Document:

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                                                                  Exhibit 10.27

               2000 DUN & BRADSTREET CORPORATION REPLACEMENT PLAN
           FOR CERTAIN DIRECTORS HOLDING DUN & BRADSTREET CORPORATION
                              EQUITY-BASED AWARDS

1.    PURPOSE OF THE PLAN

     The purpose of the 2000 Dun & Bradstreet Corporation Replacement Plan for
Certain Directors Holding Dun & Bradstreet Corporation Equity-Based Awards (the
"Plan") is to provide for the award of substantially identical replacement
stock options, replacement phantom stock units and/or replacement deferred
performance share units to New D&B Directors, Former Directors and Moody's
Directors. It is the intention of the Company that the terms of the replacement
awards will (i) together with awards adjusted by D&B, substantially preserve
the value of the adjusted D&B awards and (ii) except for the terms described
elsewhere in this Plan, remain substantially identical to the terms of the
adjusted D&B awards.

2.    DEFINITIONS

     The following capitalized terms used in the Plan have the respective
meanings set forth in this Section:

     (a) Act: The Securities Exchange Act of 1934, as amended, or any successor
thereto.

     (b) Awards: Replacement options, replacement phantom stock units and
replacement deferred performance share units granted pursuant to the Plan.

     (c) Beneficial Owner: As defined in rule 13d-3 under the Act (or any
successor rule thereto).

     (d) Board: The Board of Directors of the Company.

     (e) Change in Control: The occurrence of any of the following events:

          (i) any "Person" as such term is used in Sections 13(d) and 14(d) of
     the Securities Exchange Act of 1934, as amended (the "Exchange Act"),
     (other than the Company, any trustee or other fiduciary holding securities
     under an employee benefit plan of the Company, or any corporation owned,
     directly or indirectly, by the shareholders of the Company in substantially
     the same proportions as their ownership of stock of the Company), is or
     becomes the "Beneficial Owner" (as defined in Rule 13d-3 under the Exchange
     Act), directly or indirectly, of securities of the Company representing 20%
     or more of the combined voting power of the Company's then outstanding
     securities;

          (ii) during any period of twenty-four months (not including any period
     prior to the execution of this Agreement), individuals who at the beginning
     of such period constitute the Board, and any new Director (other than (1) a
     Director designated by a person who has entered into an agreement with the
     Company to effect a transaction described in clause (i),

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          (iii) or (iv) of this Section, (2) a Director designated by any Person
          (including the Company) who publicly announces an intention to take or
          to consider taking actions (including, but not limited to, an actual
          or threatened proxy contest) which if consummated would constitute a
          Change in Control or (3) a Director designated by any Person who is
          the Beneficial Owner, directly or indirectly, of securities of the
          Company representing 10% or more of the combined voting power of the
          Company's securities) whose election by the Board or nomination for
          election by the Company's shareholders was approved by a vote of at
          least two-thirds (2/3) of the Directors then still in office who
          either were Directors at the beginning of the period or whose election
          or nomination for election was previously so approved cease for any
          reason to constitute at least a majority thereof;

               (iii) the shareholders of the Company approve a merger or
          consolidation of the Company with any other corporation, other than
          (1) a merger or consolidation which would result in the voting
          securities of the Company outstanding immediately prior thereto
          continuing to represent (either by remaining outstanding or by being
          converted into voting securities of the surviving entity) more than
          50% of the combined voting power of the voting securities of the
          Company or such surviving entity outstanding immediately after such
          merger or consolidation and (2) after which no Person holds 20% or
          more of the combined voting power of the then outstanding securities
          of the Company or such surviving entity; or

               (iv) the shareholders of the Company approve a plan of complete
          liquidation of the Company or an agreement for the sale or disposition
          by the Company of all or substantially all of the Company's assets.

     (f) Code: The Internal Revenue Code of 1986, as amended, or any successor
thereto.

     (g) Committee: The Compensation and Benefits Committee of the Board, or
any successor thereto or other committee designated by the Board to assume the
obligations of the Committee hereunder.

     (h) Company: The New D&B Corporation, a Delaware corporation to be renamed
"The Dun & Bradstreet Corporation" after the Spinoff.

     (i) D&B: The Dun & Bradstreet Corporation, a Delaware corporation to be
renamed the "Moody's Corporation" after the Spinoff.

     (j) D&B Deferred Performance Share Unites: A bookkeeping entry, equivalent
in value to the number of deferred performance shares of D&B stock credited to
a Director's account as of the opening of business on the Spinoff Date,
pursuant to the D&B Plans.
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     (k)  D&B Phantom Stock Units: A bookkeeping entry, equivalent in value to
the number of phantom shares of D&B stock credited to a New D&B Director's
account or a Former Director's account, as of the opening of business on the
Spinoff Date, pursuant to the D&B Plans.

     (l)  D&B Plans: The 1998 Dun & Bradstreet Corporation Non-Employee
Directors' Stock Incentive Plan and the 1998 Dun & Bradstreet Corporation
Replacement Plan for Certain Nonemployee Directors Holding Dun & Bradstreet
Corporation Equity-Based Awards.

     (m)  D&B Stock Option: Stock Option held by a Director that was granted
under the D&B Plans.

     (n)  Deferred Performance Share Unit: A bookkeeping entry, equivalent in
value to one Share, credited in accordance with Section 10(a) of the Plan.

     (o)  Determination Day: As such term is defined in Section 9(b) of the
Plan.

     (p)  Directors: A new D&B Director, Former Director and a Moody's Director.

     (q)  Disability: Inability of a New D&B Director to continue to serve as a
director of the Board or the inability of a Moody's Director to serve as a
director of the Moody's Board due to a medically determinable physical or mental
impairment which constitutes a permanent and total disability, as determined by
the Board (excluding any member thereof whose own Disability is at issue in a
given case) with respect to a New D&B Director or as determined by Moody's Board
(excluding any member thereof whose own Disability is at issue in a given case)
with respect to a Moody's Director based upon such evidence as it deems
necessary and appropriate. A New D&B Director or a Moody's Director shall not be
considered disabled unless he or she furnished such medical or other evidence of
the existence of the Disability as the Board or Moody's Board, as the case may
be, in its sole discretion, may require.

     (r)  Effective Date: The Spinoff Date.

     (s)  Fair Market Value: On a given date, the average of the high and low
prices of the Shares as reported on such date on the Composite Tape of the
principal national securities exchange on which such Shares are listed or
admitted to trading, or, if no Composite Tape exists for such national
securities exchange on such date, then on the principal national securities
exchange on which such Shares are listed or admitted to trading, or, if the
Shares are not listed or admitted on a national securities exchange, the average
of the per Share closing bid price and per Share closing asked price on such
date as quoted on the National association of Securities Dealers Automated
Quotation System (or such market in which such prices are regularly quoted), or,
if there is no market on which the Shares are regularly quoted, the Fair Market
Value shall be the value established by the Board in good faith. If no sale of
Shares shall have been reported on such Composite Tape or such national
securities Exchange on such date or quoted on the National Association of
Securities Dealers Automated Quotation System on such date,
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then the immediately preceding date on which sales of the Shares have been so
reported or quoted shall be used.

     (t)  Former Directors: Certain former directors of D&B whose Awards under
the D&B Plans were adjusted pursuant to the Spinoff.

     (u)  Moody's Board: The Board of Directors of D&B.

     (v) Moody's Change in Control: The occurrence of any of the following
events:

               (i)     any "Person," as such term is used in Sections 13(d) and
          14(d) of the Securities Exchange Act of 1934, as amended (the
          "Exchange Act"), (other than D&B, any trustee or other fiduciary
          holding securities under an employee benefit plan of D&B, or any
          corporation owned, directly or indirectly, by the shareholders of D&B
          in substantially the same proportions as their ownership of stock of
          D&B), is or becomes the "Beneficial Owner" (as defined in Rule 13d-3
          under the Exchange Act), directly or indirectly, of securities of D&B
          representing 20% or more of the combined voting power of D&B's then
          outstanding securities;

               (ii)    during any period of twenty-four months (not including
          any period prior to the Spinoff Date), individuals who at the
          beginning of such period constitute the Moody's Board, and any new
          Director (other than (1) a Director designated by a person who has
          entered into an agreement with D&B to effect a transaction described
          in clause (i), (iii) or (iv) of this Section, (2) a Director
          designated by any Person (including D&B) who publicly announces an
          intention to take or to consider taking actions (including, but not
          limited to, an actual or threatened proxy contest) which if
          consummated would constitute a Change in Control or (3) a Director
          designated by any Person who is the Beneficial Owner, directly or
          indirectly, of securities of D&B representing 10% or more of the
          combined voting power of D&B's securities) whose election by the
          Moody's Board or nomination for election by D&B's shareholders was
          approved by a vote of at least two-thirds (2/3) of the Directors then
          still in office who either were Directors at the beginning of the
          period or whose election or nomination for election was previously so
          approved cease for any reason to constitute at least a majority
          thereof;

               (iii)   the shareholders of D&B approve a merger or consolidation
          of D&B with any other corporation, other than (1) a merger or
          consolidation which would result in the voting securities of D&B
          outstanding immediately prior thereto continuing to represent (either
          by remaining outstanding or by being converted into voting securities
          of the surviving entity) more than 50% of the combined voting power of
          the voting securities of D&B or such surviving entity outstanding
          immediately after such merger or consolidation and (2) after which no
          Person holds 20% or more of the combined voting power of the then
          outstanding securities of D&B or such surviving entity; or

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               (iv) the shareholders of D&B approve a plan of complete
          liquidation of D&B or an agreement for the sale or disposition by D&B
          of all or substantially all of D&B's assets.

     (w)  Moody's Directors: certain directors of D&B whose awards under the
D&B Plans were adjusted pursuant to the Spinoff.

     (x)  Moody's Phantom Stock Unit: A bookkeeping entry, equivalent in value
to one share of common stock of D&B, credited in accordance with Section 9(a) of
the Plan.

     (y)  New D&B Deferred Performance Share Units: A bookkeeping entry
equivalent in value to one Share, credited in accordance with Section 10 of the
Plan.

     (z)  New D&B Dividended Deferred Performance Share Units: A bookkeeping
entry, equivalent in value to the number of phantom performance shares credited
to a Director's account as a dividend on such Director's D&B Deferred
Performance Share Units pursuant to the Spinoff.

     (aa) New D&B Dividended Phantom Stock Units: A bookkeeping entry,
equivalent in value to the number of phantom Shares credited to a New D&B
Director's account or a Former Director's account as a dividend on such
Director's D&B Phantom Stock Units pursuant to the Spinoff.

     (bb) New D&B Directors: certain directors of the Company whose awards were
adjusted under the D&B Plans pursuant to the Spinoff.

     (cc) New D&B Phantom Stock Unit: A bookkeeping entry, equivalent in value
to one Share, credited in accordance with Section 9(a) of the Plan.

     (dd) Option: A stock option granted pursuant to Section 7 of the Plan.

     (ee) Payment Day: As such term is defined in Section 8(b) of the Plan.

     (ff) Person: As such term is used in Section 13(d) or 14(d) of the
Act (or any successor section thereto).

     (gg) Phantom Stock Units: New D&B Phantom Stock Units and Moody's Phantom
Stock Units.

     (hh) Plan: The 2000 Dun & Bradstreet Corporation Replacement Plan for
Certain Directors Holding Dun & Bradstreet Corporation Equity-Based Awards.

     (ii) Retirement: Termination of service with the Company after such New
D&B Director has attained age 70 or termination of service with D&B after such
Moody's Director has attained age 70, regardless of the length of such
Director's service.

     (jj) Shares: Shares of common stock, par value $.01 per share, of the
Company.

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          (kk) Spinoff: The distribution of the Shares to the public
     shareholders of D&B.

          (ll) Spinoff Date: The date on which the Shares are first distributed
     to the public shareholders.

          (mm) Subsidiary: A subsidiary corporation, as defined in
     Section 424(f) of the Code (or any successor section thereto).

          (nn) Termination of Service: With respect to a New D&B Director,
     termination of service with the Company and with respect to a Moody's
     Director termination of service with D&B.

          (oo) Termination Date: As such term is defined in Section 8(b) of the
     Plan.

3.   SHARES SUBJECT TO THE PLAN

          The total number of Shares which may be issued under the Plan is
equal to the aggregate number of shares to be issued as replacement awards, as
calculated pursuant to Sections 7 and 9 of this Plan. The shares may consist,
in whole or in part, of unissued shares or treasury shares. After the initial
grant of awards, no further awards shall be granted under the Plan.

4.   ADMINISTRATION

          The Plan shall be administered by the Board, which may delegate its
duties and powers in whole or in part to any subcommittee thereof. The Board is
authorized to interpret the Plan, to establish, amend and rescind any rules and
regulations relating to the Plan, and to make any other determinations that it
deems necessary or desirable for the administration of the Plan. The Board may
correct any defect or supply any omission or reconcile any inconsistency in the
Plan in the manner and to the extent the Board deems necessary or desirable. Any
decision of the Board in the interpretation and administration of the Plan, as
described herein, shall lie within its sole and absolute discretion and shall be
final, conclusive and binding on all parties concerned (including, but not
limited to, the Directors and their beneficiaries or successors).

5.   ELIGIBILITY

          Only Directors may receive grants of replacement stock options,
replacement phantom stock units and replacement deferred performance share
units under the Plan.

6.   LIMITATIONS

          Options hereunder shall only be granted in replacement of D&B Stock
Options (as defined in Section 7(a) of the Plan) held by Directors immediately
prior to the Spinoff Date.

7.   TERMS AND CONDITIONS OF OPTIONS

          Options granted under the Plan shall be nonqualified stock options
for federal income tax purposes, as evidenced by the related Option agreements,
and shall be subject to the foregoing and the following terms and conditions
and to such other terms and conditions, not
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inconsistent therewith, as the Board shall determine;

          (a)  Generally. As of the Spinoff, each unexercised D&B Stock Option
     held by a Director shall be adjusted and such Director shall receive a
     replacement stock option pursuant to this Plan. The number of Shares
     covered by each replacement stock option shall be determined by multiplying
     (i) the number of shares of D&B common stock covered by the adjusted D&B
     Stock Option by (ii) fifty percent and rounding down the result to a whole
     number of shares. The option price of each replacement stock option shall
     be determined by multiplying (i) the trading price of the Company as of the
     last trade "when issued" immediately prior to the Spinoff by a fraction,
     the numerator of which is the option price of the adjusted D&B Stock
     Option, and the denominator of which equals the trading price of D&B as of
     last trade "regular way" immediately prior to the Spinoff. Unless otherwise
     specified in this Plan, all other terms of the replacement stock options
     shall remain substantially identical to those of the adjusted D&B Stock
     Options as set forth in the D&B Plans and related option agreement(s).

          (b)  Exercisability. Except as set forth in the Plan, stock options
     granted under the Plan shall have substantially identical terms as those of
     the stock options originally granted under the D&B Plans; provided,
     however, that in no event shall a replacement stock option be exercisable
     more than ten years after the date the original option was granted under
     the D&B Plans.

          (c)  Expiration. An Option shall expire on the tenth anniversary of
     the date on which the original option was granted under the D&B Plans.

          (d)  Exercise of Options. Except as otherwise provided in the Plan or
     in a related Option agreement, an Option may be exercised for all, or from
     time to time any part, of the Shares for which it is then exercisable. The
     purchase price for the Shares as to which an option is exercised shall be
     paid to the Company in full at the time of exercise at the election of the
     Participant (i) in cash or its equivalent (e.g., a check), (ii) in Shares
     having a Fair Market Value equal to the aggregate option price for the
     Shares being purchased and satisfying such other requirements as may be
     imposed by the Board, (iii) partly in cash and partly in such Shares or
     (iv) through the delivery of irrevocable instructions to a broker to
     deliver promptly to the Company an amount equal to the aggregate Option
     Price for the Shares being purchased. No Director shall have any rights to
     dividends or other rights of a shareholder with respect to Shares subject
     to an Option until the Director has given written notice of exercise of the
     Option, paid in full for such Shares and, if applicable, has satisfied any
     other conditions imposed by the Board pursuant to the Plan.

          (e)  Termination of Service. Upon a Termination of Service by reason
     of death, Disability, Retirement or by the Company or D&B, as the case may
     be, or by the Director for any reason, the unexercised portion of the
     Option may thereafter be exercised pursuant to the terms of the D&B Plan
     under which the original option was granted.

          (f)  Nontransferability of Stock Options. Except as otherwise provided
     in this Section 7(f), a stock option shall not be transferable by the
     Director otherwise than by
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     will or by the laws of descent and distribution and during the lifetime of
     a Director an option shall be exercisable only by the Director. An option
     exercisable after the death of a Director or a transferee pursuant to the
     following sentence may be exercised by the legatees, personal
     representatives or distributees of the Director or such transferee. The
     Board may, in its discretion, authorize all or a portion of the options
     previously granted or to be granted to a Director to be on terms which
     permit irrevocable transfer for no consideration by such Director to any
     child, stepchild, grandchild, parent, stepparent, grandparent, spouse,
     sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law,
     brother-in-law, or sister-in-law, including adoptive relationships, of the
     Director, trusts for the exclusive benefit of these persons, and any other
     entity owned solely by these persons ("Eligible Transferees"), provided
     that (x) the stock option agreement pursuant to which such options are
     granted must be approved by the Board, and must expressly provide for
     transferability in a manner consistent with this Section and (y) subsequent
     transfers of transferred options shall be prohibited except those in
     accordance with the first sentence of this Section 7(f). The Board may, in
     its discretion, amend the definition of Eligible Transferees to conform to
     the coverage rules of Form S-8 under the Securities Act of 1933 or any
     comparable Form from time to time in effect. Following transfer, any such
     options shall continue to be subject to the same terms and conditions as
     were applicable immediately prior to transfer. The events of Termination of
     Service of Section 7(e) hereof shall continue to be applied with respect to
     the Director, following which the options shall be exercisable by the
     transferee only to the extent, and for the periods specified, in Section
     7(e). The Board may delegate to a committee consisting of employees of the
     Company the authority to authorize transfers, establish terms and
     conditions upon which transfers may be made and establish classes of
     options eligible to transfer options, as well as to make other
     determinations with respect to option transfers.

8.   TERMS AND CONDITIONS OF PHANTOM STOCK UNITS

          (a)  Phantom Stock Units.  As of the Spinoff Date, D&B Phantom Stock
     Units and New D&B Dividended Phantom Stock Units then held by each New D&B
     Director and Former Director shall be forfeited, and such Director shall
     receive replacement New D&B Phantom Stock Units and Moody's Phantom Stock
     Units pursuant to this Plan. The number of Shares credited as New D&B
     Phantom Stock Units shall equal the number of forfeited New D&B Dividended
     Phantom Stock Units and the number of shares of common stock of D&B
     credited as Moody's Phantom Stock Units shall equal the number of forfeited
     D&B Phantom Stock Units. The New D&B Phantom Stock Units and Moody's
     Phantom Stock Units shall be credited with dividend equivalents when
     dividends are deemed paid on balances held by employees of the Company (the
     "Employee Balances") in the Dun & Bradstreet Common Stock Fund of the
     Company's Profit Participation Plan (or successor plan)(the "Employee
     Plan"), and dividend equivalents with respect to Shares shall be converted
     into additional New D&B Phantom Stock Units (including fractional New D&B
     Phantom Stock Units) and dividend equivalents with respect to shares of
     common stock of D&B shall be converted into additional Moody's Phantom
     Stock Units (including fractional Moody's Phantom Stock Units). In the
     event that the Moody's Common Stock Fund under the Employee Plan is
     terminated, the Moody's Phantom Stock Units will be equitably converted
     into New D&B Phantom Stock Units based on the relative Fair Market Values
     of the Shares and the common stock of D&B at the time of the conversion.
     Unless otherwise specified in
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     this Plan, all other terms of the replacement New D&B Phantom Stock Units
     and Moody's Phantom Stock Units shall remain substantially identical to
     those of the forfeited D&B Phantom Stock Units as set forth in the
     applicable D&B Plans and related agreement(s).

          (b)  Payment in Cash Upon Termination of Service. On the tenth day
     (the "Payment Day") of the calendar year immediately following the calendar
     year containing the date of a Director's Termination of Service (the
     "Termination Date"), the Director shall receive a lump sum payment in cash
     equal to the Fair Market Value of the number of Phantom Stock Units
     (including fractional Phantom Stock Units) credited to the Director's
     Phantom Stock Unit account on the December 31 immediately preceding the
     Payment Day (the "Determination Day"). Between the Termination Date and the
     Determination Day the Director's Phantom Stock Units shall continue to be
     credited with dividend equivalents and such dividend equivalents shall
     continue to be converted into additional Phantom Stock Units (including
     fractional Phantom Stock Units) in the manner set forth above. As an
     alternative to receiving such payment on the Payment Day, the Director may
     elect to receive his or her payment in such forms of payments (and on such
     terms and conditions) as are established by the Committee in its sole
     discretion.

          (c)  Crediting of Stock Dividends. When non-cash dividends are paid on
     Shares or shares of common stock of D&B, a Director's Phantom Stock Units
     shall be credited with dividend equivalents by crediting the Director's
     account in a manner consistent with the treatment of the Employee Balances.

9.   TERMS AND CONDITIONS OF DEFERRED PERFORMANCE SHARE UNITS

          As of the Spinoff Date, New D&B Dividended Deferred Performance Share
Units then held by each Director shall be forfeited, and such Director shall
receive replacement New D&B Deferred Performance Share Units pursuant to this
Plan. The number of Shares credited as New D&B Deferred Performance Share Units
shall equal the number of forfeited New D&B Dividended Deferred Performance
Share Units. New D&B Deferred Performance Share Units shall be credited with
dividend equivalents when dividends are deemed paid on balances held by
employees of the Company (the "Employee Balances") in the Dun & Bradstreet
Common Stock Fund of the Employee Plan, and such dividend equivalents shall be
converted into additional New D&B Deferred Performance Share Units (including
fractional New D&B Deferred Performance Share Units) in a manner consistent with
the treatment of the Employee Balances. Unless otherwise specified in this Plan,
all other terms of the replacement New D&B Deferred Performance Share Units
shall remain substantially identical to those of the D&B Deferred Performance
Share Units from which they arose as set forth in the applicable D&B Plans and
related agreement(s).

10.  ADJUSTMENTS UPON CERTAIN EVENTS

          Notwithstanding any other provisions in the Plan to the contrary, the
following provisions shall apply to all Awards granted under the Plan:

          (a) Generally. In the event of any change in the outstanding Shares
after the Effective Date by reason of any Share dividend or split,
reorganization, recapitalization,

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     merger, consolidation, spin-off, combination or exchange of Shares or other
     corporate exchange, or any distribution to shareholders of Shares other
     than regular cash dividends, the Committee, in its sole discretion, and
     without liability to any person, may make such substitution or adjustment,
     if any, as it deems to be equitable, as to (A) the number or kind of shares
     or other securities issued or reserved for issuance pursuant to the Plan or
     pursuant to outstanding Awards, (B) the option price and/or (C) any other
     affected terms of such Awards.

          (b) Change in Control. Upon the occurrence of a Change in Control, (A)
     all Phantom Stock Units shall become payable to Directors in cash and (B)
     all Options shall vest and become exercisable.

          (c) Moody's Change in Control. Upon the occurrence of a Moody's Change
     in Control, (A) all Phantom Stock Units shall become payable to Moody's
     Directors in cash and (B) all Options held by Moody's Directors shall vest
     and become exercisable.

11.  SUCCESSORS AND ASSIGNS

          The Plan shall be binding on all successors and assigns of the Company
and a Director, including without limitation, the estate of such Director and
the executor, administrator or trustee of such estate, or any receiver or
trustee in bankruptcy or representative of the Director's creditors.

12.  AMENDMENTS OR TERMINATION

          The Board may amend, alter or discontinue the Plan, but no amendment,
alteration or discontinuation shall be made which would diminish the rights of
any Director under any Award theretofore granted without such Director's
consent.

13.  NONTRANSFERABILITY OF AWARDS

          Except as provided in Section 7(f) of the Plan, an Award shall not be
transferable or assignable by the Director otherwise than by will or by the laws
of descent and distribution. During the lifetime of a Director an Award shall be
exercisable only by such Director. An Award exercisable after the death of a
Director may be exercised by the legatees, personal representatives or
distributees of the Director. Notwithstanding anything to the contrary herein,
the Board, in its sole discretion, shall have the authority to waive this
Section 13 (or any part thereof) to the extent that this Section 13 (or any part
thereof) is not required under the rules promulgated under any law, rule or
regulation applicable to the Company.

14.  CHOICE OF LAW

          The Plan shall be governed by and construed in accordance with the
laws of the State of New York applicable to contracts made and to be performed
in the State of New York.

15.  EFFECTIVENESS OF THE PLAN

          The Plan shall be effective as of the Spinoff Date.<PAGE>   1
                                                                   Exhibit 10.28

               2000 DUN & BRADSTREET CORPORATION REPLACEMENT PLAN
           FOR CERTAIN EMPLOYEES HOLDING DUN & BRADSTREET CORPORATION
                              EQUITY-BASED AWARDS

1.   PURPOSE OF THE PLAN

          The purpose of the 2000 Dun & Bradstreet Corporation Replacement Plan
for Certain Employees Holding Dun & Bradstreet Corporation Equity-Based Awards
(the "Plan") is to provide for the granting of replacement awards to New D&B
Employees (as defined below), Moody's Employees (as defined below) and Former
Employees (as defined below) whose outstanding awards under the D&B Plans will
be adjusted pursuant to the Spinoff (as defined below). It is the intention of
the Company that the terms of the replacement awards will (i) together with
awards adjusted by D&B, substantially preserve the value of the adjusted D&B
awards and (ii) except as specifically provided herein, remain substantially
identical to the terms of the adjusted D&B awards.

2.   DEFINITIONS

          The following capitalized terms used in the Plan have the respective
meanings set forth in this Section:

          A. Act: The Securities Exchange Act of 1934, as amended, or any
     successor thereto.

          B. Awards: Replacement options, replacement stock appreciation rights,
     replacement shares of restricted stock, replacement performance share
     awards and replacement special performance share grant awards granted
     pursuant to the Plan.

          C. Beneficial Owner: As defined in rule 13d-3 under the Act (or any
     successor rule thereto).

          D. Board: The Board of Directors of the Company.

          E. Change in Control: The occurrence of any of the following events:

               (i) any "Person" as such term is used in Section 13(d) and 14(d)
               of the Act (other than the Company, any trustee or other
               fiduciary holding securities under an employee benefit plan of
               the Company, or any company owned, directly or indirectly, by the
               stockholders of the Company in substantially the same proportions
               as their ownership of stock of the Company), becomes the
               Beneficial Owner, directly or indirectly, of securities of the
               Company representing 20% (30% with respect to Section 12(a)) or
               more of the combined voting power of the Company's then
               outstanding securities;

               (ii) during any period of twenty-four months (not including any
               period prior to the Effective Date), individuals who at the
               beginning of such period

<PAGE>   2
                                                                               2

               constitute the Board, and any new director (other than (A) a
               director nominated by a Person who has entered into an agreement
               with the Company to effect a transaction described in Sections
               2(E)(i), (iii) or (iv) of the Plan, (B) a director nominated by
               any Person (including the Company) who publicly announces an
               intention to take or to consider taking actions (including, but
               not limited to, an actual or threatened proxy contest) which if
               consummated would constitute a Change in Control or (C) a
               director designated by any Person who is the Beneficial Owner,
               directly or indirectly, of securities of the Company representing
               10% or more of the combined voting power of the Company's
               securities) whose election by the Board or nomination for
               election by the Company's stockholders was approved in advance by
               a vote of at least two-thirds (2/3) of the directors then still
               in office who either were directors at the beginning of the
               period or whose election or nomination for election was
               previously so approved, cease for any reason to constitute at
               least a majority thereof;

               (iii) the stockholders of the Company approve a merger or
               consolidation of the Company with any other corporation, other
               than a merger or consolidation (A) which would result in the
               voting securities of the Company outstanding immediately prior
               thereto continuing to represent (either by remaining outstanding
               or by being converted into voting securities of the surviving
               entity) more than 50% of the combined voting power of the voting
               securities of the Company or such surviving entity outstanding
               immediately after such merger or consolidation and (B) after
               which no Person would hold 20% (50% with respect to Section
               12(a)) or more of the combined voting power of the then
               outstanding securities of the Company or such surviving entity;
               or

               (iv) the stockholders of the Company approve a plan of complete
               liquidation of the Company or an agreement for the sale or
               disposition by the Company of all or substantially all of the
               Company's assets.

          F. Code: The Internal Revenue Code of 1986, as amended, or any
successor thereto.

          G. Committee: The Compensation and Benefits Committee of the Board,
or any successor thereto or other committee designated by the Board to assume
the obligations of the Committee hereunder.

          H. Company: The New D&B Corporation, a Delaware corporation to be
renamed "The Dun & Bradstreet Corporation" after the Spinoff.

          I. Company Price: As such term is defined in Section 7(a) of the Plan.

          J. D&B: The Dun & Bradstreet Corporation, a Delaware corporation to
be renamed the "Moody's Corporation" after the Spinoff.

          K. D&B Performance Share Award: As such term is defined in Section
9(a) of the Plan.

<PAGE>   3
                                                                               3

     L. D&B Plans: The Employee Plan, the Replacement Plan, the Option Award
and the Restricted Stock Award.

     M. D&B Restricted Stock: As such term is defined in Section 10 of the Plan.

     N. D&B Special Performance Share Grant Award: As such term is defined in
Section 9(b) of the Plan.

     O. D&B Stock Option: As such term is defined in Section 7(a) of the Plan.

     P. D&B SAR: As such term is defined in Section 8(a) of the Plan.

     Q. Disability: Inability to engage in any substantial gainful activity by
reason of a medically determinable physical or mental impairment which
constitutes a permanent and total disability, as defined in Section 22(e)(3) of
the Code (or any successor section thereto). The determination whether an
Eligible Holder has suffered a Disability shall be made by the Committee, with
respect to a New D&B Employee, and by the Moody's Board with respect to a
Moody's Employee based upon such evidence as it deems necessary and
appropriate. An Employee shall not be considered disabled unless he or she
furnishes such medical or other evidence of the existence of the Disability as
the Committee or the Moody's Board, as the case may be, in its sole discretion,
may require.

     R. Effective Date: The date as of which the Spinoff is effective.

     S. Eligible Holders: A New D&B Employee, Former Employee and a Moody's
Employee.

     T. Employee Plan. The 1998 Dun & Bradstreet Corporation Key Employees'
Stock Incentive Plan.

     U. Fair Market Value: On a given date, the average of the high and low
prices of the Shares as reported on such date on the Composite Tape of the
principal national securities exchange on which such Shares are listed or
admitted to trading, or, if no Composite Tape exists for such national
securities exchange on such date, then on the principal national securities
exchange on which such Shares are listed or admitted to trading, or, if the
Shares are not listed or admitted on a national securities exchange, the
average of the per Share closing bid price and per Share closing asked price on
such date as quoted on the National Association of Securities Dealers Automated
Quotation System (or such market in which such prices are regularly quoted),
or, if there is no market on which the Shares are regularly quoted, the Fair
Market Value shall be the value established by the Board in good faith. If no
sale of Shares shall have been reported on such Composite Tape or such national
securities exchange on such date or quoted on the National Association of
Securities Dealers Automated Quotation System on such date, then the
immediately preceding date on which sales of the Shares have been so reported
or quoted shall be used.

     V. Former Employees: Certain former employees of D&B and its Subsidiaries
whose awards under the D&B Plans were adjusted pursuant to the Spinoff.

<PAGE>   4
                                                                               4

     W.   Moody's Board: The Board of Directors of D&B as of the Effective Date.

     X.   Moody's Change in Control: The occurrence of any of the following
events:

          (v)  any "Person" as such term is used in Section 13(d) and 14(d) of
          the Act (other than D&B, any trustee or other fiduciary holding
          securities under an employee benefit plan of D&B, or any company
          owned, directly or indirectly, by the stockholders of D&B in
          substantially the same proportions as their ownership of stock of
          D&B), becomes the Beneficial Owner, directly or indirectly, of
          securities of D&B representing 20% (30% with respect to Section 12(a))
          or more of the combined voting power of D&B's then outstanding
          securities.

          (vi) during any period of twenty-four months (not including any period
          prior to the Effective Date), individuals who at the beginning of such
          period constitute the Moody's Board, and any new director (other than
          (A) a director nominated by a Person who has entered into an agreement
          with D&B to effect a transaction described in Sections 2(X)(i), (iii)
          or (iv) of the Plan, (B) a director nominated by any Person (including
          D&B) who publicly announces an intention to take or to consider taking
          actions (including, but not limited to, an actual or threatened proxy
          contest) which if consummated would constitute a Change in Control or
          (C) a director designated by any Person who is the Beneficial Owner,
          directly or indirectly, of securities of D&B representing 10% or more
          of the combined voting power of D&B's securities) whose election by
          the Moody's Board or nomination for election by D&B's stockholders was
          approved in advance by a vote of at least two-thirds (2/3) of the
          directors then still in office who either were directors at the
          beginning of the period or whose election or nomination for election
          was previously so approved, cease for any reason to constitute at
          least a majority thereof;

          (vii) the stockholders of D&B approve a merger or consolidation of
          D&B with any other corporation, other than a merger or consolidation
          (A) which would result in the voting securities of D&B outstanding
          immediately prior thereto continuing to represent (either by
          remaining outstanding or by being converted into voting securities of
          the surviving entity) more than 50% of the combined voting power of
          the voting securities of D&B or such surviving entity outstanding
          immediately after such merger or consolidation and (B) after which no
          Person would hold 20%)(50% with respect to Section 12(a)) or more of
          the combined voting power of the then outstanding securities of D&B
          or such surviving entity; or

          (viii) the stockholders of D&B approve a plan of complete liquidation
          of D&B or an agreement for the sale or disposition by D&B of all or
          substantially all of D&B's assets.

    Y.    Moody's Committee: The Compensation and Benefits Committee of the
Moody's Board or any successor thereto or other Committee designated by the
Moody's Board to assume the obligations of the Moody's Committee hereunder.
<PAGE>   5
                                                                               5

     Z. Moody's Employees: Certain employees of D&B and its Subsidiaries whose
awards under the D&B Plans were adjusted pursuant to the Spinoff.

     AA. New D&B Employees: Certain employees of the Company and its
Subsidiaries whose awards were adjusted under the D&B Plans pursuant to the
Spinoff.

     BB. New D&B Restricted Stock: As such term is defined in Section 10 of the
Plan.

     CC. Option: A stock option granted pursuant to Section 7 of the Plan.

     DD. Option Award: The D&B Stock Option awarded to the Chairman and Chief
Executive Officer of the Company pursuant to his employment agreement dated May
15, 2000.

     EE. Person: As such term is used in Section 13(d) or 14(d) of the Act (or
any successor section thereto).

     FF. Plan: The 2000 Dun & Bradstreet Corporation Replacement Plan for
Certain Employees Holding Dun & Bradstreet Corporation Equity-Based Awards.

     GG. Replacement Plan: The 1998 Dun & Bradstreet Corporation Replacement
Plan for Certain Employees Holding Dun & Bradstreet Corporation Equity-Based
Awards.

     HH. Restricted Stock Award: The D&B restricted stock awarded to the
Chairman and Chief Executive Officer of the Company pursuant to his employment
agreement dated May 15, 2000.

     II. Shares: Shares of common stock, par value $.01 per share, of the
Company.

     JJ. Spinoff: The distribution of the Shares to the public shareholders of
D&B.

     KK. Spinoff Date: The date on which the Shares are first distributed to
the public shareholders.

     LL. Subsidiary: A subsidiary corporation, as defined in Section 424(f) of
the Code (or any successor section thereto).

     MM. Termination of Employment: With respect to a New D&B Employee,
termination of employment with the Company and its Subsidiaries and with
respect to a Moody's Employee, termination of employment with D&B and its
Subsidiaries.

3. STOCK SUBJECT TO THE PLAN

     The total number of shares of common stock of the Company ("Shares") which
may be issued under the Plan is equal to the aggregate number of Shares to be
issued as replacement awards, as calculated pursuant to this Plan. The Shares
may consist, in whole or in part, of unissued Shares or treasury shares. After
the initial grant of Awards, no further grant
<PAGE>   6
                                                                             6

shall be made under the Plan.

4. ADMINISTRATION

     The Committee shall administer the Plan; provided, however, that any
action permitted to be taken by the Committee may be taken by the Board, in its
discretion. The Committee shall have the authority, consistent with the Plan,
to determine the provisions of the Awards to be granted, to interpret the Plan
and the Awards granted under the Plan, to adopt, amend and rescind rules and
regulations for the administration of the Plan and the Awards and generally to
conduct and administer the Plan and to make all determinations in connection
therewith which may be necessary or advisable, and all such actions of the
Committee shall be binding upon all Eligible Holders. The Committee shall
require payment of any amount the Company may determine to be necessary or
appropriate to withhold for federal, state, local or other taxes as a result of
the payment or exercise of an Award.

5. ELIGIBILITY

     Only Eligible Holders shall receive grants of Awards under the Plan. The
granting of an Award under the Plan shall impose no obligation on D&B, the
Company or any Subsidiary to continue the employment of an Eligible Holder and
shall not lessen or affect the right to terminate the employment of such
Eligible Holder.

6. LIMITATIONS

     Options hereunder shall only be granted in replacement of D&B Stock
Options (as defined in Section 7(a) of the Plan) held by Eligible Holders
immediately prior to the Spinoff Date.

7. TERMS AND CONDITIONS OF STOCK OPTIONS

     Stock options granted under the Plan shall be nonqualified, and shall be
subject to the foregoing and the following terms and conditions and to such
other terms and conditions, not inconsistent therewith, as the Committee shall
determine:

     (a) Generally. Except as provided in Section 7(b), as of the Spinoff Date,
each unexercised stock option held by an Eligible Holder that was granted under
the D&B Plans (a "D&B Stock Option") shall be adjusted, and such Eligible
Holder shall receive a replacement stock option pursuant to this Plan. The
number of Shares covered by each replacement stock option shall be determined
by multiplying (i) the number of shares of D&B common stock covered by the
adjusted D&B Stock Option by (ii) fifty percent and rounding down the result to
a whole number of shares. The option price of each replacement stock option
shall be determined by multiplying (i) the trading price of the Company as of
the last trade "when issued" immediately prior to the Spinoff Date (the
"Company Price") by a fraction (the "Conversion Ratio"), the numerator of which
is the original option price of the corresponding D&B Stock Option, and the
denominator of which equals the trading price of D&B as of last trade "regular
way" immediately prior to the Spinoff Date (the "D&B Price") rounded down to
the nearest ten thousandth of a cent. Unless otherwise specified in this Plan,
all other terms of the replacement
<PAGE>   7
                                                                               7

stock options shall remain substantially identical to those of the adjusted D&B
Stock Options as set forth in the D&B Plans and related option agreement(s).

     (b)  Other Stock Options. As of the Spinoff Date, the Option Award shall be
cancelled, and the holder thereof shall receive a replacement stock option
pursuant to this Plan. The number of shares subject to the replacement stock
option shall equal (i) the number of shares subject to the cancelled stock
option multiplied by (ii) a fraction, the numerator of which is the D&B Price,
and the denominator of which is the Company Price, rounded down to a whole
number of shares. The option price of the replacement stock option shall be
determined by multiplying the option price of the cancelled stock option by a
fraction, the numerator of which is the Company Price and the denominator of
which is the D&B Price, rounded down to the nearest whole cent. Unless otherwise
specified in this Plan, all other terms of the replacement stock option shall
remain substantially identical to those of the cancelled stock option.

     (c)  Exercisability. Except as set forth in the Plan, stock options
granted under the Plan shall have substantially identical terms as those of the
stock options originally granted under the D&B Plans; provided, however, that
in no event shall a replacement stock option be exercisable more than ten years
after the date the original option was granted under the D&B Plans.

     (d)  Exercise of Stock Options. Except as otherwise provided in the Plan
or the option, a stock option may be exercised for all, or from time to time
any part, of the Shares for which it is then exercisable. The purchase price
for the Shares as to which an option is exercised shall be paid to the Company
in full at the time of exercise at the election of the Eligible Holder (i) in
cash or its equivalent (e.g., a check), (ii) in Shares of the Company having a
fair market value equal to the option price for the Shares being purchased and
satisfying such other requirements as may be imposed by the Committee, (iii)
partly in cash and partly in such Shares of the Company or (iv) through the
delivery of irrevocable instructions to a broker to deliver promptly to the
Company an amount equal to the aggregate option price for the Shares being
purchased. The Committee may permit the Eligible Holder to elect, subject to
such terms and conditions as the Committee shall determine, to have the number
of Shares deliverable to the Eligible Holder as a result of the exercise
reduced by a number sufficient to pay the amount the Company determines to be
necessary to withhold for federal, state, local or other taxes as a result of
the exercise of the option. No Eligible Holder shall have any rights to
dividends or other rights of a shareholder with respect to Shares subject to an
option until the Eligible Holder has given written notice of exercise of the
option, paid in full for such Shares and, if requested, given the
representation described in Paragraph 7(f) of the Plan.

     (e)  Exercisability Upon Termination of Employment. Upon an Eligible
Holder's Termination of Employment by reason of death, Disability, Retirement
(as defined in the D&B Plan under which the original stock option was granted;
provided, however, that, if applicable such determination shall be made by the
Committee or the Moody's Committee, as the case may be) or by the employer or
by the Eligible Employee for any reason, the option thereafter may be exercised
pursuant to the terms of the D&B Plan under which the original stock option
was granted.

     (f)  Additional Agreements of Eligible Holder and Restrictions on
Transfer. With respect to stock options granted under the Replacement Plan: (i)
the Committee may require each

<PAGE>   8
                                                                               8

person purchasing Shares pursuant to exercise of a stock option to represent to
and agree with the Company in writing that the Shares are being acquired
without a view to distribution thereof (the certificates for Shares so
purchased may include any legend which the Committee deems appropriate to
reflect any restrictions on transfers); (ii) the Committee also may impose, in
its discretion, as a condition of any option, any restrictions on the
transferability of Shares acquired through the exercise of such option as it
may deem fit; and (iii) without limiting the generality of the foregoing, the
Committee may impose conditions restricting absolutely the transferability of
Shares acquired through the exercise of options for such periods as the
Committee may determine and, further, upon a Termination of Employment during
the period in which such Shares are nontransferable, the Eligible Holder may be
required, if required by the related option agreement, to sell such Shares back
to the Company at such price and on such other terms as the Committee may have
specified in the option agreement.

     (g)  Nontransferability of Stock Options. Except as otherwise provided in
this Paragraph 7(g), a stock option shall not be transferable by the Eligible
Holder otherwise than by will or by the laws of descent and distribution and
during the lifetime of an Eligible Holder an option shall be exercisable only by
the Eligible Holder. An option exercisable after the death of an Eligible Holder
or a transferee pursuant to the following sentence may be exercised by the
legatees, personal representatives or distributees of the Eligible Holder or
such transferee. The Committee may, in its discretion, authorize all or a
portion of the options previously granted or to be granted to an Eligible Holder
to be on terms which permit irrevocable transfer for no consideration by such
Eligible Holder to any child, stepchild, grandchild, parent, stepparent,
grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law,
daughter-in-law, brother-in-law, or sister-in-law, including adoptive
relationships, of the Eligible Holder, trusts for the exclusive benefit of these
persons, and any other entity owned solely by these persons ("Eligible
Transferees"), provided that (x) the stock option agreement pursuant to which
such options are granted must be approved by the Committee, and must expressly
provide for transferability in a manner consistent with this Section and (y)
subsequent transfers of transferred options shall be prohibited except those in
accordance with the first sentence of this Paragraph 7(g). The Committee may, in
its discretion amend the definition of Eligible Transferees to conform to the
coverage rules of Form S-8 under the Securities Act of 1933 or any comparable
Form from time to time in effect. Following transfer, any such options shall
continue to be subject to the same terms and conditions as were applicable
immediately prior to transfer. The events of termination of employment of
Paragraph 7(e) hereof shall continue to be applied with respect to the original
Eligible Holder, following which the options shall be exercisable by the
transferee only to the extent, and for the periods specified, in Paragraph 7(e).
The Committee may delegate to a committee consisting of employees of the Company
the authority to authorize transfers, establish terms and conditions upon which
transfers may be made and establish classes of Eligible Holders eligible to
transfer options, as well as to make other determinations with respect to option
transfers.

8.   TERMS AND CONDITIONS OF STOCK APPRECIATION RIGHTS

          Stock appreciation rights (including limited stock appreciation
rights) granted under the Plan shall be subject to the foregoing and the
following terms and conditions and to such other terms and conditions, not
inconsistent therewith, as the Committee shall determine:
<PAGE>   9
                                                                               9

     (a)  Generally. Except as provided in Section 8(b), as of the Spinoff Date,
each unexercised stock appreciation right (including a limited stock
appreciation right) held by an Eligible Holder that was granted under the D&B
Plans (a "D&B SAR") shall be adjusted, and such Eligible Holder shall receive a
replacement stock appreciation right pursuant to this Plan. The number of
shares covered by each replacement stock appreciation right shall be determined
by multiplying (i) the number of shares of D&B common stock covered by the
adjusted D&B SAR by (ii) fifty percent and rounding down the result to a whole
number of shares. The exercise price of each replacement stock appreciation
right shall be determined by multiplying the Company Price by the Conversion
Ratio. Unless otherwise specified in this Plan, all other terms of the
replacement stock appreciation rights shall remain substantially identical to
those of the adjusted D&B SARs as set forth in the applicable D&B Plans and
related D&B SAR agreement(s).

     (b)  Other Replacement Stock Appreciation Rights. As of the Spinoff Date,
the limited stock appreciation right granted in tandem with the Option Award
shall be cancelled, and the holder thereof shall receive a replacement limited
stock appreciation right pursuant to this Plan. The number of shares subject to
the replacement limited stock option shall equal (i) the number of shares
subject to the cancelled limited stock appreciation right multiplied by (ii) a
fraction, the numerator of which is the D&B Price, and the denominator of which
is the Company Price, rounded down to a whole number of shares. The exercise
price of the replacement limited stock appreciation right shall be determined
by multiplying the exercise price of the cancelled limited stock appreciation
right by a fraction, the numerator of which is the Company Price and the
denominator of which is the D&B Price, rounded down to the nearest whole cent.
Unless otherwise specified in this Plan, all other terms of the replacement
limited stock appreciation right shall remain substantially identical to those
of the cancelled limited stock appreciation right.

     (c)  Terms.    Each stock appreciation right shall entitle an Eligible
Holder to receive from the Company in exchange therefor an amount equal to the
excess of the fair market value on the exercise date of one Share over the
exercise price per Share times the number of Shares covered by the stock
appreciation right, or portion thereof, which is surrendered. The date a notice
of exercise is received by the Company shall be the exercise date. Payment
shall be made in Shares or in cash, or partly in Shares and partly in cash,
valued at such fair market value, all as shall be determined by the Committee.
Stock appreciation rights may be exercised from time to time upon actual
receipt by the Company of written notice of exercise stating the number of
Shares with respect to which the stock appreciation right is being exercised.
No fractional Shares will be issued in payment for stock appreciation rights,
but instead cash will be paid for a fraction or, if the Committee should so
determine, the number of Shares will be rounded downward to the next whole
Share.

     (d)  Limitations on Exercisability. The Committee shall impose such
conditions upon the exercisability of stock appreciation rights as will result,
except upon the occurrence of an event contemplated by replacement limited stock
appreciation rights granted pursuant to Paragraphs 8(b) and 8(e) or contemplated
by the provisions of Paragraph 12, in the amount to be charged against the
Company's consolidated income by reason of stock appreciation rights not to
exceed, in any one calendar year, two percent of the Company's prior calendar
year's consolidated income before income taxes. The Committee also may impose,
in its discretion, such other conditions upon the exercisability of stock
appreciation rights as it may deem fit.

<PAGE>   10
                                                                              10

     (e)  Replacement Limited Stock Appreciation Rights. The Committee shall
grant replacement limited stock appreciation rights in substantially the same
manner in which replacement stock appreciation rights are awarded pursuant to
this Section 8 of the Plan. Unless the context otherwise requires, whenever the
term "stock appreciation right" is used in the Plan, such term shall include
limited stock appreciation rights.

9.   PERFORMANCE SHARE AWARDS.

     (a)  Generally. As of the Spinoff Date, each performance share award
granted to a New D&B Employee under the D&B Plans (a "D&B Performance Share
Award") shall be cancelled, and such New D&B Employee shall receive a
replacement performance share award opportunity pursuant to the Plan. The
replacement performance share award opportunity shall equal (i) a number of
Shares determined by multiplying the number of shares of D&B common stock
covered by the original D&B Performance Share Award by fifty percent and
rounding down the result to a whole number of shares and (ii) a cash payment
opportunity equal to the Fair Market Value (as of the date the award is
approved) of a number of shares of D&B equal to the number of shares of D&B
common stock covered by the original D&B Performance Share Award. Actual award
of the replacement performance share award opportunity will be made at the
conclusion of the original performance period based on performance results
versus originally established performance parameters. Unless otherwise
specified in this Plan, all other terms of the replacement performance share
award opportunity shall remain substantially identical to those of the adjusted
D&B Performance Share Award as set forth in the D&B Plans and related award
agreement(s).

     (b)  Special Performance Share Grant Awards. As of the Spinoff Date, each
special performance share grant award that is based on the appreciation of the
fair market value of a share of common stock of D&B against the appreciation in
the fair market value of the shares of stock of the companies that comprise the
S&P 500 granted to a New D&B Employee under the D&B Plans (a "D&B Special
Performance Share Grant Award") shall be cancelled, and each New D&B Employee
shall receive a replacement special performance share grant award pursuant to
this Plan. Each replacement special performance share grant award shall equal
(i) the number of shares subject to the cancelled D&B Special Performance Share
Grant Award multiplied by (ii) a fraction, the numerator of which is the D&B
Price, and the denominator of which is the Company Price, rounded down to a
whole number of shares. Unless otherwise specified in this Plan, all other terms
of each replacement special performance share grant award shall remain
substantially identical to those of the cancelled D&B Special Performance Share
Grant Award as set forth in the applicable D&B Plans and related award
agreements.

10.  TERMS AND CONDITIONS OF RESTRICTED STOCK.

          As of the Spinoff Date, restricted stock held by an Eligible Holder
that was granted under the D&B Plans ("D&B Restricted Stock") and restricted
stock received by an Eligible Holder as a result of the Spinoff ("New D&B
Restricted Stock") shall be forfeited, and such Eligible Holder shall receive
replacement shares of Company restricted stock pursuant to this Plan. The
number of shares of Company restricted stock shall equal (i) the number of
shares of forfeited D&B Restricted Stock multiplied by (ii) a fraction, the
numerator of which is the D&B Price, and the denominator of which is the
Company Price, rounded down to a whole number of shares. Unless otherwise
specified in this Plan, all other terms of the replacement
<PAGE>   11
                                                                              11

restricted stock shall remain substantially identical to those of the forfeited
D&B Restricted Stock as set forth in the applicable D&B Plans.

11.  TRANSFERS AND LEAVES OF ABSENCE

          For purposes of the Plan: (a) a transfer of an employee of the Company
or D&B from the Company or D&B, as the case may be, to a 50% or more owned
subsidiary, partnership, venture or other affiliate (whether or not
incorporated) of the Company or D&B, as the case may be, or vice versa, or from
one such subsidiary, partnership, venture or other affiliate to another, (b) a
leave of absence, duly authorized in writing by the Company or D&B, as the case
may be, for military service or sickness or for any other purpose approved by
the Company or D&B, as the case may be, if the period of such leave does not
exceed 90 days, or (c) a leave of absence in excess of 90 days, duly authorized
in writing by the Company or D&B, as the case may be, provided the employee's
right to re-employment is guaranteed either by statute or by contract, shall not
be deemed a termination of employment under the Plan.

12.  ADJUSTMENTS UPON CHANGES IN CAPITALIZATION OR OTHER EVENTS

     (a) With respect to Awards originally granted under the Replacement Plan:

          (i)  Generally. Upon changes in the Shares by reason of a stock
          dividend, stock split, reverse split, recapitalization, merger,
          consolidation, combination or exchange of Shares, separation,
          reorganization or liquidation, the number and class of Shares
          available under the Plan as to which stock options or stock
          appreciation rights may be granted (both in the aggregate and to any
          one Eligible Holder), the number and class of Shares under each option
          and the option price per Share and the terms of stock appreciation
          rights and the number shall be correspondingly adjusted by the
          Committee, such adjustments to be made in the case of outstanding
          options without change in the total price applicable to such options.

          (ii) Change in Control. In the event of a merger, consolidation,
          combination, reorganization or other transaction in which the Company
          will not be the surviving corporation, an Eligible Holder shall be
          entitled to options on that number of shares of stock in the new
          corporation which the Eligible Holder would have received had the
          Eligible Holder exercised all of the unexercised options available to
          the Eligible Holder under the Plan, whether or not then exercisable,
          at the instant immediately prior to the effective date of such
          transaction, and if such unexercised options had related stock
          appreciation rights the Eligible Holder also will receive new stock
          appreciation rights related to the new options. Thereafter,
          adjustments as provided above shall relate to the options or stock
          appreciation rights of the new corporation. Except as otherwise
          specifically provided in the stock option or stock appreciation right,
          in the event of a Change in Control, merger, consolidation,
          combination, reorganization or other transaction in which the
          shareholders of the Company will receive cash or securities (other
          than common stock) or in the event that an offer is made to the
          holders of common stock of the Company to sell or exchange such common
          stock for cash,
<PAGE>   12
                                                                              12

          securities or stock of another corporation and such offer, if
          accepted, would result in the offeror becoming the owner of (a) at
          least 50% of the outstanding common stock of the Company or (b) such
          lesser percentage of the outstanding common stock which the Committee
          in its sole discretion determines will materially adversely affect the
          market value of the common stock after the tender or exchange offer,
          the Committee shall, prior to the shareholders' vote on such
          transaction or prior to the expiration date (without extensions) of
          the tender or exchange offer, with respect to stock options and stock
          appreciation rights, (i) accelerate the time of exercise so that all
          stock options and stock appreciation rights which are outstanding
          shall become immediately exercisable in full without regard to any
          limitations of time or amount otherwise contained in the Plan or the
          options or stock appreciation rights and/or (ii) determine that the
          options and stock appreciation rights shall be adjusted and make such
          adjustments by substituting for common stock of the Company subject to
          options and stock appreciation rights, common stock of the surviving
          corporation or offeror if such stock of such corporation is publicly
          traded or, if such stock is not publicly traded, by substituting
          common stock of a parent of the surviving corporation or offeror if
          the stock of such parent is publicly traded, in which event the
          aggregate option price shall remain the same and the number of Shares
          subject to option shall be the number of Shares which could have been
          purchased on the closing day of such transaction or the expiration
          date of the offer with the proceeds which would have been received by
          the Eligible Holder if the option had been exercised in full prior to
          such transaction or expiration date and the Eligible Holder had
          exchanged all of such Shares in the transaction or sold or exchanged
          all of such Shares pursuant to the tender or exchange offer, and if
          any such option has related stock appreciation rights, the stock
          appreciation rights shall likewise be adjusted.

          (iii) Moody's Change in Control. Except as otherwise specifically
          provided in the stock option or stock appreciation right, in the event
          of a Moody's Change in Control, the Moody's Committee may accelerate
          the time of exercise so that all stock options and stock appreciation
          rights held by a Moody's Employee which are outstanding shall become
          immediately exercisable in full without regard to any limitations of
          time or amount otherwise contained in the Plan or the options or stock
          appreciation rights.

     (b)  With respect to Awards originally granted under the Employee Plan:

          (i) Generally. In the event of any change in the outstanding Shares by
          reason of any Share dividend or split, reorganization,
          recapitalization, merger, consolidation, spin-off, combination or
          exchange of Shares or other corporate exchange, or any distribution to
          stockholders of Shares other than regular cash dividends, the
          Committee shall make such substitution or adjustment, if any, as it,
          in its sole discretion and without liability to any person, deems to
          be equitable, as to (A) the number or kind of Shares or other
          securities issued or reserved for issuance pursuant to the Plan or
          pursuant to outstanding Awards, (B) the Option Price and/or (C) any
          other affected terms of such Awards.
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                                                                              13

               (ii) Change in Control. In the event of a Change in Control, (A)
               each Option and stock appreciation right shall become immediately
               vested and exercisable; provided, however, that if such Awards
               are not exercised prior to the date of the consummation of the
               Change in Control, the Committee, in its sole discretion and
               without liability to any person may provide for (1) the payment
               of a cash amount in exchange for the cancellation of such Award
               and/or (2) the issuance of substitute Awards that will
               substantially preserve the value, rights and benefits of any
               affected Awards (previously granted hereunder) as of the date of
               the consummation of the Change in Control, (B) restrictions on
               Awards of restricted stock shall lapse and (C) performance share
               awards and special performance share awards shall become payable
               as if targets for the current period were satisfied at 100%.

               (iii) Moody's Change in Control. In the event of a Moody's
               Change in Control, (A) each Option and stock appreciation right
               held by a Moody's Employee shall become immediately vested and
               exercisable; (B) restrictions on Awards of restricted stock held
               by Moody's Employees shall lapse and (C) performance share
               awards and special performance share awards shall become payable
               as if targets for the current period were satisfied at 100%.

13.  AMENDMENTS

          The Board may amend, alter or discontinue the Plan, but no amendment,
alteration or discontinuation shall be made which would impair the rights of
any Eligible Holder under any award theretofore granted, without the Eligible
Holder's consent, or which, without the approval of the shareholders of the
Company, would:

     (a)  Except as is provided in Paragraph 12 of the Plan, increase the total
number of Shares reserved for the purposes of the Plan.

     (b)  Decrease the option price to less than 100% of fair market value on
the date of grant of the original option under the D&B Plans.

     (c)  Change the employees (or class of employees) eligible to receive
awards under the Plan.

     (d)  Materially increase the benefits accruing to employees participating
under the Plan.

14.  EFFECTIVENESS OF THE PLAN AND AMENDMENTS

          The Plan shall be effective as of the Spinoff Date.

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