Exhibit 10.3

 
EXECUTION COPY

May 22, 2009

MSCI Inc.
88 Pine Street
New York, NY 10005
Attn.  Frederick W. Bogdan, General Counsel
Telephone: (212) 804-2930

Re:           Services Agreement by and between Morgan Stanley and MSCI Inc.

Ladies and Gentlemen:

Morgan Stanley (“Morgan Stanley”) and MSCI Inc. (“MSCI” and, together with
Morgan Stanley, the “Parties”) have entered into a Services Agreement dated as
of November 20, 2007 (the “Services Agreement”), as amended July 21,
2008.  Except as otherwise provided in this letter agreement (the “Letter
Agreement”), all capitalized terms used without definition herein shall have the
meanings ascribed to them in the Services Agreement.

Morgan Stanley intends to sell all of the outstanding shares of Class A common
stock, par value $0.01 per shares, of MSCI and its subsidiaries owned by Morgan
Stanley (the “Sale”, and the date of the consummation of the disposition of all
shares of MSCI Class A Common Stock held by Morgan Stanley, the “Sale Date”).

In connection with the Sale, and pursuant to, and in accordance with, Section
8.12 of the Services Agreement, by executing this Letter Agreement the Parties
hereby agree that the Schedules are hereby terminated in their entirety and
replaced with the Amended and Restated Schedules attached to this Letter
Agreement.

Except as amended by this Letter Agreement, all provisions of the Services
Agreement and the exhibits thereto shall remain in full force and effect
following the Sale Date unless the Services Agreement expires or is terminated
in accordance with its terms.

Notwithstanding anything in this Letter Agreement to the contrary, if the Sale
does not occur, this Letter Agreement shall be of no force and effect.
 
 
 
 

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Please confirm that the foregoing correctly sets forth the terms of our
agreement by executing this Letter Agreement and returning it to us at the
address below.

 
 
MORGAN STANLEY
          By:
/s/ Colm Kelleher
    Name:
Colm Kelleher
    Title:
Chief Financial Officer
           
Morgan Stanley
1585 Broadway
New York, NY 10036
 

 
Confirmed, accepted and agreed to as of the date first written above:
 
MSCI INC.
          By:
/s/ Henry A. Fernandez
    Name:
Henry A. Fernandez
    Title:
Chairman and CEO
 

 

 

Signature page to Services Letter Agreement
 
 
 
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Amended and Restated Schedules, dated as of May 22, 2009

to the Services Agreement by and between Morgan Stanley and MSCI Inc.,

dated as of November 20, 2007, as amended July 21, 2008
 
 
 
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Schedule I:  Finance Services
 
 
Business Function
Finance Services
 
Providing Party
Morgan Stanley
 
Receiving Party
MSCI
 

 
 
Description of Services:  Morgan Stanley will perform the following Services for
MSCI:

·  
Provide MSCI with information on the OMEGA system in order to enable MSCI to
account for management charges, intercompany interest, intercompany entries and
other charges or allocations

·  
Assist with bank account and payment processing in China

Duration of Services: Up to three months, terminable on written notice from
MSCI.
 
 
 
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Schedule II: Legal and Compliance Services
 
 
Business Function
Legal and Compliance Services
 
Providing Party
Morgan Stanley
 
Receiving Party
MSCI
 

 
 
Description of Services:  Morgan Stanley will use good faith reasonable efforts
to perform the following Services for MSCI:

·  
Provide daily electronic trade reports for all personnel with brokerage accounts
at a  Morgan Stanley entity or outside broker that is included in the daily
electronic trade reports delivered to Designated Managers

Duration of Services: Up to six months, terminable on written notice from MSCI.
 

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