEMENT WILL BE OF NO FORCE OR EFFECT, AND
NO PARTY TO THIS LETTER AGREEMENT WILL HAVE ANY RIGHTS OR OBLIGATIONS HEREUNDER.

Sincerely,

Data Broadcasting Corporation

By: /s/ Mark. F. Imperiale
   -----------------------------
   Name:  Mark F. Imperiale
   Title: President

THIS LETTER AGREEMENT IS A LEGAL DOCUMENT. YOU SHOULD CONSULT WITH AN ATTORNEY
PRIOR TO SIGNING THIS LETTER AGREEMENT.

BY SIGNING THIS LETTER AGREEMENT YOU ACKNOWLEDGE THAT YOU ARE COMPETENT, THAT
YOU HAVE BEEN PROVIDED WITH THE OPPORTUNITY TO HAVE A PERIOD OF AT LEAST 21 DAYS
IN WHICH TO REVIEW AND CONSIDER THIS LETTER AGREEMENT WITH AN ATTORNEY OF YOUR
CHOICE AND YOU HAVE USED SUCH REVIEW PERIOD TO THE EXTENT YOU DESIRED, THAT YOU
HAVE READ AND UNDERSTAND AND VOLUNTARILY ACCEPT THIS LETTER AGREEMENT AS FULLY
AND FINALLY RESOLVING, WAIVING AND RELEASING ANY AND ALL CLAIMS WHICH YOU MAY
HAVE AGAINST THE COMPANY AND RELEASEES (AS DEFINED HEREIN), INCLUDING ANY AND
ALL CLAIMS UNDER THE AGE DISCRIMINATION IN EMPLOYMENT ACT, THAT NO PROMISES OR
INDUCEMENTS HAVE BEEN MADE TO YOU EXCEPT AS SET FORTH IN THIS LETTER AGREEMENT,
AND THAT YOU HAVE SIGNED THIS LETTER AGREEMENT FREELY AND VOLUNTARILY, INTENDING
TO BE LEGALLY BOUND BY ITS TERMS. THE FOREGOING IS A SUMMARY DESCRIPTION OF THE
GENERAL IMPORT OF THIS INSTRUMENT AND DOES NOT ALTER OR AMEND THE DETAILED
PROVISIONS CONTAINED IN THE BODY HEREOF.

ACCEPTED AND AGREED:

/s/ Alan J. Hirschfield                              Date:
--------------------------                                ------------------
Alan J. Hirschfield

                                       5

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