EX-10.46



 Exhibit 10.46 
 FORM OF PERFORMANCE AWARD AGREEMENT 
 FOR PERFORMANCE STOCK UNITS

 FOR EXECUTIVE OFFICERS 
 UNDER THE MSCI INC. 2007 AMENDED AND RESTATED EQUITY INCENTIVE COMPENSATION PLAN 
 MSCI
Inc. (together with all of its Subsidiaries, the “Company”) hereby grants to you Performance Stock Units (“PSUs”) as described below. The awards are being granted under the MSCI Inc. 2007 Amended and Restated Equity
Incentive Compensation Plan (the “Plan”). 
  

			
	 Participant:
	  	[Name]
	 Number of PSUs Granted:
	  	[#] PSUs
	 Grant Date:
	  	[Date] (the “Grant Date”)
	 Vesting Schedule:
	  	
	 Performance Period:
	  	

 Provided you continue to provide services to the Company through the applicable vesting dates, the PSUs (as adjusted
based on the performance metrics) will vest and convert as provided above and as further described in Exhibit A. Your PSUs may be subject to forfeiture if you terminate employment with the Company before the applicable vesting dates, as set forth in
the Plan and this Performance Stock Unit Award Agreement (including Exhibit A hereto, the “Award Agreement”). 
 You agree that
this Award Agreement is granted under and governed by the terms and conditions of the Plan and Exhibit A. You also agree that PSUs granted to you pursuant to this Award Agreement and any shares of MSCI common stock issued in settlement or
satisfaction thereof are subject to the MSCI Clawback Policy. You will be able to access a prospectus and tax supplement that contains important information about this award via the MSCI website. Unless defined in this Award Agreement, capitalized
terms shall have the meanings ascribed to them in the Plan. 
 IN WITNESS WHEREOF, MSCI has duly executed and delivered this
Award Agreement as of the Grant Date. 
  

			
	MSCI Inc.
	
	
	Name:	 	 
	Title:	 	


  

	Attachments:	Exhibit A (Terms and Conditions of the Award) 

  







 EXHIBIT A 
 TERMS AND CONDITIONS 
 OF THE PERFORMANCE AWARD AGREEMENT 

Table of Contents 
  

							
	 	  	 	  	PAGE	 
			
	 SECTION 1.
	  	PSUs Generally.	  	 	1	  
	 SECTION 2.
	  	Performance Adjustment, Vesting and Conversion Schedule.	  	 	2	  
	 SECTION 3.
	  	Dividend Equivalent Payments.	  	 	4	  
	 SECTION 4.
	  	Termination of Employment.	  	 	5	  
	 SECTION 5.
	  	Change in Control.	  	 	8	  
	 SECTION 6.
	  	Cancellation of Awards.	  	 	8	  
	 SECTION 7.
	  	Tax and Other Withholding Obligations.	  	 	8	  
	 SECTION 8.
	  	Nontransferability.	  	 	9	  
	 SECTION 9.
	  	Designation of a Beneficiary.	  	 	9	  
	 SECTION 10.
	  	Ownership and Possession.	  	 	9	  
	 SECTION 11.
	  	Securities Law Compliance Matters.	  	 	9	  
	 SECTION 12.
	  	Compliance with Laws and Regulations.	  	 	9	  
	 SECTION 13.
	  	No Entitlements.	  	 	10	  
	 SECTION 14.
	  	Consents under Local Law.	  	 	10	  
	 SECTION 15.
	  	Award Modification and Section 409A.	  	 	10	  
	 SECTION 16.
	  	Severability.	  	 	12	  
	 SECTION 17.
	  	Successors.	  	 	12	  
	 SECTION 18.
	  	Governing Law.	  	 	12	  
	 SECTION 19.
	  	Rule of Construction for Timing of Conversion.	  	 	12	  
	 SECTION 20.
	  	Defined Terms.	  	 	13	  

 SECTION 1. PSUs Generally.  

MSCI has awarded you PSUs as an incentive for you to continue to provide services to the Company and to align your interests with those
of the Company. As such, you will earn your PSU award (as adjusted pursuant to Section 2) only if you remain in continuous employment with the Company through the applicable vesting dates, or as otherwise set forth below. 

Each of your PSUs corresponds to one share of MSCI common stock. Except as otherwise provided in Section 15, a PSU constitutes a
contingent and 

  
 1 








 
unsecured promise by MSCI to deliver one share of MSCI common stock on the conversion date for the PSU. You will not be a stockholder with respect to the shares of MSCI common stock underlying
your PSUs unless and until your PSUs convert to Shares. 
 SECTION 2. Performance Adjustment, Vesting and
Conversion Schedule. 
 (a) Performance Adjustment. The number of PSUs awarded under this Award
Agreement shall be adjusted, within a range of     % to     % of the number of PSUs initially awarded, after the end of the Performance Period based on the achievement of the
                     performance metrics (collectively, the “Performance Metrics”) set forth in the table below, which have been
approved by the Committee. Following the end of the Performance Period, management of MSCI shall provide its calculation of the Performance Metrics to the Committee of the Board. The Committee will review the extent of the achievement of the
Performance Metrics and shall certify in writing such achievement. 
 The number of PSUs that will be converted into Shares
pursuant to Section 2(b), Section 4 or Section 5 (the “Adjusted PSUs”) will be determined based on the following formula (the “Performance Formula”) no later than
                     (the “Adjustment Date”): 
  

									
	 Number of PSUs

Granted
	  	x	  	Adjustment
Percentage	  	=	  	 Number of
 Adjusted PSUs


 The “Adjustment Percentage” will be derived as set forth in the table below;
provided that there will be extrapolation and interpolation (rounded to two decimal places) to derive Adjustment Percentages not expressly set forth below, and any fractional shares resulting from the application of the Adjustment Percentages
will be rounded up; provided further that in no event shall the number of PSUs granted to you on the Grant Date be decreased by more than     % or increased by more than     % as a result of any
extrapolation and/or interpolation. 

  
 2 








 [Table] 

  
 3 








 (b) Vesting. 

(c) Other. Notwithstanding the foregoing, your PSUs will vest and convert as set forth in Section 4 and
Section 5 in the event that your employment with the Company terminates under certain circumstances or a Change in Control occurs, respectively. 
 SECTION 3. Dividend Equivalent Payments. 
 Until your PSUs convert to
Shares, if MSCI pays a dividend on shares of its common stock, you will be entitled to a dividend equivalent payment in the same amount as the dividend you would have received if you held Shares for your vested and unvested PSUs outstanding on the
dividend payment date (taking into account any adjustments pursuant to Section 2(a) and adjustments provided under the Plan). No dividend equivalents will be paid to you with respect to any canceled or forfeited PSUs. 

  
 4 








 MSCI will decide on the form of payment and may pay dividend equivalents in Shares, in cash
or in a combination thereof. 
 MSCI will pay the dividend equivalent when it pays the corresponding dividend on its common
stock. Any dividend equivalents paid to you with respect to PSUs that do not vest and convert to Shares shall be subject to potential recoupment or payback (such recoupment or payback of dividend equivalents, the “Clawback”) following the
cancellation or forfeiture of the underlying PSUs. You consent to the Company’s implementation and enforcement of the Clawback and expressly agree that MSCI may take such actions as are necessary to effectuate the Clawback. If you do not within
a reasonable period tender repayment of the dividend equivalents in response to demand for repayment, MSCI may seek a court order against you or take any other actions as are necessary to effectuate the Clawback. 

Because dividend equivalent payments are considered part of your compensation for income tax purposes, they will be subject to applicable
tax and other withholding obligations. 
 SECTION 4. Termination of Employment.  

Upon termination of employment with the Company pursuant to this Section 4, the following special vesting and payment terms will
apply to your PSUs: 
 (a) Termination of Employment due to Death. If your employment with the Company
terminates (i) due to death prior to the Adjustment Date, your Adjusted PSUs will vest on the date of death and convert into Shares on the Adjustment Date or (ii) due to death after the Adjustment Date, your remaining unsettled Adjusted
PSUs will vest and convert into Shares within 30 days following the date of death, and in either case shall be delivered to the beneficiary you have designated pursuant to Section 9 or the legal representative of your estate, as applicable.

 (b) Termination of Employment due to Disability. If your employment with the Company terminates
(i) due to Disability prior to the Adjustment Date, your Adjusted PSUs will vest and convert into Shares on the Adjustment Date or (ii) due to Disability after the Adjustment Date, your remaining unsettled Adjusted PSUs will vest and
convert into Shares within 30 days following the date of such termination. 
 (c) Involuntary Termination of
Employment by the Company. In the event of an involuntary termination of your employment by the Company without Cause (i) prior to the Adjustment Date, your Adjusted PSUs will vest and convert into Shares on December 31,
             or (ii) after the Adjustment 

  
 5 








 
Date, your remaining unsettled Adjusted PSUs will vest and convert into Shares on December 31,         ; provided that such vesting and
conversion is subject to your execution and non-revocation of an agreement and release satisfactory to MSCI within 60 days following termination of your employment. 

(d) Full Career Retirement. If your employment with the Company terminates (i) due to Full Career Retirement
prior to the Adjustment Date, your Adjusted PSUs will vest and convert into Shares on December 31,          or (ii) due to Full Career Retirement after the Adjustment Date, your remaining unvested
Adjusted PSUs will vest and convert into Shares on December 31,         ; provided that you do not engage in Competitive Activity during the period commencing on the date of termination of your
employment and ending on the earlier of the one year anniversary of your termination of employment and the applicable conversion date provided in this Section 4(d). In the event you engage in Competitive Activity, you will forfeit the PSUs
(whether or not they are Adjusted PSUs) that were not vested as of the date of your Full Career Retirement. You may be required to provide MSCI with a written certification or other evidence that it deems appropriate, in its sole discretion, to
confirm that you have not engaged in Competitive Activity. 
 (e) Governmental Service Termination. If
your employment with the Company terminates prior to the Adjustment Date in a Governmental Service Termination, to the extent permitted under Section 409A of the Code, your PSUs will be adjusted (within a range of     % to
    %) based on the expected (or actual, as the case may be if such termination occurs after the Performance Period) achievement of the Performance Metrics described in Section 2(a) for the Performance Period, which will be
determined by extrapolating from the Performance Metrics that have been achieved as of the end of the most recent completed fiscal quarter prior to the date your employment with the Company terminates, and such Adjusted PSUs will convert into Shares
within 60 days following the date of such termination. If your employment with the Company terminates after the Adjustment Date in a Governmental Service Termination under circumstances not involving a Cancellation Event, your remaining unsettled
Adjusted PSUs will convert into Shares within 60 days following the date of such termination. 
 (f) Other
Resignations from Employment. If you resign from your employment with the Company under circumstances which are not in accordance with the provisions above in this Section (and the related defined terms used in such provisions), your Adjusted
PSUs will vest and convert into Shares only if and as provided below in this paragraph: 
 (i) If, prior to a
Vesting Date, you resign from your employment with the Company for any reason and your last day of 

  
 6 








 
employment occurs before such Vesting Date, you will forfeit any PSUs (whether or not they are Adjusted PSUs) that have not vested as of your last day of employment with the Company; 

(ii) If, prior to a Vesting Date, you give MSCI notice of your intention to resign from your employment with the Company
as of a date following such Vesting Date and you do not subsequently comply with the Notice Requirements, you will forfeit any PSUs (whether or not they are Adjusted PSUs) that have not vested as of the date of your notice of resignation to MSCI
(regardless of whether you continued in employment with the Company as of the applicable Vesting Date); 
 (iii)
If, prior to a Vesting Date, you give MSCI notice of your intention to resign from your employment with the Company as of a date following such Vesting Date, and you remain employed through the Vesting Date and comply with the Notice Requirements,
you will be entitled to Adjusted PSUs (that will vest as of your last day of employment with the Company) in an amount that would have vested on such Vesting Date had a notice of termination not been provided; and 

(iv) If you resign from your employment with the Company following a Vesting Date but prior to conversion into Shares, you
shall be entitled to receive Shares in satisfaction of your Adjusted PSUs that became vested prior to your resignation. 
 If you
are entitled to any Adjusted PSUs in accordance with Sections 4(f)(iii) and 4(f)(iv), such Adjusted PSUs shall convert to Shares as follows (i) if you provided a notice of resignation prior to the Adjustment Date, Adjusted PSUs will convert
into Shares on December 31,          and (ii) if you provided a notice of resignation following the Adjustment Date, Adjusted PSUs will convert into Shares on December 31,
        ; provided that such vesting and conversion is subject to your execution and non-revocation of an agreement and release satisfactory to MSCI within 60 days following termination of your
employment. 
 For the avoidance of doubt, for purposes of this Section 4(f), revocation of a notice of intention to resign
may, in the Company’s sole discretion or if required to comply with Section 409A of the Code, be deemed to be noncompliant with the Notice Requirements and, in connection with such revocation, your PSUs may be treated in accordance with
Section 4(f)(ii) 

  
 7 








 SECTION 5. Change in Control. 

In the event of a Change in Control prior to the Adjustment Date, your PSUs will be adjusted (within a range of 50% to 150%) based on the
expected (or actual, as the case may be if such Change in Control occurs after the Performance Period) achievement of the Performance Metrics described in Section 2(a) for the Performance Period, which will be determined by extrapolating from
the Performance Metrics that have been achieved as of the end of the most recent completed fiscal quarter prior to the date of the Change in Control, and such Adjusted PSUs will convert into Shares effective on the date of such Change in Control. In
the event of a Change in Control following the Adjustment Date, your remaining unsettled Adjusted PSUs will convert into Shares effective on the date of such Change in Control. 

SECTION 6. Cancellation of Awards.  
 (a) Cancellation Events. Notwithstanding any other terms of this Award Agreement, your PSUs will be canceled prior to conversion in the event of any Cancellation Event. 

(b) Certificate. You may be required to provide MSCI with a written certification or other evidence that it deems
appropriate, in its sole discretion, to confirm that no Cancellation Event has occurred. If you fail to submit a timely certification or evidence, MSCI will cancel your award. 

(c) Cancellation of Unvested Awards. Except as explicitly provided in Section 4, upon a termination of your
employment by you or by the Company for any reason, any of your PSUs that have not vested pursuant to Section 2 as of the date of your termination of employment with the Company will be canceled and forfeited in full as of such date.

 SECTION 7. Tax and Other Withholding Obligations.  

Pursuant to rules and procedures that MSCI establishes (including those set forth in Section 16(a) of the Plan), tax or other
withholding obligations arising upon vesting and conversion (as applicable) of your PSUs will be satisfied by having MSCI withhold Shares or by tendering Shares, in each case in an amount sufficient to satisfy the tax or other withholding
obligations, unless MSCI, in its sole discretion, provides for a cash withholding option which would permit MSCI to withhold cash in the same amount. Shares withheld or tendered will be valued using the fair market value of the Stock on the date
your PSUs convert, using a valuation methodology established by MSCI. 
 In order to comply with applicable accounting standards
or the Company’s policies in effect from time to time, MSCI may limit the amount of Shares that you may have withheld or that you may tender. 

  
 8 








 SECTION 8. Nontransferability. 

You may not sell, pledge, hypothecate, assign or otherwise transfer your PSUs, other than as provided in Section 10 or by will or
the laws of descent and distribution or otherwise as provided for by the Committee. 
 SECTION 9. Designation of a
Beneficiary.  
 You may make a written designation of a beneficiary or beneficiaries to receive all or part of the Shares
to be paid under this Award Agreement in the event of your death. To make a beneficiary designation, you must complete and file the form attached hereto as Appendix A with MSCI’s Human Resources Department. 

Any Shares that become payable upon your death, and as to which a designation of beneficiary is not in effect, will be distributed to
your estate. 
 You may replace or revoke your beneficiary designation at any time. If there is any question as to the legal
right of any beneficiary to receive Shares under this award, MSCI may determine in its sole discretion to deliver the Shares in question to your estate. MSCI’s determination shall be binding and conclusive on all persons and it will have no
further liability to anyone with respect to such Shares. 
 SECTION 10. Ownership and Possession.  

Generally, you will not have any rights as a stockholder in the shares of MSCI common stock corresponding to your PSUs prior to
conversion of your PSUs. 
 SECTION 11. Securities Law Compliance Matters.  

MSCI may, if it determines it is appropriate, affix any legend to the stock certificates representing shares of MSCI common stock issued
upon conversion of your PSUs and any stock certificates that may subsequently be issued in substitution for the original certificates. MSCI may advise the transfer agent to place a stop order against such shares if it determines that such an order
is necessary or advisable. 
 SECTION 12. Compliance with Laws and Regulations.  

Any sale, assignment, transfer, pledge, mortgage, encumbrance or other disposition of shares issued upon conversion of your PSUs (whether
directly or indirectly, whether or not for value, and whether or not voluntary) must be made in compliance with any applicable constitution, rule, regulation, or policy of any of the exchanges or associations or other institutions with which MSCI
has 

  
 9 








 
membership or other privileges, and any applicable law, or applicable rule or regulation of any governmental agency, self-regulatory organization or state or federal regulatory body. 

SECTION 13. No Entitlements.  
 (a) No Right to Continued Employment. This PSU award is not an employment agreement, and nothing in this Award Agreement or the Plan shall alter your status as an “at-will” employee of
the Company. 
 (b) No Right to Awards. This award, and all other awards of PSUs and other equity-based
awards, are discretionary. This award does not confer on you any right or entitlement to receive another award of PSUs or any other equity-based award at any time in the future or in respect of any future period. You agree that any release required
under Section 4 of this Agreement is in exchange for the grant of PSUs hereunder, for which you have no current entitlement. 
 (c) No Effect on Future Employment Compensation. MSCI has made this award to you in its sole discretion. This award does not confer on you any right or entitlement to receive compensation in any
specific amount. In addition, this award is not part of your base salary or wages and will not be taken into account in determining any other employment-related rights you may have, such as rights to pension or severance pay. 

SECTION 14. Consents under Local Law.  
 Your award is conditioned upon the making of all filings and the receipt of all consents or authorizations required to comply with, or required to be obtained under, applicable local law. 

SECTION 15. Award Modification and Section 409A.  

(a) Modification. MSCI reserves the right to modify or amend unilaterally the terms and conditions of your PSUs,
without first asking your consent, or to waive any terms and conditions that operate in favor of MSCI. MSCI may not modify your PSUs in a manner that would materially impair your rights in your PSUs without your consent; provided, however,
that MSCI may, without your consent, amend or modify your PSUs in any manner that MSCI considers necessary or advisable to comply with law or to ensure that your PSUs are not subject to tax prior to payment. The Company will notify you of any
amendment of your PSUs that affects your rights. Any amendment or waiver of a provision of this Award Agreement (other than any amendment or waiver applicable to all recipients generally), which amendment or waiver operates in your favor or confers
a benefit on you, must be in writing and 

  
 10 









 
signed by the Global Head of Human Resources, the Chief Administrative Officer, the Chief Financial Officer or the General Counsel (or if such positions no longer exist, by the holders of
equivalent positions) to be effective. 
 (b) Section 409A.  

(i) You understand and agree that all payments made pursuant to this Award Agreement are intended to comply with
Section 409A of the Code and any regulations and guidelines issued thereunder to the extent subject thereto, and shall be interpreted on a basis consistent with such intent. 

(ii) Notwithstanding the other provisions of this Award Agreement, to the extent necessary to comply with
Section 409A of the Code, if MSCI considers you to be one of its “specified employees” at the time of your “separation from service” (as such terms are defined in the Code) from the Company, no conversion specified hereunder
shall occur prior to the expiration of the six-month period measured from the date of your separation from service from the Company (such period, the “Delay Period”). Any conversion of Adjusted PSUs into Shares that would have
occurred during the Delay Period but for the fact that you are deemed to be a specified employee shall be satisfied either by (i) conversion of such Adjusted PSUs into Shares on the first business day following the Delay Period or (ii) a
cash payment on the first business day following the Delay Period equal to the value of such Adjusted PSUs on the scheduled conversion date (based on the value of the Stock on such date) plus accrued interest as determined by MSCI; provided,
that to the extent this Section 15(b)(ii) is applicable, in the event that after the date of your separation from service from the Company you (X) die or (Y) accept employment at a Governmental Employer and provide MSCI with
satisfactory evidence demonstrating that as a result of such new employment the divestiture of your continued interest in MSCI equity awards or continued ownership of Stock is reasonably necessary to avoid the violation of U.S. federal, state or
local or foreign ethics law or conflicts of interest law applicable to you at such Governmental Employer, any conversion or payment delayed pursuant to this Section 15(b)(ii) shall occur or be made immediately. For the avoidance of doubt, any
determination as to form of payment (as provided in this Section 15(b)(ii)) will be in the sole discretion of MSCI. 
 (iii) For purposes of any provision of this Award Agreement providing for the payment of any amounts of nonqualified deferred compensation upon or following a termination of employment from


  
 11 









 
the Company, references to your “termination of employment” (and corollary terms) shall be construed to refer to your “separation from service” from the Company. 

(iv) MSCI reserves the right to modify the terms of this Award Agreement, including, without limitation, the payment
provisions applicable to your PSUs, to the extent necessary or advisable to comply with Section 409A of the Code and reserves the right to make any changes to your PSU award so that it does not become subject to Section 409A or become
subject to a Delay Period. 
 SECTION 16. Severability.  

In the event MSCI determines that any provision of this Award Agreement would cause you to be in constructive receipt for United States
federal or state income tax purposes of any portion of your award, then such provision will be considered null and void and this Award Agreement will be construed and enforced as if the provision had not been included in this Award Agreement as of
the date such provision was determined to cause you to be in constructive receipt of any portion of your award. 

SECTION 17. Successors.  
 This Award Agreement shall be binding upon and inure to the benefit of any successor or successors of the Company and any person or persons who shall, upon your death, acquire any rights hereunder in
accordance with this Award Agreement or the Plan. 
 SECTION 18. Governing Law.  

This Award Agreement and the related legal relations between you and the Company will be governed by and construed in accordance with the
laws of the State of New York, without regard to any conflicts or choice of law, rule or principle that might otherwise refer the interpretation of the award to the substantive law of another jurisdiction. 

SECTION 19. Rule of Construction for Timing of Conversion.  

With respect to each provision of this Award Agreement that provides for your PSUs to convert to Shares on a specified event or date,
such conversion will be considered to have been timely made, and neither you nor any of your beneficiaries or your estate shall have any claim against the Company for damages based on a delay in payment, and the Company shall have no liability to
you (or to any of your beneficiaries or your estate) in respect of any such delay, as long as payment is made by December 31 of the year in which the applicable 

  
 12 









 
vesting date or such other specified event or date occurs, or if later, by the fifteenth day of the third calendar month following such specified event or date. 

SECTION 20. Defined Terms.  
 For purposes of this Award Agreement, the following terms shall have the meanings set forth below: 
 “Board” means the Board of Directors of MSCI. 
 A
“Cancellation Event” will be deemed to have occurred under the following circumstances: 
 (a) misuse of
Proprietary Information or failure to comply with your obligations under MSCI’s Code of Conduct or otherwise with respect to Proprietary Information; 
 (b) resignation of employment with the Company without giving MSCI prior written notice of at least: 
 (i) 180 days if you are a member of the MSCI Executive Committee (or a successor or equivalent committee) at the time of notice of resignation; or 

(ii) 90 days if you are a Managing Director of the Company (or equivalent title) at the time of notice of resignation;

 (c) termination from the Company for Cause (or a later determination that you could have been terminated for Cause,
provided that such determination is made within six months of termination); 
 (d) your commission of a fraudulent act or
participation in misconduct which leads to a material restatement of the Company’s financial statements; 
 or if,
without the consent of MSCI: 
 (e) while employed by the Company, including during any notice period applicable to you in
connection with your termination of employment with the Company, you directly or indirectly in any capacity (including through any person, corporation, partnership or other business entity of any kind) hire or solicit, recruit, induce, entice,
influence or encourage any Company employee to leave the Company or become hired or engaged by another company; or 
 (f) while
employed by the Company, including during any notice period applicable to you in connection with your termination of employment with the Company, you directly or indirectly in any capacity (including through any


  
 13 









 
person, corporation, partnership or other business entity of any kind) solicit or entice away or in any manner attempt to persuade any client or customer, or prospective client or customer, of
the Company (i) to discontinue or diminish his, her or its relationship or prospective relationship with the Company or (ii) to otherwise provide his, her or its business to any person, corporation, partnership or other business entity
which engages in any line of business in which the Company is engaged (other than the Company). 
 “Cause”
means: 
 (a) any act or omission which constitutes a material willful breach of your obligations to the Company or your
continued and willful refusal to substantially perform satisfactorily any duties reasonably required of you, which results in material injury to the interest or business reputation of the Company and which breach, failure or refusal (if susceptible
to cure) is not corrected (other than failure to correct by reason of your incapacity due to physical or mental illness) within thirty (30) business days after written notification thereof to you by the Company; provided that no act or
failure to act on your part shall be deemed willful unless done or omitted to be done by you not in good faith and without reasonable belief that your action or omission was in the best interest of the Company; 

(b) your commission of any dishonest or fraudulent act, or any other act or omission with respect to the Company, which has caused or may
reasonably be expected to cause a material injury to the interest or business reputation of the Company and which act or omission is not refuted by you within thirty (30) business days after written notification thereof to you by MSCI;

 (c) your plea of guilty or nolo contendere to or conviction of a felony under the laws of the United States or any
state thereof or any other jurisdiction in which the Company conducts business; or 
 (d) your commission of a fraudulent act or
participation in misconduct which leads to a material restatement of the Company’s financial statements. 
 A
“Change in Control” shall be deemed to have occurred if any of the following conditions shall have been satisfied: 
 (a) any one person or more than one person acting as a group (as determined under Section 409A), other than (A) any employee plan established by MSCI or any of its Subsidiaries, (B) MSCI or
any of its affiliates (as defined in Rule 12b-2 promulgated under the Exchange Act), (C) an underwriter temporarily holding securities pursuant to an offering of such securities, or (D) a corporation owned, directly or indirectly, by
stockholders of MSCI in substantially the same proportions as their ownership of MSCI, is or becomes, during any twelve-month 

  
 14 









 
period, the beneficial owner, directly or indirectly, of securities of MSCI (not including in the securities beneficially owned by such person(s) any securities acquired directly from MSCI or its
affiliates other than in connection with the acquisition by MSCI or its affiliates of a business) representing 30% or more of the total voting power of the stock of MSCI, provided that the provisions of this subsection (a) are not
intended to apply to or include as a Change in Control any transaction that is specifically excepted from the definition of Change in Control under subsection (c) below; 
 (b) a change in the composition of the Board such that, during any 12-month period, the individuals who, as of the beginning of such period, constitute the Board (the “Existing Board”)
cease for any reason to constitute at least 50% of the Board; provided, however, that any individual becoming a member of the Board subsequent to the beginning of such period whose election, or nomination for election by MSCI’s
stockholders, was approved by a vote of at least a majority of the directors immediately prior to the date of such appointment or election shall be considered as though such individual were a member of the Existing Board; and provided, further,
however, that, notwithstanding the foregoing, no individual whose initial assumption of office occurs as a result of either an actual or threatened election contest (as such terms are used in Rule 14a-11 or Regulation 14A promulgated under the
Exchange Act or successor statutes or rules containing analogous concepts) or other actual or threatened solicitation of proxies or consents by or on behalf of an individual, corporation, partnership, group, associate or other entity or
“person” other than the Board, shall in any event be considered to be a member of the Existing Board; 
 (c) the
consummation of a merger or consolidation of the Company with any other corporation or other entity, or the issuance of voting securities in connection with a merger or consolidation of the Company (or any direct or indirect subsidiary of MSCI)
pursuant to applicable stock exchange requirements; provided that immediately following such merger or consolidation the voting securities of MSCI outstanding immediately prior thereto do not continue to represent (either by remaining
outstanding or by being converted into voting securities of the surviving entity of such merger or consolidation or parent entity thereof) 50% or more of the total voting power of MSCI’s stock (or if the Company is not the surviving entity of
such merger or consolidation, 50% or more of the total voting power of the stock of such surviving entity or parent entity thereof); and provided, further, that a merger or consolidation effected to implement a recapitalization of MSCI (or
similar transaction) in which no person (as determined under Section 409A) is or becomes the beneficial owner, directly or indirectly, of securities of MSCI (not including in the securities beneficially owned by such person any securities
acquired directly from MSCI or its affiliates other than in connection with the acquisition by MSCI or its affiliates of a business) representing 50% or more of either the then outstanding shares of


  
 15 









 
MSCI’s common stock or the combined voting power of MSCI’s then-outstanding voting securities shall not be considered a Change in Control; or 

(d) the sale or disposition by the Company of all or substantially all of the Company’s assets in which any one person or more than
one person acting as a group (as determined under Section 409A) acquires (or has acquired during the twelve-month period ending on the date of the most recent acquisition by such person or persons) assets from the Company that have a total
gross fair market value equal to more than 50% of the total gross fair market value of all of the assets of the Company immediately prior to such acquisition or acquisitions. 
 Notwithstanding the foregoing, (1) no Change in Control shall be deemed to have occurred if there is consummated any transaction or series of integrated transactions immediately following which the
record holders of MSCI’s common stock immediately prior to such transaction or series of transactions continue to have substantially the same proportionate ownership in an entity which owns substantially all of the assets of the Company
immediately prior to such transaction or series of transactions and (2) no event or circumstances described in any of clauses (a) through (d) above shall constitute a Change in Control unless such event or circumstances also
constitute a change in the ownership or effective control of the Company, or in the ownership of a substantial portion of the Company’s assets, as defined in Section 409A and the regulations and guidance thereunder. In addition, no Change
in Control shall be deemed to have occurred upon the acquisition of additional control of the Company by any one person or more than one person acting as a group that is considered to effectively control the Company. In no event will a Change in
Control be deemed to have occurred if you are part of a “group” within the meaning of Section 13(d)(3) of the Exchange Act that effects a Change in Control. 
 Terms used in the definition of a Change in Control shall be as defined or interpreted pursuant to Section 409A. 
 “Code” means the United States Internal Revenue Code of 1986, as amended, and the rules, regulations and guidance thereunder. 

“Committee” means the Compensation Committee of the Board, any successor committee thereto or any other committee of the
Board appointed by the Board with the powers of the Committee under the Plan, or any subcommittee appointed by such Committee. 

“Competitive Activity” includes entering into any arrangement with a Competitor whereby you would be responsible for
providing or managing others who are providing services: 

  
 16 









 (a) that are similar or substantially related to the services that you
provided to the Company at any time during the one year period preceding the date of your termination of employment with the Company, 
 (b) that you had direct or indirect managerial or supervisory responsibility for at the Company at any time during the one year period preceding the date of your termination of employment with the
Company, or 
 (c) that involve the application of the same or similar specialized knowledge or skills as those
utilized by you in your services at the Company at any time during the one year period preceding the date of your termination, 
 provided
that acquisition solely by you or in concert with others of five percent (5%) or greater equity, voting or other financial interest in a publicly traded company shall be deemed Competitive Activity. 

“Competitor” means any entity that is engaged in any activity, or that owns a significant interest (equity, voting,
financial or otherwise) in an entity, that competes with any business activity the Company engages in, or that you reasonably had knowledge of or should have had knowledge of that the Company was planning to engage in on the date of your termination
of employment with the Company. 
 “Disability” means (A) you are unable to engage in any substantial
gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than twelve months or (B) you, by reason of any
medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, are receiving income replacement benefits for a period of not
less than three months under an accident and health plan covering employees of the Company. 
 “Full Career
Retirement” means a termination of employment with the Company other than under circumstances involving any Cancellation Event (other than the required notice periods) and other than due to your death or Disability on or after the date that
you meet any of the following criteria: 
 (a) age fifty (50) and twelve (12) years of service with the Company
as a Managing Director or comparable officer; or 

  
 17 









 (b) age fifty (50) and fifteen (15) years as an officer of the Company; or

 (c) age fifty-five (55) with five (5) years of service with the Company and age plus years of service equals
or exceeds sixty-five; or 
 (d) twenty (20) years of service with the Company; 

provided that for purposes of this definition service with the Company will include any period of service with the following entities and any of
their predecessors: 
 (i) Barra, Inc. and its subsidiaries prior to the acquisition by the Company; 

(ii) Capital International Perspectives S.A.; 

(iii) Morgan Stanley; 
 (iv) Morgan Stanley Group Inc. and its subsidiaries (“ MS Group”) prior to the merger with and into Dean Witter, Discover & Co.; and 

(v) Dean Witter, Discover & Co. and its subsidiaries (“ DWD”) prior to the merger of Morgan Stanley
Group Inc. with and into Dean Witter, Discover & Co.; provided that, in the case of an employee who has transferred employment from DWD to MS Group or vice versa, a former employee of DWD will receive credit for employment with DWD only
if he or she transferred directly from DWD to Morgan Stanley & Co. Incorporated or its affiliates subsequent to February 5, 1997, and a former employee of MS Group will receive credit for employment with MS Group only if he or she transferred
directly from MS Group to Morgan Stanley DW Inc. or its affiliates subsequent to February 5, 1997. 
 “Governmental
Employer” means a governmental department or agency, self-regulatory agency or other public service employer. 

“Governmental Service Termination” means the termination of your employment with the Company as a result of accepting
employment at a Governmental Employer and you provide MSCI with satisfactory evidence demonstrating that as a result of such new employment, the divestiture of your continued interest in MSCI equity awards or continued ownership in MSCI common stock
is reasonably necessary to avoid the violation of U.S. federal, state or local or foreign ethics law or conflicts of interest law applicable to you at such Governmental Employer. 

“MSCI” means MSCI Inc., a Delaware corporation. 

“Notice Requirements” means prior written notice to MSCI of at least: 

  
 18 









 (i) 180 days if you are a member of the MSCI Executive Committee (or a
successor or equivalent committee) at the time of notice of resignation; or 
 (ii) 90 days if you are a Managing
Director of the Company (or equivalent title) at the time of notice of resignation. 
 “Performance Period”
means the period consisting of MSCI’s fiscal years ending in              and             . 

“Proprietary Information” means any information that may have intrinsic value to the Company, the Company’s clients
or other parties with which the Company has a relationship, or that may provide the Company with a competitive advantage, including, without limitation, any trade secrets, inventions (whether or not patentable); formulas; flow charts; computer
programs, access codes or other systems of information; algorithms, technology and business processes; business, product, or marketing plans; sales and other forecasts; financial information; client lists or other intellectual property; information
relating to compensation and benefits; and public information that becomes proprietary as a result of the Company’s compilation of that information for use in its business; provided that such Proprietary Information does not include any
information which is available for use by the general public or is generally available for use within the relevant business or industry other than as a result of your action. Proprietary Information may be in any medium or form including, without
limitation, physical documents, computer files or discs, videotapes, audiotapes, and oral communications. 
 “Section
409A” means Section 409A of the Code and the related regulations. 
 “Settlement Date” means each
date your PSUs are converted into Shares pursuant to Section 2, Section 4 or Section 5. 

  
 19 









 APPENDIX A 
 Designation of Beneficiary(ies) Under 
 MSCI Inc. 2007 Amended and
Restated 
 Equity Incentive Compensation Plan 
 This Designation of Beneficiary shall remain in effect with respect to all awards issued to me under any MSCI equity compensation plan, including any awards that may be issued to me after the date hereof,
unless and until I modify or revoke it by submitting a later dated beneficiary designation. This Designation of Beneficiary supersedes all my prior beneficiary designations with respect to all my equity awards. 

I hereby designate the following beneficiary(ies) to receive any survivor benefits with respect to all my equity awards: 

 

							
	 	  	Beneficiary(ies) Name(s)	  	Relationship	  	Percentage
	 (1)
	  		  		  	
	 (2)
	  		  		  	
	 (3)
	  		  		  	
	 (4)
	  		  		  	

 Address(es) of Beneficiary(ies): 
  

	
	 (1)

	 (2)

	 (3)

	 (4)


 Contingent Beneficiary 
 Please also indicate any contingent beneficiary and to which beneficiary above such interest relates. 
  

							
	 	 	Beneficiary(ies) Name(s)	 	Relationship	 	Nature of Contingency
		 		 		 	

  

					
	 Address(es) of Contingent Beneficiary(ies):
	 		 	
			
	 Name: (please print)
	 		 	Date:                          
      
			
	 Signature
	 		 	

 Please sign and return this form to MSCI’s Human Resources Department.