Document:

EX-4.3

 Exhibit 4.3 

PROFIT PARTICIPATION PLAN 
 OF

 MOODY’S CORPORATION 

(amended and restated as of January 1, 2018) 

 Table of Contents 

 

									
	 	 	 	  	 	  	Page	 
		
	 SECTION I Definitions
	  	 	1	 
				
		 	 1.1.
	  	Account	  	 	1	 
				
		 	 1.2.
	  	Actual Deferral Percentage	  	 	1	 
				
		 	 1.3.
	  	Affiliated Employer	  	 	1	 
				
		 	 1.4.
	  	Beneficiary	  	 	1	 
				
		 	 1.5.
	  	Board of Directors	  	 	1	 
				
		 	 1.6.
	  	Change in Control	  	 	1	 
				
		 	 1.7.
	  	Code	  	 	2	 
				
		 	 1.8.
	  	Company	  	 	2	 
				
		 	 1.9.
	  	Company Stock	  	 	2	 
				
		 	 1.10.
	  	Compensation	  	 	2	 
				
		 	 1.11.
	  	Contribution Percentage	  	 	3	 
				
		 	 1.12.
	  	Corporation	  	 	3	 
				
		 	 1.13.
	  	Earnings Per Share	  	 	3	 
				
		 	 1.14.
	  	Eligible Employee	  	 	3	 
				
		 	 1.15.
	  	Employee	  	 	3	 
				
		 	 1.16.
	  	Employer	  	 	4	 
				
		 	 1.17.
	  	ERISA	  	 	4	 
				
		 	 1.18.
	  	ESOP Fund	  	 	4	 
				
		 	 1.19.
	  	Excess Aggregate Contributions	  	 	4	 
				
		 	 1.20.
	  	Fund	  	 	4	 
				
		 	 1.21.
	  	Increase in Earnings Per Share	  	 	4	 
				
		 	 1.22.
	  	Investment Manager	  	 	4	 

									
		 	 1.23.
	  	Investment Plan After-Tax Contributions	  	 	4	 
				
		 	 1.24.
	  	Investment Plan Before-Tax Contributions	  	 	4	 
				
		 	 1.25.
	  	Investment Plan Contributions	  	 	4	 
				
		 	 1.26.
	  	Management Benefits and Compensation Committee	  	 	5	 
				
		 	 1.27.
	  	Matching Contributions of the Company	  	 	5	 
				
		 	 1.28.
	  	Member	  	 	5	 
				
		 	 1.29.
	  	Normal Retirement Age	  	 	5	 
				
		 	 1.30.
	  	Participating After-Tax Contributions	  	 	5	 
				
		 	 1.31.
	  	Participating Before-Tax Contributions	  	 	5	 
				
		 	 1.32.
	  	Participating Contributions	  	 	5	 
				
		 	 1.33.
	  	Plan	  	 	5	 
				
		 	 1.34.
	  	Plan Year	  	 	5	 
				
		 	 1.35.
	  	Post-2007 Member	  	 	5	 
				
		 	 1.36.
	  	Profit Sharing Contribution	  	 	5	 
				
		 	 1.37.
	  	Reemployment Commencement Date	  	 	6	 
				
		 	 1.38.
	  	Retirement	  	 	6	 
				
		 	 1.39.
	  	Retirement Contributions	  	 	6	 
				
		 	 1.40.
	  	Rollover Contributions	  	 	6	 
				
		 	 1.41.
	  	Roth Contributions	  	 	6	 
				
		 	 1.42.
	  	Service	  	 	6	 
				
		 	 1.43.
	  	Spouse	  	 	8	 
				
		 	 1.44.
	  	Threshold	  	 	8	 
				
		 	 1.45.
	  	Trustee	  	 	8	 
				
		 	 1.46.
	  	Trust Fund	  	 	8	 

  
 ii 

									
		 	1.47.	  	Valuation Date	  	 	8	 
				
		 	1.48.	  	Vesting Service	  	 	9	 
				
		 	1.49.	  	Year of Eligibility Service	  	 	9	 
		
	 SECTION II Eligibility
	  	 	9	 
		
	 SECTION III Contributions of Members
	  	 	9	 
		
	 SECTION IV Company Contributions and Allocation Among Members
	  	 	13	 
		
	 SECTION V The Trust Fund
	  	 	16	 
		
	 SECTION VI Investment Elections
	  	 	17	 
		
	 SECTION VII Voting and Tendering of Moody’s Corporation Common Stock;
Dividends
	  	 	19	 
		
	 SECTION VIII Vesting
	  	 	22	 
		
	 SECTION IX Distribution of Benefits
	  	 	23	 
		
	 SECTION X Administration of Plan and Management of Plan Assets
	  	 	37	 
		
	 SECTION XI Amendment or Termination
	  	 	38	 
		
	 SECTION XII Miscellaneous
	  	 	39	 
		
	 SECTION XIII Determination of Benefits and Benefit Claims Procedures
	  	 	41	 
		
	 SECTION XIV Limitations on Benefits
	  	 	42	 
		
	 SECTION XV Mergers, Consolidations and Assets or Liability Transfers
	  	 	45	 
		
	 SECTION XVI Top-Heavy
Contingency
	  	 	45	 

  
 iii 

 PROFIT PARTICIPATION PLAN OF MOODY’S CORPORATION 

The Profit Participation Plan of Moody’s Corporation (the “Plan”) became effective as of the Effective Time, as such term is
defined in the Employee Benefits Agreement entered into September 30, 2000, between The Dun & Bradstreet Corporation and The New D&B Corporation, following its adoption by the Board of Directors of Moody’s Corporation (the
“Corporation”). The Plan was established as of the Effective Time by way of a spin-off of Members’ accounts that were accrued under the Profit Participation Plan of Dun & Bradstreet
Corporation and the Corporation’s assumption of sponsorship of the spun-off plan. The Plan applies to all Employees who are in active service at the Effective Time. In general, the Plan as in
effect prior to the effective date of any amendment will continue to apply to those who terminated employment prior to such date. The Plan is intended to be a profit-sharing plan which is qualified for favorable tax treatment pursuant to
Section 401(a) and Section 401(k) of the Code. 
 The Plan is hereby amended and restated effective as of January 1, 2018.
Except as otherwise specifically provided herein, a Member who is not an Employee at any time after January 1, 2018 shall be entitled to benefits, if any, under the Plan based upon the provisions of the Plan in effect on or prior to that date.

 Effective as of January 1, 2008, the Plan has provided for additional contributions to employees who commence or recommence
employment on or after date. 
 Effective as of January 1, 2008, the portion of the Plan invested in Company Stock shall constitute a
stock bonus plan and an employee stock ownership plan (within the meaning of Code Section 4975(e)(7)) (“ESOP”). The ESOP portion of the Plan is intended to promote employee ownership. Accordingly, amounts held in the ESOP shall be
invested exclusively in Company Stock except for cash or cash-equivalent investments held for the limited purpose of facilitating distributions from and investments in the ESOP Fund and paying Plan administrative expenses. The ESOP Fund is intended
to be maintained as a feature of the Plan to the maximum extent permitted under the Employee Retirement Income Security Act of 1974, as amended from time to time. 

 SECTION I 

DEFINITIONS 
 The following words
and phrases as used herein have the following meaning unless a different meaning is plainly required by the context: 

1.1.    Account means an account maintained for each Member as described in Section 5.3 of the Plan and any
subaccount as may be established thereunder. 
 1.2.    Actual Deferral Percentage has the meaning ascribed to
such term in Section 3.2 of the Plan. 
 1.3.    Affiliated Employer means the Employer and any other
entity, which is a member of a “controlled group of corporations,” a group under “common control,” or an “affiliated service group,” as determined in accordance with Section 414 of the Code. 

1.4.    Beneficiary means the person or persons, entity or entities (including a trust or trusts) or estate that
shall be entitled to receive benefits payable pursuant to the provisions of this Plan due to the death of a Member. 

1.5.    Board of Directors means the Board of Directors of Moody’s Corporation. Any action authorized
hereunder to be taken by the Board of Directors may be also taken by a duly authorized committee of the Board of Directors or a duly authorized delegate of the Board of Directors or such a committee. 

1.6.    Change in Control means: 

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

(b)    during any period of twenty four (24) months (not including any period prior to the effective
date of this provision), individuals who at the beginning of such period constitute the Board of Directors, and any new director (other than (i) a director designated by a person who has entered into an agreement with the Corporation to effect
a transaction described in clause (a), (c) or (d) of this Section), (ii) a director designated by any Person (including the Corporation) 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 (iii) a director 

 
designated by any Person who is the Beneficial Owner, directly or indirectly, of securities of the Corporation representing ten percent (10%) or more of the combined voting power of the
Corporation’s securities), whose election by the Board of Directors or nomination for election by the Corporation’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; 

  (c)    the shareholders of the Corporation approve a merger or consolidation of the Corporation
with any other company, other than (i) a merger or consolidation which would result in the voting securities of the Corporation outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted
into voting securities of the surviving entity) more than fifty percent (50%) of the combined voting power of the voting securities of the Corporation or such surviving entity outstanding immediately after such merger or consolidation, and
(ii) after which no Person holds twenty percent (20%) or more of the combined voting power of the then outstanding securities of the Corporation or such surviving entity; or 

  (d)    the shareholders of the Corporation approve a plan of complete liquidation of the
Corporation or an agreement for the sale or disposition by the Corporation of all or substantially all of the Corporation’s assets. 

1.7.      Code means the United States Internal Revenue Code of 1986, as amended from time to time. 

1.8.      Company means Moody’s Corporation or any successor company, and such of its partially or
wholly owned subsidiary companies as may, from time to time, be authorized by the Board of Directors or the Committee to participate in the Plan and which have adopted the Plan. 

1.9.      Company Stock means the common stock of Moody’s Corporation. All references in the Plan to
“Company Stock”, “Moody’s Corporation Common Stock” and “Common Stock” refer to the common stock of Moody’s corporation, which is readily tradable on an established securities market 

1.10.    Compensation means the total amount received from an Employer by an Eligible Employee while he is a Member
as salary, cash bonuses, commissions, overtime pay, fees, participation, lump sum payments in lieu of foregone merit increases, “bonus buyouts” as the result of job changes, and any portion of such amounts voluntarily deferred or reduced
by the Eligible Employee (a) under any employee benefit plan of the Company available to all levels of employees of the Company on a non-discriminatory basis upon satisfaction of eligibility requirements,
including Participating Before-Tax Contributions and Investment Plan Before-Tax Contributions under this Plan, and (b) under any executive deferral plan of the
Company (provided such amounts would not otherwise have been excluded had they not been deferred), but excluding any pension, retainers, severance pay, special stay-on bonus, income derived from stock options,
stock appreciation rights and dispositions of stock acquired thereunder, payments 

  
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dependent upon any contingency after the period of Service and other special remunerations (including performance units). In the case of an Eligible Employee hired on an extended workweek basis,
the amount of Compensation shall be the total remuneration received for such extended workweek. In the case of an Eligible Employee who is transferred to a nonparticipating subsidiary company during the Plan Year, the amount of Compensation shall be
based upon the amount received by the Eligible Employee prior to such transfer. In addition to other applicable limitations set forth in the Plan, and notwithstanding any other provision of the Plan to the contrary, the Compensation of each Eligible
Employee taken into account under the Plan shall not exceed $200,000, as indexed under Section 401(a)(17) of the Code. If a determination period consists of fewer than twelve (12) months, the annual compensation limit will be multiplied by
a fraction, the numerator of which is the number of months in the determination period and the denominator of which is twelve (12). If Compensation for any prior determination period is taken into account in determining an Eligible Employee’s
contributions in the current Plan Year, the Compensation for that prior determination period is subject to the annual compensation limit in effect for that prior determination period. 

1.11.    Contribution Percentage has the meaning ascribed to such term in Section 4.8 of the Plan. 

1.12.    Corporation means Moody’s Corporation. 

1.13.    Earnings Per Share for any calendar year means the earnings per share of Common Stock outstanding of the
Corporation for such year based on the consolidated statement of income of the Corporation and subsidiaries as certified by the Corporation’s independent accountants and as shown in the Corporation’s annual report to shareholders. 

1.14.    Eligible Employee means an Employee who is (a) any person who is in the employment
of the Company, including officers, but excluding any person who serves only as a director, (b) any United States citizen who is in the employment of a “Foreign Affiliate” (as defined in Section 3121(1)(8) of the Code), provided
that such person is covered by an agreement entered into by the Company under Section 3121(l) of the Code, and (c) any United States citizen who is in the employment of a “Domestic Subsidiary” (as defined in
Section 407(a)(2) of the Code). Eligible Employee shall not include (i) any person in an employee group covered by a collective bargaining agreement between the Company and a collective bargaining agent unless such collective bargaining
agreement makes provision for participation in the Plan for such employee group, (ii) any person engaged or employed as an independent contractor or a temporary employee, (iii) any person performing services for the Company as a leased
employee, (iv) any Employee on temporary assignment to the United States who continues to participate in one or more retirement plans maintained by an Affiliated Employer, or (v) any limited duration Employee who commenced or recommenced
employment with the Company or an Affiliated Employer on or after May 1, 2014. The term “temporary employee” shall include, but not be limited to, in-house temporary employees, co-ops and interns. 
 1.15.    Employee means any person who is a common-law employee or a leased employee of the Company or an Affiliated Employer, any United States citizen who is employed 

  
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by a “foreign affiliate” (as defined in Section 3121(l)(8) of the Code), provided that such person is covered by an agreement entered into by the Company under Section 3121(l)
of the Code, and any United States citizen who is employed by a “domestic subsidiary” as defined in Section 407(a)(2) of the Code. 

1.16.    Employer means, with respect to an Employee, the Company that employs such Employee. 

1.17.    ERISA means the Employee Retirement Income Security Act of 1974, as amended from time to time. 

1.18.    ESOP Fund means that portion of the Trust Fund to which are allocated assets held in Company Stock. The
ESOP Fund was effective as of January 1, 2008. 
 1.19.    Excess Aggregate Contributions has the meaning
ascribed to such term in Section 4.8 of the Plan. 
 1.20.    Fund means the Moody’s Company Common
Stock Fund and each of the other investment funds designated, from time to time, by the Management Benefits and Compensation Committee, into which investment of the assets in Members’ Accounts may be directed. 

1.21.    Increase in Earnings Per Share means, for any Plan Year, the percentage increase in Earnings Per Share
(including any earnings decrease as a minus amount) for said Plan Year over the immediately preceding Plan Year based upon Earnings Per Share for such year as restated in the annual report of the Company to shareholders for the Plan Year; provided,
however, that, either the Board or the Committee may, in the discretion of either of them (it being understood that, in the event of inconsistent actions, the Board shall prevail), increase or decrease such Earnings Per Share for purposes of the
Plan, to eliminate part or all of the effect of any charges or credits associated with items which are unusual in nature, infrequent in occurrence, related to corporate restructuring or reengineering efforts, or otherwise are deemed appropriate
adjustments. 
 1.22.    Investment Manager means an investment manager within the meaning of Section 3(38)
of ERISA. 
 1.23.    Investment Plan After-Tax Contributions mean
contributions made by Members that were subject to income tax at the time they were made. 
 1.24.    Investment Plan
Before-Tax Contributions mean contributions made by Members that were not subject to income tax at the time they were made. 

1.25.    Investment Plan Contributions mean the sum of a Member’s Investment Plan After-Tax Contributions and Investment Plan Before-Tax Contributions for each Plan Year or other applicable period. 

  
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 1.26.    Management Benefits and Compensation Committee means the
Management Benefits and Compensation Committee appointed pursuant to Section 10.1 of the Plan. 

1.27.    Matching Contributions of the Company mean the matching contributions made by the Company to the Fund
pursuant to Section 4.1 of this Plan in respect of Participating After-Tax Contributions and Participating Before-Tax Contributions made by Members. 

1.28.    Member means any individual who has become a Member in accordance with Section 2 of the Plan and
whose interest in the Trust Fund has not been completely distributed pursuant to Section 9 of the Plan. 

1.29.    Normal Retirement Age means the time a Member attains age sixty-five (65). 

1.30.    Participating After-Tax Contributions means contributions made by
Members which are eligible for Matching Contributions and which were subject to income tax at the time they were made. 

1.31.    Participating Before-Tax Contributions means contributions made by
Members which are eligible for Matching Contributions and which were not subject to income tax at the time they were made. 

1.32.    Participating Contributions means the sum of a Member’s Participating
After-Tax Contributions and Participating Before-Tax Contributions for each Plan Year or other period. 

1.33.    Plan means this Profit Participation Plan as from time to time in effect. 

1.34.    Plan Year means the calendar year. 

1.35.    Post-2007 Member means an individual who becomes a Member in accordance with Section 2 and who
commences or recommences employment with the Employer on or after January 1, 2008. In addition, Post-2007 Member includes any Employee of Moody’s Evaluations, Inc. regardless of the date of such Employee’s date of commencement or
recommencement of employment (other than an Employee who continues to accrue benefits under the Moody’s Corporation Retirement Account on or after January 1, 2008). 

1.36.    Profit Sharing Contribution means for Plan Years commencing on or after January 1, 2008, the annual
contributions, if any, made by the Company pursuant to Section 4.3 of the Plan. Profit Sharing Contributions shall be paid in Company Stock unless the Board elects to make such Profit Sharing Contribution in cash. 

  
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 1.37.    Reemployment Commencement Date means the first
date, following a termination of employment with the Company, that an Employee again performs an hour of compensated Service for an Employer, as determined in accordance with Section 1.42 hereof. 

1.38.    Retirement means the termination of employment of any Employee by “retirement,” including
“early retirement,” in accordance with and as such terms are defined under the provisions of the Moody’s Corporation Retirement Account or the retirement plan or pension plan of any affiliate. 

1.39.    Retirement Contributions means any contributions made to the Trust Fund on behalf of a Post-2007 Member
pursuant to Section 4.2 hereof. 
 1.40.    Rollover Contributions means any contributions made to the Trust
Fund on behalf of a Member pursuant to Section 5.4 hereof. 
 1.41.    Roth Contributions means Member
contributions that are: (a) designated irrevocably by the Member at the time of the cash or deferred election as a Roth Contribution that is being made in lieu of all or a portion of the Participating
Before-Tax Contributions and/or Investment Plan Before-Tax Contributions or catch-up contributions the Member is otherwise
eligible to make under the Plan, (b) treated by the Employer as includible in the Member’s income at the time the Member would have received that amount in cash if the Member had not entered into a salary reduction agreement; and
(c) allocated to the Member’s Roth Contributions Account. Contributions and withdrawals of Roth Contributions shall be credited to the Member’s Roth Contributions Account, and the Plan shall maintain a record of the Member’s
investment in the contract (i.e., Roth Contributions that have not been distributed). Gains, losses, and other credits and charges will be separately allocated on a reasonable and consistent basis to the Member’s Roth Contributions Account and
the Member’s other Accounts under the Plan. Unless otherwise specified in the Plan, (i) Roth Contributions will be treated the same as Before-Tax Contributions for all purposes under the Plan, and
(ii) references in the Plan to Before-Tax Contributions shall include Roth Contributions. 

1.42.    Service means the following: 

  (a)    “Year of Eligibility Service” means the twelve (12) consecutive month
period beginning on the commencement date of an Employee’s employment by the Company and ending on the first anniversary date of his employment date, provided the Employee has one thousand (1,000) hours of compensated Service during such
period. If an Employee has less than one thousand (1,000) hours of compensated Service during such twelve (12) month period, Year of Eligibility Service means the first calendar year following the commencement date of an
Employee’s employment by the Company during which the Employee has one thousand (1,000) hours of compensated Service and any subsequent calendar year. The commencement date of an Employee’s employment by the Company shall be the first day
on which the Employee performs an hour of compensated Service for the Company. An hour of compensated Service shall include each hour or any part thereof for which an Employee is paid or entitled to be paid any

  
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 Compensation by the Company, whether or not employment duties are performed and irrespective
of whether the employment relationship has terminated, including vacation days, holidays, and non-working days due to illness, incapacity (including disability), layoff, jury duty, military duty or leave of
absence. An hour of compensated Service shall also include each hour for which back pay, irrespective of mitigation of damages, is either awarded or agreed to by the employing Company. In the case of any Employee who is paid or entitled to be paid
Compensation with respect to any period during which the Employee performed no duties, the number of hours of compensated Service to be credited to such Employee and the computation period to which such hours of compensated Service shall be credited
shall be determined in accordance with applicable regulations of the United States Department of Labor under 29 Code of Federal Regulations, Part 2530, relating to minimum standards for employee benefit plans, as the same may be amended from time to
time. In the case of an Employee who is paid a fixed salary and who is not entitled to compensation for overtime, each day of Service shall be counted as ten (10) hours of Service. 

(b)    “Vesting Service” means that the period of time between the commencement date of an
Employee’s employment or reemployment by the Company and the date on which an interruption in such employment occurs. Vesting Service shall be counted in full years and in partial years, with each month or any part thereof counting as one-twelfth (1/12) of a year and with one (1) year of Vesting Service meaning twelve (12) months of Vesting Service. An interruption in an Employee’s employment shall occur on the date on which the
Employee resigns, retires, is discharged or dies, or the first anniversary of the first date of a period in which the Employee is absent from the employment of the Company due to a leave of absence, layoff, holiday, vacation, disability or illness,
whichever is the earliest. A break-in-service shall occur upon the expiration of one (1) year after the date an Employee’s Service is interrupted. The Vesting
Service of an Employee shall not be broken by an interruption in his employment if his employment is resumed by the performance of an hour of compensated Service within one (1) year of the date of interruption. If an Employee with one
(1) year or more of Vesting Service incurs a break-in-service equal to the greater of five (5) consecutive breaks-in-service or the number of years of Vesting Service as of his prior termination of employment, his Vesting Service prior to such break shall not be restored upon his reemployment by the Company. If an
Employee’s employment with the Company is interrupted prior to the completion of one (1) year of Vesting Service, his Vesting Service prior to the
break-in-service shall be disregarded upon any subsequent re-employment by the Company. In the case of an Employee who is absent
due to pregnancy of the Employee, the birth of a child of an Employee, the placement of a child with the Employee in connection with the adoption of the child by the Employee, or for purposes of caring for such child immediately following the birth
or placement of such child, the following rules shall apply: (i) the Employee’s Vesting Service shall not be interrupted until the earliest of the first anniversary of the commencement date of such absence or the date of the
Employee’s resignation or death; and (ii) the period between the first anniversary and second anniversary of the commencement date of such absence shall not count as Vesting Service or as a period of severance. 

  
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   (c)    For purposes of calculating a Year of
Eligibility Service and Vesting Service, (i) a period of authorized leave of absence for a purpose approved by the Management Benefits and Compensation Committee under uniform rules, or (ii) absence for the purpose of military service
pursuant to the requirements of law or by enlistment for not longer than the minimum period required by law, shall be counted as Service if the Employee resumes his Service as an Employee at the end of such leave of absence or within the period
prescribed by law for the exercise of reemployment rights. To the extent determined from time to time by the Board of Directors, Service shall also include service as an employee of any other corporation, company or business which becomes related to
the Company by purchase, acquisition, merger, consolidation or otherwise. Service shall also include service by a person in the employment of any corporation, the voting stock of which is eighty percent (80%) or more owned, directly or indirectly,
by the Corporation commencing with the date of acquisition of such ownership, provided such service would have counted as Eligibility Service or Vesting Service, as applicable, had such person been an Employee of the Company during such period.
Service shall also include service by a person in the employment of DonTech, an Illinois general partnership, and its subsidiary companies. In the case of any Employee employed by Wall Street Analytics, Inc. (subsequently renamed Moody’s Wall
Street Analytics, Inc.) on December 18, 2006, Service shall also include the Employee’s period of employment with Wall Street Analytics, Inc. prior to December 18, 2006, for purposes of determining (i) eligibility to participate
in the Plan (provided, however, that in no event may any such Employee become a Member prior to January 1, 2007), and (ii) vesting of benefits under Section VIII. 

1.43.    Spouse shall mean the spouse of a Member. Effective as of September 16, 2013 (or, if a different date
is permitted or required by Internal Revenue Service guidance for any particular purpose, the date specified in such guidance for such purpose), such determination shall be made based on the laws of the state where the marriage is initially
established as provided in Revenue Ruling 2013-17. 
 1.44.    Threshold
means an Increase in Earnings Per Share equal to the greater of (i) ten percent (10%) or (ii) two percent (2%) in excess of targeted Earnings Per Share percentage growth for the Plan Year. 

1.45.    Trustee means a corporate trustee appointed by the Management Benefits and Compensation Committee pursuant
to Section 10 of the Plan and any additional or substituted trustee or trustees of the Fund. 
 1.46.    Trust
Fund means the trust fund or trust funds established under the Plan to hold the assets of the Plan. 

1.47.    Valuation Date means, the every business day within the calendar year. 

  
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 1.48.    Vesting Service is defined in Sections 1.41(b) and (c).

 1.49.    Year of Eligibility Service is defined in Sections 1.41(a) and (c). 

The masculine pronoun wherever used includes the feminine pronoun, and the singular includes the plural. 

SECTION II 
 ELIGIBILITY 

2.1.     Eligibility. Every Eligible Employee who was participating or eligible to participate in The Dun and
Bradstreet Profit Participation Plan immediately prior to the Effective Time shall become a Member as of the Effective Time. Every other full-time Employee shall become eligible to participate in the Plan on the commencement date of the
Employee’s employment by the Company or, if later, the date that such individual becomes an Employee. Every other part-time Employee shall become eligible to participate in the Plan on the date that such individual completes one (1) Year
of Eligibility Service or, if later, the date that such individual becomes an Employee. 
 2.2.     Eligibility
Upon Reemployment. A Member or former Member who terminates employment with the Company and is subsequently reemployed by the Company shall be eligible to participate in the Plan as of his Reemployment Commencement Date. A part-time Eligible
Employee who terminates employment with the Company prior to completing one (1) Year of Eligibility Service and is subsequently reemployed by the Company shall be eligible to participate in the Plan after the completion of one (1) Year of
Eligibility Service following his Reemployment Commencement Date. 
 SECTION III 

CONTRIBUTIONS OF MEMBERS 

3.1.     Each Eligible Employee may become a Member by electing to contribute to the Trust Fund a stated whole
percentage of his Compensation, from one percent (1%) to a maximum of fifty percent (50%). Unless a Member elects otherwise in accordance with procedures adopted by the Committee, an individual who first becomes a Member (or who recommences
employment with the Employer and again becomes a Member) on or after January 1, 2008 shall be deemed to have elected to contribute three percent (3%) of his Compensation to the Trust Fund, and such election shall be subject to the rules under
Section 414(w) of the Code. In addition, all Members who are eligible to make Participating Contributions and who have attained age 50 before the close of the Plan Year shall be eligible to make catch-up
contributions in accordance with, and subject to the limitations of, Section 414(v) of the Code. Such catch-up contributions shall not be taken into account for purposes of the provisions of the Plan
implementing the required limitations of Sections 402(g) and 415 of the Code. The Plan shall not be treated as failing to satisfy the provisions of the Plan implementing the requirements of Section 401(k)(3), 401(k)(11), 401(k)(12), 410(b), or
416 of the Code, as applicable, by reason of the making of such catch-up contributions. 

  
 -9- 

 3.2.    Each Member may elect to make his Participating Contributions
and Investment Plan Contributions on a before-tax or after-tax basis, or by any combination of same, in whole percentages of Compensation. Participating Contributions
and Investment Plan Contributions shall be made by regular payroll deductions and/or reductions, respectively, as authorized by the Member. Authorization for such payroll deduction and/or reduction contributions shall be made (i) on forms
approved by the Management Benefits and Compensation Committee and filed with the Company, (ii) by telephonic, electronic or other data transmission in a manner approved by the Management Benefits and Compensation Committee, or (iii) in
any other manner approved by the Management Benefits and Compensation Committee. Effective May 1, 2014, at the time an election is made by a Member pursuant to this Section 3.1, the Member may irrevocably elect to designate all or a
portion of the Before-Tax Contributions elected thereunder to be treated as Roth Contributions. 

3.3.    In no event may a Member make Participating Before-Tax
Contributions and Investment Plan Before-Tax Contributions, if any, for any taxable year in excess of $15,000 (or such other amount as may be prescribed from time to time under Section 402(g) of the Code
and the regulations thereunder, the provisions of which are hereby incorporated by reference). In the event that the limitation set forth in the preceding sentence is exceeded with respect to any Member in any Plan Year, the Member shall be deemed
to have notified the Management Benefits and Compensation Committee of such excess amount, and such amount, increased by any income and decreased by any losses attributable thereto, shall be distributed to the Member no later than April 15 of
the following calendar year. In addition, a Member may allocate to the Plan any excess deferrals (as hereinafter defined) made during a taxable year of the Member by notifying the Management Benefits and Compensation Committee on or before
March 1 of the following calendar year of the amount of the excess deferrals to be assigned to the Plan. Upon such timely notification by a Member, the Management Benefits and Compensation Committee shall cause to be distributed such excess
deferrals, increased by any income and decreased by any losses attributable thereto, no later than the April 15 of the following calendar year; provided, however, that in no event may a Member receive from this Plan a distribution of such
excess deferrals for a calendar year in an amount exceeding the Member’s total elective deferrals for such year. The determination of the income and loss allocable to the excess deferrals shall be made in accordance with Code
Section 402(g) and the regulations thereunder, as they may be amended from time to time. Excess deferrals shall be treated as annual additions under the Plan for purposes of Section 14.2, unless such amounts are distributed no later than
the first April 15 following the close of the calendar year in which made. 
 3.4.    Notwithstanding the
foregoing, under no circumstances shall an election to make Participating Before-Tax Contributions or Investment Plan Before-Tax Contributions, if any, by a Highly
Compensated Employee, as hereinafter defined, be given effect to the extent such election might cause the Plan to fail to meet the discrimination standards set forth in Section 401(k)(3) of the Code. In this regard, the Actual Deferral
Percentage for Eligible Employees who are Highly Compensated Employees, whether or not participating in the Plan for any Plan Year, must be either (a) not more than the Actual Deferral Percentage of all other Employees eligible to participate
in the Plan for such Plan Year multiplied by 1.25, or (b) not more than two 

  
 -10- 

 
(2) percentage points greater than the Actual Deferral Percentage of all other Employees eligible to participate in the Plan for such Plan Year and not more than such Actual Deferral Percentage
of all other Eligible Employees for such year multiplied by two (2). The Actual Deferral Percentage tests described in the preceding sentence shall be performed by using the Actual Deferral Percentage of
non-Highly Compensated Employees for the Plan Year preceding the Plan Year that is being tested, unless the Employer has elected to use the current Plan Year rather than the preceding Plan Year, which election
may be changed only as provided by the Internal Revenue Service. 
 The Actual Deferral Percentage for a specified group of Employees for a
Plan Year shall be the average of the ratios (calculated separately for each Employee in such group) of (i) each Eligible Employee’s Before-Tax Contributions made under the Plan for such Plan Year,
to (ii) the Eligible Employee’s compensation for such Plan Year. For purposes of this Section 3.4, a Member’s compensation must be determined in accordance with a method permitted under Section 414(s) of the Code. In the
event the Company determines that the Before-Tax Contributions elected by Highly Compensated Employees might cause the Plan to fail to meet the foregoing limitation, the Company shall reduce the amount of
Compensation that may be elected as Contributions under the Plan by Highly Compensated Employees. The amount of such reductions shall be determined by the Company and such determination shall be conclusive. Such reductions shall be made first from
any Investment Plan Before-Tax Contributions and then from Participating Before-Tax Contributions. In either case, the reductions shall start with the highest dollar
amount of Before-Tax Contributions, so that no Member shall be subject to reduction until all dollar amounts have been reduced to the dollar amount elected by such Member. Effective as of May 1, 2014, if
a Member’s contributions are to be reduced pursuant hereto and the Member made both Roth Contributions and Before-Tax Contributions during the Plan Year, all
Before-Tax Contributions shall be reduced before any Roth Contributions are reduced. 
 If the
amount of Investment Plan Before-Tax Contributions and Participating Before-Tax Contributions elected by a Member to be transferred to the Trust Fund is reduced by
application of this Section 3.4(b), the amount of such reduction, which hereinafter shall be referred to as “excess contributions,” including any income or excluding any losses attributable to such excess contributions, shall be paid
in cash to the Member no later than March 15 of the Plan Year following the Plan Year for which the contribution is being made and shall not be transferred to the Trust Fund. The amount of the income or loss allocable to the excess
contributions shall be determined by multiplying the income or loss on the Member’s Investment Plan Before-Tax Contributions and Participating Before-Tax
Contributions Account balance for the Plan Year in which the excess contributions were made by a fraction, the numerator of which is the amount of excess contributions for the Plan Year and the denominator of which is the value of the Member’s
Investment Plan Before-Tax Contributions and Participating Before-Tax Contributions Account balance as of the last business day of that Plan Year. Income for the period
between the end of the applicable Plan Year and the date of the corrective distribution shall be disregarded. Notwithstanding the foregoing, effective for Plan Years beginning on or after January 1, 2006, in all events this Section 3.4
shall be applied in accordance with the requirements of Treasury Regulation section 1.401(k)-2, as amended by subsequent legislation. 

  
 -11- 

 For purposes of the foregoing, the determination of Highly Compensated Employee shall be
made as follows: 
  

	 	(a)	 The term Highly Compensated Employee shall mean any Employee who 

  (i)      was a “5% owner” of the Employer at any time during the Plan Year
or the preceding Plan Year, or 
   (ii)    for the preceding Plan Year 

 

	 	(A)	 had Compensation in excess of $80,000 (which amount shall be adjusted by the Commissioner of Internal Revenue
at the same time and in the same manner as under Code Section 415(d), except that the base period shall be the calendar quarter ending September 30, 1996), and 

 

	 	(B)	 if the Employer elects the application of this clause for such preceding Plan Year, was in the “top-paid group” of Employees for such preceding Plan Year. 

 An Employee
shall be treated as a “5% owner” for any Plan Year if at any time during such Plan Year such Employee was a “5% owner” of the Employer. An Employee is in the “top-paid group” of
Employees for any Plan Year if such Employee is in the group consisting of the top twenty percent (20%) of the Employees when ranked on the basis of Compensation paid during such Plan Year, excluding those Employees who (1) have not completed
six (6) months of service, (2) normally work less than seventeen and one half (171⁄2) hours per week, (3) normally work during not more than six
(6) months during any Plan Year, (4) have not attained age twenty one (21), and (5) are included in a unit of employees covered by an agreement which the Secretary of Labor finds to be a collective bargaining agreement between
employee representatives and the Employer. 
  

	 	(b)	 A former Employee shall be treated as a Highly Compensated Employee if 

  (i)     such Employee was a Highly Compensated Employee when such Employee separated from
service, or 
   (ii)    such Employee was a Highly Compensated Employee at any time after
attaining age fifty five (55). 
 The limitations set forth in this Section 3.4 shall be interpreted and applied in accordance with
applicable Treasury Regulations and Internal Revenue Service rulings promulgated pursuant to Section 401(k)(3) of the Code. 

  
 -12- 

 3.5.    A Member may suspend his Participating Contributions or
Investment Plan Contributions at any time by notice to the Company, in which event Participating Contributions or Investment Plan Contributions may be resumed effective as of the first pay period next following the filing of a new contribution
election. A Member may increase or reduce his Participating Contributions or Investment Plan Contributions or change his election as to After-Tax Contributions and/or
Before-Tax Contributions within the limitations set forth in Section 3.1 hereof effective as of the first pay period next following the filing with the Company of an election authorizing a change in his
payroll deductions and/or reductions. Amounts contributed by Members shall be paid by the Company to the Trustee at regular intervals and credited by the Trustee to their Accounts in accordance with the certification of the Management Benefits and
Compensation Committee as to the names of the contributing Members and the amounts contributed by each Member as Participating After-Tax Contributions and Participating
Before-Tax Contributions; provided, however, that in no event may such contributions be transmitted to the Trustee later than the fifteenth (15th) business day of the month following the month in which such
amounts otherwise would have been payable to the Member in cash, or such later date as may be permitted under applicable law. 
 SECTION IV

 COMPANY CONTRIBUTIONS AND ALLOCATION AMONG MEMBERS 

4.1.    The Company shall make monthly Matching Contributions to the Trust Fund equal to fifty percent (50%) of the
aggregate Participating Contributions of Members up to six percent (6%) of Compensation (i.e., the maximum potential match is three percent (3%) of Compensation). Each such Company Matching Contribution shall be allocated among Members in
proportion to their Participating Contributions made during the calendar month for which the Matching Contribution is being made and shall be credited to Member’s Accounts when made to the Plan. In addition, the Company shall make a “true-up” Matching Contribution to the Trust Fund on behalf of any Member who receives lower Matching Contributions during a Plan Year as a result of not having made Participating Contributions ratably
over the course of such Plan Year than he would have received if such Participating Contributions had been made ratably. 

4.2.    As soon reasonably practicable after the end of each payroll period, the Company shall contribute Retirement
Contributions to the Trust Fund in an amount equal to the following percentage of Compensation paid to each Post-2007 Member in such payroll period: 
  

			
	 Age Plus Vesting Service Of Post-2007

Member As Of the Last Day of the Month
	  	 Retirement Contribution

(% of Compensation)

	 Less than 35
	  	3.0%
	 35-44
	  	3.5%
	 45-54
	  	4.0%
	 55-64
	  	4.5%
	 65-74
	  	5.0%
	 75-84
	  	5.5%
	 85 or more
	  	6.0%

  
 -13- 

 For the avoidance of doubt, no Member who is an active participant in the Moody’s
Corporation Retirement Account at the time any Retirement Contributions are made shall be eligible to be credited with such Retirement Contributions. 

4.3.    In the event the Increase in Earnings Per Share for any Plan Year equals or exceeds the Threshold, the Company
shall make Profit Sharing Contributions for such Plan Year; provided that, in its sole discretion, the Committee or its delegate may determine not to award any Profit Sharing Contributions to one or more Eligible Employees or groups of Eligible
Employees, or to provide a reduced level of Profit Sharing Contributions to one or more Eligible Employees or groups of Eligible Employees, subject to applicable law (including Section 401(a) of the Code). In order to receive a Profit Sharing
Contribution for a Plan Year, a Participant must be actively employed by the Company or an Affiliate on December 31 of the applicable Plan Year and be classified by the Company or the Affiliate as a full-time or part-time employee as of such
date. Such Profit Sharing Contributions and the allocation thereof shall be determined in accordance with the following table: 
  

			
	 Increase in Earnings Per

Share for the Plan Year
	  	 Profit Sharing Contribution

(Percentage of Eligible

Employee’s Compensation for

the Plan Year)

	 Threshold
	  	0.4%
	 3% above Threshold
	  	0.9%
	 5.5% above Threshold
	  	1.2%
	 8% above Threshold
	  	1.6%
	 10% or more above Threshold
	  	1.8%

 If the Increase in Earnings Per Share for any Plan Year results in a percentage between any two percentages shown on the above
table, the Company shall compute the Profit Sharing Contribution amounts by mathematical interpolation and rounding the right-hand column to the one-tenth of one percent of Compensation, subject to the first
sentence of this Section 4.3.  
 Notwithstanding the foregoing, in no event shall a Profit Sharing Contribution be credited to the Account of a
Participant if applicable law (including, without limitation, the Dodd–Frank Wall Street Reform and Consumer Protection Act) prohibits the Participant from being credited with such Profit Sharing Contribution. 

4.4.    Notwithstanding the foregoing, total Company contributions under the Plan for any calendar year shall not exceed
the amount deductible for such year under the provisions of the Code after giving full effect to contributions under the Moody’s Corporation Retirement Account and any other defined benefit plan to which the Company contributes. Any reductions

  
 -14- 

 
in Company contributions mandated by this paragraph shall be in the order of reductions in Additional Matching Contributions and then, if necessary, reductions in Company Matching Contributions
and then, if necessary, reductions in Profit Sharing Contributions and then, if necessary, reductions in Retirement Contributions. 

4.5.    All Company contributions shall be made only out of current or accumulated earnings of the Company. 

4.6.    The total amount of the Trust Fund forfeited by Members during any calendar month or calendar year shall be
applied to reduce future Company contributions due under the Plan. 
 4.7.    Company contributions for each calendar
month or for a Plan Year (as the case may be) and the allocation thereof shall be made without regard to contributions made by Members whose employment terminated during such calendar month or Plan Year (as the case may be) for any reason other than
Retirement, disability or death, and no such Member shall be entitled to an allocation of any such contribution. 

4.8.    Notwithstanding the foregoing, under no circumstances shall the sum of the Matching Contributions and Additional
Matching Contributions for a Highly Compensated Employee (as defined under Section 3.3(c)), together with the sum of his Participating After-Tax Contributions and Investment Plan After-Tax Contributions, exceed such amount as might cause the Plan to fail to meet the discrimination standards set forth in Section 401(m)(2) of the Code. In this regard, the Contribution Percentage of
Members who are Highly Compensated Employees for any Plan Year must either be (a) not more than such percentage of all other Members for such Year multiplied by 1.25 or (b) not more than two (2) percentage points greater than such
percentage of all other Members for such Year and not more than such percentage of all other Members for such Year multiplied by two (2). The Contribution Percentage tests described in the preceding sentence shall be performed by using the
Contribution Percentage of non-Highly Compensated Employees for the Plan Year preceding the Plan Year that is being tested, unless the Employer has elected to use the current Plan Year rather than the
preceding Plan Year, which election may be changed only as provided by the Internal Revenue Service. The Contribution Percentage for a specified group of Members for a Plan Year shall be the average of the ratios (calculated separately for each
person) of (i) the total Matching Contributions and Additional Matching Contributions allocated to each Member for such Plan Year plus his Participating After-Tax Contributions and his Investment Plan After-Tax Contributions for such Plan Year, to (ii) the Member’s compensation for such Plan Year. For purposes of this Section 4.8 of the Plan, a Member’s compensation must be determined in
accordance with the provisions of Section 414(s) of the Code. If the Company determines that the foregoing limitations are not satisfied, the Investment Plan After-Tax Contributions, Participating After-Tax Contributions, Matching Contributions and Additional Matching Contributions by Highly Compensated Employees for a Plan Year shall be reduced as follows: the Highly Compensated Employee with the highest
dollar amount of such contributions for such Plan Year shall be reduced by the lesser of the amount required (i) to enable the Plan to satisfy 

  
 -15- 

 
the test described in the preceding sentence, or (ii) to cause such Highly Compensated Employee’s Compensation aggregate contributions to equal the dollar amount of the Highly
Compensated Employee with the next highest dollar amount of such contributions. This process shall be repeated until the Plan satisfies the test. In implementing such test, the Company shall first reduce the amounts of Investment Plan After-Tax Contributions and Participating After-Tax Contributions so elected to be contributed or which have been contributed by such Members in order to comply with
Section 401(m)(2) of the Code. If the amount elected by a Member to be transferred to the Trust Fund is reduced by application of this Section 4.8, the amount of such reduction, which hereinafter shall be referred to as “Excess
Aggregate Contributions,” including any income or excluding any losses, shall be paid in cash to the Member on whose behalf such contributions were made, to the extent practicable, within two and one-half
(21⁄2) months following the Plan Year for which such excess contributions were made, but in no event later than the close of the Plan Year following the Plan
Year in which such Excess Aggregate Contributions were made. The determination of the income and loss allocable to Excess Aggregate Contributions shall be made in the manner prescribed by Code Section 401(m) and the Treasury Regulations
thereunder. 
 With respect to a Plan Year being tested, the determination of whether the Plan satisfies the requirements of this
Section 4.8 shall be made in accordance with Code Section 401(m) and the Treasury Regulations thereunder, as they may be amended from time to time, the provisions of which are hereby incorporated by reference and shall override the
provisions of the Plan to the extent inconsistent therewith. Effective for Plan Years beginning on or after January 1, 2006, in all events this Section 4.8 shall be applied in accordance with the requirements of Treasury Regulation section
1.401(m)-2, as amended by subsequent legislation. 
 SECTION V 

THE TRUST FUND 

5.1.    The assets of the Plan (the “Trust Fund”) shall be held in trust by one (1) or more corporate
trustees pursuant to the terms of a Trust Agreement between the Corporation and each corporate trustee. No person shall have any right to or interest in the Trust Fund except as provided in the Plan and Trust Agreement. 

5.2.    The Trust Fund shall consist of the Moody’s Company Stock Fund and those other Funds designated, from time to
time, by the Management Benefits and Compensation Committee, into which investment of the assets in Members’ Accounts may be directed. 

5.3.    A separate Account shall be maintained for each Member to which there shall be credited such Member’s
Participating and Investment Plan After-Tax Contributions, Before Tax Contributions, Roth Contributions, Matching and Additional Matching Contributions, Profit Sharing Contributions, Retirement Contributions,
Rollovers, and the share of each Member in each Fund of the Trust Fund. As of each Valuation Date, the Trustee shall revalue the Trust Fund at then current market values. As of the last Valuation Date of each calendar quarter and upon such other
Valuation Dates as requested by the Management Benefits and Compensation Committee, the Trustee shall certify the value of the Trust Fund to the Company and to the 

  
 -16- 

 
Management Benefits and Compensation Committee. The Company, the Management Benefits and Compensation Committee, or the Trustee, as the case may be, shall apportion the Trust Fund as revalued as
of each Valuation Date among the Members in proportion to their respective interests in each Fund of the Trust Fund immediately preceding such Valuation Date. As soon as practicable after the close of each calendar quarter, there shall be sent to
each Member a written statement of the amount to the credit of his Account as of the last Valuation Date of the applicable calendar quarter. 

5.4.    Any amount which, with the consent of the Management Benefits and Compensation Committee, (a) is transferred
to the Trust Fund from the trust fund of a plan which meets the requirements for qualification under the Code for the Account of an Employee of the Company or any corporation the voting stock of which is eighty percent (80%) or more owned, directly
or indirectly, by the Corporation, or (b) is transferred by such an Employee to the Trust Fund as a tax free rollover under Section 402(c) or under Section 408(d)(3)(A) of the Code, or (c) is transferred to the Trust Fund as a
“direct rollover” from the tax-qualified retirement plan of a former employer pursuant to Sections 401(a)(31) of the Code, shall be credited to a separate Account for such Employee and shall be held
and invested in the Moody’s Company Stock Fund or any of the other Funds designated, from time to time, by the Management Benefits and Compensation Committee, in accordance with such Employee’s investment election, subject to the
limitations in the Plan. In the case of a direct transfer from a plan which meets the requirements for qualification under the Code, such amount may include promissory notes evidencing a loan given in accordance with the provisions of such
transferor plan, provided that the Management Benefits and Compensation Committee shall have consented in advance to the assumption of such loan in accordance with Section 9.9 hereof. No amount so transferred shall be treated as a Participating
Contribution by the Member or be eligible to share in any Matching Contribution. Such Accounts shall be fully vested and shall be distributable in accordance with the provisions of the Plan. 

5.5.    Notes of Members given in accordance with the loan provisions of a plan maintained by an affiliated company, the
accounts of which are transferred to the Plan, may be held in a separate Account established hereunder. Any payments of principal or interest pursuant to such notes shall be allocated to the Account of the Member making the payments and invested in
the Funds designated, from time to time, by the Management Benefits and Compensation Committee, in accordance with the Member’s investment election in effect at the time of such payments. 

SECTION VI 
 INVESTMENT ELECTIONS

 6.1.    The balance to the credit of each Member’s Account and amounts attributable to contributions made with
respect to such Member shall be held and invested in one (1) or more of the Funds as such Member shall have most recently elected in accordance with Section 3 hereof, subject to the limitations in the Plan. 

  
 -17- 

 6.2.    Each new Member shall elect, prior to the commencement date of
his participation, to have amounts attributable to contributions made thereafter with respect to such Member held and invested in one or more of the Funds, in multiples of one percent (1%), except that no Member may elect to have more than ten
percent (10%) of his interest in contributions invested in the Moody’s Common Stock Fund. 
 6.3.    Each
Member may make a revised investment election at any time applicable to amounts attributable to contributions made with respect to his Account from and after the first pay period following such revised election, subject to the foregoing limitation
with respect to investment in the Moody’s Common Stock Fund. 
 6.4.    Subject to Section 6.3 hereof, Each
Member, at any time, may elect to have the amount to the credit of his Account calculated as of the Valuation Date immediately following the receipt of a revised election by the Management Benefits and Compensation Committee (a) reallocated
among the Funds, in multiples of one percent (1%), or (b) transferred in a specified dollar amount from one Fund to another Fund. Notwithstanding the foregoing, in no event may a Member elect to reallocate or transfer any amount to the
Moody’s Common Stock Fund if ten percent (10%) or more of the amount to the credit of his Account as of the applicable Valuation Date would be invested in the Moody’s Common Stock Fund (provided that any Member with more than ten
percent (10%) of the amount to the credit of his Account as of November 1, 2011 invested in the Moody’s Common Stock Fund shall not be required to divest any portion of such holdings, but no additional amounts may be allocated by such
Member to the Moody’s Common Stock Fund until the ten percent (10%) limitation would not be exceeded, and in no event thereafter may such ten percent (10%) limitation be exceeded by such Member). 

6.5.    All assets of the Plan that are invested in Company Stock shall be invested in the ESOP Fund. The ESOP Fund shall
be invested exclusively in Company Stock except for cash or cash equivalent investments for the limited purposes of making Plan distributions to Members and paying Plan administrative expenses, or pending the investment of contributions or other
cash receipts in Company Stock, without regard to the diversification of assets. All Company Stock is included in the ESOP Fund, regardless of the source, character, or history of investment of the contributions or earnings that are invested in
Company Stock. Amounts that cease to be invested in Company Stock shall cease to be included in the ESOP Fund, subject to inclusion again if the Member directs that amounts be invested in Company Stock. Neither any Company, the Management Benefits
and Compensation Committee nor the Trustee shall have any responsibility or duty to time any transaction involving Company Stock, in order to anticipate market conditions or changes in stock value, nor shall any such person have any responsibility
or duty to sell Company Stock held in the ESOP Fund (or otherwise to provide investment management for Company Stock held in the ESOP Fund) in order to maximize return or minimize loss. Company contributions in cash, and other cash received by the
Trustee, may be used to acquire shares of Company Stock from Company shareholders or directly from the Company. In addition, notwithstanding any other provision of the Plan to the contrary, the ESOP Fund shall be administered in accordance with the
requirements of Section 401(a)(35) of the Code (including, without limitation, that any Member with at least three years of Vesting 

  
 -18- 

 
Service (or a Beneficiary thereof) shall have the right to divest from the ESOP Fund into one or more Funds satisfying the requirements of Section 401(a)(35)(D) of the Code and that the Plan
include at least three Funds satisfying the requirements of Section 401(a)(35)(D) of the Code). 
 6.6.    In the
event a Member fails to make an investment election, the Member’s current and future contributions shall be held and invested in the appropriate qualified default investment alternative under the Plan. 

6.7.    Investment elections shall be made (a) on forms approved by and filed with the Management Benefits and
Compensation Committee, (b) by telephonic, electronic or other data transmission in a manner approved by the Management Benefits and Compensation Committee, or (c) in any other manner approved by the Management Benefits and Compensation
Committee in its sole discretion. 
 6.8.    In all events, the valuation methodology to be used in calculating a
Member’s interest in a Fund which is terminating shall be determined by the Management Benefits and Compensation Committee in its discretion; provided, however, that such methodology shall apply uniformly to all Members having an interest in
such Fund at the time of termination. 
 SECTION VII 

VOTING AND TENDERING OF 

MOODY’S CORPORATION COMMON STOCK; DIVIDENDS 

7.1.    The following provision shall apply with respect to Company Stock: 

(a)    Members, Beneficiaries of deceased Members and Alternate Payees shall be permitted to direct the
manner of exercise of voting rights on shares of Company Stock or stock of an Affiliate, including fractional shares, allocated to their Accounts, as follows: 

 (i)      The issuer of the Company Stock shall provide the Trustee and Members,
Beneficiaries of deceased Members and Alternate Payees with all notices and information provided to its stockholders in connection with the exercise of their voting rights. If the Trustee receives communications directed to stockholders concerning
voting, the Trustee shall cause the communications to be distributed to Members, Beneficiaries of deceased Members and Alternate Payees. 

 (ii)     The Trustee shall solicit directions from Members, Beneficiaries of deceased Members
and Alternate Payees about voting the shares allocated to Members’ Accounts and shall exercise voting rights as provided in the applicable Trust agreement or instrument. 

 (iii)    Except as required for trust administration or by law, individual voting instructions shall
be held by the Trustee in confidence. 

  
 -19- 

 (iv)    Except as expressly provided in subsection
(b) or the applicable trust agreement or instrument, the Trustee may, at the direction of the Administrator, solicit and follow directions of Members, Beneficiaries of deceased Members and Alternate Payees under procedures similar to voting
procedures under this subsection with respect to any matter involving the exercise of individual shareholder rights and privileges relating to Company Stock allocated to Members. 

(b)    If the Trustee receives a tender offer for shares of Company Stock or stock of an Affiliate, the
following shall apply unless otherwise required by law: 
 (i)      Tender offer means an offer
to acquire Company Stock, as provided in the applicable trust agreement or instrument. 

(ii)     When a tender offer is received, the Trustee shall inform all Members, Beneficiaries of
deceased Members and Alternate Payees whose Accounts are affected by the tender offer and shall respond to the offer as provided in the applicable trust agreement or instrument. 

(iii)    If the manner of exercising voting or other shareholder rights under subsection (a) or
responding to a tender offer under subsection (b) is not permitted by law, then the Trustee shall determine how to exercise the voting or other rights or how to respond to the tender offer, as applicable. In making such determinations, the
Trustee may employ such experts and advisors as it deems helpful or necessary. All reasonable expenses incurred by the Trustee in making such determinations shall be paid from the Trust Fund unless paid by the Company. 

7.2.    Special Distribution of Dividends. 

(a)    The Company may determine that cash dividends on common shares of Company Stock allocated to Members
under the ESOP Fund may be distributed directly to such Members in one or more of the following manners, from time to time: 

(i)      Mandatory Dividend Distribution By Trustee - Cash dividends received on common
shares of Company Stock allocated to Members under the ESOP Fund will be paid currently in cash by the Trustee to such Members (or their Beneficiaries). 

(ii)     Mandatory Dividend Distribution by Company – Cash dividends received on common
shares of Company Stock allocated to Members under the ESOP Fund will be paid currently in cash by the Company directly to such Members (or their Beneficiaries). 

  
 -20- 

   (iii)    Member Election of Dividend
Distribution or Reinvestment - Each Member will be offered the opportunity to elect to have cash dividends on common shares of Company Stock allocated to such Member’s interest in the ESOP Fund either paid directly to such Member or to have
such cash dividends reinvested in common shares of Company Stock for the benefit of such Member. Any election made pursuant to this paragraph shall be made in accordance with the following: 

(A)    Members shall be given a reasonable opportunity before a dividend is paid or distributed to them in
which to make the election. 
 (B)    Members shall have a reasonable opportunity to change a dividend
election at least annually. 
 (C)    Subject to rules established by the Administrator, any election
shall continue to apply with respect to all subsequent dividends with respect to Company Stock allocated to the Member unless the Member changes the election. 

(D)    If Plan terms governing the manner for payment or distribution of dividends to Members are
modified, the Members shall be given a reasonable opportunity to make an election under the new Plan terms before the date on which the first dividend that is subject to the new Plan terms is paid or distributed. 

(E)    A Member’s election with respect to any dividend shall be irrevocable on the day before the
date for payment or distribution of the dividend to Members unless the Management Benefits and Compensation Committee establishes and notifies Members of an earlier date. 

(F)    If a Member does not elect distribution of dividends, the Member will be deemed to have elected to
have dividends invested in Company Stock. 
 All reinvested dividends in the Plan shall be fully vested at all times. 

(b)      Any cash dividends available for distribution directly to Members under subsection
(a) shall be subject to the following: 
   (i)    Company instructions to the Trustee
regarding the distribution of dividends must be in writing and may be revoked at any time before the dividend is distributed to Members. 

  
 -21- 

 (ii)     The Company may designate one or more
classes of common shares of Company Stock to be subject to distribution of dividends, and need not designate all classes or any particular class. 

(iii)    Dividend distributions shall be paid in cash no later than 90 days after the end of the Plan
Year in which the dividends are received by the Trust. 
 (iv)    The amount distributed to a Member
shall be the amount of dividends paid on common shares of Company Stock allocated to the Member as of the record date for the dividend payment that would otherwise be paid on the Company Stock identified by the Company under paragraph (2). 

(v)     Dividends subject to distribution from the Trust shall be invested pending distribution in the
investment fund that is most liquid and least likely to suffer loss of value. Dividends pending distribution shall not be subject to investment direction by Members. Earnings on dividends shall be subject to investment direction by Members as
determined by the Management Benefits and Compensation Committee. Earnings on dividends shall not be distributed to Members in connection with distribution of the dividends, and shall be retained in the Trust and allocated to the ESOP Fund of the
Member affected. 
 SECTION VIII 

VESTING 

8.1.    The amount to the credit of a Member’s Account which is attributable to his Participating After-Tax Contributions and Participating Before-Tax Contributions and Investment Plan After-Tax and Investment Plan Before-Tax Contributions and Rollovers shall be fully vested at all times. 

8.2.    The amount to the credit of a Member’s Account that is attributable to Company Matching, Additional Matching,
Profit Sharing and Retirement Contributions shall be fully vested after such Member has completed three (3) years or more of Vesting Service or has attained the age of sixty-five (65). 

8.3.    If a Member has less than three (3) years of Vesting Service, the amount to the credit of his Account which
is attributable to Company Matching, Additional Matching, Profit Sharing and Retirement Contributions shall vest as follows: 
  

					
	Years of Vesting Service	  	 
 
	% Vested Attributable to
 Company Contributions
	 
  

	 fewer than 3 years
	  	 	0	 
	 3 years or more
	  	 	100	% 

  
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 8.4.    The amount to the credit of a Member’s Account that is
attributable to Company Matching, Additional Matching, Profit Sharing and Retirement Contributions also shall be fully vested upon the Member’s Retirement, termination of Service by reason of death or total and permanent disability, or upon the
occurrence of a Change of Control. If the Member’s termination of Service is for reasons other than death or total and permanent disability or upon the occurrence of a Change in Control, and the amount of the vested portion of a Member’s
Company Matching, Additional Matching, Profit Sharing and Retirement Contributions at the time of the Member’s termination of Service is less than one hundred percent (100%), then the Member shall be deemed to have received a distribution of
one hundred percent (100%) of such vested interest in such amounts. 
 SECTION IX 

DISTRIBUTION OF BENEFITS 

9.1.    Attainment of Age
701⁄2. The following provisions shall apply pursuant to Section 401(a)(9) of the Code and the Treasury Regulations thereunder: 

(a)        The Member’s entire interest will be distributed, or begin to be
distributed, to the Member no later than the Member’s required beginning date. 

(b)        If the Member dies before distributions begin, the Member’s entire
interest will be distributed, or begin to be distributed, no later than as follows: 

(i)      If the Member’s surviving Spouse is the Member’s sole designated beneficiary,
distributions to the surviving Spouse will begin by December 31 of the calendar year immediately following the calendar year in which the Member died, or by December 31 of the calendar year in which the Member would have attained age 70
1/2, if later. 
 (ii)     If the Member’s surviving Spouse is not the Member’s sole
designated beneficiary, distributions to the designated beneficiary will begin by December 31 of the calendar year immediately following the calendar year in which the Member died. 

(iii)    If there is no designated beneficiary as of September 30 of the year following the year of
the Member’s death, the Member’s entire interest will be distributed by December 31 of the calendar year containing the fifth anniversary of the Member’s death. 

(iv)    If the Member’s surviving Spouse is the Member’s sole designated beneficiary and the
surviving Spouse dies after the Member but before distributions to the surviving Spouse begin, this provision shall apply as if the surviving Spouse were the Member. 

  
 -23- 

   For purposes of this Section 9.1,
distributions are considered to begin on the Member’s required beginning date (or, if Section 9.1(b)(iv) applies, the date distributions are required to begin to the surviving Spouse. If annuity payments irrevocably commence to the Member
before the Member’s required beginning date (or to the Member’s surviving Spouse before the date distributions are required to begin to the surviving Spouse under Section 9.1(b)(iv)), the date distributions are considered to begin is
the date distributions actually commence. 
 (c)        Unless the Member’s
interest is distributed in the form of an annuity purchased from an insurance company or in a single sum on or before the required beginning date, as of the first distribution calendar year distributions will be made in accordance herewith. If the
Member’s interest is distributed in the form of an annuity purchased from an insurance company, distributions thereunder will be made in accordance with the requirements of Section 401(a)(9) Code and the Treasury regulations. Any part of
the Member’s interest which is in the form of an individual account described in Section 414(k) of the Code will be distributed in a manner satisfying the requirements of Section 401(a)(9) of the Code and the Treasury regulations that
apply to individual accounts. 
 (d)        If the Member’s interest is paid in
the form of annuity distributions under the Plan, payments under the annuity will satisfy the following requirements: 

(i)      The annuity distributions will be paid in periodic payments made at intervals not
longer than one year; 
 (ii)     The distribution period will be over a life (or lives) or over a
period certain not longer than the period described in Section 9.1(b)(iv); 
 (iii)    Once
payments have begun over a period certain, the period certain will not be changed even if the period certain is shorter than the maximum permitted; 

(iv)    Payments will either be nonincreasing or increase only as follows: 

(A)    By an annual percentage increase that does not exceed the annual percentage increase in a cost-of-living index that is based on prices of all items and issued by the Bureau of Labor Statistics; 

(B)    To the extent of the reduction in the amount of the Member’s payments to provide for a
survivor benefit upon death, but only if the beneficiary whose life was being used to determine the distribution period described above dies or is no longer the Member’s beneficiary pursuant to a qualified domestic relations order within the
meaning of Section 414(p) of the Code; 

  
 -24- 

 (C)    To provide cash refunds of employee
contributions upon the Member’s death; or 
 (D)    To pay increased benefits that result from a
plan amendment. 
 (e)    The amount that must be distributed on or before the Member’s required
beginning date (or, if the Member dies before distributions begin, the date distributions are required to begin above) is the payment that is required for one payment interval. The second payment need not be made until the end of the next payment
interval even if that payment interval ends in the next calendar year. Payment intervals are the periods for which payments are received, e.g., bi-monthly, monthly, semi-annually, or annually. All of the
Member’s benefit accruals as of the last day of the first distribution calendar year will be included in the calculation of the amount of the annuity payments for payment intervals ending on or after the Member’s required beginning date.

 (f)    Any additional benefits accruing to the Member in a calendar year after the first distribution
calendar year will be distributed beginning with the first payment interval ending in the calendar year immediately following the calendar year in which such amount accrues. 

(g)    If the Member’s interest is being distributed in the form of a joint and survivor annuity for
the joint lives of the Member and a nonspouse beneficiary, annuity payments to be made on or after the Member’s required beginning date to the designated beneficiary after the Member’s death must not at any time exceed the applicable
percentage of the annuity payment for such period that would have been payable to the Member using the table set forth in Q&A-2 of section 1.401(a)(9)-6T of the
Treasury regulations. If the form of distribution combines a joint and survivor annuity for the joint lives of the Member and a nonspouse beneficiary and a period certain annuity, the requirement in the preceding sentence will apply to annuity
payments to be made to the designated beneficiary after the expiration of the period certain. 

(h)    Unless the Member’s Spouse is the sole designated beneficiary and the form of distribution is a
period certain and no life annuity, the period certain for an annuity distribution commencing during the Member’s lifetime may not exceed the applicable distribution period for the Member under the Uniform Lifetime Table set forth in section 1.401(a)(9)-9 of the Treasury regulations for the calendar year that contains the annuity starting date. If the annuity starting date precedes the year in which the Member reaches age 70, the applicable distribution
period for the Member is the distribution period for age 70 under the Uniform Lifetime Table set forth in section 1.401(a)(9)-9 of the Treasury regulations plus the excess of 70 over the age of the Member as
of the 

  
 -25- 

 
Member’s birthday in the year that contains the annuity starting date. If the Member’s Spouse is the Member’s sole designated beneficiary and the form of distribution is a period
certain and no life annuity, the period certain may not exceed the longer of the Member’s applicable distribution period, as determined under this Section, or the joint life and last survivor expectancy of the Member and the Member’s
Spouse as determined under the Joint and Last Survivor Table set forth in section 1.401(a)(9)-9 of the Treasury regulations, using the Member’s and Spouse’s attained ages as of the Member’s and
Spouse’s birthdays in the calendar year that contains the annuity starting date. 

(i)        If the Member dies before the date distribution of his or her interest
begins and there is a designated beneficiary, the Member’s entire interest will be distributed, beginning no later than the time described herein, over the life of the designated beneficiary or over a period certain not exceeding: 

(i)     Unless the annuity starting date is before the first distribution calendar year, the life
expectancy of the designated beneficiary determined using the beneficiary’s age as of the beneficiary’s birthday in the calendar year immediately following the calendar year of the Member’s death; or 

(ii)    If the annuity starting date is before the first distribution calendar year, the life expectancy
of the designated beneficiary determined using the beneficiary’s age as of the beneficiary’s birthday in the calendar year that contains the annuity starting date. 

(j)        If the Member dies before the date distributions begin and there is no
designated beneficiary as of September 30 of the year following the year of the Member’s death, distribution of the Member’s entire interest will be completed by December 31 of the calendar year containing the fifth anniversary
of the Member’s death. 
 (k)        If the Member dies before the date
distribution of his or her interest begins, the Member’s surviving Spouse is the Member’s sole designated beneficiary, and the surviving Spouse dies before distributions to the surviving Spouse begin, this Section 9.1 will apply as if
the surviving Spouse were the Member, except that the time by which distributions must begin will be determined without regard to Section 9.1(b)(iv). 

(l)        For purposes of this Section 9.1, the following terms have the
following meanings: 
 (i)    “Designated beneficiary” means the individual who is designated
as the beneficiary under the Plan and is the designated beneficiary under Section 401(a)(9) of the Code and section 1.401(a)(9)-1, Q&A-4, of the Treasury
regulations. 

  
 -26- 

 (ii)     “Distribution calendar year” means a
calendar year for which a minimum distribution is required. For distributions beginning before the Member’s death, the first distribution calendar year is the calendar year immediately preceding the calendar year which contains the
Member’s required beginning date. For distributions beginning after the Member’s death, the first distribution calendar year is the calendar year in which distributions are required to begin pursuant to this Section 9.1(b)(iv). 

(iii)    “Life expectancy” means life expectancy as computed by use of the Single Life Table in
section 1.401(a)(9)-9 of the Treasury Regulations. 

(iv)    “Required beginning date” means April 1 of the calendar year following the calendar
year in which the Member (A) attains age 701⁄2 or (B) retires, whichever is later; except that, in the case of a Member who is a five percent owner (as
defined in Section 416 of the Code) of an Employer Company with respect to the calendar year in which he attains age 701⁄2, required beginning date means
April 1 following the calendar year in which the Member attains age 701⁄2. 

9.2.    Retirement or Disability. If a Member’s Service is terminated by Retirement or by total and permanent
disability, as determined by the Management Benefits and Compensation Committee after review of whatever medical evidence is requested by it, the entire amount to the credit of his Account shall be distributed to him, subject to the Member’s
consent if required under Section 9.11 of the Plan. Such distribution shall be paid in a lump sum as soon as reasonably practicable after termination of employment, unless, prior to such distribution, the Member elects, in a manner prescribed
by the Management Benefits and Compensation Committee, to receive the amount distributable from his Account, together with any earnings thereon, in one of the following manners: 

(a)    in a lump sum as soon as reasonably practicable following his termination of Service in the amount
to the credit of his Account as of the Valuation Date immediately preceding the date distribution is actually made, except that no such election shall be permitted which defers distribution beyond the April 1 following the calendar year in
which the Member attains age seventy and one half (701⁄2); except that if the Member attained age seventy and one half
(701⁄2) before January 1, 1988 and is not and has never been an owner of five percent (5%) of the outstanding stock or voting power of the Corporation, he
may defer distribution until the April 1 following the calendar year of his Retirement; 
 (b)    in
installments, over a period which shall not exceed twenty (20) years, or the life expectancy of the Member or the life expectancy of the Member and his designated Beneficiary if such period is less than twenty (20) years, beginning on or
about March 1 of the calendar year following such termination of Service, or any 

  
 -27- 

 
subsequent March 1 selected by the Member which is not later than the March 1 immediately following the calendar year in which the Member attains age seventy and one half (701⁄2) and continuing on or about each subsequent anniversary of such commencement date; provided, however, if the Member’s designated Beneficiary is not his
Spouse, the maximum installment period shall be reduced, if necessary, so that the present value of amounts payable to the Member for his life expectancy is more than fifty percent (50%) of the present value of the total amounts payable under this
option as of the installment commencement date. Payment shall be made in annual installments, the amounts of which are calculated annually by dividing the then current value of his Account (determined as of the last Valuation Date in the year
preceding the payment date) by the remaining number of unpaid installments. 
 All Accounts deferred or distributable in installments shall
remain in the Trust Fund until paid, and consequently, shall be subject to periodic revaluation with the attendant risk of market loss in the Fund or Funds selected by the Member pursuant to his investment election. Each installment distribution
shall be made from the Funds in the same proportion that the value of the Member’s interest in each such Fund bears to the total value of his Account as of the applicable Valuation Date. 

Any payment election made under this subsection 9.2 may be changed at any time prior to the lump sum payment date or the first installment
date elected by the Member but may not be changed thereafter, except that a Member or, in the event of his death, his Beneficiary may accelerate the payment of the Member’s entire undistributed Account balance at any time. 

9.3.    Death. Upon the death of a Member who is an Employee at the time of his death, the amount to the credit of
his Account as of the Valuation Date immediately preceding the date of distribution shall be paid as soon as practicable thereafter to the Beneficiary or Beneficiaries designated by him, or if none, to the legal representative of the Member’s
estate; provided, however, that prior to such payment, such Beneficiary or estate representative may elect, in a manner prescribed by the Management Benefits and Compensation Committee, to receive the entire amount to the credit of the Member’s
Account (determined as of the Valuation Date immediately preceding the date of distribution) in a lump sum as soon as reasonably practicable following the year of the Member’s death. 

Upon the death of a Member who is not an Employee at the time of his death, the amount to the credit of his Account, to the extent vested,
shall be paid within sixty (60) days after the Committee receives notice of death, if practicable, to the Beneficiary or Beneficiaries designated by him, or if none, to the legal representative of the Member’s estate. 

Notwithstanding the foregoing, any Member whose Service has terminated by Retirement or death may elect, prior thereto, to have the
distribution of his Account after his death either 
 (a)    in the case of a Member who has commenced
receiving installment payments under the Plan and who has attained age seventy and one half (701⁄2), continued after his death, in accordance with his election made
under Section 9.2(b) of the Plan, to 

  
 -28- 

 his Spouse or other Beneficiary with provision that if the Spouse or other Beneficiary does
not survive the installment payment period elected by the Member, the balance to the credit of his Account will be paid in a lump sum to the estate of such Spouse or other Beneficiary, or 

(b)    in the case of a Member who has not commenced receiving payments under the Plan or who has not
attained age seventy and one half (701⁄2), paid, after his death, in annual installments to his Spouse in accordance with the Member’s election under
Section 9.2(b) of the Plan over a period not extending beyond the life expectancy of such Spouse, with provision that if such Spouse does not survive the installment payment period elected by the Member, the balance to the credit of his Account
will be paid in a lump sum to the estate of his Spouse, or 
 (c)    in the case of a Member who is not
married at the time of his death, or who is married and does not select his Spouse as Beneficiary, and who has not commenced receiving payments or who has not attained age seventy and one half (701⁄2), paid in annual installments to a designated adult Beneficiary in accordance with Section 9.2(b) of the Plan over a period not extending beyond the life expectancy of such designated Beneficiary, with
provision that if such designated Beneficiary does not survive the installment payment period elected by the Member, the balance to the credit of his Account will be paid in a lump sum to the estate of such Beneficiary. 

Designation of a Beneficiary or Beneficiaries shall be made in writing and filed with the Management Benefits and Compensation Committee in
such form and in such manner as such Committee from time to time may prescribe. A designated Beneficiary or Beneficiaries may be changed in the same manner. Any Beneficiary designation made by a Married Member who is an Employee on or after
January 1, 1985, shall be ineffective unless his Spouse is the designated Beneficiary or consents to such designation in accordance with Section 205(c)(2)(A) of ERISA. Any Beneficiary designation made (i) by an unmarried Member who
subsequently marries or (ii) by a married Member who subsequently remarries shall be ineffective unless his Spouse or new Spouse, respectively, is the designated Beneficiary or consents to such designation in accordance with
Section 205(c)(2)(A) of ERISA and Section 401(a)(11) of the Code. If a married Member dies without having made an effective Beneficiary designation, his surviving Spouse shall be considered for all purposes of the Plan as his designated
Beneficiary. 
 9.4.    Termination of Service by Reason of Company Reorganization. Subject to Section 9.11
and Section 9.14 hereof, if a Member ceases to be an Employee as the result of a Company reorganization, including a change in ownership of the stock or all or part of the assets of his Employer, then the entire vested amount to the credit of
his Account as of the Valuation Date immediately preceding the date of distribution shall be distributed to him in a lump sum as soon as reasonably practicable following such termination of employment; provided, however, that a Member who is to
receive a distribution pursuant to this Section 9.4 may elect any other method of distribution otherwise available under the Plan, including, without limitation, the direct transfer of the entire amount to the credit of his Account to an
employee benefit plan of his 

  
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new employer provided such plan meets the requirements for qualification under the Code. If a Member elects to leave his Account in the Trust Fund in lieu of receiving a distribution from the
Plan pursuant to this Section 9.4, he shall continue to be a Member in the Plan with respect to amounts credited to his Account, except (a) he shall not be entitled to share in Company contributions for any month subsequent to the month in
which he ceases to be an Employee or to make contributions of his own, and (b) the amount to the credit of his Account shall be one hundred percent (100%) vested and shall be nonforfeitable, shall not be eligible for any withdrawal under
Section 9.7 of the Plan and shall remain in the Trust Fund subject to periodic revaluation under the terms of the Plan and the risks thereof until the Account becomes distributable pursuant to the terms of the election made by such Member in
accordance with the terms of the Plan. Notwithstanding the foregoing provisions of this Section 9.4, any such Account balance shall be eligible for distribution pursuant to Section 9.8 in the case of financial necessity. 

9.5.    Other Terminations. If a Member’s Service is terminated for any reason other than Retirement,
disability, death, or reorganization of such Member’s Employer, the amount to the credit of his Account which is vested under Section 8 of the Plan as of the Valuation Date immediately preceding the date of distribution, together with the
amount of his Participating Contributions made after such Valuation Date, shall be distributed to him, subject to the Member’s consent if required under Section 9.11 of the Plan, as soon as reasonably practicable following such termination
date, or as soon thereafter as practicable, and the balance to the credit of his Account shall be forfeited. 
 Notwithstanding the
foregoing, if a Member’s Service is terminated for any reason other than Retirement, disability or death, and as a result of such termination an amount to the credit of his Account is forfeited, the amount of such forfeiture shall be restored
by the Company to his Account provided he is reemployed by the Company and within five (5) years of his reemployment date he repays to the Trust Fund an amount of cash equal to the amount distributed to him from the Trust Fund at termination of
his Service. Any amounts repaid or restored under this paragraph shall be repaid or restored to the Funds, in accordance with the investment election of the Member in effect at the time of repayment and restoration. If as the result of a termination
of Service a Member incurs a forfeiture under this Section 9.5, any amount to the credit of his Account that was vested at such termination of employment shall no longer be subject to forfeiture. Accordingly, if any such Member is reemployed by
the Company and resumes his Membership, a separate Account shall be maintained for such Member showing the amount to the credit of his Account which is not subject to forfeiture, including amounts left in the Trust Fund at the time of his
termination pursuant to the first paragraph hereof and amounts repaid to the Trust Fund pursuant to the second paragraph hereof. 

9.6.    Company Contributions for the Year of Termination of Service. If a Member or his Beneficiary is entitled to
share in the Additional Matching Contribution or the Profit Sharing Contribution, if any, of the Company for the Plan Year in which his Service terminates, such share shall be paid to him or to his Beneficiary in cash within ninety (90) days
after the end of such Year or as soon as practicable thereafter; except that if he has elected or has been deemed 

  
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under Section 9.11 to have elected an optional form of distribution, such share shall be added to the amounts payable to him under the optional form of distribution elected or deemed to have
been elected by him. 
 9.7.    Withdrawals. A Member may, by application to the Management Benefits and
Compensation Committee, request cash withdrawals from his Account to the extent attributable to his own Participating After-Tax Contributions or Investment Plan
After-Tax Contributions and to vested Company contributions. Such withdrawals shall be made as soon as reasonably practicable after submission of the withdrawal application. Withdrawals shall be permitted only
in accordance with one of the following options: 
 (a)    A Member may, at any time, withdraw an amount
up to the total to the credit of his Account attributable to his Participating After-Tax Contributions, excluding any amount to the credit of his Account attributable to his Participating After-Tax Contributions made for the current Plan Year and the two (2) immediately preceding Plan Years. 

(b)    A Member with three (3) years or more of Vesting Service may, at any time, withdraw an amount
up to the total to the credit of his Account attributable to his own Participating After-Tax Contributions and Company Matching Contributions, excluding any amount to the credit of his Account attributable to
Participating and Company Matching Contributions made for the current and the two (2) immediately preceding Plan Years. 

(c)    A Member who has attained age fifty nine and one half
(591⁄2) may, by application to the Management Benefits and Compensation Committee, request a cash withdrawal of part or all of the entire vested amount to the
credit of his Account. Such withdrawal shall be made as soon as reasonably practicable after submission of the withdrawal application. 

(d)    Applications for withdrawals under this Section 9.7 shall be made (i) on forms approved by
and filed with the Management Benefits and Compensation Committee, (ii) by telephonic, electronic or other data transmission in a manner approved by the Management Benefits and Compensation Committee, or (iii) in any other manner approved
by the Management Benefits and Compensation Committee in its sole discretion. 
 9.8.    Financial Necessity. In
accordance with rules established by the Management Benefits and Compensation Committee uniformly applicable to all Members, all or any part of the amount to the credit of the Account of a Member (excluding any portion of his Account invested under
Section 9.9 in a loan to such Member and any portion of his Account attributable to post-1988 earnings on either his Participating or Investment Plan Before-Tax Contributions) may, in the sole discretion
of the Committee, to the extent that such amount is vested, be distributed to him in cash at any time subsequent to his written application to the Committee showing an immediate and heavy financial need for a distribution in the amount requested.

  
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Financial necessity withdrawals shall be permitted out of Participating Before-Tax Contributions and Investment Plan
Before-Tax Contributions Accounts only if the immediate and heavy financial need relates to: (a) the purchase of the Member’s principal residence or Funds needed to prevent eviction from or
foreclosure on such principal residence; (b) unreimbursed medical expenses of the Member, his Spouse, dependents or beneficiaries greater than seven and one half percent (7.5%) of annual adjusted gross income; (c) tuition and related
educational fees for the next twelve (12) months of post-secondary education for the Member, his Spouse, his children, his dependents or his beneficiaries; (d) payments for burial or funeral expenses for the Member’s deceased parent,
Spouse, children or dependents; or (e) expenses for the repair of damage to the Member’s principal residence that would qualify for the casualty deduction under section 165 of the Code (determined without regard to whether the loss exceeds
10% of adjusted gross income) and, if requested by the Member, any additional amounts necessary to pay any federal, state and/or local income taxes and/or penalties reasonably anticipated to result from the distribution. The Member’s
application shall include a representation (i) that his financial need is not covered by insurance, (ii) that he cannot meet the need by a reasonable liquidation of his liquid assets, (iii) that cessation of contributions under the
Plan would not enable him to meet the need, (iv) that he has exhausted his withdrawal rights under the Plan, (v) that repayment of any borrowing from commercial sources or the Plan would itself be a hardship, and (vi) such other
information as may be required by the Management Benefits and Compensation Committee. Any financial necessity withdrawal approved by the Committee shall be made (A) from the Member’s Participating
After-Tax Contributions Account to the extent available, and if insufficient therefor, then (B) out of any Rollover Account, and if insufficient therefor, then (C) out of the vested portion of his
Matching, Additional Matching, Profit Sharing and Retirement Contribution Accounts, and if insufficient therefor, (D) out of his Participating Before-Tax Contributions and Investment Plan Before-Tax Contributions Accounts. Any such distribution to a Member shall be made from the Funds in the same proportion that the value of his interest in each such Fund bears to the total value of his Account as of
the applicable Valuation Date. 
 9.9.    Loans to Members. A Member in active Service or a Member not in active
Service who is a “party-in-interest” with respect to the Plan (as such term is defined in Section 3(14) of ERISA) may borrow an amount to the credit of
his Account which, when added to all outstanding loans to such Member under this Plan (and, for purposes of this Section 9.9, any plan from which the Member’s Account may have been transferred), does not exceed the lesser of: 

 (a)    $50,000 reduced by the excess, if any, of 

(i)     the Member’s highest outstanding loan balance under the Plan during the twelve month
period ending on the day before the date on which the last loan is made, and 
 (ii)    the Member’s
outstanding loan balance on the date on which such loan is made; or 
  (b)    fifty percent (50%)
of the total amount to the credit of his Account, to the extent vested. 

  
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 The minimum amount of any loan shall be Five Hundred Dollars ($500) and all loans shall be
in One Hundred Dollar ($100) increments. The maximum number of loans to any Member that may be outstanding at any one time shall be two (2); provided, however, that a third loan may be made to a Member to purchase a principal residence. 

All loans shall bear a rate of interest two (2) percentage points higher than the prime rate as published in The Wall Street Journal as
of the last day of the month immediately preceding the receipt of the loan application, which rate shall remain in effect for the term of the loan. The loan shall be adequately secured by the Member’s Account and by the Member’s executed
promissory note, and shall be repayable, no less frequently than quarterly, in full over a nonrenewable repayment period of from twelve (12) to sixty (60) months, or, in the case of a loan to purchase a principal residence, one hundred
twenty (120) months. Prior to the receipt of the proceeds of any loan, any full-time salaried Employee and any part-time salaried Employee who is employed on a regular and continuous schedule by a company participating in the Moody’s
corporate payroll system shall authorize repayment of same, together with interest thereon, by regular payroll deductions; provided, however, that a Member may prepay in full the then outstanding balance of any loan. 

If a Member defaults for any reason on any scheduled repayment of principal and/or interest, the Management Benefits and Compensation
Committee shall have the right (A) to accelerate repayment, (B) to demand immediate repayment of the entire amount outstanding, (C) to renegotiate the terms of the loan, or (D) to approve a financial necessity distribution of the
Member’s note subject to the terms of the Plan. 
 Each loan made hereunder shall be an investment of the Member’s Account over
which such Member has exercised investment control and the proceeds of any such loan paid to the Member shall be made from the Funds in which the Member’s Account is invested, in the same proportion that the value of his interest in each such
Fund bears to the total value of his Account as of the applicable Valuation Date. All interest payments and repayments of principal shall be credited to the Member’s Account and shall be invested in the Funds in accordance with the investment
election of the Member in effect at the time of such payments. 
 Upon the termination of Service of a Member for any reason other than
Retirement or disability at a time when he has any unpaid balance of principal or interest on an outstanding loan, such loan shall thereupon be deemed to be due and payable in full and the value of the Member’s Account shall be reduced by the
amount of such unpaid balance of principal and interest in complete satisfaction of the Member’s loan obligation hereunder. 

Notwithstanding the foregoing, the termination of Service of a Member shall not cause his loan to become due and payable provided the Member
forgoes distribution of his Account during the remaining term of the loan. A Loan which is made to a Member who is a party in interest with respect to the Plan but is not in active Service shall be subject to such additional requirements regarding
collateral or otherwise as the Management Benefits and Compensation Committee may determine in accordance with its fiduciary responsibilities under ERISA. 

  
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 In addition to the terms and conditions specifically set forth herein, all loans under the
Plan shall be subject to such other terms and conditions as the Management Benefits and Compensation Committee may from time to time determine under rules applicable to all Members on a reasonably equivalent basis. 

9.10.    Form of Distribution. All distributions shall be in cash; provided, however, to the extent lump sum
distributions on Account of Retirement, death, disability or other termination of Service are from the Moody’s Common Stock Fund or any other Fund which provides for in-kind distributions, a Member, prior
to the distribution, may elect to receive whole shares of Moody’s Common Stock and cash in lieu of fractional shares. All partial distributions shall be made from the Funds in the same proportion that the value of the Member’s interest in
each such Fund bears to the total value of the Member’s Account as of the applicable Valuation Date. In connection with a distribution, a Participant may elect to receive Company Stock held in the Participant’s ESOP Fund in the form of
Company Stock, except that fractional shares shall be distributed in cash. 
 9.11.    Consent. Notwithstanding
any other provision of the Plan, if the amount to the credit of a Member’s Account exceeds One Thousand Dollars ($1,000) (the “Involuntary Cashout Amount”), and becomes distributable to him on an immediate lump sum basis pursuant to
any provision of this Section 9 of the Plan, no such distribution shall be made to him unless he consents in writing to same pursuant to election forms and notices provided by the Management Benefits and Compensation Committee no more than
ninety (90) days and no less than thirty (30) days prior to the anticipated date of the Member’s distribution, as required by Section 1.411(a)-11(c) of the Treasury Regulations. If a
distribution is one to which Sections 401(a)(11) and 417 of the Code do not apply, such distribution may commence less than thirty (30) days after the notice required under Section 1.411(a)-11T(c) of
the Treasury Regulations is given, provided that: 
   (a)    the Management Benefits and
Compensation Committee clearly informs the Member that the Member has a right to a period of at least thirty (30) days after receiving the notice to consider the decision of whether or not to elect a distribution (and, if applicable, a
particular distribution option), and 
   (b)    the Member, after receiving the notice,
affirmatively elects a distribution. 
 Failure to give such consent shall be deemed to be an election to have the amount to the credit of
the Member’s Account (to the extent not forfeited) as of the earliest of (i) the giving of such consent by the Member, (ii) the Member’s attainment of age sixty five (65), or (ii) receipt by the Compensation and Benefit
Committee of notice of the Member’s death, distributed to the Member (or to his designated Beneficiary if he is not living) in a lump sum within sixty (60) days following such date or as soon thereafter as reasonably practicable; provided,
however, if the Member is married at the time of his death, his surviving Spouse shall be considered to be his designated Beneficiary unless such Spouse has consented to the Member’s Beneficiary designation in accordance with
Section 205(c)(2)(A) of ERISA. Any election by a Member to receive an optional form of benefit available under the Plan shall be deemed to be his consent to 

  
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receive such form of benefit. Failure to give the requisite consent hereunder shall also be deemed to be an election by the Member to have the entire amount to the credit of his Account, to the
extent not forfeited, remain invested in the Trust Fund and consequently subject to periodic revaluations with the attendant risk of market loss in the Fund or Funds selected by the Member pursuant to his investment election, as may be amended from
time to time in accordance with Section 6 hereof. The Member may, at any time thereafter, receive distribution of his entire Account by giving the requisite consent, but he shall no longer be eligible to make any other withdrawals under the
Plan nor shall he be eligible to make contributions to the Plan, receive any additional Company Matching Contributions or Additional Matching Contributions under the Plan, or receive any financial hardship distributions from the Plan. 

Notwithstanding any other provision of the Plan, if the vested amount credited to a Member’s Account is less than One Thousand Dollars
($1,000) at the time it becomes distributable, such amount shall be distributed as soon as reasonably practicable to the Member or the Beneficiary in a single lump sum. In the event that such distribution is eligible to be rolled over pursuant to
Section 9.13, if the Member does not elect to have such distribution paid directly to an eligible retirement plan specified by the Member in a direct rollover or to receive the distribution directly, then the distribution shall be paid in a
direct rollover to an individual retirement plan designated by the Management Benefits and Compensation Committee or its successor. 

9.12.    No Adjustment for Earnings after Applicable Valuation Date. The amount of each distribution from the Plan
is based on the amount to the credit of the Member’s Account as of the Valuation Date immediately preceding the date of distribution as specified in this Section 9. In no event (a) shall any portion of the Member’s Account
distributed in cash from the Trust Fund be credited with any earnings between such Valuation Date and the distribution date with respect to the amount being distributed, but any such earnings (if any) shall remain in the Trust Fund for
reapportionment among active Members pursuant to Section 5.3 of the Plan, nor (b) shall the amount of any such distribution accrue any earnings between the Valuation Date as of which it is removed from the Member’s Plan Account and
the date on which such distribution is received by the Member or his Beneficiary; provided, however, that the Trustee for the Trust Fund is authorized and directed to pay over to the recipient of any lump sum distribution that includes shares of
Common Stock of the Corporation any dividends paid to it as shareholder of record as of any date which falls between the Valuation Date applicable to such lump sum distribution and the date the shares are transferred to the distributee by the
Corporation’s stock registration agent. 
 9.13.    Direct Rollover Treatment for Certain Withdrawals and
Distributions. Notwithstanding any provision of the Plan to the contrary that would otherwise limit a distributee’s election under this Section 9.13, a distributee may elect, at the time and in the manner prescribed by the Management
Benefits and Compensation Committee, to have any portion of an eligible rollover distribution paid directly to an eligible retirement plan specified by the distributee in a direct rollover. 

  
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 An eligible rollover distribution is a distribution of all or any portion of the balance to
the credit of the distributee, except that an eligible rollover distribution does not include: 

(a)    any distribution that is one of a series of substantially equal periodic payments (not less
frequently than annually) made for the life (or life expectancy) of the distributee or the joint lives (or the joint life expectancies) of the distributee and the distributee’s designated Beneficiary, or for a specified period of ten
(10) years or more; 
 (b)    any distribution to the extent such distribution is required under
Section 401(a)(9) of the Code; and 
 (c)    any hardship withdrawal. 

An eligible retirement plan is an individual retirement account described in Section 408(a) of the Code, an individual retirement annuity
described in Section 408(b) of the Code, an annuity plan described in Section 403(a) of the Code, or a qualified trust described in Section 401(a) of the Code, and (i) a plan described in Section 403(b) of the Code, or
(ii) an eligible plan under Section 457(b) of the Code which is maintained by a state, political subdivision of a state, or any agency or instrumentality of a state or political subdivision of a state and which agrees to separately account
for amounts transferred into such plan from this Plan, that accepts the distributee’s eligible rollover distribution. However, in the case of an eligible rollover distribution to the surviving Spouse, an eligible retirement plan is an
individual retirement account or individual retirement annuity. 
 A distributee is an Employee or former Employee. In addition, the
Employee’s or former Employee’s Spouse or former Spouse who is the alternate payee under a qualified domestic relations order, as defined in Section 414(p) of the Code, is a distributee with regard to the interest of the Spouse or
former Spouse. 
 A direct rollover is a payment by the Plan to the eligible retirement plan specified by the distributee. 

In addition, a Beneficiary who is not the Member’s Spouse but who is a “designated beneficiary” within the meaning of
Section 401(a)(9)(E) of the Code may elect to have the portion of the distribution that otherwise is an eligible rollover distribution transferred in a
trustee-to-trustee transfer to an individual retirement account or an individual retirement annuity that has been established for purposes of receiving such
distribution. 
 A distributee who is a Member, a Spouse of a Member or an alternate payee may elect to directly roll over all or a portion
of the eligible rollover distribution to a Roth IRA in a manner permitted by guidance issued by the Internal Revenue Service. 
 In the
event that the provisions of this Section 9.13 or any part thereof cease to be required by law as a result of subsequent legislation or otherwise, this Section 9.13 or applicable part thereof shall be ineffective without necessity of
further amendment of the Plan. 

  
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 Any such election shall be made (i) on forms approved by and filed with the Management
Benefits and Compensation Committee, (ii) by telephonic, electronic or other data transmission in a manner approved by the Management Benefits and Compensation Committee, or (iii) in any other manner approved by the Management Benefits and
Compensation Committee in its sole discretion. 
 9.14.    Limitation on Distribution of Before-Tax Contributions. Notwithstanding any other provisions of the Plan, Participating Before-Tax Contributions and Investment Plan
Before-Tax Contributions and any income allocable to such amounts, shall not be distributable earlier than the Member’s Retirement, severance of employment, death or disability, as determined in
accordance with Section 401(k)(2) of the Code and the Treasury Regulations thereunder, or upon a showing of financial necessity in accordance with Section 9. 8 hereof. Such Before-Tax Contributions
also may be distributed in accordance with Section 401(k)(10) of the Code and solely in the form of a “lump sum distribution” (as defined in Section 401(k)(10)(B)(ii) of the Code), upon termination of the Plan without the
establishment or maintenance by the Company of another defined contribution plan (other than an “employee stock ownership plan”, as defined in Section 4975(e)(7) of the Code). 

9.15.    Special ESOP Rule. Notwithstanding any other provision of the Plan to the contrary, the distribution of a
Member’s Vested Account Under the Plan will commence not later than one year after the close of the Plan Year (i) in which the Member separates from service by reason of the attainment of normal retirement age under the Plan, disability,
or death, or (ii) which is the fifth Plan Year following the Plan Year in which the Member otherwise separates from service, except that this clause shall not apply if the Member is reemployed by the Company before distribution is required to
begin under this clause. In addition, unless the Member elects otherwise to the extent permitted by the Plan, the distribution of the Member’s Account balance will be in substantially equal periodic payments (not less frequently than annually)
over a period not longer than the greater of (i) five years, or (ii) in the case of a Member with an Account balance in excess of $800,000 (as adjusted pursuant to Section 409(o)(2) of the Code), five years plus one additional year
(but not more than five additional years) for each $160,000 (as adjusted pursuant to Section 409(o)(2) of the Code)or fraction thereof by which such balance exceeds $800,000 (as adjusted pursuant to Section 409(o)(2) of the Code). 

SECTION X 
 ADMINISTRATION OF PLAN
AND MANAGEMENT OF PLAN ASSETS 
 10.1.    The Management Benefits and Compensation Committee shall be the named
fiduciary (the “Named Fiduciary”) which shall have authority to control and manage the operation and administration of the Plan and to manage and control its assets. The Management Benefits and Compensation Committee shall consist of not
less than three (3) nor more than seven (7) members, as may be appointed by the Board of Directors from time to time. Any member of the Management Benefits and Compensation Committee may resign at will by notice to the Board of Directors
or be removed at any time (with or without cause) by the Board of Directors. 

  
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 10.2.    The Named Fiduciary may from time to time allocate fiduciary
responsibilities among its members and may designate persons other than members of the Named Fiduciary to carry out fiduciary responsibilities under the Plan, and such persons shall be deemed to be fiduciaries under the Plan with respect to such
delegated responsibilities. Fiduciaries may employ one or more persons to render advice with regard to any responsibility such fiduciaries have under the Plan. 

10.3.     The Named Fiduciary (and its delegates) shall have the exclusive right to interpret any and all of the
provisions of the Plan and to determine any questions arising thereunder or in connection with the administration of the Plan. Any decision or action by the Named Fiduciary (and its delegates) shall be conclusive and binding upon all Employees,
Members and Beneficiaries. In all instances the Named Fiduciary (and its delegates) shall have complete discretionary authority to determine eligibility for participation and benefits under the Plan, and to construe and interpret all provisions of
the Plan and all documents relating thereto including, without limitation, all disputed and uncertain terms. All deference permitted by law shall be given to such constructions, interpretations and determinations. 

10.4.     Any action to be taken by the Named Fiduciary shall be taken by a majority of its members either at a meeting or
by written instrument approved by such majority in the absence of a meeting. A written resolution or memorandum signed by one Committee member and the secretary of the Management Benefits and Compensation Committee shall be sufficient evidence to
any person of any action taken pursuant to the Plan. 
 10.5.     Any person, corporation or other entity may serve in
more than one fiduciary capacity under the Plan. 
 SECTION XI 

AMENDMENT OR TERMINATION 

11.1.     No part of the corpus or income of the Trust Fund shall be used for or diverted to purposes other than for the
exclusive purpose of providing benefits to Members and their Beneficiaries and defraying reasonable expenses of administering the Plan. Subject to this provision, the Plan may be amended at any time by action of the Management Benefits and
Compensation Committee in accordance with its established rules of procedure, and any amendment may be given retroactive effect to the extent permitted by applicable law; provided, however, that no amendment shall have the effect of depriving any
Member or Beneficiary of all or any part of the amount then to the credit of his Account under the Plan; and provided, further, that no such amendment which would materially increase the cost of the Plan to the Company shall be made without the
consent of the Board of Directors. The Management Benefits and Compensation Committee may, from time to time, delegate its authority to amend the Plan to any committee established by it pursuant to Section 10 of the Plan in accordance with
their established rules of procedure. 

  
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 11.2.     The Plan may be terminated or partially terminated, and
contributions under the Plan may be completely discontinued, at any time by the Board of Directors in accordance with its established rules of procedure. In the event of termination or partial termination of the Plan or complete discontinuance of
contributions under the Plan, (a) no contribution shall be made thereafter with respect to affected Members except for a month or year the last day of which coincides with or precedes such termination, partial termination or discontinuance;
(b) no distribution with respect to affected Members shall be made except either as provided in the Plan or as determined by the Board of Directors; (c) the rights of all affected Members to the amounts to the credit of their Accounts as
of the date of such termination, partial termination or discontinuance shall vest; and (d) no person shall have any right or interest except with respect to the Trust Fund. 

SECTION XII 
 MISCELLANEOUS 

12.1.     Except as otherwise required by law, no benefit under the Plan shall be subject in any manner to anticipation,
alienation, sale, transfer, assignment, pledge, encumbrance or charge and shall not be subject to attachment, garnishment or other legal process. Notwithstanding the foregoing and any other provision of the Plan to the contrary, distribution of the
amount to the credit of a Member’s Account shall be made in accordance with the terms of a qualified domestic relations order to a Member’s Spouse, former Spouse, child or other dependent or any person specified in such order, provided
such order and the terms thereof meet the requirements of Section 206(d) of ERISA and Section 401(a)(13) of the Code and the regulations thereunder. All domestic relations orders received by the Plan shall be handled in accordance with
reasonable procedures established under the Plan in accordance with such provisions of ERISA and the Code, including a procedure which will permit the distribution to a payee specified in a qualified domestic relations order an amount not exceeding
the amount withdrawable by an active Member pursuant to Section 9.7 of the Plan. 
 12.2.     Neither the
establishment of the Plan nor participation herein shall confer upon any person any right to be continued as an employee of the Company, and the Company reserves the right to discharge any employee whenever in its sole judgment the interest of the
Company so requires. The Plan shall be construed, administered and enforced according to the laws of the State of New York, except to the extent that State law shall have been preempted by the provisions of ERISA or any other laws of the United
States heretofore or hereafter enacted, as the same may be amended from time to time. 
 12.3.    Notwithstanding any
provision of the Plan to the contrary, any Member with less than three (3) years of Vesting Service who ceases to be an Employee for reasons related to fraud, dishonesty or serious misconduct, as conclusively determined by the Management
Benefits and Compensation Committee, shall forfeit the entire amount to the credit of his Account which is attributable to Company Matching Contributions, Additional Matching Contributions, Profit Sharing Contributions and Retirement Contributions.

  
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 12.4.     If, in the judgment of the Management Benefits and
Compensation Committee, a Member or Beneficiary to whom benefits shall be due under the Plan shall be or become incompetent, either physically or mentally, the Management Benefits and Compensation Committee shall have the right to determine to whom
such benefits shall be paid for the benefit of such Member or Beneficiary. 
 12.5.     Each Member and Beneficiary
shall keep the Company advised of his current address. If amounts become distributable under the Plan and the Company is unable to locate the Member or Beneficiary to whom the distributions are payable, the Account of such Member or Beneficiary
shall be closed after three (3) years from the time such distributions first become payable and the amount then to the credit of such Account shall be applied to reduce Company Matching Contributions. If, however, such Member or Beneficiary
subsequently makes proper claim to the Company for such amount, the amount to which the Member or Beneficiary is entitled will be restored to the Trust Fund by the Company out of its next contribution, if any, and will be distributable in accordance
with the terms of the Plan. 
 12.6.     The Plan shall be administered in accordance with the requirements of ERISA and
the Code. No benefits shall become distributable under the Plan until proper application for same has been filed with the Company together with whatever consents by the Member and his Spouse, if any, may be required under ERISA and the Code. The
Company and the Management Benefits and Compensation Committee shall be entitled to rely conclusively upon documentation presented to its or their satisfaction that a Member is not married or, if such Member is married at the time of reference, that
such Member’s Spouse cannot be located or that the consent of such Spouse is not obtainable for whatever circumstances the Secretary of the Treasury prescribes by regulations as sufficient to justify the commencement or waiver of benefits
without spousal consent. 
 12.7.     The Company may elect to pay any administrative fees or expenses. Otherwise the
expenses and fees shall be paid from the Trust Fund. 
 12.8.    Notwithstanding any provision of this Plan to the
contrary, contributions, benefits and service credit with respect to military service will be provided in accordance with Code Section 414(u). In addition: (a) effective January 1, 2007, in the case of a Member who dies while
performing qualified military service (as defined in Code Section 414(u)), the survivors of the Member are entitled to any additional benefits (other than benefit accruals relating to the period of qualified military service) provided under the
Plan had the Member resumed and then terminated employment on account of death, and (b) effective January 1, 2009, differential wage payments shall be treated as provided in Code Section 414(u)(12). 

12.9.     Notwithstanding anything in this Plan to the contrary, in accordance with the terms of the Employee Benefits
Agreement entered into on or about September 30, 2000 between the Corporation and The New D&B Corporation (“New D&B”) (“Moody’s EBA”): 

   (a)    To the extent the full vested account balances in the Profit Participation Plan of
The Dun & Bradstreet Corporation (“D&B PPP”) of Members are transferred by 

  
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the trustee of the D&B PPP to the Trustee of this Plan, such transfers shall be made in kind based on those investment funds in which such account balances are then invested (including, but
not limited to, the stock funds); provided, however, that loans made under the D&B PPP to Members shall be transferred to this Plan in this form of notes. 

(b)    With respect to any Member in this Plan who was a participant in the D&B PPP as of the Effective
Time (as such term is defined in the Moody’s EBA), 
 (i)    all shares of “New D&B Common
Stock” (as such term is defined in the Moody’s EBA) held therein in such Member’s “New D&B Stock Fund” (as such term is defined in the Moody’s EBA) shall be transferred to a
non-employer stock fund in this Plan known as “the D&B Common Stock Fund”; and 

(ii)    all shares of “Moody’s Common Stock” (as such term is defined in the Moody’s
EBA) held therein in such Member’s “Moody’s Stock Fund” (as such term is defined in the Moody’s EBA) shall be transferred to an employer stock fund in this Plan known as the Moody’s Common Stock Fund. 

From and after the Effective Time, no Member may transfer or contribute any amounts to the New D&B Stock Funds. 

(c)    If, during the one-year period following the Effective Time,
an employee of one of the members of the “D&B Group” (as such term is defined in the Moody’s EBA) (“D&B Employer”) terminates his or her employment with such D&B Employer and then immediately commences employment
with the Corporation, such employee’s past service with the D&B Group shall be recognized for all purposes under this Plan, to the extent recognized under the D&B PPP. 

SECTION XIII 
 DETERMINATION OF
BENEFITS AND BENEFIT CLAIMS PROCEDURES 
 13.1.  All benefits payable under the Plan shall be authorized in writing by the
Management Benefits and Compensation Committee or by such person or committee (such as, but not limited to, an “appeals committee”) to whom such responsibility may have been delegated by the Management Benefits and Compensation Committee
pursuant to the power vested in it by Section 10 and shall be communicated in writing to the Member or Beneficiary. Any Employee, Member or Beneficiary for whom no benefits have been authorized, or who disputes the amount of any benefit
authorized hereunder, may request the Management Benefits and Compensation Committee, through its appeals committee, either (a) informally or (b) formally in writing, to review and reconsider its determination. Such request may be made to
any person or persons authorized by the Management Benefits and Compensation Committee to review same. Upon review and reconsideration of any determination by the appeals committee, the Management Benefits and Compensation Committee shall give or
cause to be given to the applicant written notice of its decision. Such notice shall also inform the applicant that he or she may request a further review and reconsideration of the Management Benefits and Compensation

  
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Committee’s determination within a specified period of time, which, in no event, shall be less than sixty (60) days from the giving of such notice. Any such requests to the Management
Benefits and Compensation Committee must specify in writing the position being taken by the Employee, Member or Beneficiary and the reasons therefor. Such notice shall be filed with the person or persons designated in the notice given by the
Management Benefits and Compensation Committee. The Management Benefits and Compensation Committee may thereupon request such further information as it may deem appropriate, and the Management Benefits and Compensation Committee or the applicant
shall have the right to require an informal hearing. All decisions by the Management Benefits and Compensation Committee shall be signed by at least one (1) member of the Management Benefits and Compensation Committee and communicated in
writing to the applicant and to the Management Benefits and Compensation Committee and shall be final and binding on both. 

13.2.    The Management Benefits and Compensation Committee shall be appointed by the Board of Directors, and shall
consist of not less than three (3) nor more than five (5) members. Any member may resign at will by notice to the Management Benefits and Compensation Committee or be removed (with or without cause by the Board of Directors. The Board of
Directors, upon written application to it by any Employee, Member or Beneficiary, shall have final authority under the Plan to review any decision of the Management Benefits and Compensation Committee with respect to the benefits and the amount or
form thereof payable under the Plan to any such applicant. The Board of Directors shall have the authority to engage, and rely on the advice of, independent experts, counsel and consultants in the performance of its responsibilities, who may but
need not be the same independent experts, counsel or consultants engaged by the Management Benefits and Compensation Committee, and upon request of the Management Benefits and Compensation Committee, the Board of Directors may compensate any such
person or persons out of Plan assets. 
 SECTION XIV 

LIMITATIONS ON BENEFITS 

14.1.    Limitations on Annual Additions. In no event may a Member’s Annual Addition in any Limitation Year
exceed the maximum permitted under Section 415 of the Code. For this purpose: 

  (a)    “Annual Addition” means, with respect to any Defined Contribution Plan, the
aggregate of - 
  (i)     the amount of the Member’s Participating After-Tax and Before-Tax Contributions and his Investment Plan After-Tax and Before-Tax
Contributions; 
  (ii)    the aggregate Company Matching, Additional Matching, Profit Sharing and
Retirement Contributions and forfeitures allocated to the Member’s Account for the Limitation Year; and 

  
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   (iii)    contributions allocated to any
individual medical benefit Account of a 5% owner under a Defined Benefit Plan. 

(b)       “Limitation Year” means the calendar year. 

(c)       “Defined Benefit Plan” means any retirement plan maintained by the
Company or any affiliated employer within the meaning of Section 415(h) of the Code that is not a Defined Contribution Plan. 

(d)       “Defined Contribution Plan” means any retirement plan maintained by the
Company or any affiliated employer within the meaning of Section 415(h) of the Code which provides for an individual Account for each participant and for benefits based solely on the amount contributed to such Account (and any income, expense,
gains and losses, and forfeitures of Accounts of other participants which may be allocated to such Account. 
 14.2.  Maximum
Annual Addition. In no event may a Member’s Annual Addition under all Defined Contribution Plans exceed the lesser of: Forty Thousand Dollars ($40,000) (as adjusted pursuant to Section 415(c)of the Code), or one hundred percent (100%)
of 415 Compensation. 
 For purposes of this Plan, “415 Compensation” means the Member’s compensation, within the meaning of
Treas. Reg. § 1.415-2(d)(1) and (2), for a Limitation Year from the Company and all Affiliated Employers, including, to the extent includible in gross income, the Member’s wages, salary, and
other amounts (including fringe benefits, reimbursements, expense allowances, vacation pay, and long-term disability benefits) received or made available or, as applicable, accrued for personal services actually rendered, earned income from sources
outside the United States whether or not excluded from taxable gross income, non-deductible moving expenses paid on behalf of or reimbursed to the Member, non-qualified
stock options taxable in the year granted, and, as applicable, amounts previously not included which are earned but not paid in such period because of the timing of pay periods and pay days but are paid during the first few weeks following the end
of such period, but excluding deferred compensation, stock options and other distributions that receive special tax benefits. 415 Compensation also includes any amounts deferred pursuant to Section 402(g)(3) of the Code, excludable from the
gross income of the Member pursuant to Section 125 of the Code, and qualified transportation fringe benefits described in Section 132(f)(4) of the Code. 415 Compensation includes payments made by the later of
2-1/2 months after severance from employment, or the end of the Limitation Year that includes the date of severance from employment, if, absent a severance from employment, such payments would have been paid
to the Member while the Participant continued in employment with the Company, and are regular compensation for services during the Member’s regular working hours, compensation for services outside the employee’s regular working hours (such
as overtime or shift differential), commissions, bonuses or other similar compensation. 

  
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 14.3.   Adjustment for Excess Annual Additions. 

 (a)    If as a result of the allocation of forfeitures, a reasonable error in estimating a
Member’s compensation or other facts and circumstances to which Treasury Regulations promulgated under Code Section 415 shall be applicable, the Annual Additions under this Plan would cause the maximum Annual Additions to be exceeded for
any Member, the Management Benefits and Compensation Committee shall 
 (i)      return any
Participating After-Tax and Before-Tax Contributions and Investment Plan After-Tax and
Before-Tax Contributions credited for the Limitation Year to the extent that the return would reduce the “excess amount” in the Member’s Account, 

(ii)     hold any “excess amount” remaining after the return of any such contributions in a
“Section 415 suspense Account”, 
 (iii)    allocate and reallocate the
“Section 415 suspense Account” in the next Limitation Year (and succeeding Limitation Years if necessary) to all Members in the Plan before any contributions which would constitute Annual Additions are made to the Plan for such
Limitation Year, and 
 (iv)    reduce contributions to the Plan for such Limitation Year by the amount
of the “Section 415 suspense Account” allocated and reallocated during such Limitation Year. 

 (b)   For purposes of this Section, “excess amount” for any Member for a Limitation Year shall
mean the excess, if any, of 
 (i)      the Annual Additions which would be credited to his
Account under the terms of the Plan without regard to the limitations of Code Section 415, over 

(ii)     the maximum Annual Additions determined pursuant to this Section 14. 

 (c)   For purposes of the Section, “Section 415 suspense Account” shall mean an unallocated
Account equal to the sum of “excess amounts” for all Members in the Plan during the Limitation Year. The “Section 415 suspense Account” shall not share in any earnings or losses of the Trust Fund. 

 This Section 14.3 is effective only for Limitation Years beginning before July 1, 2007. EPCRS is the only correction method
for correcting excess Annual Additions for Limitation Years beginning on or after July 1, 2007. 

  
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 14.4.    Interpretation. This Section shall be interpreted in
accordance with regulations under Section 415 of the Code, as amended by the Tax Equity and Fiscal Responsibility Act of 1982, the Deficit Reduction Act of 1984, and any successor legislation, including, but not limited to the Tax Reform Act of
1986, and any applicable dollar limitations (whether higher or lower than the amounts specifically stated herein) imposed by such legislation if different from the dollar amounts specified herein shall be incorporated herein and shall supersede such
stated dollar amounts as though the Plan had been amended accordingly. 
 14.5.    Lump Sum Contribution. For
purposes of this Section 14 only, any lump sum Employee contribution made with respect to the Member’s prior Compensation which is made not later than thirty (30) days after the end of a Limitation Year shall be deemed credited to the
Member’s Account as of the last day of such Limitation Year; provided, that if all or any portion of such contribution would be in excess of the limitations for such Member for such Limitation Year, such excess amount shall be credited to the
Member’s Account as of the date actually contributed. 
 SECTION XV 

MERGERS, CONSOLIDATIONS AND ASSETS OR LIABILITY TRANSFERS 

15.1.    In the case of any merger or consolidation with, or transfer of assets or liabilities to, any other plan, each
Member and Beneficiary under the Plan shall be entitled to receive a benefit immediately after the merger, consolidation or transfer (if the merged, consolidated or transferee plan then terminated) which is equal to or greater than the benefit he
would have been entitled to receive immediately before the merger, consolidation or transfer (if the Plan had then terminated). 
 SECTION
XVI 
 TOP-HEAVY CONTINGENCY 

16.1.    The provisions of this Section 16 shall apply only in a Plan Year in respect of which the Plan becomes top-heavy as herein defined and thereafter to the extent provided herein. 

16.2.    The Plan shall be considered to be top-heavy in any Plan Year if the
aggregation group of which the Plan is required to be a part becomes top-heavy for such year; provided, however, the Plan shall not be considered to be top-heavy in such
Plan Year if, by the inclusion of additional plans permitted to be included in such required aggregation group, the resulting permissive aggregation group is not top-heavy for such year. 

  (a)    The required aggregation group as to the Plan shall include the Plan and any pension,
profit sharing or stock bonus plan of the Company, its subsidiaries and any other corporation or entity under common control by or with the Company, if such plan is intended to be a qualified plan under Section 401(a) of the Code, and either

  (i)    includes or has included any key employee as a participant in this Plan Year or in the
five (5) preceding Plan Years, or 

  
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 (ii)    enables the Plan or any such plan to meet the
anti-discrimination requirements and minimum participation standards applicable to qualified plans under the Code. 

  (b)    The permissive aggregation group shall include plans in the required aggregation group
and any other comparable plan of an employer in the controlled group specified in subparagraph (a) or to which such employer contributes, if such plan is intended to be qualified under Section 401(a) of the Code and continues to meet the
anti-discrimination requirements and minimum participation standards of the Code when considered together with the plans in the required aggregation group. 

16.3.    A required aggregation group or a permissive aggregation group shall be considered to be top-heavy if, as of the applicable determination dates, the sum of the present value of the cumulative accrued benefits for key employees under all defined benefit plans in such group and the aggregate value of the
Accounts of key employees under all defined contribution plans in such group exceeds sixty percent (60%) of the sum of such values for all employees participating in or eligible for participation in such plans. 

  (a)    The applicable determination date for each such plan shall be the last day of its plan
year which immediately precedes the plan year for which such plan is being tested or, in the case of a new plan, the last day of its first plan year. 

  (b)    The present value of accrued benefits of employees under each defined benefit plan shall
be determined as of the plan’s most recent Valuation Date within the twelve (12) month period ending on the determination date (or, in the case of a new plan, as of the determination date) and shall be based upon the assumption that each
employee terminated his vesting service on the determination date with a fully vested accrued benefit on such date and elected a lump sum distribution in an amount equal to the present value of such benefit based upon the actuarial assumptions,
mortality rates and assumed earnings used to maintain the plan’s minimum funding account as defined in Section 412 of the Code. 

  (c)    The present value of accrued benefits and the values of Accounts used in the sixty
percent (60%) calculation described herein shall be increased by all distributions made within the five (5) year period ending on the determination date to employees covered by plans in the aggregation group. 

  (d)    Rollover Accounts, benefits of former key employees, and benefits of persons not
employed for the five (5) year period ending on the determination date shall not be taken into account to the extent provided by Section 416(g)(4) of the Code. 

  (e)    Employer matching contributions shall be taken into account for purposes of satisfying
the minimum contribution requirements of Section 416(c)(2) of the Code and the Plan. The preceding sentence shall apply with respect to matching contributions under the Plan or, if the Plan provides that the minimum contribution requirement
shall 

  
 -46- 

 
be met in another plan, such other plan. Employer matching contributions that are used to satisfy the minimum contribution requirements shall be treated as matching contributions for purposes of
the actual contribution percentage test and other requirements of Section 401(m) of the Code. 

  (f)    Notwithstanding the foregoing, the present values of accrued benefits and the amounts of
account balances of an employee as of the determination date shall be increased by the distributions made with respect to the employee under the plan and any plan aggregated with the plan under Section 416(g)(2) of the Code during the 1-year period ending on the determination date. The preceding sentence shall also apply to distributions under a terminated plan which, had it not been terminated, would have been aggregated with the plan under
Section 416(g)(2)(A)(i) of the Code. In the case of a distribution made for a reason other than severance from employment, death, or disability, this provision shall be applied by substituting
“5-year period” for “1-year period.” The accrued benefits and accounts of any individual who has not performed services for the employer during the 1-year period ending on the determination date shall not be taken into account. 

16.4.    A key employee shall include any employee or former employee (including any deceased employee)
who at any time during the plan year that includes the determination date was an officer of the employer having annual compensation greater than $ 130,000 (as adjusted under Section 416(i)(1) of the Code for plan years beginning after
December 31, 2002), a 5-percent owner of the employer, or a 1-percent owner of the employer having annual compensation of more than $ 150,000. For this purpose,
annual compensation means compensation within the meaning of Section 415(c)(3) of the Code. The determination of who is a key employee will be made in accordance with Section 416(i)(1) of the Code and the applicable regulations and other
guidance of general applicability issued thereunder. 
 16.5.    A non-key
employee shall include any Employee who is not a key employee. 
 16.6.    In the event the Plan becomes top-heavy for any Plan Year, all plans in the required aggregation group will also be top-heavy for such year and all non-key employees
will be participating in more than one top-heavy plan. In such event, there shall be provided to each non-key employee a minimum benefit under the Company’s
Retirement Account Plan equal to: 
   (a)    an annual retirement benefit (with no ancillary
benefits) commencing at normal retirement at or after age 65 equal to three percent (3%) of his average annual compensation for each year of service from and after December 31, 1983 during which this Plan was
top-heavy, excluding any such service in excess of ten (10) years; minus 

  (b)    the amount of such retirement benefit which could be purchased for such Employee by
application of all amounts allocated to his Accounts under this Plan and any other defined contribution plan of the Company as the result of employer contributions and forfeitures for all Plan Years during which such Employee was a Member, but
excluding any such allocations which were forfeited by such Employee. The 

  
 -47- 

 
determination of the amount of such retirement benefit which could be purchased for each non-key employee shall be made by the Company’s independent
actuaries as of the date of such Employee’s termination of service and shall utilize the earnings and actuarial assumptions most recently published by the Pension Benefit Guaranty Corporation. 

Average annual compensation of a non-key employee for purposes of the foregoing shall mean his average
annual aggregate compensation, as determined under Section 415(c)(3) of the Code, for the five (5) consecutive years of his service resulting in the highest such average (or for the actual years of his service if fewer than five (5)). 

16.7.    Notwithstanding any provision in the Plan to the contrary, if the Plan becomes
top-heavy in any Plan Year, the accrued benefits of all Employees in active service from and after such year shall vest and become nonforfeitable after three (3) years of vesting service. 

16.8.     In the event the Plan becomes top-heavy, an Employee’s compensation
taken into account for purposes of the Plan shall not exceed $200,000 for each Plan Year in which the Plan is or continues to be top-heavy, except that such maximum shall be automatically adjusted without Plan
amendment to reflect cost-of-living adjustments made to such amount by the Secretary of the Treasury pursuant to Section 416(d)(2) of the Code. 

  
 -48- 

 APPENDIX A 

TREATMENT OF KMV EMPLOYEES 
 The
following provisions shall apply to employees of KMV commencing on July 1, 2002: 

1.        KMV’s Status as a Company under the Plan. KMV is a Company under the Plan
effective as of July 1, 2002. 
 2.        Application of Plan Provisions to KMV
Participants. Except as specifically noted herein, all provisions of the Plan shall apply to Eligible Employees who are Employees of KMV and who are hired on or before December 31, 2002 (“KMV Eligible Employees”). 

3.        Participating Contributions and Investment Plan Contributions. KMV Eligible Employees
shall be eligible to make Participating Contributions and Investment Plan Contributions under the Plan commencing with the first payroll after July 1, 2002 (or, if later, the date such a KMV Eligible Employee would have been eligible to
contribute under the terms of the Plan). 
 4.        Matching Contributions and Additional
Matching Contributions. Notwithstanding any other provision of the Plan to the contrary, for the Plan Year ending December 31, 2002, KMV Eligible Employees shall not be eligible to be credited with Matching Contributions or Additional
Matching Contributions. 
 5.        Special Profit Sharing Contributions for 2002. KMV
Eligible Employees who are Employees on December 31, 2002 shall be eligible to be credited with a Special Profit Sharing Contribution, determined as follows: 

  a.        Eligibility. Only those KMV Eligible Employees who are actually
performing services for KMV or are on an approved leave of absence as of December 31, 2002 shall be eligible to be credited with a Special Profit Sharing Contribution. 

  b.        Discretionary Nature of Contribution. The making of the Special Profit
Sharing Contribution shall be at the Company’s discretion. 
   c.        Amount
of Contribution. The amount of the Special Profit Sharing Contribution, if made, that is credited to a KMV Eligible Employee shall equal a percentage (not to exceed fifteen percent (15%)) determined by the Company of the KMV Eligible
Employee’s Compensation earned from the date of the closing of the transaction by which Moody’s Corporation acquired the stock of KMV through December 31, 2002; provided, however, that in no event shall the amount of
such Special Profit Sharing Contribution on behalf of any KMV Eligible Employee exceed Thirty Thousand Dollars ($30,000) reduced by the amount (if any) contributed by KMV on behalf of the KMV Eligible Employee for 2002 to the SEP IRA maintained by
KMV. 

  
 -49- 

 d.        Vesting of Contribution. The
Special Profit Sharing Contribution shall be 100% vested at all times. 
 e.        Distribution
of Contribution. For purposes of Section IX of the Plan, the Special Profit Sharing Contribution shall be treated in the same manner as Matching Contributions made under the Plan. 

  
 -50- 

 APPENDIX B 

TREATMENT OF GGY EMPLOYEES 
 The
following provisions shall apply to GGY Eligible Participants (as defined below): 

1.        Application of Plan Provisions to GGY Eligible Participants. Except as specifically
noted herein, all provisions of the Plan shall apply to Eligible Employees who were employed under the GGY payroll as of the day before they transfer to the Moody’s payroll (“GGY Eligible Employees”). 

2.        Participating Contributions and Investment Plan Contributions. GGY Eligible Employees
shall be eligible to make Participating Contributions and Investment Plan Contributions under the Plan commencing with the first payroll after they become Eligible Employees (the “Eligibility Date”). 

3.        Special Contributions for 2016. Effective as of March 1, 2016, each GGY Eligible
Employee shall be eligible to receive Company contributions pursuant to Section 4.2 of the Plan, based on their Compensation earned on and after such date, subject to the GGY Eligible Employee’s continued employment through the Eligibility
Date. Such contributions shall be made by the Company no later than as soon as reasonably practicable following the Eligibility Date. 

4.        Vesting Service. For purposes of the Plan, each GGY Eligible Employee’s Vesting
Service shall include the period from the GGY Eligible Employee’s most recent hire date with GGY through the Eligibility Date (in addition to service thereafter determined in accordance with the terms of the Plan). 

  
 -51-Exhibit 10.1

 

湖南瑞僖融资租赁有限公司

 

投资暨股权转让协议

 

Investment and Equity Transfer Agreement
of Hunan Ruixi Financial Leasing Co., Ltd.

 

本《湖南瑞僖融资租赁有限公司投资暨股权转让协议》(以下简称“本协议”)由下列各方于2018年11月21日在湖南长沙签订:

 

The Investment and Equity Transfer Agreement
of Hunan Ruixi Financial Leasing Co., Ltd. (hereinafter referred to as “this agreement” is made and concluded by
the following parties on November 21, 2018 in Changsha, Hunan:

 

甲方:美国森淼科技(以下简称“投资方”)

 

Party A: Senmiao Technology Limited
(hereinafter referred to as the “investor”)

 

注册号:NV20171370083

 

Registration
number: NV20171370083

 

乙方:湖南瑞僖融资租赁有限公司(以下简称“目标公司”)

 

Party B: Hunan Ruixi Financial Leasing
Co., Ltd. (hereinafter referred to as the “target company”)

 

统一社会信用代码:91430100MA4PDEM573

 

Unified social credit code: 91430100MA4PDEM573

 

    	 	1	 

     

    

 

丙方:湖南瑞品文化产业有限公司

 

Party C: Hunan Ruipin Cultural Industry
Co., Ltd.

 

统一社会信用代码:91430102MA4L4FAH9X

 

Unified social credit code: 91430102MA4L4FAH9X

 

丁方:绿之韵国际集团(东南亚)股份有限公司

 

Party D: Luziyun International Group
(Southeast Asia) Shares Limited

 

注册号: 37613313-000-02-18-A

 

Registration number: 37613313-000-02-18-A

 

戊方:成都小猴信息科技有限公司

 

Party E: Chengdu Little Monkey Information
and Technology Co., Ltd.

 

统一社会信用代码:91510100MA6CFABF00

 

Unified social credit code: 91510100MA6CFABF00

 

(丙方、丁方和戊方合称“原股东”)

 

(Party C, D and E are collectively referred
to as the “original shareholders”)

 

鉴于:

 

Whereas:

 

		1.	目标公司为一家根据中华人民共和国法律合法成立并有效存续的有限责任公司,认缴注册资本为1000万美元;

 

		1.	The target company is a Limited Liability Company established
and validly existing under the laws of the People’s Republic of China, with the subscribed registered capital of 10 million
US dollars.

 

    	 	2	 

     

    

 

		2.	目标公司现有登记股东3名,股权结构如下:丙方认缴出资400万美元、持有40%股份,丁方认缴出资250万美元、丁方持有25%股份、戊方认缴出资350万美元、戊方持有35%股份;

 

		2.	The target company has 3 registered shareholders, and its
equity structure is as follows: Party C has 4 million US dollars of subscribed capital and holds 40% shares, Party
D 2.5 million US dollars and 25% shares, Party E 3.5 million US dollars and 35% shares.

 

		3.	投资方现有意在本协议约定的先决条件满足时对目标公司进行投资即对受让原股东的股份所对应的注册资本进行实缴,甲方本轮投资后将持有目标公司注册资本中60%的股权及其权益。

 

		3.	The investor (a corporation formed under the laws of the
State of Nevada, USA) now intends to invest the target company, namely, paying the registered capital corresponding to the shares
of the original shareholders transferred where the prerequisites agreed in this agreement are satisfied. After this round of investment,
Party A will hold 60% equity and interests of the registered capital of the target company.

 

各方本着平等互利的原则,经过友好协商,依据《中华人民共和国合同法》、《中华人民共和国公司法》等有关法律、法规的规定,本着诚实信用的原则,达成本协议如下:

 

The parties, on the principle of equality
and mutual benefit, through friendly negotiation, in accordance with the Contract Law of the People’s Republic of China,
Company Law of the People’s Republic of China, based on the principle of integrity and credit, have made and concluded
this agreement as follows:

 

    	 	3	 

     

    

  

 第一条定义和解释

 

Article I Definitions and Interpretation

 

		1.1	除非本协议的条款和上下文另有规定,下列术语和表述应具有如下含义:

 

		1.1	Unless otherwise stipulated in the terms and context herein,
the following terms and expressions shall have the following meanings:

 

	投资方	:	指美国森淼科技
	 	 	 
	Investor	:	means Senmiao Technology Limited
	 	 	 
	目标公司	:	指湖南瑞僖融资租赁有限公司
	 	 	 
	Target company	:	means Hunan Ruixi Financial Leasing Co., Ltd.
	 	 	 
	主营业务	:	指本次收购时,目标公司所从事的融资租赁业务。
	 	 	 
	Main business	:	means, in this purchase, financial leasing business engaged by the target company.

 

    	 	4	 

     

    

  

	关联公司	:	指就某一实体或法人而言,直接或间接对其进行控制、直接或间接受其控制、或直接或间接与其共处同一控制之下的任何实体或法人。本定义中“控制”一词,指通过投票权、证券的所有权、协议或其它方式,可直接或间接指导某一实体或法人的管理和决策或影响其管理和决策导向的权力。
	 	 	 
	Affiliated company	:	means concerning one entity or legal person, any entity or legal person that directly or indirectly control it, is controlled by it, or is under the same control with it. The word “control” in this definition means the power to directly or indirectly guide management and decisions of one entity or legal person or to influence its management and decision orientation through voting right, ownership of securities, agreement or other means.
	 	 	 
	交割日	:	目标公司股权工商变更登记完成之日。
	 	 	 
	Delivery date	:	the date on which the registration of equity changes in industrial and commercial administration is completed.
	 	 	 
	基准日	:	目标公司财务报表出具日。
	 	 	 
	Base day	:	the date of issuance of the financial statement of the target company.
	 	 	 
	过渡期	:	本协议签订之日起至本协议下股权转让工商变更完成之日。
	 	 	 
	Transition period 	:	the period from the date of signing this agreement to the date on which the completion of the equity transfer changes in industrial and commercial administration.
	 	 	 
	中国	:	指中华人民共和国,为本协议之目的,不包括香港特别行政区、澳门特别行政区和台湾地区。
	 	 	 
	China	:	means the People’s Republic of China, for the purpose of this agreement, excluding Hong Kong, Macau Special Administrative Regions and Taiwan.

 

    	 	5	 

     

    

  

	保密信息	:	包括无论是记载于有形介质还是口头的未公开的以下信息:(i) 自各方开始就本协议项下交易进行磋商起知悉的其他方的有关管理、财务、业务和客户信息;(ii) 各方就本协议项下交易进行磋商及相关文件起草的情况;(iii) 各方签署文件的内容及包括争议解决在内(如有)的文件履行情况;(iv) 目标公司的组织、管理、财务、业务和客户信息;(v) 一方书面明示应予保密的信息;(vi) 按照中国法律规定或各方一致书面明示应予保密的其他信息。
	 	 	 
	Confidential information	:	includes the following undisclosed information whether recorded in a physical medium or orally: (i) information related to management, finance, business and clients of other parties learnt by each party from the beginning of negotiation concerning transaction under this agreement; (ii) conditions of negotiation among each party concerning transaction under this agreement and drafting of relevant documents; (iii) contents of documents signed by the parties and the performance of documents including dispute resolution (if any); (iv) the organization, management, finance, business and client information of the target company; (v) information that shall be kept secret explicitly instructed in writing by one party; (vi) other information that shall be kept secret in accordance with regulations of Chinese laws or explicitly instructed in writing by each party together.

 

    	 	6	 

     

    

  

	不可抗力	:	指各方不能预见、不能避免且不能克服的客观情况。这类事件应包括但不限于:法律变更、中国政府政策的调整、战争、动乱、叛乱、军事或平民暴乱、骚动、起义、暴动、封锁、禁运、罢工、停工、传染病、火灾、水灾、地震、证券交易所非正常停止交易等。
	 	 	 
	Force majeure	:	means objective conditions that the parties cannot foresee, cannot avoid and cannot overcome. Such incidents should include, but are not limited to, modification of law, adjustments to Chinese government policies, wars, turmoil, insurrection, military or civilian riots, disturbance, uprisings, riots, blockades, embargoes, strikes, lockouts, infectious diseases, fires, floods, earthquakes, abnormal trading stop of stock exchanges, etc.
	 	 	 
	中国法律	:	指中国现行有效的法律、行政法规、司法解释、地方法规、地方规章、部门规章和规范性文件以及对于该等法律法规的不时修订和补充。
	 	 	 
	Chinese laws	:	means the current effective laws, administrative laws and regulations, judicial interpretation, local laws, local rules, department rules and normative documents and amendment and supplementary of such laws and regulations from time to time.
	 	 	 
	工作日	:	指在中国属于法定工作日的任何日子。
	 	 	 
	Working day	:	means any day that belongs to statutory working days in China.

 

		1.2	解释

 

		1.2	Interpretation

 

本协议的条款和标题仅为方便和审阅目的而设,不影响本协议的解释和意义。

 

The terms and headings of this
agreement are only set for convenience and review, without prejudice to the interpretation and meaning of this agreement.

 

    	 	7	 

     

    

  

 第二条各方的声明与承诺

 

Article II Statements and Commitments
of the Parties

 

		2.1	各方的声明与承诺

 

		2.1	Statements and commitments of the parties

 

		2.1.1	各方分别声明如下:

 

		2.1.1	The statements of the parties are as follows:

 

		(1)	各方为依法成立和有效存续的公司法人,具有完全的民事权利能力;各自拥有签订本协议及以其为一方的其他项目文件以及履行其在该等文件下的义务的全部权力和授权、批准和许可;

 

		(1)	The parties are corporate juridical persons established
and validly existing in accordance with laws, possess full capacity for civil rights; each party owns full power, authorization
and permission of signing this agreement and other project documents to which it is a party and performing the obligations under
such documents.

 

		(2)	各方签订和履行本协议或其它以其为一方的项目文件不会违反以其为一方的或对其有约束力的任何协议,亦不会违反任何法律法规和行业准则及公司章程;

 

		(2)	The signing and performance of this agreement or other
project documents to which it is a party will not violate any agreements to which it is a party or binding on it, nor will violate
any laws, regulations, industry codes and articles of association.

 

    	 	8	 

     

    

  

		(3)	不存在任何悬而未决或威胁进行的以其为一方或使其任何资产受到或可能受到实质性约束或影响的法定程序、诉讼、仲裁程序、行政诉讼或其他政府或法院诉讼或政府或法院命令、禁止令、判决或裁定;

 

		(3)	There are no pending or threatening legal procedures, proceedings,
arbitration procedures, administrative proceedings or other government or court proceedings or orders, injunctions, judgment or
adjudication to which it is a party or whereby any of its assets are or may be materially constrained or affected.

 

		(4)	各自均遵守对其、其业务、财务或经营或其财产有管辖权的政府当局的一切重要法律、规则、条例、法令和命令及其一切解释;

 

		(4)	Each party will comply with any major laws, rules, regulations,
decrees, orders and all its interpretations of the government that have jurisdiction over it, its business, finance, operation
or properties.

 

		(5)	其在本协议上签字的代表,根据有效的委托书或有效的法定代表人证书所证实,已被授予全权为其签署本协议及以其为一方的其他项目文件;

 

		(5)	Its representative signed on this agreement, certified
according to valid power of attorney or legal representative certificates, has been granted full authority to sign this agreement
and other project documents to which it is a party.

 

		(6)	原股东就目标公司的资产、业务、财务及其经营的其他方面向本协议其他方提供的一切资料及信息在各主要方面均是真实、准确和完整的,没有重大遗漏、误导和虚构;

 

		(6)	All the data and information provided to other parties
of this agreement by the original shareholders concerning the target company’s assets, business, finance and other aspects
of operation is true, accurate and complete in each main aspect, and has no major omission, misleading or fiction.

 

    	 	9	 

     

    

  

		(7)	各方保证完全、适当的履行本协议的全部内容;

 

		(7)	The parties guarantee that they would completely and properly
perform all the contents of this agreement.

 

		2.1.2	原股东和目标公司特别承诺如下:

 

		2.1.2	The original shareholders and the target company specially
undertakes that:

 

		(1)	已披露截止日为2018年10月31日(“基准日”)的目标公司财务报表(见附件一),已真实、完整地披露本协议签署日前已有的或或有的影响目标股权价值的重大事项(如对外担保等事宜)。若目标公司存在未披露的历史债务和责任(包括但不限于法律和税务),则原股东对该等债务或责任对投资方承担赔偿责任;

 

		(1)	It has disclosed the financial statement (See Schedule
I) of the target company with the closing date of October 31, 2018 (“base day”), and truly, completely disclosed the
existing or contingent important matters (matters like external guarantee) that will affect the target equity value before the
signing date of this agreement. If the target company has undisclosed historical debts and liabilities (including but not limited
to laws and taxation), the original shareholders shall be liable to the investor for such debts or liabilities.

 

    	 	10	 

     

    

  

		(2)	目标公司已经依法取得开展其业务所必须的证照、资质和必要的许可,其业务开展始终按照并将继续按照各自的章程及所有适用法律进行。如因目标公司经营业务缺少必要许可、证照的被行政或司法机关处罚或责令暂停相关业务的,则构成本协议项下的重大违约;

 

		(2)	It has obtained the certificates, qualification and necessary
permission to develop its business in accordance with laws, and the development of its business will always and continue to be
conducted in accordance with the constitutions and all the applicable laws respectively. In case that the operation business of
the target company lacks necessary permission and certificates, and causes penalty or suspension of relevant business through
order by administrative or judicial organs, this constitutes material breach under this agreement.

 

		(3)	目标公司依法纳税,且已开始为全体员工缴纳社保、住房公积金。如目标公司需要补缴税款、承担税务惩罚或被要求补缴社保、住房公积金的,则由原股东对上述所有费用承担连带责任。

 

		(3)	It pays taxes in accordance with laws and has started to
pay social insurance and housing fund for the staff. On condition that the target company is required to pay back taxes, bear
tax penalties or pay social insurance and housing fund, the original shareholders shall be jointly and severally liable for all
the expenses mentioned above.

 

		(4)	目标公司为一家新设立的公司,尚未实际运营。目标公司承诺截止本协议签署日无债务、无法律责任或法律纠纷。

 

		(4)	The target company is a newly established company and has
yet started operation. The target company promised it has no debt, no legal liability or legal disputes as of the date of this
agreement.

 

    	 	11	 

     

    

  

		2.1.3	投资方的声明和承诺

 

		2.1.3	Statements and commitments of the investor

 

投资方承诺其在本协议项下所支付的收购资金来源合法,不存在可能被政府有权机关没收或被任何第三方主张权利。

 

The investor undertakes that
the source of purchasing funds paid under this agreement is legal, and there is no possibility that it may be confiscated by governmental
authorities or claimed by any third party.

 

		2.2	重申

 

		2.2	Restatement

 

各方在此重申,在本协议签署日和生效日以及本协议下股权转让完成工商变更登记日,其依据本协议第2.1条所作的每一项声明及在所有方面均是真实、准确、完整的。

 

The parties
hereby restate that, on the signing date and effective date of this agreement and on the completion date of the registration of
equity changes in industrial and commercial administration under this agreement, each statement made in accordance with article
2.1 herein in all aspects are true, accurate and complete.

 

		2.3	原股东向投资方承诺,自本协议签订之日起自本协议下股权转让工商变更完成之日(“过渡期”),未经投资方事先书面同意,原股东确保目标公司不得作出下列任何一种行为:

 

		2.3	The original shareholders make a commitment to the investor
that, from the signing date of this agreement to the completion date (“transition period”) of the registration of
equity changes in industrial and commercial administration under this agreement, without the written consent by the investor in
advance, the original shareholders ensure that the target company shall not conduct any of the following acts:

 

    	 	12	 

     

    

  

		(1)	以任何方式或允许目标公司处置目标公司现有的任何财产或文件;

 

		(1)	In any way or permit the target company to dispose any
existing property or documents in the target company;

 

		(2)	与任何其他第三方再洽谈本协议所涉及的股权转让事宜;

 

		(2)	Discuss with any other third party on matters of equity
transfer involved in this agreement;

 

		(3)	允许目标公司用现有的任何财产提前清偿任何债权人的债务,或为任何其他第三方的债务提供任何形式的担保;

 

		(3)	Allow the target company to pay off any creditor’s
debts in advance by using any of the existing properties or provide any guarantee of debts in any form for any other third party.

 

		(4)	收购或处置或同意收购或处置任何收入、资产、业务或在该等收入、资产和业务上设定任何权利负担,或承担或发生或同意承担或发生任何债务、义务或费用(无论是实际的或是或有的);

 

		(4)	Purchase or dispose or agree to purchase or dispose any
incomes, assets and business, or set any encumbrance on such incomes, assets and business, or bear or incur or agree to bear or
incur any debts, obligations or expenses (whether actual or contingent).

 

		(5)	聘用或解聘任何核心员工(附件二),或提高、承诺应付给其雇员的工资、补偿、将近、激励报酬、退休金或其他福利且提高幅度在
20 %以上的;

 

		(5)	Hire or dismiss any core employees (Schedule II), or improve
the promised salary, compensation, bonus, incentive payment, retirement pay or other welfare and the increase is more than 20%.

 

    	 	13	 

     

    

  

		(6)	进行利润分配或利用资本公积金转增股本;

 

		(6)	Conduct profit distribution or convert capital reserves
into share capital.

 

		(7)	通过任何股东会决议,但为本协议之目的和根据本协议约定作出的除外;

 

		(7)	Pass any shareholder meetings’ resolution, except
for the ones made for the purpose of this agreement and in accordance with this agreement.

 

		(8)	修改或同意终止任何重大合同;

 

		(8)	Amend or agree to terminate any important contract.

 

		(9)	达成任何长期、繁琐、非正常或重要协议、安排或义务;

 

		(9)	Reach any long-term, cumbersome, abnormal or unimportant
agreements, arrangements or obligations.

 

		(10)	支出或同意支出的任何资本支出的总额,或作出或同意作出涉及资本支出的承诺的总额超过人民币100万元;

 

		(10)	The total amount of any capital expenditure paid or agreed
to be paid, or promised total amount of capital expenditure involved paid or agreed to be paid exceeds RMB 1 million Yuan.

 

		(11)	修改或同意修改其借贷条款或借贷性质的负债条款或借取、发生或同意借取、发生借贷性质的负债;

 

		(11)	Revise or agree to revise its loan clauses or liability
clauses of borrowing nature or borrow, incur or agree to borrow, incur debts of borrowing nature.

 

		(12)	免除、解除或合并任何责任或索赔;

 

		(12)	Exempt, dismiss or merge any liability or claim.

 

    	 	14	 

     

    

  

		(13)	授予、修改、同意终止任何知识产权或允许任何知识产权失效或签署任何关于上述权利的协议;

 

		(13)	Grant, revise, agree to terminate any intellectual property
or allow the invalidation of any intellectual property or sign any agreement concerning the above rights.

 

		(14)	作出任何其他有损于投资方受让本协议;

 

		(14)	Make any other provisions that damages to the investor‘s
acceptance of this agreement.

 

		(15)	影响目标公司股权转让后的合法权益的行为。

 

		(15)	Conduct behaviors that affect the legal rights of the target
company after the equity transfer.

 

 第三条投资暨股权转让

 

Article III Investment and Equity Transfer

 

		3.1	本协议项下,投资方将通过收购原股东持有的目标公司尚未出资的股权,并实缴出资的方式进行投资。

 

		3.1	Under this agreement, the investor will conduct investment
through purchasing the equity interest held by the original shareholders that has not been paid and will pay for the registered
capital of the target company.

 

		3.2	本协议第四条项下的先决条件被满足后,投资方将:

 

		3.2	After the prerequisite under Article IV herein is satisfied,
the investor will:

 

    	 	15	 

     

    

  

		(1)	以零对价受让丙方持有的目标公司未出资部分24%的股权;

 

		(1)	Receive 24% equity of the part without contribution
made of the target company held by Party C in zero consideration.

 

		(2)	以零对价受让丁方持有的目标公司未出资部分15%的股权;

 

		(2)	Receive 15% equity of the part without contribution
made of the target company held by Party D in zero consideration.

 

		(3)	以零对价受让戊方持有的目标公司未出资部分21%的股权;

 

		(3)	Receive 21% equity of the part without contribution
made of the target company held by Party E in zero consideration.

 

投资方合计受让原股东60%的股权。

 

The total equity received by
the investor from the original shareholders is 60%.

 

原股东无条件同意上述股权转让条款,并同意自收到投资方书面股权转让通知之日起30日内完成上述股权的工商股权变更登记(“交割”)。

 

The original shareholders unconditionally
agree to the clauses of the above equity transfer and agree to complete the registration of equity changes in industrial and commercial
administration (“delivery”) concerning the above equity within 30 days from receiving the notice of equity transfer
in writing from the investor.

 

		3.3	上述目标公司股权工商变更登记完成后,投资方将开始向目标公司实缴出资,总额不超过600万美元(“出资款”)同时办理相关的验资手续,以达到其所持有股权部分的注册义务全部履行。

 

		3.3	After the completion date (“delivery date”)
of registration of equity changes in industrial and commercial administration of the above target company, the investor shall
start making contribution to the Company, in an aggregated amount of up to 6 million U.S. dollars (“amount of contribution”)
to the target company and handle relevant capital verification procedures at the same time, so as to fully perform the registered
responsibilities of the equity held by it.

 

    	 	16	 

     

    

  

		3.4	本次投资暨股权转让及实缴出资之后,目标公司的股东和股权结构如下:

 

		3.4	After the investment and equity transfer and payment of
registered capital, the shareholder and equity structure of the target company are as follows:

 

	
         

        股东名称

         

        Shareholder

        name
	
        认缴出资额

        (万美元)

         

        Subscribed

        capital

        contribution

        (ten

        thousand US

        dollars)
	
        实缴出资额

         

        Paid-in

        amount of

        contribution
	
        出资方式

         

        Means of

        contribution
	
        股权比例

         

        Equity

        proportion

	
        湖南瑞品文化产业有限公司

        Hunan Ruipin Cultural Industry Co., Ltd.
	160	
        65万人民币

        RMB 650,000 Yuan
	
        货币

        Currency
	16%
	绿之韵国际集团(东南亚)股份有限公司Luziyun International Group (Southeast Asia) Shares Limited	100	0	
        货币

        Currency
	10%
	
        成都小猴信息科技有限公司

        Chengdu Little Monkey Information and Technology
        Co., Ltd.
	140	
        35万人民币

        RMB 350,000 Yuan
	
        货币

        Currency
	14%
	
        美国森淼科技

        Senmiao Technology Limited
	600	
        600万美金

        6 Million

        U.S. Dollars
	
        货币

        Currency
	60%
	
        合计

        Total
	1000	 	
        货币

        Currency
	100%

 

    	 	17	 

     

    

 

		3.5	就上述股权转让,为了政府审批和登记的用途,在符合本协议条款和条件的前提下,原股东与投资方另行签署股权转让协议,但具体内容以本协议约定为准。

 

		3.5	Regarding to the above equity transfer, for the purpose
of approval and registration by governments, subject to the terms and conditions of this agreement, the original shareholders
and the investor shall separately sign an equity transfer agreement, but the conventions of this agreement shall prevail concerning
the specific contents.

 

		3.6	本次投资暨股权转让后,各股东按照认缴出资额分配利润。

 

		3.6	After the investment and equity transfer, the profits shall
be distributed according to the subscribed capital contribution of each shareholder.

 

		3.7	如目标公司需要后续融资的,投资方有权对目标公司进行后续增资,或在外债额度范围内通过股东贷款的形式向目标公司提供股东借款,股东借款的利率应当为同期中国人民银行公布的基准贷款利率。

 

		3.7	If the follow-up financing is required by the target company,
the investor shall be entitled to increase capital of the target company subsequently, or provide shareholder loan to the target
company in the form of shareholder lending within the foreign debt quota. And the interest rate of shareholder loan shall be the
benchmark lending rate announced by the People’s Bank of China during the same period.

 

    	 	18	 

     

    

  

 第四条先决条件

 

Article IV Prerequisite

 

		4.1	各方约定,交割应以下列先决条件已被满足或被投资方豁免为前提:

 

		4.1	The parties agree that the closing shall be subject to
the satisfaction and written wavier by the investor of the following prerequisites:

 

		(1)	令投资方满意地完成对目标公司以及目标公司子公司的尽职调查(商业、法律和财务)且调查结果符合投资方的要求;

 

		(1)	Complete the due diligence (commerce, laws and finance)
of the target company and its subsidiary to the investor’s satisfactory and the investigation result accords with the requirement
of the investor.

 

		(2)	投资方获得必要内部批准以及履行了上市公司公告程序(如适用);

 

		(2)	The investor acquires the necessary internal approval and
performs the announcement procedure of listed companies (if applicable).

 

		(3)	目标公司获得股东会的批准,本次股权转让取得了必要的决议以及其他股东放弃优先购买的声明;

 

		(3)	The target company has obtained the approval from its shareholders
and this equity transfer acquires necessary resolutions and statements of giving up purchase priority by other shareholders.

 

		(4)	本次投资暨股权转让已经获得了外部审批部门的同意;

 

		(4)	This investment and equity transfer has obtained the consent
of external examination and approval departments.

 

    	 	19	 

     

    

  

		(5)	目标公司所有股东已就本次收购签署股权转让协议、公司章程以及其他必要的法律文件;

 

		(5)	All the shareholders of the target company have signed
the equity transfer agreement, articles of association and other necessary legal documents concerning this equity transfer.

 

		(6)	目标公司已经与高级管理人员及核心员工(见附件二、核心员工名单)签署至少三年的劳动合同以及令投资方满意的竞业限制和保密协议。

 

		(6)	The target company has signed a labor contract for at least
three years with senior management and core employees (See Schedule II, and the list of core employees) and the non-compete and
confidentiality agreement to the investor’s satisfaction.

 

		(7)	投资方收到一家声誉良好的评估公司出具的对于目标公司的公允意见,该意见应支持(达到投资方合理的满意度)投资方给予目标公司的投资。

 

		(7)	Investor shall have received a fairness opinion regarding
the target company from a reputable valuation firm, which opinion shall support (to the reasonable satisfaction of the investor)
the investment being made by the investor.

 

 第五条公司治理

 

Article V Company Governance

 

		5.1	各方约定,目标公司股东会会议由股东按照认缴出资比例行使表决权。

 

		5.1	The parties agree that the shareholder shall exercise the
voting right according to the proportion of subscribed capital contribution in the shareholders’ meeting of the target company.

 

    	 	20	 

     

    

  

		5.2	各方约定,交割日后目标公司法定代表人由总经理兼任,并继续由原股东指定的原法定代表人李祥龙担任。但目标公司的执行董事和监事均由投资方重新委派。

 

		5.2	The parties agree that after the delivery date, the legal
representative shall be assumed by the general manager as an additional post and assumed by Xianglong Li, the original legal representative
assigned by the original shareholders. But the executive director and supervisor of the target company shall be reassigned by
the investor,

 

		5.3	各方约定,交割日后目标公司章程中,除了公司法要求必须经过2/3以上股东表决通过事项外,其余均应为简单多数通过。

 

		5.4	The parties agree that after the delivery date, in the
articles of association of the target company, except for matters that must be approved by more than 2/3 shareholders’ voting
required by the company act, the remainders shall be passed by a simple majority.

 

		5.5	各方约定,目标公司新增注册资本时,股东有权优先按照出资比例认缴新增注册资本。

 

		5.5	The parties agree that when the target company increases
the registered capital, the shareholder shall have priority right to subscribe for the new registered capital in accordance with.

 

 第六条费用

 

Article VI Expenses

 

		6.1	本协议项下,因股权转让所产生的需缴纳的相关税费由各方各自依法自行承担。

 

		6.1	Under this agreement, relevant expenses of taxation to
be paid incurred by the equity transfer shall be borne by each party respectively in accordance with laws.

 

		6.2	办理工商变更登记或备案手续所需费用由目标公司承担。

 

		6.2	The expenses for handing the procedures for industrial
and commercial registration of changes or for recording shall be borne by the target company.

 

    	 	21	 

     

    

  

		6.3	如果因任何一方的过错造成投资失败,或没有合理理由单方面退出协议项下的交易导致股权转让无法完成,则该过错方或退出方须承担投资方交易费用,包括但不限于法律文件的费用、尽职调查费用和其他与本次交易有关的费用。

 

		6.3	If the investment fails due to the fault of either party,
or the equity transfer cannot be completed due to the unilateral withdrawal of either party from the transaction under this agreement
without reasonable reason, the party in fault or withdrawing party shall bear the expenses of transaction of the investor, including
but not limited to expenses of legal documents, due diligence and others related to this transaction.

 

 第七条保密

 

Article VII Confidentiality

 

		7.1	保密

 

		7.1	Confidentiality

 

		7.1.1	在本协议有效期内,各方应:

 

		7.1.1	Within the validity of this agreement, the parties shall:

 

		(1)	对于保密信息恪守保密义务。不得将保密信息用于履行本协议之外的目的;

 

		(1)	Observe confidentiality obligations for confidential information.
Not use the confidential information for any purpose other than performing this agreement.

 

    	 	22	 

     

    

  

		(2)	本保密条款的效力及于各方的雇员、董事、股东、顾问、代理人或其他代表等任何受本协议约束的法人和自然人。如果该等法人或自然人违反本保密条款,由相关一方向其他方承担违约责任。

 

		(2)	The effect of this confidential clause involves any legal
person and natural person subject to this agreement including the employees, directors, counselors, agents or other representatives
of each party. Where such legal person or natural person violates the provisions of the confidentiality clause, the relevant party
shall be liable for breach of contract to the other party.

 

		7.1.2	上文第7.1.1项的规定不适用于以下的信息:

 

		7.1.2	The specifications of Article 7.1.1 above shall not apply
to the following information:

 

		(1)	有书面记录可以证实在其他方披露有关信息前,获取方已知悉的信息;

 

		(1)	Information has been learnt by the receiving party before
other party discloses relevant information which can be verified by written records.

 

		(2)	并非由于获取方违反本协议的规定而已经是或已经变成公开的信息;

 

		(2)	Information that has been or has become public not due
to violation of the provisions of this agreement by the receiving party.

 

		(3)	获取方根据中国法律和/或美国法律的规定被要求披露的,或任何证券监管机关或证券交易所或市场要求披露的信息;在该等情况下,获取方应在合理范围内向相关方提供拟披露的保密信息;

 

		(3)	In accordance with the regulations of Chinese or United
States laws (including the rules and regulations of the U.S. Securities and Exchange Commission), or required by any securities
regulation authority or stock exchange or market, or pursuant to any judicial or administrative proceeding in China or the United
States,.

 

    	 	23	 

     

    

  

		(4)	获取方在未参照任何保密信息的前提下独立开发的信息。

 

		(4)	Information developed independently without reference to
any confidential information by the receiving party.

 

		7.1.3	各方应为其本身制订、并促使目标公司制订有关规章制度,以使其本身及各自关联公司的董事、高级职员及其他雇员遵守本第七条所列明的保密义务。

 

		7.1.3	The parties shall formulate for themselves and impel the
target company to formulate relevant rules and regulations so as to enable themselves and the director, officer and other employees
of their affiliated companies respectively to conform to the confidential obligation stipulated in Article VII.

 

		7.1.4	各方应对任何一方因违反本第七条的任何规定而遭受的损害赔偿负责。

 

		7.1.4	The parties shall be liable for damages suffered by either
party in violation of any provision of Article VII.

 

		7.2	就保密信息而言,本第七条及本协议规定的权利和义务应继续有效至本协议终止之日起五(5)年。

 

		7.2	Concerning the confidential information, the rights and
obligations stipulated in Article VII and this agreement shall continue to be effect until five (5) years after this agreement
terminates.

 

    	 	24	 

     

    

  

 第八条不可抗力

 

Article VIII Force Majeure

 

		8.1	不可抗力

 

		8.1	Force majeure

 

		8.1.1	如果发生不可抗力事件,在各方由于该事件而不能履行其根据本协议所承担的义务的情况下,该等协议义务在不可抗力引起的延误期间内应中止履行,并应自动延期,且不受惩罚,延长的时间应与中止期间相等。声称受不可抗力影响的一方应及时以书面形式通知其他方,并提供证实声称遭遇不可抗力的适当及合理的证明(在适当情况下应经过核实或公证)。声称受不可抗力影响的一方还须尽一切合理的努力避免不可抗力的影响。

 

		8.1.1	In case of force majeure events occur, on condition that
the parties can’t perform their obligations in accordance with this agreement due to such events, the performance of such
obligations under this agreement shall be suspended during the delay period caused by the force majeure and shall be automatically
postponed without punishment, and the extended time shall be equal to the suspension time. The party claiming to be affected by
force majeure shall timely notify other parties in writing, and provide proper and reasonable proof (in proper conditions it shall
be verified or notarized) that verifies the claim of being affected by force majeure. Such party shall also make all reasonable
efforts to avoid the impact of force majeure.

 

		8.1.2	在发生不可抗力事件的情况下,各方应立即互相协商以寻找一个适当的解决方案并应尽一切合理的努力尽量减轻该不可抗力所造成的后果。

 

		8.1.2	In the event of force majeure events, the parties shall
timely negotiate with each other to find a proper solution and make all their reasonable efforts to minimize the consequences
of the force majeure.

 

    	 	25	 

     

    

  

 第九条违约责任

 

Article VX Liability for Breach of Contract

 

		9.1	如果本协议一方违反本协议中的任何义务、保证或承诺造成本协议之不履行或本协议无法继续履行的,违约方应就其造成的损失(包括合理的律师费用、诉讼费、保险保全费、调查取证费等)对其他方进行赔偿。若各方均违反协议,则每一违约方应承担各自违反协议的责任。

 

		9.1	In case that one party of this agreement violates any obligation,
warranty or commitment under this agreement and cause the nonperformance of this agreement and inability to continue perform this
agreement, the default party shall indemnify the other parties in terms of the losses (including reasonable attorney’s fee,
litigation cost, insurance and protection fee and investigation fee for obtaining evidence, etc.) caused by it. Where each party
violates the provisions hereof, each party shall bear its own liability for such breach of the agreement.

 

		9.2	未行使、延迟行使、单独或部分行使本协议或法律规定的某项权利并不构成对该项权利或其他权利的放弃。

 

		9.2	Failure, delayed exercise, individual or partial exercise
of a right specified in this agreement or laws does not constitute the waiver of this right or other rights.

 

 第十条协议的变更及终止

 

Article X Amendment and Termination of
the Agreement

 

		10.1	本协议签订后各方不得任意变更或解除,否则视为违约,违约方应承担由此产生的所有经济和法律责任。

 

		10.1	Upon execution of this agreement, the parties shall not
arbitrarily change or terminate it, otherwise it shall be regarded as a breach of this agreement, and the breaching party shall
bear all the economic and legal responsibilities arising therefrom.

 

    	 	26	 

     

    

  

		10.2	在以下情况下,本协议终止:

 

		10.2	Under the following circumstances, this agreement terminates:

 

		(1)	各方协商一致解除本合同的;

 

		(1)	The parties terminate this contract through mutual
agreement.

 

		(2)	各方已依照约定履行完毕本协议项下的权利义务;

 

		(2)	The parties have completed performance of the rights
and obligations under this agreement in accordance with conventions.

 

		(3)	本协议第四条约定的先决条件在2018年12月31日前仍未得到全部满足或被投资方依约豁免,投资方有权书面通知其他方解除本协议并不承担任何违约责任。但由于部分先决条件尚处在行政审批状态,导致先决条件未能按时全部满足的情况,上述期限可以相对延长。

 

		(3)	If the prerequisites of Article IV herein have not
been fully satisfied before December 31, 2018 or are waived by the investor in accordance with the agreement, the investor shall
be entitled to notify other parties of terminating this agreement and will not bear any liability for breach of contract. Nevertheless,
if partial prerequisites are still under administrative approval, which causes the situation that the prerequisites are not fully
met, the above period can be correspondingly postponed.

 

		10.3	凡因本协议终止或解除的,目标公司应自本协议终止或解除之日起3日内将已收款项返还给投资方,并按照同期银行贷款利率(以当日美元对人民币汇率计算)向投资方支付利息(计算期间自投资转款之日至投资方实际收到返还款项之日止)。

 

		10.3	In case of termination or rescission of this agreement,
the target company shall return the received money to the investor and pay the interests (the calculation period is from the date
of transferring payment by the investor to the date of returned money actually received by the investor) according to the bank
lending rate for the same period (calculated as per the exchange rate of US dollars against RMB on that day) to the investor within
3 days from the date of termination or rescission of this agreement.

 

    	 	27	 

     

    

  

 第十一条争议的解决

 

Article XI Dispute Resolution

 

		11.1	如各方因本协议产生任何争议,包括关于本协议的存在、有效性或终止的任何争议(“争议”),各方应首先努力通过善意的相互协商来解决争议,且任何一方可在任何时候向其他方发出要求进行协商并说明争议性质的书面通知。如争议未在一方根据本条的规定发出通知后四十五天内以此种方式解决,则任何一方可将争议提交中国国际经济贸易仲裁委员会总会进行仲裁。仲裁地点为北京,并应按照该会届时有效的仲裁规则进行。

 

		11.1	In the event any dispute arises due to this agreement by
the parties, including disputes about the existence, validity or termination of this agreement (“dispute”),
the parties shall first settle disputes through friendly consultation with efforts, and any party may at any time give a written
notice to other parties that requires consultation and states nature of the dispute. If the dispute is not settled within forty
five days after one party gives a notice in accordance with the regulations of this article in such this means, any party may
submit the dispute to China International Economic and Trade Arbitration Commission for arbitration. The place of arbitration
is Beijing, and it shall be conducted in accordance with the effective arbitration rules of this commission whereupon.

 

		11.2	仲裁语言为中文。

 

		11.2	The language for arbitration shall be Chinese.

 

		11.3	仲裁庭作出的裁决为终局裁决并对各方具有约束力。各方同意接受裁决的约束并且同意相应地执行裁决。

 

		11.3	The award made by the arbitral tribunal shall be final
award and binding upon all parties. The parties agree to accept the constraints of the award and agree to implement the award
accordingly.

 

    	 	28	 

     

    

  

		11.4	在仲裁过程中,除各方有争议正在进行仲裁的部分以及本协议约定的终止情形外,各方应继续履行本协议中的其他条款。

 

		11.4	During the arbitration, except for the part under arbitration
in dispute and the termination of this agreement agreed, the parties shall continue to perform other terms of this agreement.

 

 第十二条适用法律

 

Article XII Applicable Laws

 

		12.1	本协议的订立、生效、效力、解释和履行及与本协议有关的一切情事均适用中国法律。

 

		12.1	The formation, entry into force, effect, interpretation
and performance of this agreement and everything related to this agreement shall be governed by Chinese laws.

 

		12.2	如果因本协议生效后颁布新的中国法律、条例或规定,或因为现有的中国法律、条例或规定的修改、解释或实施方式,而使任何一方的经济利益受到不利的重大影响,则各方应迅速互相协商并尽其最大努力实施必要的调整,以维持各方从本协议获得的经济利益尽可能不低于新的法律、条例或规定未颁布、未修改或未作出解释或实施时所获得的经济利益。

 

		12.2	In case that new Chinese laws, regulations or specifications
are promulgated after this agreement takes effect, or due to the amendment, interpretation or enforcement modes of the existing
Chinese laws, regulations or specifications, the economic benefits of any party are adversely affected by significant consequences,
the parties shall rapidly negotiate and try their best to perform necessary adjustment so as to maintain that the economic benefits
obtained from this agreement of the parties are no less than these obtained when the new laws, regulations or specifications are
not promulgated, amended or interpreted or implemented as far as possible.

 

    	 	29	 

     

    

  

		12.3	如果因本协议生效后颁布新的中国法律、条例或规定,或因为现有的中国法律、条例或规定的修改、解释或实施方式,而使目标公司因此可能取得比本协议所规定的更大利益时,则各方应迅速互相协商并尽其最大努力实施必要的调整,以使目标公司能获得上述利益。

 

		12.3	In case that new Chinese laws, regulations or specifications
are promulgated after this agreement takes effect, or due to the amendment, interpretation or implementation means of the existing
Chinese laws, regulations or specifications, the economic benefits obtained by the target company might be larger than that stipulated
herein, the parties shall rapidly negotiate and try their best to perform necessary adjustment so as to enable the target company
to obtain the above benefits.

 

 第十三条附则

 

Article XIII Supplementary Provisions

 

		13.1	不放弃权利

 

		13.1	No waiver

 

任何一方未能行使或延迟行使本协议或其附件项下的任何权利、权力或特权不应视作放弃该权利、权力或特权;任何单一或部分行使该权利、权力或特权亦不应妨害日后进一步行使该权利、权力或特权。

 

Failure or delay of any party
to exercise any right, power or privilege under this agreement or its schedule shall not be deemed as a waiver of such right, power
or privilege. Any single or partial exercise of the right, power or privilege shall not impair future exercise of such right, power
or privilege in the future.

 

    	 	30	 

     

    

  

		13.2	约束力

 

		13.2	Constraint force

 

如本协议任何内容需要修订或补充,须经各方代表签署书面文件方可进行。

 

If any revision or supplementary
to any content of this agreement is required, it shall be conducted after representatives of all parties sign a written document.

 

		13.3	可分割性

 

		13.3	Severability

 

如果根据任何中国法律本协议所列的任何一个或多个条款在任何方面无效、不合法或不可执行,本协议所列的其余条款的效力、合法性和可执行性不应在任何方面受到影响或损害。

 

If any one
or more clauses covered in this agreement in accordance with Chinese laws are invalid, illegal or unenforceable regarding to any
aspect, the effect, validity and enforceability of the remaining provisions contained herein shall not be affected or damaged in
any respects.

 

		13.4	语言

 

		13.4	Language

 

本协议以中文签订,一式伍(5)份,各方各持壹(1)份。

 

This agreement
is written in Chinese, in quintuplicate, each party holding one (1) copy.

 

		13.5	效力和全部协议

 

		13.5	Effect and entire agreement

 

    	 	31	 

     

    

  

本协议自各方签署及盖章之日起生效,其任何修改须经各方另行签署补充协议方能生效。本协议一经生效,所交付的本协议即构成本协议各方之间有关本协议主题事项的全部协议,并取代各方之间有关本协议主题事项的所有原来的口头或书面的协议和谅解备忘录。

 

This agreement
takes effect upon the date of signature and sealing by all the parties, and any revision of it shall take effect through separately
signing a supplementary agreement by them. Once it comes into force, the agreement delivered shall constitute the entire agreement
concerning the subject matter among the parties herein, and replace all the original oral or written agreement or memorandum of
understanding concerning the subject matter of this agreement among the parties.

 

		13.6	宣传

 

		13.6	Publicity

 

各方应保证就目标公司及其业务发布的新闻、公告、广告或其他宣传应真实、准确,且应遵守本协议中关于保密义务的规定。

 

The parties
shall guarantee that the news, announcement, advertisement and other publicity concerning the target company and its business is
true and accurate and conform to the provisions on confidential obligations in this agreement.

 

		13.7	本协议与目标公司章程不一致之处,以本协议为准。

 

		13.7	For the inconformity between this agreement and the articles
of association of the target company, this agreement shall prevail.

 

本协议每一方已促使其正式授权代表于文件首页载明的日期签署本协议,以资证明。

 

This is hereby to certify that each party
of this agreement has promoted its formal authorized representative signing this agreement on the date specified on the first page
of the document.

 

    	 	32	 

     

    

  

(本页无正文,为《湖南瑞僖融资租赁有限公司投资协议》的签署页)

 

(This page is intentionally left blank, and
is the signature page of Investment Agreement of Hunan Ruixi Financial Leasing Co., Ltd.)

 

甲方:美国森淼科技
(盖章)

 

Party A: Senmiao Technology Limited (sealed)

 

	签字:	日期:
	 	 
	Signature: /s/ Xi Wen  	Date: November 21, 2018

 

乙方:湖南瑞僖融资租赁有限公司(盖章)

 

Party B: Hunan Ruixi Financial Leasing
Co., Ltd. (sealed)

 

[Corporate seal affixed herein]

 

	签字:	日期:
	 	 
	Signature: /s/ Xianglong Li	Date: November 21, 2018

 

丙方:湖南瑞品文化产业有限公司(盖章)

 

Party C: Hunan Ruipin Cultural Industry
Co., Ltd. (sealed)

 

[Corporate seal affixed herein]

 

	签字:	日期:
	 	 
	Signature: /s/ Qiumei Zeng  	Date: November 21, 2018

 

丁方:绿之韵国际集团(东南亚)股份有限公司(盖章)

 

Party D: Luziyun International Group (Southeast
Asia) Company Limited (sealed)

 

[Corporate seal affixed herein]

 

	签字:	日期:
	 	 
	Signature: /s/ Junan Hu  	Date: November 21, 2018

 

    	 	33	 

     

    

  

戊方:成都小猴信息科技有限公司(盖章)

 

Party E: Chengdu Little Monkey Information
and Technology Co., Ltd. (sealed)

 

[Corporate seal affixed herein]

 

	签字:	日期:
	 	 
	Signature: /s/ Wei Zhao	Date: November 21, 2018

 

    	 	34

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