Document:

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                                                                    Exhibit 10.7

                              EMPLOYMENT AGREEMENT

            Agreement made and entered into this 10th day of August, 2001 (the
"Effective Date"), by and between MasterCard International Incorporated, a
Delaware corporation (the "Company") and Robert W. Selander (the "Executive").

                              W I T N E S S E T H:

            WHEREAS, the Executive and the Company wish to continue the
employment of the Executive on the terms and conditions specified herein;

            NOW THEREFORE, in consideration of the mutual covenants hereinafter
set forth, the parties agree as follows:

            1. Term of Employment.

            (a) Commencing on the Effective Date, the Company agrees to continue
to employ the Executive, and the Executive agrees to accept such continued
employment and serve the Company, in such capacities, with such duties and
authority, for such period, at such level of compensation and with such
benefits, and upon such other terms and subject to such other conditions, as are
hereinafter set forth. The term of the Executive's employment hereunder shall
commence on the Effective Date and, shall continue until terminated in
accordance with the terms of Paragraph 5 herein (the "Term of Employment").

            2. Capacities, Duties and Authority.

            (a) Effective on the Effective Date, the Executive shall continue to
serve the Company in the position of Chief Executive Officer ("CEO").

            (b) In his capacity as CEO, the Executive shall have such authority,
perform such duties, discharge such responsibilities and render such services as
are customary to and
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consistent with such position, subject to the authority and direction of the
Company's Board of Directors or its designee.

            (c) The Executive shall render his services diligently, faithfully
and to the best of his ability, devoting thereto substantially all of his
business time, energy and skills to the Company; provided, however, that nothing
herein shall preclude the Executive from serving as an outside corporate
director, making and managing personal investments or serving in any capacity
with any civic, educational or charitable organization, so long as such
activities are disclosed to the Compensation Committee of the Company's Board of
Directors (the "Compensation Committee") and do not conflict with the interests
of the Company or interfere with the performance of the Executive's duties and
obligations hereunder, including, but not limited to the obligations set forth
in Paragraph 6 hereof.

            3. Compensation.

            (a) The Executive shall be paid a base salary, payable in accordance
with the regular payroll practices of the Company. During the Term of
Employment, the Compensation Committee shall annually review the Executive's
performance and determine, in its sole discretion, whether or not to increase
the Executive's base salary and, if so, the amount of such increase. Once
increased, the Executive's base salary hereunder may not thereafter be
decreased. The Executive's base salary as in effect from time to time is
hereinafter referred to as the "Base Salary."

            (b) The Executive shall be entitled to participate in the Annual
Incentive Compensation Plan ("AICP") or such other annual bonus plan as such is
provided to the Company's senior-level executives in accordance with the terms
and conditions of such plans as may be in effect from time to time. The
Executive shall also be eligible, during the Term of Employment, to earn an
annual bonus based upon performance goals or other criteria as may be

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established by the Compensation Committee, in its sole discretion. Such bonus
will be payable on terms as may be established by the Compensation Committee.

            (c) The Executive shall be entitled to participate in the Executive
Incentive Plan ("EIP"), any successor plan thereto or any other long-term bonus
or incentive compensation plans as such is provided to the Company's
senior-level executives in accordance with the terms and conditions of such
plans as may be in effect from time to time.

            (d) The Executive shall be entitled, annually during the Term of
Employment, to vacation, without loss or diminution of compensation, in
accordance with Company policy then in effect.

            4. Employee Benefit Programs.

            (a) During the Employment Period, the Executive shall be entitled to
participate in and shall have the benefit of all the Company's group and
executive life and disability plans, group medical, dental and vision plans and
programs, AICP, EIP, Value Appreciation Plan ("VAP"), Deferral Compensation
Program, MAP, 401(k) Plan, Annuity Bonus Program, Supplemental Executive
Retirement Plan ("SERP"), Special Awards Plan and such other employee benefit
plans and programs as generally are or will be made available to executive
personnel of the Company, as such benefit plans or programs may be amended or
terminated in the sole discretion of the Company from time to time.

            (b) For each full calendar year of employment the Executive will be
eligible for a deposit in the MasterCard Rabbi Trust (the "Rabbi Trust") in an
amount of up to $150,000 per year. $50,000 of this amount shall be payable to
the Rabbi Trust for each year in which the Executive is employed on December
31st of such year. Eligibility for the remaining $100,000 will be based upon
performance, payable to the Rabbi Trust, if at all, together with the
aforementioned guaranteed minimum $50,000 payment, by end of the first quarter
of the

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following year. The Executive shall only be entitled to the full amount of the
$100,000 payment for each year that the Executive has qualified, based upon the
performance of the Executive, for a full target level AICP Bonus. For each year
that the Executive does not qualify for such a full target level bonus but does
qualify for at least 90% of his target level bonus for that year, the Executive
shall be entitled to $50,000 of the $100,000 payment. For each year that the
Executive does not qualify for at least 90% of such a target level bonus but
does qualify for at least 80% of his target level bonus for that year, the
Executive shall be entitled to $25,000 of the $100,000 payment. In any year that
the Executive has not qualified for such an AICP Bonus of at least 80% of such
target level for that year, the Executive shall not be entitled to any of the
$100,000 payment. The Executive is and shall be irrevocably vested in 100% of
all of his benefits provided by the Trust. The assets of the Trust shall be
distributed, in accordance with the terms of the Trust instrument, to the
Executive at the later of age 55 or the time of cessation of the Executive's
employment, including without limitation, cessation of employment in the event
of the Employee's inability to perform duties as provided in paragraph 5(a)(ii)
below. Notwithstanding the foregoing, in the event of the Executive's death, any
benefits remaining unpaid from the Trust at the time of the Executive's death
shall then be distributed to the Executive's estate or other designated
beneficiary, as provided under the Trust instrument. The assets in the Trust
shall be invested in a market basket of stocks, securities, government bonds and
paper and/or funds as determined by the provisions of the Trust instrument.

           (c) During the Term of Employment, the Executive shall be entitled to
participate in the Company's executive perquisite program as such is provided to
the Company's senior-level executives in accordance with the terms and
conditions of such program as may be in effect from time to time.

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            (d) Nothing in this Paragraph 4 shall be construed to require the
Company to establish, maintain or continue any benefit plan, program or
arrangement. Except as otherwise expressly provided by their terms, such benefit
plans, programs or arrangements are subject to modification or termination by
the Company at any time.

            5. Termination of Employment.

            (a) The Executive's employment hereunder shall terminate:

                  (i) upon the death of the Executive;

                  (ii) upon the Disability of the Executive, which for the
            purposes of this Agreement shall be defined as set forth under the
            MasterCard Long-Term Disability Benefits Plan, as it may be amended
            from time to time, which continues for a period of at least six (6)
            months or for an aggregate of one hundred eighty (180) days within
            any twelve (12) month period), as determined by the Company's
            disability insurance carrier, after review of such medical evidence
            as the disability insurance carrier may deem necessary. Any dispute
            concerning whether the Executive is deemed to have suffered a
            Disability for purposes of this Agreement shall be resolved in
            accordance with the dispute resolution procedures set forth in the
            MasterCard Long-Term Disability Benefits Plan. The Executive shall
            be required to apply for Long-Term Disability benefits promptly upon
            becoming disabled or upon request by the Company. The Company may
            not terminate the Executive's employment on account of Disability
            under the provisions of this paragraph unless the Executive has been
            approved to receive benefits under the terms of the MasterCard
            Long-Term Disability Benefits Plan.

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                  (iii) at the option of the Company, exercisable by or upon the
            authority of the Company's Board of Directors and effective not less
            than fourteen (14) days after the giving by the Company to the
            Executive of written notice of such exercise, for "Cause" ("Notice
            of Termination for Cause"), which, for purposes of this Agreement,
            shall mean:

                  (A)   the willful failure by the Executive to perform his
                        duties or responsibilities (other than due to
                        Disability);

                  (B)   the Executive's having been convicted of, or entered a
                        plea of guilty or nolo contendere to any crime that
                        constitutes a felony, or a crime that constitutes a
                        misdemeanor involving moral turpitude;

                  (C)   the material breach by the Executive of any written
                        covenant or agreement with the Company not to disclose
                        any information pertaining to the Company; or

                  (D)   the breach by the Executive of the Code of Conduct, any
                        material provision of this Agreement, or any material
                        provision of the following Company policies:
                        nondiscrimination, substance abuse, workplace violence,
                        nepotism, travel and entertainment, corporate
                        information security, antitrust/competition law, foreign
                        corrupt practices act and other Company policies
                        approved by the Executive adopted after the date of this
                        Agreement that the Company notifies Executive are to be
                        included in this section.

The Company's Notice of Termination For Cause shall state the date of
termination and the basis for the Company's determination that the Executive's
actions establish Cause hereunder. Upon

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the Executive's receipt of a Notice of Termination For Cause, the Executive may,
prior to the date of termination set forth therein, seek to cure any conduct
identified in the Notice of Termination For Cause as establishing Cause (to the
extent susceptible to cure) and shall, upon his written request, be accorded the
right to address the Board of Directors, with or without counsel to the
Executive present at the Executive's option, for the purpose of responding to
the Notice of Termination For Cause. Following such meeting between the
Executive and the Board of Directors, if the Board of Directors does not
withdraw or modify the Notice of Termination For Cause, the Executive's
employment shall terminate on the date of termination stated in the Notice of
Termination For Cause.

                  (iv) at the option of the Company, for a reason other than
            death, Disability or Cause, effective ninety (90) days after the
            giving of written notice of such exercise or immediately upon the
            Company's tender to the Executive of written notice and ninety (90)
            days' Base Salary in lieu of such notice period;

                  (v) at the option of the Executive, effective ninety (90) days
            after the giving of written notice to the Company of the grounds for
            termination for Good Reason by the Executive, which grounds, as
            specified by the Executive, have not been cured by the Company
            during such ninety (90) day period. The Company may waive the ninety
            (90) day notice required to be given by the Executive hereunder by
            giving written notice to the Executive. For purposes of this
            Agreement "Good Reason" shall mean the occurrence at any time of any
            of the following without the Executive's prior written consent:

                  (A)   removal from the principal position held by the
                        Executive with the Company on the Effective Date;

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                  (B)   a reduction in the Executive's annual Base Salary from
                        that in effect on the Effective Date (or any greater
                        salary that the Executive is subsequently entitled to);

                  (C)   the relocation of the Executive's principal place of
                        employment to a location more than fifty (50) miles from
                        the Executive's principal place of employment (unless
                        such relocation does not increase the Executive's
                        commute by more than twenty (20) miles) on the Effective
                        Date, except for required travel on the Company's
                        business to an extent substantially consistent with the
                        Executive's business travel obligations as of such day;
                        or

                  (D)   the failure by the Company to obtain an agreement from
                        any successor to the Company to assume and agree to
                        perform this Agreement.

                  (vi) at the option of the Executive, for a reason other than
            Good Reason ("Voluntary Resignation"), which shall be effective only
            after the giving of ninety (90) days prior written notice of such
            exercise.

            (b) Obligations of the Company upon Termination of Employment.

                  (i) Death. In the event of the Executive's death during the
            Employment Period, the Employment Period shall end as of the date of
            the Executive's death and his estate and/or beneficiaries, as the
            case may be, shall be entitled to the following, as soon as
            practicable following the date of Executive's death:

                  (A)   Base Salary earned but not paid prior to the date of his
                        death;

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                  (B)   payment for all accrued but unused vacation time up to
                        the date of his death;

                  (C)   the target annual incentive bonus payable for the year
                        in which the Executive's death occurs; and

                  (D)   such additional benefits to which the Executive is
                        expressly entitled following the termination of the
                        Executive's employment on account of death, as may be
                        provided by the then existing plans, programs and/or
                        arrangements of the Company.

                  (ii) Disability. If the Executive's employment is terminated
            due to Disability during the Term of Employment, either by the
            Company or by the Executive, the Term of Employment shall end as of
            the date of the termination of the Executive's employment (as
            provided in Paragraph 5(a)(ii) of this Agreement) and the Executive
            shall be entitled to the following, as soon as practicable following
            the date of termination:

                  (A)   Base Salary earned but not paid prior to the date of the
                        termination of the Executive's employment;

                  (B)   payment for all accrued but unused vacation time up to
                        the date of the termination of the Executive's
                        employment;

                  (C)   a pro rata portion (based upon completed calendar
                        quarters worked) of the target annual incentive bonus
                        payable for the year in which the Executive's
                        termination of employment occurs; and

                  (D)   such additional benefits to which the Executive is
                        expressly entitled following the termination of the
                        Executive's employment

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                        on account of Disability, as may be provided by the then
                        existing plans, programs and/or arrangements of the
                        Company.

                  (iii) Cause. If the Company terminates the Executive's
            employment for Cause in accordance with the terms set forth in
            Paragraph 5(a)(iii) above, the Term of Employment shall end as of
            the effective date of termination and the Executive shall be
            entitled to the following, as soon as practicable following the
            Executive's date of termination:

                  (A)   Base Salary earned but not paid prior to the date of the
                        termination of his employment;

                  (B)   payment for all accrued but unused vacation time up to
                        the date of the termination of the Executive's
                        employment; and

                  (C)   such additional benefits to which the Executive is
                        expressly entitled following the termination of the
                        Executive's employment by the Company for Cause, as may
                        be provided by the then existing plans, programs and/or
                        arrangements of the Company.

                  (iv) Voluntary Resignation. If the Executive terminates his
            employment by Voluntary Resignation, in accordance with the terms
            set forth in Paragraph 5(a)(vi) above, the Term of Employment shall
            end as of the effective date of termination; and the Executive shall
            be entitled to the following, as soon as practicable following the
            Executive's date of termination.

                  (A)   Base Salary earned but not paid prior to the date of the
                        termination of his employment;

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                  (B)   payment for all accrued but unused vacation time up to
                        the date of the termination of the Executive's
                        employment; and

                  (C)   such additional benefits to which the Executive is
                        expressly entitled following the termination of the
                        Executive's employment by Voluntary Resignation, as may
                        be provided by the then existing plans, programs and/or
                        arrangements of the Company.

                  (v) Without Cause or With Good Reason. If the Executive's
            employment is terminated by the Company (other than for Cause or
            Disability) in accordance with the terms set forth in Paragraph
            5(a)(iv) above, or if the Executive terminates his employment with
            Good Reason in accordance with the terms set forth in Paragraph
            5(a)(v) above, the Term of Employment shall end as of the effective
            date of termination and the Executive shall be entitled to the
            following as soon as practicable (unless otherwise provided herein)
            following the Executive's date of termination:

                  (A)   Base Salary earned but not paid prior to the date of the
                        termination of his employment;

                  (B)   payment for all accrued but unused vacation time up to
                        the date of the termination of the Executive's
                        employment;

                  (C)   a pro rata portion (based upon completed calendar months
                        worked) of the target annual incentive bonus payable for
                        the year in which the Executive's termination of
                        employment occurs;

                  (D)   subject to the Executive's execution of Separation
                        Agreement(s) and Release(s) of all claims related to the
                        Executive's employment

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                        or the termination thereof, in the form annexed hereto,
                        other than any modifications which may be required to
                        effectuate such release(s) based upon any changes in
                        law, additional pay, in the form of Base Salary
                        continuation and payment of an amount equivalent to the
                        average annual incentive bonus received by the Executive
                        with respect to the prior three years of Executive's
                        employment by the Company (the "Average Bonus Payment"),
                        payable on a schedule in accordance with the regular
                        payroll and annual incentive bonus pay practices of the
                        Company (such Base Salary continuation and Average Bonus
                        Payment being collectively referred to herein as
                        "Additional Pay") for, and with respect to, a period of
                        thirty-six (36) months following the Executive's date of
                        termination (the "Additional Pay Period").
                        Notwithstanding the foregoing, in the event the
                        Additional Pay Period would otherwise terminate prior to
                        the date on which the Executive attains the age of
                        fifty-five (55), the Company shall recalculate the
                        Additional Pay payable during the Additional Pay Period
                        and pay to the Executive as an employee on the Company's
                        payroll, on an approved leave of absence (which shall
                        not be deemed to be full-time employment), an amount
                        equal to the Additional Pay payable to the Executive
                        during the Additional Pay Period, divided into equal
                        installments, payable in accordance with the Company's
                        regular payroll practices, beginning with the first

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                        payroll period of such Additional Pay Period and ending
                        with the first payroll period after the date the
                        Executive attains the age of fifty-five (55) (the
                        "Recalculated Additional Pay Period"). In all events,
                        Additional Pay shall be paid to the Executive for that
                        portion of the Additional Pay Period prior to the date
                        the Executive attains the age of fifty-five (55) as an
                        employee on the Company's payroll on an approved leave
                        of absence. At the conclusion of the Executive's
                        approved leave of absence the Executive's employment
                        shall terminate and the Executive or, if applicable, an
                        authorized representative of the Executive's estate,
                        shall execute a Separation Agreement and Release in
                        substantially the same form as the Separation Agreement
                        and Release executed by the Executive at the
                        commencement of the Additional Pay Period or
                        Recalculated Additional Pay Period, as applicable,
                        covering the period of the Executive's approved leave of
                        absence. In the event the Executive is placed on an
                        approved leave of absence, all references to termination
                        of employment in Paragraph 5(b)(v)(A-H) shall mean
                        termination of full-time employment. The Executive
                        agrees to make himself available to consult with the
                        Company during the approved leave of absence period, at
                        reasonable times and with reasonable notice as may be
                        requested by the Company from time to time. In the event
                        that the Executive dies prior to receipt of all
                        Additional Pay due hereunder, any

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                        remaining Additional Pay due to the Executive under this
                        Paragraph 5(b)(v)(D) shall be paid to the Executive's
                        estate;

                  (E)   subject to the Executive's execution of Separation
                        Agreement(s) and Release(s), as set forth in Paragraph
                        D, above, payment on the Executive's behalf, for the
                        monthly cost of the premiums for coverage under the
                        Consolidated Omnibus Reconciliation Act of 1985, as
                        amended ("COBRA"), for a period equivalent to the
                        Additional Pay Period (as may be reduced by the
                        Executive in accordance with the terms of Paragraph
                        6(e), below) or eighteen (18) months (twenty-nine (29)
                        months if the Executive is now disabled or determined to
                        be disabled under the Social Security Act within the
                        first sixty (60) days of the continuation period)
                        following the date of the termination of the Executive's
                        employment, whichever is shorter; provided, however,
                        such coverage shall not be provided if during such
                        period the Executive is or becomes ineligible under the
                        provisions of COBRA for continuing coverage or the
                        Executive becomes eligible for medical coverage under
                        Paragraph 5(b)(v)(H) below or any Company retirement
                        plan. The Executive agrees that in consideration of the
                        payment of cost of COBRA coverage to execute all
                        necessary documentation acknowledging proper COBRA
                        Notice and coverage;

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                  (F)   subject to the Executive's execution of Separation
                        Agreement(s) and Release(s) as set forth in Paragraph D,
                        above, outplacement services, to be provided by a firm
                        selected by the Company, at a level generally made
                        available to senior executives of the Company for the
                        shorter of the Additional Pay Period or the period he
                        remains unemployed;

                  (G)   subject to the Executive's execution of Separation
                        Agreement(s) and Release(s), as set forth in Paragraph
                        D, above and subject to amendment of the SERP, which the
                        Company hereby agrees to amend in accordance with the
                        terms of this Paragraph G, Executive shall (i) become
                        fully vested in his SERP benefit upon the termination of
                        Executive's employment without Cause or with Good Reason
                        as defined herein, and (ii) if Executive has not yet
                        attained the age of fifty-five (55), receive additional
                        benefits under the SERP or, at the Company's option, the
                        Annuity Bonus Plan, to increase Executive's SERP or
                        Annuity Bonus Plan benefit, as applicable, by the amount
                        of benefits which Executive would have accrued under the
                        Company tax-qualified pension and savings plan until the
                        Executive attained the age of fifty-five (55) had he
                        been eligible to participate in such plans; provided,
                        however, no such SERP benefit shall be payable until the
                        Executive attains the age of sixty (60) or as otherwise
                        provided by the SERP, prior to its amendment in
                        accordance with this Paragraph G;

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                  (H)   participation in the Company's health plan, life
                        insurance plan, individual disability benefit plan, EIP
                        (for vesting purposes only, without further award or
                        contribution), VAP (for vesting purposes only, without
                        further award or contribution) and Special Awards Plan
                        (for vesting purposes only, without further award or
                        contribution) for the duration of any approved leave of
                        absence then granted to the Executive and following such
                        leave of absence, Executive shall, upon retirement, be
                        fully vested in all EIP, VAP and Special Awards Plan
                        grants previously made; provided, that the Executive
                        waives in writing any and all rights to future
                        participation and accrual of benefits under any
                        qualified employee pension benefit plan of the Company
                        as defined in Section 3(2) of the Employee Retirement
                        Income Security Act of 1974, as amended, and any Group
                        Disability Plans; and

                  (I)   such other benefits to which the Executive is expressly
                        entitled following the termination of the Executive's
                        employment by the Company without Cause or by the
                        Executive with Good Reason, upon the termination of the
                        Executive's approved leave of absence, as may be
                        provided by the then existing plans, programs and/or
                        arrangements of the Company (other than any severance
                        payments payable under the terms of any benefit plan,
                        including, but not limited to, the MasterCard
                        International Incorporated Severance Plan);

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            (c) Except as expressly provided by Paragraph 5(b), any payment or
benefit provided under Paragraph 5(b) hereof shall be in lieu of any other
severance, bonus or other payments, perquisites or benefits, including any
further accruals or vesting thereof, to which the Executive might then or, in
the future, be entitled pursuant to this Agreement or any statutory or common
law claim. In order to preserve the parties' respective legal rights in the
event of a dispute, the Executive acknowledges and agrees that in the event the
parties dispute whether the Executive shall be entitled to the payment
hereunder, such payment shall not be deemed to be earned or otherwise vest
hereunder until such time as the dispute is determined by a final judgment of a
court of competent jurisdiction or otherwise resolved. The foregoing shall not
be deemed to prohibit a court of competent jurisdiction from awarding
prejudgment interest under circumstances in which it may deem it appropriate to
do so.

            (d) Notwithstanding anything to the contrary herein, if the
Company's Board of Directors has reason to believe that there are circumstances
which, if substantiated, would constitute Cause as defined herein, the Company
may suspend the Executive from employment immediately upon notice for such
period of time as shall be reasonably necessary for the Company's Board of
Directors to ascertain whether such circumstances are substantiated. During such
suspension, the Executive shall continue to be paid all compensation and
provided all benefits hereunder; provided, however, that if the Executive has
been indicted or otherwise formally charged by governmental authorities with any
felony, the Company's Board of Directors may, in its sole discretion, and
without limiting the Company's Board of Directors' discretion to terminate the
Executive's employment for Cause (provided it has grounds to do so under the
terms of Paragraph 5(a)(iii) hereof), suspend the Executive without continuation
of any compensation or benefits hereunder (except health benefits which shall be
continued during the

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period of suspension), pending final disposition of such criminal charge(s).
Upon receiving notice of any such suspension, the Executive shall promptly leave
the premises of the Company and remain off such premises until further notice
from the Company's Board of Directors. In the event the Executive is acquitted
or otherwise exonerated of such charges, the Company shall pay to the Executive
such compensation, with interest, calculated from the date such compensation was
suspended at the prime lending rate in effect on the date the Company receives
notice from the Executive of such acquittal or exoneration, and provide benefits
withheld from the Executive during the period of the Executive's suspension, if
any.

            6. Acknowledgements; Confidential Information; Competitive
Activities; Non Solicitation.

            (a) The Executive acknowledges as follows:

                  (i) The Company is in the payments industry and provides such
            services both nationally and internationally without limitation to
            any geographic area.

                  (ii) Since the Company would suffer irreparable harm if the
            Executive left the Company's employ and solicited employees of the
            Company or otherwise interfered with business relationships of the
            Company, it is reasonable to protect the Company against such
            activities by the Executive for a limited period of time after the
            Executive leaves the Company.

                  (iii) The covenants contained in Paragraphs 6(b), (c) and (d)
            below are reasonably necessary for the protection of the Company and
            are reasonably limited with respect to the activities they prohibit,
            their duration, their geographical scope and their effect on the
            Executive and the public. The purpose

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            and effect of the covenants simply are to protect the Company for a
            limited period of time from unfair competition by the Executive.

            (b) For the purposes of this Agreement, all confidential or
proprietary information concerning the business and affairs of the Company,
including, without limitation, all trade secrets, know how and other information
generally retained on a confidential basis by the Company concerning its
designs, software codes and specifications, formulae, processes, inventions and
discoveries, business plans, pricing, product plans and the identities of, and
the nature of the Company's dealings with, its members, suppliers and customers,
whether or not such information shall, in whole or in part, be subject to or
capable of being protected by patent, copyright or trademark laws, shall
constitute "Confidential Information." The Executive acknowledges that he will
from time to time have access to and obtain knowledge of certain Confidential
Information, and that improper use or revelation thereof by the Executive,
during or after the termination of his employment by the Company, could cause
serious injury to the business of the Company. Accordingly, the Executive agrees
that he will forever keep secret and inviolate all Confidential Information
which shall have come or shall hereafter come into his possession, and that he
will not use the same for his own private benefit, or directly or indirectly for
the benefit of others, and that he will not disclose such Confidential
Information to any other person. If the Executive is legally compelled (by
deposition, interrogatory, request for documents, subpoena, civil investigative
demand or similar process) to disclose any of the Confidential Information, he
shall provide the Company with prompt prior written notice of such legal
requirement so that the Company may seek a protective order or other appropriate
remedy and/or waive compliance with the terms of this section. In any event, the
Executive may furnish only that portion of the Confidential Information which
the Executive is advised by legal counsel

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is required, and he shall exercise his best efforts to obtain an order or
assurance that confidential treatment will be accorded such Confidential
Information as is disclosed. Notwithstanding anything contained herein which may
be to the contrary, the term "Confidential Information" does not include any
information which at the time of disclosure or thereafter is generally available
to and known by the public, other than as a result of a disclosure directly or
indirectly by the Executive.

            (c) In addition to the acknowledgments by the Executive set forth in
Paragraph 6(a) above, the Executive acknowledges that the services provided for
the Company are a significant factor in the creation of valuable, special and
unique assets which are expected to provide the Company with a competitive
advantage. Accordingly, the Executive agrees that during the Term of Employment,
and thereafter for the duration of the Additional Pay Period or the Recalculated
Additional Pay Period, as applicable, or in the event that the Executive is
ineligible for Additional Pay pursuant to Paragraph 5(b)(v)(D) hereunder, for a
period of six (6) months following the Executive's date of termination in the
event the Executive's employment is terminated for Cause pursuant to Paragraph
5(a)(iii), or twelve (12) months following Executive's date of termination in
the event the Executive's employment is terminated for any other reason and the
Executive is ineligible for Additional Pay pursuant to Paragraph 5(b)(v)(D), the
Executive (whether as an employee, officer, director, partner, proprietor,
investor, associate, executive, consultant, adviser or otherwise) will not,
either directly or indirectly, for the Executive or any third party, engage or
invest in any business or activity which is directly or indirectly in
competition with any business or activity engaged in by the Company, including,
but not limited to, any credit, charge, chip or debit card business or
processor. For purposes of the preceding sentence, the Executive shall be deemed
to be engaged in any business which any

                                       20
<PAGE>
person for whom he shall perform services is engaged. Notwithstanding the
foregoing, nothing herein shall prohibit the Executive from having a beneficial
ownership interest of less than 3% of the outstanding amount of any class of
securities of any enterprise (but without otherwise participating in the
activities of such enterprise) if such securities are listed on a national
securities exchange or quoted on an inter-dealer quotation system. For the
avoidance of doubt, the Company and Executive agree that Executive may perform
services or engage in business or activities for a MasterCard Member, without
violating the provisions of this Paragraph, provided that Executive may not
perform services or engage in business or activities for a MasterCard Member
that is party to a brand dedication agreement with VISA USA, VISA International,
American Express, JCB, Discover, Diners Club, Carte Blanche or any other
competitor of the Company, the term of which is two years or more.

            (d) During the Term of Employment, and thereafter for the duration
of the Additional Pay Period or the Recalculated Additional Pay Period, as
applicable, or in the event that the Executive is ineligible for Additional Pay
pursuant to Paragraph 5(b)(v)(D) for a period of twelve (12) months following
Executive's date of termination, the Executive shall not himself, or by
assisting any other person to, directly or indirectly, (a) solicit, induce,
recruit or encourage any other employee, agent, consultant or representative to
leave the service of the Company for any reason, or (b) induce any member,
customer, supplier or other person with whom the Company engaged in business, or
to the knowledge of the Executive planned or proposed to engage in business, to
terminate any commercial relationship with the Company or cease to accept or
issue its products. Nothing herein contained shall be deemed to prohibit the
Executive from hiring any employee, agent, consultant or representative of the
Company who responds to a general, written solicitation in any form of media
directed at the public in general.

                                       21
<PAGE>
            (e) Notwithstanding the provisions of paragraphs 6(c) and 6(d)
above, the Executive may at his election, reduce the Additional Pay Period to a
period of not less than twelve (12) months by providing written notice to the
Company of such election. In such case, the restrictions contained in Paragraphs
6(c) and 6(d) shall be in effect only for the duration of such reduced
Additional Pay Period and the Company's obligation to continue to provide any
further Additional Pay with respect to any period subsequent to such reduced
Additional Pay Period under the terms of Paragraphs 5(b)(v)(D) or provide any
further benefits under the terms of Paragraph 5(b)(v)(E) shall cease. In the
event that the Company determines, in good faith, that the Executive has
breached his obligations under Paragraphs 6(b), 6(c) or 6(d), the Company shall
be under no obligation to provide any further Additional Pay or provide any
further benefits otherwise due under Paragraphs 5(b)(v)(D) or (E) above, during
the remainder of the Additional Pay Period. In the event of a judicial
determination that the Executive has breached his obligations under Paragraphs
6(b), 6(c) or 6(d), in addition to any damages or other relief otherwise
available to the Company, the Executive shall be obligated to reimburse the
Company for any Additional Pay previously received from the Company. In
addition, following a judicial determination, the prevailing party shall be
entitled to be reimbursed by the nonprevailing party for reasonable legal fees
and expenses incurred by the prevailing party in connection with the judicial
proceeding seeking to enforce the provisions of Paragraph 6 hereof.

            (f) For the purposes of this Agreement, the period of restriction of
confidentiality or proprietary information and competition is intended to limit
disclosure and competition by the Executive to the maximum extent permitted by
law. If it shall be finally determined by any court of competent jurisdiction
ruling on this Agreement that the scope or duration of any limitation contained
in this Agreement is too extensive to be legally enforceable, then the parties
hereby

                                       22
<PAGE>
agree that the provisions hereof shall be construed to be confined to such scope
or duration (not greater than that provided for herein) as shall be legally
enforceable, and the Executive hereby consents to the enforcement of such
limitations as so modified.

            (g) The Executive acknowledges that any violation by him of the
provisions of this Paragraph 6 would cause serious and irreparable damage to the
Company. He further acknowledges that it might not be possible to measure such
damage in money. Accordingly, the Executive agrees that, in the event of a
breach or threatened breach by the Executive of the provisions of this Section,
the Company may seek, in addition to any other rights or remedies, including
money damages, an injunction or restraining order, without the need to post any
bond or other security, prohibiting the Executive from doing or continuing to do
any acts constituting such breach or threatened breach.

            7. Reimbursement of Business Expense.

            During the Term of Employment, subject to and in accordance with the
Company's policies with regard to such matters, the Executive is authorized to
incur reasonable business expenses in carrying out his duties and
responsibilities under the Agreement, and the Company shall promptly reimburse
him for all such properly documented business expenses incurred in accordance
with the Company's travel and business expense reimbursement policy in
connection with carrying out the business of the Company.

            8. Indemnity.

            The Company shall indemnify the Executive, to the fullest extent
permitted by the General Corporation Law of the State of Delaware, for any acts
or omissions taken or made by the Executive during the Term of Employment,
within the scope of his authority under this Agreement.

                                       23
<PAGE>
            9. Miscellaneous.

            (a) This Agreement shall be construed and enforced in accordance
with the laws of the State of New York without reference to principles of
conflict of laws. Any legal suit, action or proceeding against any party hereto
arising out of or relating to this Agreement shall be instituted in a federal or
state court in the State of New York, and each party hereto waives any objection
which it may now or hereafter have to the laying of venue of any such suit,
action or proceeding and each party hereto irrevocably submits to the
jurisdiction of any such court in any suit, action or proceeding.

            (b) Upon the Effective Date, this Agreement and the
Change-in-Control Agreement between the Executive and the Company, entered into
simultaneously herewith, shall incorporate the complete understanding and
agreement between the parties with respect to the subject matter hereof and
thereof and supersede any and all other prior or contemporaneous agreements,
written or oral, between the Executive and the Company or any predecessor
thereof, with respect to such subject matter. No provision hereof may be
modified or waived except by a written instrument duly executed by the Executive
and the Company with the express approval of the Compensation Committee.

            (c) The Executive acknowledges that before entering into this
Agreement he has received a reasonable period of time to consider this Agreement
and has had sufficient time and an opportunity to consult with any attorney or
other advisor of his choice in connection with this Agreement and all matters
contained herein, and that he has been advised to do so if he so chooses. The
Executive further acknowledges that this Agreement and all terms hereof are
fair, reasonable and are not the result of any fraud, duress, coercion, pressure
or undue influence exercised by the Company, that he has approved and entered
into this Agreement and all of the terms hereof on his own free will, and that
no promises or representations have been made to him

                                       24
<PAGE>
by any person to induce him to enter into this Agreement other than the express
terms set forth herein.

            (d) The Company shall be entitled to deduct and withhold from all
compensation payable to the Executive pursuant to this Agreement all amounts
required to be deducted and withheld therefrom pursuant to any present or future
law, regulation or ordinance of the United States of America or any state or
local jurisdiction therein or any foreign taxing jurisdiction.

            (e) Paragraph headings are included in this Agreement for
convenience of reference only and shall not affect the interpretation of the
text hereof.

            (f) Any and all notices, demands or other communications to be given
or made hereunder shall be in writing and shall be deemed to have been fully
given or made when personally delivered, or on the third business day after
mailing from within the continental United States by registered mail, postage
prepaid, addressed as follows:

            If to the Company:

            MasterCard International Incorporated
            2000 Purchase Street
            Purchase, New York 10577

            Attention: General Counsel

            If to the Executive:

            Robert W. Selander

Either party may change the address to which any notices to it shall be sent by
giving to the other party written notice of such change in conformity with the
foregoing.

            (g) This Agreement may be executed in two or more counterparts, each
of which shall constitute an original but all of which together shall constitute
one and the same instrument.

                                       25
<PAGE>
            (h) This Agreement may be assigned by the Company to, and shall
inure to the benefit of, any successor to substantially all the assets and
business of the Company as a going concern, whether by merger, consolidation or
purchase of substantially all of the assets of the Company or otherwise,
provided that such successor shall assume the Company's obligations under this
Agreement. This Agreement shall inure to the benefit of and be enforceable by
the Executive's personal or legal representatives, executors, administrators,
successors, heirs, distributees, devisees and legatees.

            (i) Notwithstanding anything contained herein to the contrary, the
Executive shall not be entitled to receive any duplicative payment or benefit
hereunder, with respect to any payment or benefit received during the
Change-in-Control Payment Period or the Recalculated Change-in-Control Payment
Period provided under the Executive's Change-in-Control Agreement with the
Company. Any payment or benefit to which the Executive may become entitled
hereunder with respect to the Additional Pay Period or the Recalculated
Additional Pay Period, as applicable, shall take into account any payment or
benefits already received by or provided to the Executive during the
Change-in-Control Payment Period or the Recalculated Change-in-Control Payment
Period under the Executive's Change-in-Control Agreement with the Company, such
that the Executive does not receive the same payment or benefit (or any portion
thereof) twice, but instead shall receive under both this Agreement and the
Change-in-Control Agreement combined, only the equivalent of the full payment or
benefit to which he is then entitled under the operative agreement. This
Paragraph 9(i) shall not affect any accelerated vesting to which the Executive
has or may become entitled under this Agreement or the Executive's
Change-in-Control Agreement.

                                       26
<PAGE>
            IN WITNESS WHEREOF, each of the Company and the Executive has
executed this Agreement to become effective on the Effective Date.

                                    MASTERCARD INTERNATIONAL
                                    INCORPORATED

/s/ Robert W. Selander              By: /s/ Michael Michl
--------------------------              ------------------------------
Robert W. Selander                     Michael Michl
                                       Executive Vice President,
                                       Central Resources

                                       27
<PAGE>
                              AGREEMENT AND RELEASE

TO:   MasterCard International Incorporated

      1. I acknowledge that my [full-time] employment terminated effective
[date]. The terms and conditions governing the termination of my [full-time]
employment are provided by my Employment Agreement with MasterCard International
Incorporated ("MasterCard"), dated as of_____ , 2001 ("Employment Agreement"),
my Change in Control Agreement with MasterCard, dated as of_____ , 2001 ("CIC
Agreement") and this Agreement and Release, which together constitute our
Agreement (collectively, the "Agreements"). I further acknowledge that the
payments and benefits provided under the Agreements relating to the period
following the termination of my [full-time] employment are conditioned upon my
execution of this Agreement and Release. I further acknowledge that the
Agreements provide for payments and benefits which exceed and are in lieu of any
other payments and benefits to which I might otherwise be entitled in the
absence of my execution of this Agreement and Release.

      2. Waiver and Release: Except as otherwise provided in the Employment
Agreement and the CIC Agreement, I agree to and do waive any claims I may have
for employment by MasterCard. I further agree to and do release and forever
discharge MasterCard, its members, subsidiaries, affiliates and their respective
current and former officers, directors, shareholders, employees and agents from
any and all claims and causes of action, known or unknown, arising out of or
relating to my employment by MasterCard or the termination thereof, including,
but not limited to wrongful discharge, breach of contract, tort, fraud, Civil
Rights Laws, the Age Discrimination in Employment Act, the Americans with
Disabilities Act or any other federal, state or local law relating to
employment, discrimination in employment, termination of employment or
otherwise, up to and including the date I execute this Agreement and Release.

      3. Agreement Not to Sue: Except as otherwise prohibited by law, I agree
not to sue or commence any proceeding or participate voluntarily in any action,
suit, proceeding, arbitration or mediation against MasterCard and/or its current
or former employees, directors and agents, with respect to any act, occurrence,
event, or any alleged failure to act, relating to my employment and occurring up
to and including the date of this Agreement and Release.

      4. Exclusions from this Agreement and Release: This Agreement and Release
excludes my right to enforce the terms of the Employment Agreement or the CIC
Agreement insofar as they relate to MasterCard's obligations to me, which
survive the termination of my [full-time] employment, nor does it include any
rights I may have under MasterCard's employee benefit plans as determined by the
terms of the relevant plan documents, other than the Severance Plan and except
as may otherwise be expressly provided in the Employment Agreement or the CIC
Agreement. Further, this Agreement and Release excludes any claims I may have
for: (i) indemnity as provided in the Employment Agreement; and (ii) coverage
under any MasterCard Directors and Officers liability insurance policy.

      5. Return of Property: No later than [insert termination day], I agree to
relinquish all MasterCard property in my possession or under my control,
including, but not limited to, MasterCard equipment, files, keys, personal
computers, cellular phones and business, credit and
<PAGE>
access cards. I further agree to submit all expense reports and settle my
outstanding accounts with MasterCard before I may receive any payments or other
benefits pursuant to the Agreements. I acknowledge that MasterCard will not
accept expense reports submitted more than twenty (20) days after the effective
date of the termination of my [full-time] employment. I further acknowledge that
MasterCard will review timely submitted expense reports and pay only those
ordinary and necessary business expenses in accordance with its then current
business expense reimbursement policy.

      6. No Disparagement: I agree that I will not now or at any time in the
future, make any communications, whether oral or written, which negatively
reflect upon, or disparage in any way, or induce or encourage others to
disparage in any way, MasterCard, its services, its products, or any of its
members or current or former directors, officers, employees or agents.

      7. Transition of My Responsibilities: I agree to cooperate fully,
completely and to the extent reasonably required by MasterCard in order to
assure transition of files and pending matters that are or will be assigned to
other staff. To the extent not inconsistent with my employment or other business
activities, this includes, but is not limited to, assisting and advising
MasterCard from time to time with respect to matters in which I was involved and
had knowledge as MasterCard's Chief Executive Officer. Further, I agree to
provide testimony and/or information related to any claims, lawsuits or
investigations by or against MasterCard and to make myself available for that
purpose.

      8. Right to Terminate and Recover Payments and Other Benefits: Except as
otherwise prohibited by law, with respect to the release of claims under the Age
Discrimination in Employment Act, I acknowledge and agree that MasterCard's
obligation to make or provide, or continue making or providing payments and
benefits under the Agreements relating to the period following the termination
of my [full-time] employment is expressly conditioned upon my compliance with
all of my obligations provided under this Agreement and Release. Should I
violate any of the terms of this Agreement and Release, MasterCard will be
entitled to discontinue all payments and benefits provided under the Agreements.
In the event of a judicial determination that I have breached my obligations
under this Agreement and Release, MasterCard shall have the further right to
recover all sums it may have paid pursuant to the Agreements relating to the
period following the termination of my [full-time] employment. In addition,
following a judicial determination, the prevailing party shall be entitled to be
reimbursed by the non-prevailing party for reasonable legal fees and expenses
incurred by the prevailing party in connection with the judicial proceeding
seeking to enforce the provisions of this paragraph 8. The foregoing shall not
limit MasterCard's rights under the Agreements in the event of a breach of any
of the Agreements by the Executive.

      9. Terms Governing The Agreements: I acknowledge that the Agreements set
forth the entire understanding of the parties and supersedes any and all prior
agreements, oral or written, relating to my employment by MasterCard or the
termination thereof. The Agreements may not be modified except by a writing,
signed by me and by MasterCard. The Agreements shall be binding upon my heirs
and personal representatives, and the successors and assigns of MasterCard. This
Agreement and Release shall be governed and construed in accordance with the
laws of the State of New York, without regard to its choice of law rules.

                                       2
<PAGE>
      10. Severability: The invalidity or unenforceability of any particular
provisions of this Agreement and Release shall not affect the other provisions
hereof, and this Agreement and Release shall be construed in all respects as if
such invalid or unenforceable provisions were omitted.

      11. Waiver: I understand that the waiver by MasterCard of my breach of any
provision of this Agreement and Release shall not operate or be construed as a
waiver of any subsequent breach by me. The waiver by me of a breach of any
provision of this Agreement and Release by MasterCard shall not operate or be
construed as a waiver of any subsequent breach by MasterCard.

      12. No Admission of Wrongdoing: I acknowledge that by making this offer,
MasterCard does not admit any failure of performance, wrongdoing or violation of
law.

      13. Acknowledgment of Voluntary Execution: I have been informed that I may
take up to 21 days from today to consider this Agreement and Release. I have
also been informed that I may revoke this Agreement and Release after signing
it, but only by delivering a signed revocation notice to ______________ within
seven (7) days of my signing and returning this Agreement and Release. I
acknowledge that before executing this Agreement and Release, I have had the
opportunity to consult with any attorney or other advisor of my choice, and I
have been advised to do so if I choose. I further acknowledge that I have signed
this Agreement and Release of my own free will, and that no promises or
representations have been made to me by any person to induce me to sign this
Agreement and Release other than the express terms set forth in the Agreements.
I further acknowledge that I have read the Agreements and understand all of the
terms outlined therein, including the waiver and release of claims set forth in
paragraph 2 above.

Accepted and Agreed:

_______________________________________
Robert W. Selander

Dated:_________________________________

                                       3<PAGE>

                                                                    Exhibit 10.8

                      MASTERCARD INTERNATIONAL INCORPORATED

                            EXECUTIVE INCENTIVE PLAN
                                  PLAN DOCUMENT

                 AS AMENDED AND RESTATED EFFECTIVE JULY 25, 2001

1.       PURPOSE

         The Executive Incentive Plan (the "Plan") is designed to support the
         strategic commitment to attract, retain and motivate senior executives
         of MasterCard International Incorporated (the "Company") by providing a
         long-term incentive opportunity that is based on the Company's
         achievement of its quantitative and qualitative long-term performance
         goals.

2.       DEFINITIONS

         For purposes of this Plan, the following terms shall have the meanings
         set forth below:

         "Board" shall mean the Global Board of Directors.

         "Cause" shall mean (i) the willful failure by the Participant to
         substantially perform his duties as an employee of the Company (other
         than due to physical or mental illness) after reasonable notice to the
         Participant of such failure, (ii) the Participant's engaging in serious
         misconduct that is injurious to the Company including, but not limited
         to, damage to its reputation or standing in its industry, (iii) the
         Participant's having been convicted of, or entered a plea of nolo
         contendere to a crime that constitutes a felony or (iv) the material
         breach by the Participant of any written covenant or agreement with the
         Company not to disclose any information pertaining to the Company.

         "Change in Control" means:

                  (i) as long as the Company is a non-stock membership
                  corporation, or any of its affiliates is a private share
                  corporation, if (a) at any time three members have become
                  entitled to cast at least 45 percent of the votes eligible to
                  be cast by all the members of the Company (or all shareholders
                  of such private share corporation) on any issue, (b) at any
                  time, a plan or agreement is approved by the members or
                  shareholders, as the case may be, to sell, transfer assign,
                  lease or exchange substantially all of the Company's or such
                  private share corporations' assets, or (c) at any time, a plan
                  is approved by the members of the Company or the shareholders
                  of

                                                                 Plan Document 1
<PAGE>
                  such private share corporation for the sale or liquidation of
                  the Company or such private share corporation. The foregoing
                  notwithstanding, a reorganization in which the members
                  continue to have all of the ownership rights in the continuing
                  entity shall not in and of itself be deemed a "Change in
                  Control" under (b) and/or (c), and a reorganization to convert
                  the Company from a membership to a stock company or a
                  transaction resulting in the integration of Europay and
                  MasterCard shall not in and of itself constitute a "Change in
                  Control";

                  (ii) if the Company becomes a stock corporation, the approval
                  by its stockholders of (a) any consolidation or merger of the
                  Company in which the Company is not the continuing or
                  surviving corporation or pursuant to which shares of stock
                  would be converted into cash, securities or other property,
                  other than a merger in which the holders of stock immediately
                  prior to the merger will have the same proportionate ownership
                  interest (i.e., still own 100% of total) of common stock of
                  the surviving corporation immediately after the merger, (b)
                  any sale, lease, exchange or other transfer (in one
                  transaction or series of related transactions) of all or
                  substantially all of the assets of the Company, or (c)
                  adoption of any plan or proposal for the liquidation or
                  dissolution of the Company;

                  (iii) any "person" (as defined in Section 13(d) of the
                  Securities Exchange Act of 1934, as amended (the "Exchange
                  Act")), other than the Company or a subsidiary or employee
                  benefit plan or trust maintained by the Company or any of its
                  subsidiaries, becoming (together with its "affiliates" and
                  "associates", as defined in Rule 12b-2 under the Exchange Act)
                  the "beneficial owner" (as defined in Rule 13d-3 under the
                  Exchange Act), directly or indirectly, of more than
                  twenty-five percent (25%) of the stock outstanding at the
                  time, without the prior approval of the Board; or

                  (iv) a majority of the voting directors proposed on a slate
                  for election by members are rejected by a vote of such
                  members.

         "Committee" shall mean a committee of the Board designated by the Board
         to administer the Plan. Unless the Board shall determine otherwise, the
         Committee shall be the Compensation Committee.

         "Determination Date" shall have the meaning set forth in Section 5.

         "Disability" shall mean total and permanent disability in accordance
         with the Company's long-term disability plan.

         "Participant" shall mean an eligible employee to whom a Performance
         Unit has been granted.

                                                                 Plan Document 2
<PAGE>
         "Performance Levels" shall mean, with respect to the Performance
         Measures (on an aggregate basis), the following degrees of achievement:
         Below Threshold, Minimum Threshold, Target and Superior.

         "Performance Measures" shall mean one or more performance goals
         established by the Committee with respect to each award of Performance
         Units.

         "Performance Period" shall mean, with respect to each award of
         Performance Units, the three-year period beginning on the date such
         award is made or such other period as may be established by the
         Committee at the time of award.

         "Performance Unit" shall mean a performance unit awarded under the
         Plan, including a Limited Award described in Section 3.

         "Post-Performance Period" shall have the meaning set forth in Section
         7(b).

         "Retirement" shall mean retirement pursuant to the terms of the
         MasterCard Accumulation Plan.

         "Unit Value" shall be the value of a Performance Unit as determined in
         accordance with Section 5.

3.       ELIGIBILITY

         Employees who are designated Senior Vice President or higher are
         eligible for participation in any Performance Period provided they have
         achieved the minimum performance evaluation rating required for
         participation as determined by the Committee and have been designated
         to the appropriate level by March 31 of the calendar year. In addition,
         the Committee and/or the Chief Executive Officer may designate any
         other employee as eligible to participate in the Plan. Further, the
         Committee and/or the Chief Executive Officer may designate any other
         employee not otherwise eligible to participant in the Plan as eligible
         to receive a limited award of a Performance Unit (a "Limited Award")
         under the Plan. Employees not otherwise eligible to participate in the
         Plan may receive up to a total of two such Limited Awards. Limited
         Awards shall be granted only while the employee is not otherwise
         entitled to participate in the Plan.

4.       PERFORMANCE UNIT AWARDS

         (a)      Subject to the provisions of this Plan, each performance unit
                  award shall be determined by the CEO with approval by the
                  Committee and evidenced by a certificate or written agreement
                  provided to each Participant. Subject to Sections 6 and 7 of
                  the Plan, each Performance Unit grant shall entitle a

                                                                 Plan Document 3
<PAGE>
                  Participant to receive a cash payment equal to the Unit Value
                  of such Performance Unit. Unit Value shall be determined in
                  accordance with Section 5.

         (b)      The Committee shall specify the terms and conditions of each
                  award of Performance Units, including the applicable vesting
                  schedule, Performance Period, Performance Measures and
                  Performance Levels. The Committee may condition the grant of a
                  new award on the surrender of an outstanding award. Any such
                  new award shall be subject to the terms and conditions
                  specified by the Committee at the time the new award is
                  granted, in accordance with the provisions of the Plan and
                  without regard to the terms of the surrendered award.

5.       UNIT VALUE

         (a)      Unless otherwise provided by the Committee at the time of
                  award, the Unit Value of a Performance Unit shall be
                  determined based upon the achievement of Performance Levels as
                  of the Determination Date as follows.

<TABLE>
<CAPTION>
                  PERFORMANCE LEVEL                           UNIT VALUE
                  ------------------------------------------------------
<S>                                                           <C>
                  Below Threshold                             $    0
                  Threshold                                   $   50
                  Target                                      $  100
                  Superior                                    $  200
</TABLE>

                  Determinations as to the achievement of Performance Levels
                  shall be made by the Committee in its sole discretion. The
                  Committee will determine the Unit Value based on interpolation
                  in the event that performance between threshold and target or
                  target and superior is achieved.

         (b)      The Committee shall determine the Performance Level achieved
                  for a Performance Period during the [60] day period following
                  the Determination Date. Except as otherwise provided by the
                  Committee, the Determination Date shall be the last day of the
                  Performance Period to which a Performance Unit relates;
                  provided that, if a Participant terminates employment prior to
                  the end of the Performance Period, the Determination Date with
                  respect to any Performance Units relating to such Performance
                  Period (provided such Performance Units have not been
                  forfeited pursuant to Section 6 by reason of such termination)
                  shall be deemed to be the last day of employment. In the event
                  termination prior to the end of the Performance Period is by
                  reason of death, Disability, or Retirement, the Performance
                  Level achieved with respect to any such Performance Units

                                                                 Plan Document 4
<PAGE>
                  shall be deemed to be Target. In the event termination prior
                  to the end of the Performance Period is other than by reason
                  of death, Disability, or Retirement, the Performance Level
                  achieved with respect to any such Performance Units shall be
                  deemed to be the lesser of (i) Target or (ii) the Performance
                  Level indicated by the most recent annual corporate score used
                  for purposes of the Company's Annual Incentive Compensation
                  Plan.

6.       VESTING

         (a)      Each Performance Unit shall vest subject to such terms and
                  conditions as the Committee may, in its sole discretion,
                  determine; provided that, unless otherwise provided by the
                  Committee at the time of award, Performance Units which relate
                  to a three-year Performance Period shall vest according to the
                  following schedule if the Participant remains in the
                  continuous employment of the Company:

<TABLE>
<CAPTION>
                           ANNIVERSARY OF                       % OF PERFORMANCE
                           THE DATE OF GRANT                      UNITS VESTED
                           -----------------                    ----------------
<S>                                                             <C>
                               1st                                     26 1/3%
                               2nd                                     52 2/3%
                               3rd                                     80%
                               4th                                     80%
                               5th                                     100%
</TABLE>

         (b)      Except as otherwise determined by the Committee or as provided
                  below, unvested Performance Units shall be forfeited upon
                  termination of employment.

         (c)      Notwithstanding the foregoing, upon a Participant's
                  termination of employment due to death or Disability, all of
                  the Participant's Performance Units shall immediately vest and
                  none shall be forfeited.

         (d)      Notwithstanding the foregoing, upon a Participant's
                  termination of employment due to Retirement, all of the
                  Participant's Performance Units (with the exception of any
                  Performance Units granted with no vesting until the end of the
                  Performance Period) shall immediately vest and none shall be
                  forfeited, as long as Participant has at least six months of
                  service in the Performance Period.

         (e)      Notwithstanding the foregoing, upon a Participant's
                  termination of employment for Cause, all vested but unpaid
                  Performance Units held by the Participant shall be forfeited
                  in full, without any right to payment from

                                                                 Plan Document 5
<PAGE>
                  the Company. The Committee in its sole discretion shall
                  determine whether a termination was for "Cause".

         (f)      Notwithstanding the foregoing, upon a Participant's voluntary
                  termination other than by reason of Disability, all vested but
                  unpaid Performance Units held by a Participant who violates
                  the noncompetition provisions set forth in Section 7(c) below,
                  shall be forfeited in full.

         (g)      In the event of a change in control, key executives defined in
                  the MasterCard Change of Control policy or who are parties to
                  a "Change-in-Control" agreement with the Company would be
                  eligible for 100% vesting in all unvested awards.

7.       PAYMENT

         (a)      Except as otherwise determined by the Committee at the time of
                  award, or as otherwise elected by the Participant pursuant to
                  Section 7(d) below, within 60 days of the determination of the
                  Unit Value in accordance with Section 5, Participant shall
                  receive a cash payment in respect of each vested Performance
                  Unit equal to such Unit Value for the completed Performance
                  Period.

         (b)      Except as otherwise determined by the Committee at the time of
                  award, or as otherwise elected by the Participant pursuant to
                  Section 7(d) below, (i) if Participant remains in the
                  continuous employment of the Company through the second
                  anniversary of the last day of the Performance Period (the
                  "Post-Performance Period") or (ii) if a Participant terminates
                  employment due to death, Disability or Retirement during the
                  Post-Performance Period, the Participant shall receive, within
                  60 days of such anniversary or termination, an additional cash
                  payment in respect of each Performance Unit which has not yet
                  been paid pursuant to paragraph (a) above equal to the Unit
                  Value.

         (c)      In the event a Participant voluntarily terminates employment
                  other than by reason of Disability, no payment otherwise due
                  under Section 7(a) or (b) above shall be made before 120 days
                  after such voluntary termination. In the event that, during
                  the 120 days following such voluntary termination, the
                  Participant directly or indirectly engages or invests in any
                  business or activity that is directly or indirectly in
                  competition with any business or activity engaged in by the
                  Company, including, but not limited to, any credit, charge,
                  chip, or debit card business or processor, the Participant's
                  Performance Units shall not be paid and, pursuant to Section
                  6(f) above, shall be forfeited in full. For purposes of the
                  preceding sentence, the Participant shall be deemed to be
                  engaged in any business which any

                                                                 Plan Document 6
<PAGE>
                  person for whom he shall perform services is engaged.
                  Notwithstanding the foregoing, nothing herein shall prohibit
                  the Participant from having a beneficial ownership interest of
                  less than 3% of the outstanding amount of any class of
                  securities of any enterprise (but without otherwise
                  participating in the activities of such enterprise) if such
                  securities are listed on a national securities exchange or
                  quoted on an inter-dealer quotation system. The Participant
                  shall not be treated as engaged or invested in any business in
                  competition with that of the Company if the Participant
                  performs services or engages in business or activities for a
                  MasterCard member, provided that the MasterCard member is not
                  a party to a brand dedication agreement with VISA USA, VISA
                  International, American Express, JCB, Discover, Diners Club,
                  Carte Blanche or any other competitor of the Company, the term
                  of which is two years or more.

         (d)      Payments of Performance Units under Sections 7(a) and 7(b)
                  above are eligible for deferral under the terms and conditions
                  of the MasterCard International Incorporated Deferral Plan, as
                  amended from time to time. In the event a Participant who has
                  made a Deferred Performance Units Election under the
                  MasterCard International Incorporated Deferral Plan
                  voluntarily terminates employment, Sections 6(f) and 7(c) will
                  apply to those payments that, in the absence of the Deferred
                  Performance Units Election, would have been paid in the 120
                  days following termination.

8.       TERM

         The Plan shall be effective as of January 1999. Amendments to the Plan
         generally shall be effective on their adoption. Section 6(f) and
         Section 7(c), as added to the Plan effective July 25, 2001, shall apply
         to Performance Units awarded beginning January 1, 2002.

9.       ADMINISTRATION

         (a)      The Committee shall determine, in its sole discretion, any
                  question arising in connection with the interpretation or
                  application of the provisions of the Plan and its decisions or
                  actions in respect thereof shall be conclusive and binding
                  upon any and all Participants and their beneficiaries,
                  successors and assigns, and all other persons. All resolutions
                  or actions taken by the Committee shall be by affirmative vote
                  or action of a majority of the members of the Committee.

         (b)      The Committee may delegate to one or more officers or managers
                  of the Company, or to a committee of such officers or
                  managers, the authority, subject to such terms and limitations
                  as the Committee shall determine, to take any actions the
                  Committee has the authority to take under the Plan.

                                                                 Plan Document 7
<PAGE>
         (c)      Members of the Committee or its delegates shall be fully
                  protected in relying in good faith upon the advice of counsel
                  and shall incur no liability with respect to the Plan except
                  for their own gross negligence or willful misconduct in the
                  performance of their duties. The Company shall defend,
                  indemnify and hold harmless each member of the Committee or
                  its delegates against any and all claims, liabilities and
                  costs (including attorney fees) arising in connection with
                  their administration of the Plan except for such member's own
                  gross negligence or willful misconduct.

10.      GENERAL PROVISIONS

         (a)      Nothing in this Plan or in any instrument executed pursuant
                  hereto shall confer upon any person any right to continue in
                  the employment or other service of the Company, or shall
                  affect the right of the Company to terminate the employment or
                  other service of any person at any time with or without cause.

         (b)      The grant of Performance Units shall not confer upon a
                  Participant any of the rights of a stockholder of the Company,
                  and no shares of stock shall be issued pursuant to Performance
                  Units. The rights of a Participant under the Plan shall be no
                  greater than the rights of a general unsecured creditor of the
                  Company.

         (c)      In the event a Participant is employed or resides in a country
                  with laws that prescribe certain requirements for long-term
                  incentives to qualify for advantageous tax treatment, the
                  Committee may at its discretion modify the terms of an award
                  to be made under the Plan and procure assumption of any of the
                  Company's obligations hereunder by an affiliate company, in a
                  manner consistent or inconsistent with the terms of the Plan,
                  for the purpose of qualifying the award under such laws of
                  such country; provided, however, that to the extent possible,
                  the overall terms and conditions of such an award should not
                  be made more favorable to the recipient than would be
                  permitted if the award had been granted under this Plan as
                  herein set forth.

         (d)      Participants shall be solely responsible for the payment of
                  any taxes due in connection with the Plan; provided, however,
                  that the Company shall make such provisions as it may deem
                  appropriate for the withholding of any taxes which the Company
                  determines it is required to withhold in connection with any
                  award under the Plan.

         (e)      By accepting any benefits under the Plan, each Participant,
                  and

                                                                 Plan Document 8
<PAGE>
                  each person claiming under or through him, shall be
                  conclusively deemed to have indicated his acceptance and
                  ratification of, and consent to, all provisions of the Plan
                  and any action or decision under the Plan by the Company, its
                  agents and employees and the Committee.

         (f)      The validity, construction, interpretation and administration
                  of the Plan and any awards under the Plan and of any
                  determinations or decisions made thereunder, and the rights of
                  all persons having or claiming to have any interest herein or
                  thereunder, shall be governed by, and determined exclusively
                  in accordance with, the laws of New York (determined without
                  regard to its conflict of laws provisions).

         (g)      This Plan shall be binding upon and inure to the benefit of
                  the Company, its affiliated companies and their successors or
                  assigns, and all Participants and their beneficiaries,
                  successors, and assigns and all other persons claiming under
                  or through any of them.

         (h)      The value of Performance Unit awards shall not be treated as
                  compensation and/or salary for purposes of calculating a
                  Participant's benefits under any of the Company's other
                  benefit plans, policies or programs.

         (i)      The use of the masculine gender shall also include within its
                  meaning the feminine. The use of the singular shall include
                  within its meaning the plural and vice versa.

11.      AMENDMENT AND TERMINATION

         This Plan may be amended or terminated by the Board at any time, for
         any reason and in any respect; provided, however, that no such
         amendment or termination of this Plan shall affect adversely any award
         of Performance Units theretofore granted without the written consent of
         the holder thereof. Notwithstanding the foregoing:

         (a)      The methodology for determining Unit Value may be changed, on
                  a prospective basis, at any time.

         (b)      Upon termination of the Plan, the Board may provide for the
                  immediate termination of all outstanding Performance Units in
                  exchange for a cash payment equal to the then value of the
                  Performance Units that are outstanding and vested (pursuant to
                  Section 6) at the time of termination.

                                                                 Plan Document 9

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