smanas@imfpubs.com

Anthony Jabbour, executive chairman of data analytics vendor Black Knight, will be $40 million richer on Wednesday, under a payment clause that’s part of the firm’s yet-to-be-consummated merger with Intercontinental Exchange.

According to an 8-K filing by Black Knight, Jabbour will receive the bonus by Dec. 28. However, if the merger with Intercontinental Exchange doesn’t reach consummation, Jabbour will have to pay the money back.

The bonus was previously disclosed but the payment is being accelerated “in connection with certain tax-planning actions to mitigate the potential impact of Section 280G of the Internal Revenue Code,” Black Knight said. 

In other words, to avoid tax code restrictions on golden parachute payments, they’re paying him now.

The 8-K filing came two days after House Financial Services Committee Chairwoman Maxine Waters (D-CA) sent a letter to Federal Trade Commission Chair Lina Khan urging a review of the market effects of a ICE-Black Knight amalgam.