Document:

MSCI Independent Directors' Equity Compensation Plan

 Exhibit 10.16 
 MSCI 
 INDEPENDENT DIRECTORS’ EQUITY COMPENSATION PLAN 
 Section 1. Purpose 
 MSCI Inc., a Delaware
corporation, which is registered to do business in New York as NY MSCI Inc. (the “Company”), hereby adopts the MSCI Independent Directors’ Equity Compensation Plan (the “Plan”). The
purpose of the Plan is to promote the long-term growth and financial success of the Company by attracting, motivating and retaining independent directors of outstanding ability and assisting the Company in promoting a greater identity of interest
between the Company’s independent directors and its stockholders. 
 Capitalized terms used herein without definition have the meanings
ascribed thereto in Section 20. 
 Section 2. Eligibility 
 Only directors of the Company who are not employees of the Company or Morgan Stanley or any of their affiliates (the “Eligible Directors”) shall participate in the Plan. 
 Section 3. Plan Operation 
 (a)
Administration. The Plan requires no discretionary action by any administrative body with regard to any transaction under the Plan. To the extent, if any, that questions of administration arise, these shall be resolved by the Board. To the
extent legally permitted, the Board may, in its discretion, delegate to the Chief Financial Officer, the Chief Legal Officer, the Secretary of the Company or to one or more officers of the Company any or all authority and responsibility to act with
respect to administrative matters with respect to the Plan. All references to the “Plan Administrator” in the Plan shall refer to the Board, or the Chief Financial Officer, the Chief Legal Officer, the Secretary or to one or
more officers of the Company if the Board has delegated its authority pursuant to this Section 3(a). The determination of the Plan Administrator on all matters within their authority relating to the Plan shall be conclusive. 
 (b) No Liability. The Plan Administrator shall not be liable for any action or determination made in good faith with respect to the Plan or any
award hereunder, and the Company shall indemnify and hold harmless the Plan Administrator from all losses and expenses (including reasonable attorneys’ fees) arising from the assertion or judicial determination of any such liability.

 Section 4. Shares of Stock Subject to the Plan 
 (a) Stock. Awards under the Plan shall relate to shares of Stock. 
 (b) Shares Available for
Awards. Subject to Section 4(c) (relating to adjustments upon changes in capitalization), as of any date, the total number of authorized shares of Stock with respect to which awards may be granted under the Plan shall be equal to the excess
(if any) of (i) 500,000 shares over (ii) the sum of (a) the number of shares subject to outstanding awards 

 
granted under the Plan and (b) the number of shares previously issued pursuant to the Plan. For purposes of clarification, any Stock granted to Eligible
Directors under the Plan in connection with Section 8 shall not reduce the total number of authorized shares of Stock with respect to which awards may be granted under the Plan. In accordance with (and without limitation upon) the preceding
sentence, shares of Stock covered by awards granted under the Plan that are canceled or expire unexercised shall again become available for awards under the Plan. Shares of Stock that shall be issuable pursuant to the awards granted under the Plan
shall be authorized and unissued shares, treasury shares or shares of Stock purchased by, or on behalf of, the Company in open-market transactions. 
 (c) Adjustments. In the event of any merger, reorganization, recapitalization, consolidation, sale or other distribution of substantially all of the assets of the Company, any stock dividend, split, spin-off, split-up, split-off,
distribution of cash, securities or other property by the Company, or other change in the Company’s corporate structure affecting the Stock, then the following shall be automatically adjusted in order to prevent dilution or enlargement of the
benefits or potential benefits intended to be awarded under the Plan: 
 (i) the aggregate number of shares of Stock reserved
for issuance under the Plan; 
 (ii) the number and, if applicable, type of shares of Stock subject to outstanding awards; or

 (iii) the number of Stock Units granted pursuant to Section 5(a) of the Plan or pursuant to any other automatic awards
that may be provided for under the Plan in the future. 
 (d) Types of Award. The Company’s stockholders approved the Plan on
[            ]. The types of award authorized by the stockholders under the Plan are Stock Units and shares of Stock awarded at an Eligible Director’s election pursuant to
Section 8. 
 Section 5. Annual Awards of Stock Units 
 (a) Awards Granted. 
 (i) IPO Award. If a person is elected, appointed or
otherwise becomes an Eligible Director on or prior to the IPO Effective Date, such Eligible Director will be granted a number of Stock Units equal to the number obtained by dividing $50,000 by the IPO Price on the IPO Effective Date. 
 (ii) Prorated IPO Award. If a person is elected, appointed or otherwise becomes an Eligible Director after the IPO Effective Date
but prior to the first Annual Meeting, such Eligible Director will be granted a number of Stock Units equal to the number obtained by dividing $50,000 by the Fair Market Value of a share of Stock on the date such person becomes an Eligible Director
(the “Full Grant Number”) adjusted on a pro rata basis by multiplying such Full Grant Number by a fraction where the numerator is the number of days between the date that such person becomes an Eligible Director and
May 1, 2008 and the denominator is 365, and such award will be granted on the date such person becomes an Eligible Director. 
  

 2 

 (iii) Annual Award. On the date of each Annual Meeting, each Eligible Director
will be granted a number of Stock Units equal to the number obtained by dividing $50,000 by the Fair Market Value of a share of Stock on the date of the Annual Meeting. 
 (iv) Prorated Annual Award. If a person is elected, appointed or otherwise becomes an Eligible Director after the first Annual
Meeting and at a time other than any Annual Meeting, such Eligible Director will be granted a number of Stock Units equal to the Full Grant Number adjusted on a pro rata basis by multiplying such Full Grant Number by a fraction where the
numerator is 365 minus the number of days between the date of the last Annual Meeting and the date that such person becomes an Eligible Director and the denominator is 365, and such award will be granted on the date such person becomes an
Eligible Director. 
 (b) Agreements. Each Stock Unit granted pursuant to this Section 5 shall be evidenced by an agreement in
such form as the Board prescribes from time to time and shall comply with the following terms and conditions: 
 (i)
Restriction Period. Stock Units granted pursuant to Section 5(a)(i) or 5(a)(ii) shall be subject to a restriction period whereby 100% of such units shall vest on May 1, 2008. Stock Units granted pursuant to Section 5(a)(iii) or
5(a)(iv) shall be subject to a restriction period whereby 100% of such units shall vest on the first anniversary of the grant date. Notwithstanding the foregoing, the Board, in its discretion, may specify in the agreement circumstances under which
the award shall become immediately transferable and nonforfeitable or under which the award shall be forfeited. 
 (ii)
Rights and Provisions Applicable to Stock Units. The agreement relating to a Stock Unit shall specify whether the holder thereof shall be entitled to receive, on a current or deferred basis, dividend equivalents, or the deemed reinvestment of
any deferred dividend equivalents, with respect to the number of shares of Stock subject to such award. Prior to the settlement of a Stock Unit, the holder thereof shall not have any rights as a stockholder of the Company with respect to the shares
of Stock subject to such award, except to the extent that the Board, in its sole discretion, may grant dividend equivalents on Stock Units which are settled in shares of Stock. No shares of Stock and no certificates or other indicia of ownership
representing shares of Stock that are subject to a Stock Unit shall be issued upon the grant of a Stock Unit. Instead, shares of Stock subject to Stock Units and the certificates or other indicia of ownership representing such shares of Stock shall
be distributed only at the time of settlement of such Stock Units in accordance with the terms and conditions of this Plan and the agreements relating to such Stock Units. 
  

 3 

 (c) Limitation on Transfer. Stock Units may not be sold, transferred, pledged, assigned or
otherwise conveyed by an Eligible Director, unless as otherwise provided for by the Board. 
 (d) Deferral of Awards. Each Eligible
Director may elect to defer an award of Stock Units in accordance with Section 6. 
 Section 6. Deferral Elections 
 The Board may permit the deferral of any Retainer or award granted under this Plan, subject to the rules and procedures as it may establish, in accordance
with the requirements of Section 409A of the Internal Revenue Code of 1986, as amended, (the “Code”) or other applicable law, and which may include provisions for the payment or crediting of dividend equivalents,
on a current or deferred basis, or the deemed reinvestment of any deferred dividend equivalents, with respect to the number of shares of Stock subject to such award. The Board shall set forth in writing (which may be in electronic form), on or
before the date the applicable deferral election is required to be irrevocable in order to meet the requirements of Section 409A, the conditions under which such election may be made. 
 Section 7. Retainers 
 Each Eligible Director
shall be eligible to receive a cash Retainer, as established by the Board, from time to time. 
 Section 8. Election to Receive Stock 

(a) Election. An Eligible Director may make a Stock Election to receive all or part of any or all of such Eligible Director’s Retainers in
shares of Stock by submitting a Stock Election Form to the Secretary indicating the Stock Amount. A Stock Election Form shall be effective only with respect to Retainers payable after the date on which the Secretary receives the Stock Election Form.
Each Stock Election, once made, shall be irrevocable. Notwithstanding the foregoing, a Stock Election may be superseded with respect to future payments of an Eligible Director’s Retainers by submitting a new Stock Election Form to the
Secretary. 
 (b) Payment in Stock. As of each Retainer Payment Date, an Eligible Director who has made a Stock Election will receive,
in lieu of the Retainer elected to be received in Stock, a whole number of shares of Stock (but not fractional shares) determined by dividing: 
 (i) the amount of the Retainer that is payable to the Eligible Director on the applicable Retainer Payment Date and is subject to a Stock Election; by 
 (ii) the Fair Market Value of a share of Stock on such Retainer Payment Date. 
 In no circumstances shall an Eligible Director be entitled to receive, or shall the Company have any obligation to issue to the Eligible Director, any fractional share
of Stock. In lieu of any fractional share of Stock, the Eligible Director shall be entitled to receive, and the Company shall be obligated to pay to such Eligible Director, cash equal to the value of any fractional share of Stock (determined by
using the Fair Market Value of a share of Stock on such Retainer Payment Date). 
  

 4 

 Section 9. Fair Market Value 
 “Fair Market Value” shall mean, with respect to each share of Stock for any day: 
 (a) on the IPQ Effective Date, the IPQ Price; 
 (b) if the Stock is listed on any established exchange or a national market system
(including without limitation The Nasdaq National Market or The Nasdaq Small Cap Market of The Nasdaq Stock Market) (such exchange or system, a “Qualified Exchange”), its Fair Market Value shall be the closing sales price for
the Stock (or the closing bid, if no sales were reported) as quoted on such Qualified Exchange for the last market trading day prior to the time of determination, as reported in The Wall Street Journal or such other source as the Board deems
reliable; 
 (c) if the Stock is regularly quoted by a recognized securities dealer but selling prices are not reported, its Fair Market
Value shall be the mean between the high bid and low asked prices for the Stock on the last market trading day prior to the day of determination; or 
 (d) in the absence of an established market for the Stock, its Fair Market Value shall be determined in good faith by the Board. 
 Section 10. Issuance of Stock 
 (a) Restrictions on Transferability. All shares of Stock delivered under the Plan
shall be subject to such stop-transfer orders and other restrictions as the Company may deem advisable or legally necessary under any laws, statutes, rules, regulations and other legal requirements, including, without limitation, those of any stock
exchange upon which the Stock is then listed and any applicable federal, state or foreign securities law. 
 (b) Compliance with Laws.
Anything to the contrary herein notwithstanding, the Company shall not be required to issue any shares of Stock under the Plan if, in the opinion of legal counsel to the Company, the issuance and delivery of such shares would constitute a violation
by the Eligible Director or the Company of any applicable law or regulation of any governmental authority, including, without limitation, federal and state securities laws, or the regulations of any stock exchanges on which the Company’s
securities may then be listed. 
 Section 11. Plan Amendments and Termination 
 The Board may suspend or terminate the Plan at any time, in whole or in part. Termination of the Plan shall not adversely affect the rights of Eligible
Directors with respect to outstanding awards granted pursuant to the Plan. 
 The Board may also alter, amend or modify the Plan at any time.
These amendments may include (but are not limited to) changes that the Board considers necessary or advisable as a result of changes in, or the adoption or interpretation of, any law, regulation, ruling, judicial decision or accounting standards
(collectively, “Legal Requirements”). The 

  

 5 

 
Board may not amend or modify the Plan in a manner that would materially impair an Eligible Director’s rights in any outstanding award without the
Eligible Director’s consent; provided, however, that the Board may, without an Eligible Director’s consent, amend or modify the Plan in any manner that it considers necessary or advisable to comply with any Legal Requirement or to
ensure that awards granted pursuant to the Plan are not subject to federal, state or local income tax prior to payment. 
 Notwithstanding
the foregoing, if any provision of this Plan would, in the reasonable, good faith judgment of the Company, result in or likely result in the imposition on any Eligible Director or any other person of any tax, interest or penalty under
Section 409A of the Internal Revenue Code of 1986, as amended, the Company may reform this Plan or any provision hereof, without the consent of any Eligible Director, in the manner that the Company reasonably and in good faith determines to be
necessary or advisable to avoid the imposition of such tax, interest or penalty; provided, however, that any such reformation shall, to the maximum extent the Company reasonably and in good faith determines to be possible, retain the economic
and tax benefits to the Eligible Directors hereunder while not materially increasing the cost to the Company of providing such benefits to the Eligible Directors. 
 Section 12. Listing, Registration and Legal Compliance 
 If the Plan Administrator or the Board shall at any time
determine that any Consent (as hereinafter defined) is necessary or desirable as a condition of, or in connection with, the granting of any award under the Plan, the issuance or purchase of shares or other rights hereunder or the taking of any other
action hereunder (each such action being hereinafter referred to as a “Plan Action”), then such Plan Action shall not be taken, in whole or in part, unless and until such Consent shall have been effected or obtained. The term
“Consent” as used herein with respect to any Plan Action means (i) the listing, registrations or qualifications in respect thereof upon any securities exchange or under any foreign, federal, state or local law, rule or
regulation, (ii) any and all consents, clearances and approvals in respect of a Plan Action by any governmental or other regulatory bodies, or (iii) any and all written agreements and representations by an Eligible Director with respect to
the disposition of Stock or with respect to any other matter, which the Plan Administrator or the Board shall deem necessary or desirable in order to comply with the terms of any such listing, registration or qualification or to obtain an exemption
from the requirement that any such listing, qualification or registration be made. 
 Section 13. Right Reserved 
 Nothing in the Plan shall confer upon any Eligible Director the right to continue as a director of the Company or affect any right that the Company or any
Eligible Director may have to terminate the service of such Eligible Director. 
 Section 14. Rights as a Stockholder 
 An Eligible Director shall not, by reason of any Stock Unit or any other award hereunder, have any rights as a stockholder of the Company until Stock has
been issued to such Eligible Director. 
  

 6 

 Section 15. Unfunded Plan 
 The Plan shall be unfunded and shall not create (or be construed to create) a trust or a separate fund or funds. The Plan shall not establish any fiduciary relationship between the Company and any Eligible Director or
other person. To the extent any person holds any rights by virtue of a pending grant or deferral under the Plan, such rights shall be no greater than the rights of an unsecured general creditor of the Company. 
 Section 16. Governing Law 
 The Plan is deemed
adopted, made and delivered in New York and shall be governed by the laws of the State of New York applicable to agreements made and to be performed entirely within such state. 
 Section 17. Severability 
 If any part of the Plan is declared by any court or governmental
authority to be unlawful or invalid, such unlawfulness or invalidity shall not invalidate any portion of the Plan not declared to be unlawful or invalid. Any Section or part of a Section so declared to be unlawful or invalid shall, if possible, be
construed in a manner that will give effect to the terms of such Section or part of a Section to the fullest extent possible while remaining lawful and valid. 
 Section 18. Notices 
 All notices and other communications hereunder shall be given in writing and shall be deemed given
when personally delivered against receipt or five days after having been mailed by registered or certified mail, postage prepaid, return receipt requested, addressed as follows: (a) if to the Company: MSCI, Wall Street Plaza, 88 Pine Street,
New York, NY 10005, Attention: Global Head of Human Resources; and (b) if to an Eligible Director, at the Eligible Director’s principal residential address last furnished to the Company. Either party may, by notice, change the address to
which notice to such party is to be given. 
 Section 19. Section Headings 
 The Section headings contained herein are for the purposes of convenience only and are not intended to define or limit the contents of said Sections.

 Section 20. Definitions 
 As used
in the Plan, the following terms shall have the meanings indicated below: 
 “Annual Meeting” means an annual meeting
of the Company’s stockholders.  
 “Board” means the board of directors of the Company.

 “Company” has the meaning set forth in Section 1. 
 “Consent” has the meaning set forth in Section 12. 
 “Eligible Directors” has the meaning set forth in Section 2. 
  

 7MSCI Equity Incentive Compensation Plan for Stock Units

 Exhibit 10.17 
 MSCI 
 EQUITY INCENTIVE COMPENSATION PLAN 
 2007 FOUNDERS GRANT AWARD CERTIFICATE 
 FOR STOCK UNITS 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	PAGE
	 SECTION 1
	  	STOCK UNITS GENERALLY.	  	2
	 SECTION 2
	  	VESTING SCHEDULE; CONVERSION; FAILURE TO COMPLY WITH RESTRICTIVE
COVENANTS.	  	2
	 SECTION 3
	  	SIX-MONTH DELAY FOR SPECIFIED EMPLOYEES.	  	3
	 SECTION 4
	  	DIVIDEND EQUIVALENT PAYMENTS.	  	3
	 SECTION 5
	  	DEATH AND DISABILITY.	  	3
	 SECTION 6
	  	INVOLUNTARY TERMINATION BY THE COMPANY.	  	4
	 SECTION 7
	  	GOVERNMENTAL SERVICE TERMINATION.	  	4
	 SECTION 8
	  	CHANGE IN CONTROL AND QUALIFYING TERMINATION.	  	4
	 SECTION 9
	  	TERMINATION OF EMPLOYMENT AND CANCELLATION OF
AWARDS.	  	4
	 SECTION 10
	  	TAX AND OTHER WITHHOLDING OBLIGATIONS.	  	5
	 SECTION 11
	  	SATISFACTION OF OBLIGATIONS.	  	5
	 SECTION 12
	  	NONTRANSFERABILITY.	  	5
	 SECTION 13
	  	DESIGNATION OF A BENEFICIARY.	  	6
	 SECTION 14
	  	OWNERSHIP AND POSSESSION.	  	6
	 SECTION 15
	  	SECURITIES LAW COMPLIANCE MATTERS.	  	6
	 SECTION 16
	  	COMPLIANCE WITH LAWS AND REGULATION.	  	6
	 SECTION 17
	  	No ENTITLEMENTS.	  	7
	 SECTION 18
	  	CONSENTS UNDER LOCAL LAW.	  	7
	 SECTION 19
	  	AWARD MODIFICATION.	  	8
	 SECTION 20
	  	SEVERABILITY.	  	8
	 SECTION 21
	  	SUCCESSORS.	  	8
	 SECTION 22
	  	GOVERNING LAW.	  	8
	 SECTION 23
	  	RULE OF CONSTRUCTION FOR TIMING OF CONVERSION.	  	9
	 SECTION 24
	  	DEFINED TERMS.	  	9

 MSCI 2007 FOUNDERS GRANT AWARD CERTIFICATE 
 FOR STOCK UNITS 
 MSCI has awarded you stock units as an incentive for you to
continue to remain in Employment and provide services to the Company, from the Date of the Award through the Scheduled Vesting Dates, as provided in this Award Certificate. This Award Certificate sets forth the general terms and conditions of your
2007 Founders Grant stock unit award. 
 The number of stock units in your award has been communicated to you separately in a term sheet
delivered to you. If you are employed outside the United States, you will also receive an “International Supplement” that contains supplemental terms and conditions for your 2007 Founders Grant stock unit award. This Award Certificate
should be read in conjunction with the International Supplement, if applicable, in order for you to understand the terms and conditions of your stock unit award. 
 Your stock unit award is made pursuant to the Plan. References to “stock units” in this Award Certificate mean only those stock units included in your 2007 Founders Grant stock unit award, and the terms and
conditions herein apply only to such award. If you receive any other award under the Plan or another equity compensation plan, it will be governed by the terms and conditions of the applicable award documentation, which may be different from those
herein. 
 The purpose of the Founders Grant stock unit award is, among other things, to align your interests with the interests of the
Company and to reward you for your continued Employment and service to the Company in the future. In view of these purposes, you will earn each portion of your 2007 Founders Grant stock unit award only if you remain in continuous Employment through
the applicable Scheduled Vesting Date. 
 Section 409A of the Internal Revenue Code imposes rules relating to the taxation of deferred
compensation, including your 2007 Founders Grant stock unit award. The Company reserves the right to modify the terms of your 2007 Founders Grant stock unit award, including, without limitation, the payment provisions applicable to your stock units,
to the extent necessary or advisable to comply with Section 409A of the Internal Revenue Code. 
 Capitalized terms used in this Award
Certificate that are not defined in the text have the meanings set forth in Section 24 below. Capitalized terms used in this Award Certificate that are not defined in the text or in Section 24 below have the meanings set forth in the MSCI
Equity Incentive Compensation Plan (the “Plan”). 

 Section 1 Stock Units Generally. 
 Each of your stock units corresponds to one share of MSCI class A common stock. A stock unit constitutes an unsecured promise by MSCI to pay you one share
of MSCI class A common stock on the conversion date for the stock unit. As the holder of stock units, you have only the rights of a general unsecured creditor of MSCI. You will not be a stockholder with respect to the shares of MSCI class A common
stock underlying your stock units unless and until your stock units convert to shares. 
 Section 2 Vesting Schedule;
Conversion; Failure to Comply with Restrictive Covenants. 
 (a) Vesting Schedule. Your stock units will vest according to the
following schedule: (i) 50% of your stock units will vest on the First Scheduled Vesting Date, (ii) 25% of your stock units will vest on the Second Scheduled Vesting Date and (iii) the remaining 25% of your stock units will vest on
the Third Scheduled Vesting Date. Any fractional stock units resulting from the application of the vesting schedule will be aggregated and will vest on the First Scheduled Vesting Date. Except as otherwise provided in this Award Certificate, each
portion of your stock units will vest only if you continue to serve the Company by remaining in continuous Employment through the applicable Scheduled Vesting Date. The special vesting terms set forth in Sections 5, 6, 7 and 8 of this Award
Certificate apply (i) if your Employment terminates by reason of your death or Disability, (ii) if the Company terminates your Employment in an involuntary termination under the circumstances described in Section 6, (iii) if your
Employment terminates in a Governmental Service Termination or (iv) if a Change in Control occurs and your Employment terminates in a Qualifying Termination. Vested stock units are subject to any transfer restrictions and cancellation and tax
withholding provisions set forth in this Award Certificate. 
 (b) Conversion. 
 (i) Except as otherwise provided in this Award Certificate, each of your vested stock units will convert to one share of MSCI class A
common stock on the Scheduled Vesting Date. 
 (ii) Shares to which you are entitled upon conversion of stock units under any
provision of this Award certificate shall not be subject to any transfer restrictions, other than those that may arise under the securities laws or the Company’s policies. 
  

 2 

 Section 3 Six-month Delay for Specified Employees. 
 Notwithstanding the other provisions of this Award Certificate, to the extent necessary to comply with Section 409A of the Internal Revenue Code, if
MSCI considers you to be one of its “specified employees” as defined in Section 409A of the Internal Revenue Code at the time of your Separation from Service, your vested stock units will convert to MSCI class A common stock on the
date that is six months after your Separation from Service; provided, however, that to the extent this Section 3 is applicable, in the event that after the date of your termination of Employment, you (i) die or (ii) accept
employment at a Governmental Employer and you provide the Company with satisfactory evidence demonstrating that as a result of such new employment, the divestiture of your continued interest in MSCI equity awards or continued ownership in MSCI class
A common stock is reasonably necessary to avoid the violation of U.S. federal, state or local or foreign ethics law or conflicts of interest law applicable to you at such Governmental Employer, payment will be made immediately. 
 Section 4 Dividend Equivalent Payments. 
 Until your stock units convert to shares, if MSCI pays a regular or ordinary cash dividend on its class A common stock, you will be paid a dividend equivalent in the same amount as the dividend you would have received
if you held shares for your vested and unvested stock units. No dividend equivalents will be paid to you with respect to any canceled stock units. 
 MSCI will decide on the form of payment and may pay dividend equivalents in shares of MSCI class A common stock, in cash or in a combination thereof. MSCI will pay the dividend equivalent when it pays the corresponding dividend on its class
A common stock. 
 Because dividend equivalent payments are considered part of your compensation for income tax purposes, they will be
subject to applicable tax and other withholding obligations. 
 Section 5 Death and Disability. 
 The following special vesting and payment terms apply to your stock units: 
 (a) Termination of Employment due to Death. If your Employment terminates due to death, all of your unvested stock units will immediately vest. Your stock units will convert to shares of MSCI class A common
stock upon your death; provided that MSCI has knowledge of your death within 75 days. Such shares will be delivered to the beneficiary you have designated pursuant to Section 13 or the legal representative of your estate, as applicable.

  

 3 

 (b) Termination of Employment due to Disability. If your Employment terminates due to Disability,
all of your unvested stock units will immediately vest. All of your stock units will convert to shares of MSCI class A common stock on the date your Employment terminates. 
 Section 6 Involuntary Termination by the Company. 
 If the Company terminates your employment under circumstances not involving Cause, your unvested stock units will vest on the date your employment with the Company terminates; provided that you sign an
agreement and release satisfactory to the Company. On that date, your stock units will convert to shares of MSCI class A common stock. 
 Section 7 Governmental Service Termination. 
 If your Employment terminates in a Governmental Service
Termination, then all of your unvested stock units will vest on the date of your Governmental Service Termination. Your vested stock units will convert to shares of MSCI class A common stock on the date of your Governmental Service Termination.

 Section 8 Change in Control and Qualifying Termination. 
 In the event of a Change in Control and the termination of your employment due to a Qualifying Termination, all stock units shall automatically vest and
be converted into shares of MSCI class A common stock on the date of your Qualifying Termination. 
 Section 9 Termination of
Employment and Cancellation of Awards. 
 (a) Cancellation of Unvested Awards. Your unvested stock units will be canceled and
forfeited in full if your Employment terminates for any reason other than under the circumstances set forth in this Award Certificate for Death, Disability, Governmental Service Termination, an involuntary termination by the Company described in
Section 6 or a Qualifying Termination following a Change in Control. 
 (b) General Treatment of Vested Awards. Except as
otherwise provided in this Award Certificate, your vested stock units will convert to shares of MSCI class A common stock on the date they vest. The withholding provisions set forth in this Award Certificate will continue to apply until the later of
(i) the date your stock units convert to shares of MSCI class A common stock or (ii) the date the shares of MSCI class A common stock are delivered. 
  

 4 

 Section 10 Tax and Other Withholding Obligations. 
 Pursuant to rules and procedures that MSCI establishes (including those in Section 11), you may elect to satisfy the tax or other withholding
obligations arising upon conversion of your stock units by having MSCI withhold shares of MSCI class A common stock or by tendering shares of MSCI class A common stock, in each case in an amount sufficient to satisfy the tax or other withholding
obligations. Shares withheld or tendered will be valued using the fair market value of MSCI class A common stock on the later of (i) the date your stock units convert or (ii) the date the shares of MSCI class A common stock are delivered,
using a valuation methodology established by MSCI. 
 In order to comply with applicable accounting standards or the Company’s policies
in effect from time to time, MSCI may limit the amount of shares that you may have withheld or that you may tender. 
 Section 11
Satisfaction of Obligations. 
 Notwithstanding any other provision of this Award Certificate, MSCI shall have such rights of
offset with respect to your stock units as set forth in Section 16(a) of the Plan. 
 Section 12 Nontransferability.

 You may not sell, pledge, hypothecate, assign or otherwise transfer your stock units, other than as provided in Section 13 (which
allows you to designate a beneficiary or beneficiaries in the event of your death) or by will or the laws of descent and distribution or otherwise as provided for by the Committee. This prohibition includes any assignment or other transfer that
purports to occur by operation of law or otherwise. During your lifetime, payments relating to the stock units will be made only to you. 
 Your personal representatives, heirs, legatees, beneficiaries, successors and assigns, and those of MSCI, shall all be bound by, and shall benefit from, the terms and conditions of your award. 
  

 5 

 Section 13 Designation of a Beneficiary. 
 You may make a written designation of beneficiary or beneficiaries to receive all or part of the shares to be paid under this Award Certificate in the
event of your death. To make a beneficiary designation, you must complete and file the form attached hereto as Appendix A with the Company’s Human Resources Department. 
 Any shares that become payable upon your death, and as to which a designation of beneficiary is not in effect, will be distributed to your estate.

 You may replace or revoke your beneficiary designation at any time. If there is any question as to the legal right of any beneficiary to
receive shares under this award, MSCI may determine in its sole discretion to deliver the shares in question to your estate. MSCI’s determination shall be binding and conclusive on all persons and it will have no further liability to anyone
with respect to such shares. 
 Section 14 Ownership and Possession. 
 (a) Generally. Generally, you will not have any rights as a stockholder in the shares of MSCI class A common stock corresponding to your stock
units prior to conversion of your stock units. 
 Prior to conversion of your stock units, however, you will receive dividend equivalent
payments, as set forth in Section 4 of this Award Certificate. 
 (b) Following Conversion. Subject to Section 10, following
conversion of your stock units you will be the beneficial owner of the net shares issued to you, and you will be entitled to all rights of ownership, including voting rights and the right to receive cash or stock dividends or other distributions
paid on the shares. 
 Section 15 Securities Law Compliance Matters. 
 The Administrator may, if it determines it is appropriate, affix any legend to the stock certificates representing shares of MSCI class A common stock
issued upon conversion of your stock units (and any stock certificates that may subsequently be issued in substitution for the original certificates). MSCI may advise the transfer agent to place a stop order against such shares if it determines that
such an order is necessary or advisable. 
 Section 16 Compliance with Laws and Regulation. 
 Any sale, assignment, transfer, pledge, mortgage, encumbrance or other disposition of shares issued upon conversion of your stock units (whether directly

  

 6 

 
or indirectly, whether or not for value, and whether or not voluntary) must be made in compliance with any applicable constitution, rule, regulation, or
policy of any of the exchanges or associations or other institutions with which the Company has membership or other privileges, and any applicable law, or applicable rule or regulation of any governmental agency, self-regulatory organization or
state or federal regulatory body. 
 Section 17 No Entitlements. 
 (a) No Right to Continued Employment. This stock unit award is not an employment agreement, and nothing in this Award Certificate, the
International Supplement, if applicable, or the Plan shall alter your status as an “at-will” employee of the Company or your employment status with a Related Employer. None of this Award Certificate, the International Supplement, if
applicable, or the Plan shall be construed as guaranteeing your Employment or as giving you any right to continue in the employ of the Company or a Related Employer during any period (including without limitation the period between the Date of the
Award and any of the First Scheduled Vesting Date, the Second Scheduled Vesting Date or the Third Scheduled Vesting Date, or any portion of any of these periods), nor shall they be construed as giving you any right to be reemployed by the Company
following any termination of Employment. 
 (b) No Right to Future Awards. This award, and all other awards of stock units and other
equity-based awards, are discretionary. This award does not confer on you any right or entitlement to receive another award of stock units or any other equity-based award at any time in the future or in respect of any future period. 
 (c) No Effect on Future Employment Compensation. MSCI has made this award to you in its sole discretion. This award does not confer on you any
right or entitlement to receive compensation in any specific amount for any future fiscal year, and does not diminish in any way the Company’s discretion to determine the amount, if any, of your compensation. In addition, this award is not part
of your base salary or wages and will not be taken into account in determining any other employment-related rights you may have, such as rights to pension or severance pay. 
 Section 18 Consents under Local Law. 
 Your award is conditioned upon the making of all filings and the receipt of all consents or authorizations required to comply with, or required to be obtained under, applicable local law. 
  

 7 

 Section 19 Award Modification. 
 MSCI reserves the right to modify or amend unilaterally the terms and conditions of your stock units, without first asking your consent, or to waive any
terms and conditions that operate in favor of MSCI. These amendments may include (but are not limited to) changes that MSCI considers necessary or advisable as a result of changes in any, or the adoption of any new, Legal Requirement. MSCI may not
modify your stock units in a manner that would materially impair your rights in your stock units without your consent; provided, however, that MSCI may, without your consent, amend or modify your stock units in any manner that MSCI considers
necessary or advisable to comply with any Legal Requirement or to ensure that your stock units are not subject to United States federal, state or local income tax or any equivalent taxes in territories outside the United States prior to payment.
MSCI will notify you of any amendment of your stock units that affects your rights. Any amendment or waiver of a provision of this Award Certificate (other than any amendment or waiver applicable to all recipients generally), which amendment or
waiver operates in your favor or confers a benefit on you, must be in writing and signed by the Global Head of Human Resources, the Chief Administrative Officer, the Chief Financial Officer or the General Counsel (or if such positions no longer
exist, by the holders of equivalent positions) to be effective. 
 Section 20 Severability. 
 In the event MSCI determines that any provision of this Award Certificate would cause you to be in constructive receipt for United States federal or state
income tax purposes of any portion of your award, then such provision will be considered null and void and this Award Certificate will be construed and enforced as if the provision had not been included in this Award Certificate as of the date such
provision was determined to cause you to be in constructive receipt of any portion of your award. 
 Section 21
Successors. 
 This Award Certificate shall be binding upon and inure to the benefit of any successor or successors of the Company
and any person or persons who shall, upon your death, acquire any rights hereunder in accordance with this Award Certificate or the Plan. 
 Section 22 Governing Law. 
 This Award Certificate and the related legal relations between you and MSCI will be
governed by and construed in accordance with the laws of the State of New York, without regard to any conflicts or choice of law, rule or principle that might otherwise refer the interpretation of the award to the substantive law of another
jurisdiction. 
  

 8 

 Section 23 Rule of Construction for Timing of Conversion. 
 With respect to each provision of this Award Certificate that provides for your stock units to
convert to shares on the Scheduled Vesting Date or upon a different specified event or date, such conversion will be considered to have been timely made, and neither you nor any of your beneficiaries or your estate shall have any claim against the
Company for damages based on a delay in payment, and the Company shall have no liability to you (or to any of your beneficiaries or your estate) in respect of any such delay, as long as payment is made by December 31 of the year in which occurs
the Scheduled Vesting Date or such other specified event or date or if, later, by the 15th day of the third calendar month following such specified
event or date. 
 Section 24 Defined Terms. 
 For purposes of this Award Certificate, the following terms shall have the meanings set forth below: 
 “Board” means the Board of Directors of MSCI. 
 “Cause” means: 
 (a) any act or omission which constitutes a breach of your obligations to the Company or your failure or refusal to perform satisfactorily any duties
reasonably required of you, which breach, failure or refusal (if susceptible to cure) is not corrected (other than failure to correct by reason of your incapacity due to physical or mental illness) within ten (10) business days after written
notification thereof to you by the Company; 
 (b) your commission of any dishonest or fraudulent act, or any other act or omission, which
has caused or may reasonably be expected to cause injury to the interest or business reputation of the Company; or 
 (c) your violation of
any securities, commodities or banking laws, any rules or regulations issued pursuant to such laws, or rules or regulations of any securities or commodities exchange or association of which the Company is a member or of any policy of the Company
relating to compliance with any of the foregoing. 
 A “Change in Control” shall be deemed to have occurred if any of the
following conditions shall have been satisfied: 
 (a) any one person or more than one person acting as a group (as determined
under Section 409A), other than (A) any employee plan established by the Company or any of its Subsidiaries, (B) the Company or any of its affiliates (as defined in Rule 12b-2 promulgated under the Exchange Act), (C) an
underwriter temporarily holding securities pursuant to an offering of such securities, or (D) a corporation owned, directly or indirectly, by stockholders of the Company in substantially the same proportions as their ownership of the Company,
is or becomes, during any 12-month period, the beneficial owner, directly or indirectly, of securities of the Company (not including in the securities beneficially owned by such person(s) any securities acquired directly from the Company or its
affiliates other than in connection with the acquisition by the Company or its affiliates of a business) representing 50% or more of the total voting power of the stock of the Company; provided, however, that the provisions of this subsection
(a) are not intended to apply to or include as a Change in Control any transaction that is specifically excepted from the definition of Change in Control under subsection (c) below; 
  

 9 

 (b) a change in the composition of the Board such that, during any 12-month period, the
individuals who, as of the beginning of such period, constitute the Board (the “Existing Board”) cease for any reason to constitute at least 50% of the Board; provided, however, that any Spin-off of the Company will not
trigger a Change in Control pursuant to this subsection (b); provided, further, that any individual becoming a member of the Board subsequent to the beginning of such period whose election, or nomination for election by the Company’s
stockholders, was approved by a vote of at least a majority of the directors immediately prior to the date of such appointment or election shall be considered as though such individual were a member of the Existing Board; and provided, further,
however, that, notwithstanding the foregoing, no individual whose initial assumption of office occurs as a result of either an actual or threatened election contest (as such terms are used in Rule 14a-11 or Regulation 14A promulgated under the
Exchange Act or successor statutes or rules containing analogous concepts) or other actual or threatened solicitation of proxies or consents by or on behalf of an individual, corporation, partnership, group, associate or other entity or
“person” other than the Board, shall in any event be considered to be a member of the Existing Board; 
 (c) the
consummation of a merger or consolidation of the Company with any other corporation or other entity, or the issuance of voting securities in connection with a merger or consolidation of the Company (or any direct or indirect subsidiary of the
Company) pursuant to 

  

 10 

 
applicable stock exchange requirements; provided that immediately following such merger or consolidation the voting securities of the Company
outstanding immediately prior thereto do not continue to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity of such merger or consolidation or parent entity thereof) 50% or more of the
total voting power of the Company stock (or if the Company is not the surviving entity of such merger or consolidation, 50% or more of the total voting power of the stock of such surviving entity or parent entity thereof); and provided,
further, that a merger or consolidation effected to implement a recapitalization of the Company (or similar transaction) in which no person (as determined under Section 409A) is or becomes the beneficial owner, directly or indirectly, of
securities of the Company (not including in the securities beneficially owned by such person any securities acquired directly from the Company or its affiliates other than in connection with the acquisition by the Company or its affiliates of a
business) representing 50% or more of either the then outstanding shares of the Company common stock or the combined voting power of the Company’s then outstanding voting securities shall not be considered a Change in Control; or 
 (d) the complete liquidation of the Company or the sale or disposition by the Company of all or substantially all of the Company’s
assets in which any one person or more than one person acting as a group (as determined under Section 409A) acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or persons) assets
from the Company that have a total gross fair market value equal to more than 50% of the total gross fair market value of all of the assets of the Company immediately prior to such acquisition or acquisitions. 
 Notwithstanding the foregoing, (1) no Change in Control shall be deemed to have occurred if there is consummated any transaction or series of
integrated transactions immediately following which the record holders of the Company common stock immediately prior to such transaction or series of transactions continue to have substantially the same proportionate ownership in an entity which
owns substantially all of the assets of the Company immediately prior to such transaction or series of transactions and (2) no event or circumstances described in any of clauses (a) through (d) above shall constitute a Change in
Control unless such event or circumstances also constitute a change in the ownership or effective control of the Company, or in the ownership of a substantial portion of the Company’s assets, as defined in Section 409A and the regulations
and guidance thereunder. In addition, no Change in Control shall be 

  

 11 

 
deemed to have occurred upon the acquisition of additional control of the Company by any one person or more than one person acting as a group that is
considered to effectively control the Company. 
 Terms used in the definition of a Change in Control shall be as defined or interpreted pursuant to
Section 409A. 
 “Committee” means the Compensation Committee of the Board, any successor committee thereto or any
other committee of the Board appointed by the Board with the powers of the Committee under the Plan, or any subcommittee appointed by such Committee. 
 “Company” means MSCI and all of its Subsidiaries. 
 “Date of the Award”
means November [            ], 2007. 
 “Disability” means
any condition that would qualify for a benefit under any group long-term disability plan maintained by the Company and applicable to you. 
 “Employed” and “Employment” refer to Employment with the Company and/or Related Employment. 
 “First Scheduled Vesting Date” means November
[            ], 2009.1  
 “Good Reason” means: 
 (a)
As determined by the Compensation Committee or any of its designees, a materially adverse alteration in the employee’s position or in the nature or status of the employee’s responsibilities from those in effect immediately prior to the
Change in Control; or 
 (b) the Company’s requiring the employee’s principal place of employment to be located more than 75 miles
from the location where the employee is principally employed at the time of the Change in Control (except for required travel on the Company’s business to an extent substantially consistent with the employee’s business travel obligations
in the ordinary course of business prior to the Change in Control). 
 “Governmental Employer” means a governmental
department or agency, self-regulatory agency or other public service employer. 
  
  

	 1
	 This date will be 2 years after the Date of the Award. 

  

 12 

 “Governmental Service Termination” means the termination of your Employment as a result
of accepting employment at a Governmental Employer and you provide the Company with satisfactory evidence demonstrating that as a result of such new employment, the divestiture of your continued interest in MSCI equity awards or continued ownership
in MSCI class A common stock is reasonably necessary to avoid the violation of U.S. federal, state or local or foreign ethics law or conflicts of interest law applicable to you at such Governmental Employer. 
 “Internal Revenue Code” means the United States Internal Revenue Code of 1986, as amended, and the rules, regulations and guidance
thereunder. 
 “Legal Requirement” means any law, regulation, ruling, judicial decision, accounting standard, regulatory
guidance or other legal requirement. 
 “MSCI” means MSCI Inc., a Delaware corporation, which is registered to do business
in New York as NY MSCI Inc. 
 “Plan” means the 2007 MSCI Equity Incentive Compensation Plan. 
 A “Qualifying Termination” means the termination of your Employment within 18 months following a Change in Control (a) if the
Company terminates your Employment under circumstances not involving Cause or (b) you resign from Employment for Good Reason. 
 “Related Employment” means your employment with Morgan Stanley or any other employer other than the Company (such employer, herein referred to as a “Related Employer”), provided that such employment
is recognized by the Company in its discretion as Related Employment; and, provided further that the Company may (1) determine at any time in its sole discretion that employment that was recognized by the Company as Related Employment no
longer qualifies as Related Employment, and (2) condition the designation and benefits of Related Employment on such terms and conditions as the Company may determine in its sole discretion. The designation of employment as Related Employment
does not give rise to an employment relationship between you and the Company, or otherwise modify your and the Company’s respective rights and obligations. Notwithstanding the foregoing, so long as Morgan Stanley has any equity ownership in the
Company, any employment with Morgan Stanley shall constitute Related Employment. 
 “Scheduled Vesting Date” means the First
Scheduled Vesting Date, the Second Scheduled Vesting Date and the Third Scheduled Vesting Date as the context requires. 
  

 13 

 “Second Scheduled Vesting Date”
means November [    ], 2010.2 
 “Separation from Service” means a separation from service with the Company for purposes of Section 409A determined using the default provisions set forth in Treasury Regulation §1.409A-I(h)
or any successor regulation thereto. For purposes of this definition, MSCI’s subsidiaries and affiliates include (and are limited to) any corporation that is in the same controlled group of corporations (within the meaning of
Section 414(b) of the Internal Revenue Code) as MSCI and any trade or business that is under common control with MSCI (within the meaning of Section 414(c) of the Internal Revenue Code), determined in each case in accordance with the
default provisions set forth in Treasury Regulation §1.409A-l(h)(3). 
 “Spin-off” means a tax-free distribution of the
shares of MSCI common stock held by Morgan Stanley to its shareholders (including a distribution in exchange for Morgan Stanley shares or securities) or another similar transaction intended to qualify as a tax-free distribution under
Section 355 of the Internal Revenue Code or any corresponding provision of any successor statute. 
 “Subsidiary” means
(i) a corporation or other entity with respect to which MSCI, directly or indirectly, has the power, whether through the ownership of voting securities, by contract or otherwise, to elect at least a majority of the members of such
corporation’s board of directors or analogous governing body, or (ii) any other corporation or other entity in which MSCI, directly or indirectly, has an equity or similar interest and which the Committee designates as a Subsidiary for
purposes of the Plan. 
 “Third Scheduled Vesting Date” means
November [    ], 2011.3 
  
  

	 2
	 This date will be 3 years after the Date of the Award. 

	 3
	 This date will be 4 years after the Date of the Award. 

  

 14 

 IN WITNESS WHEREOF, MSCI has duly executed and delivered this Award Certificate as of the Date of the Award. 

MSCI 
 [                    ] 
 [                    ] 
  

 15 

 APPENDIX A 
 Designation of Beneficiary(ies) Under 
 MSCI 2007 Equity Incentive Compensation Plan

 This Designation of Beneficiary shall remain in effect with respect to all awards issued to me under any MSCI equity compensation plan, including any
awards that may be issued to me after the date hereof, unless and until I modify or revoke it by submitting a later dated beneficiary designation. This Designation of Beneficiary supersedes all my prior beneficiary designations with respect to all
my equity awards. 
 I hereby designate the following beneficiary(ies) to receive any survivor benefits with respect to all my equity awards: 
  

							
	 	 	 Beneficiary(ies) Name(s)
	 	 Relationship
	 	 Percentage

				
	(1)	 		 		 	
				
	(2)	 		 		 	
				
	(3)	 		 		 	
				
	(4)	 		 		 	
	
	Address(es) of Beneficiary(ies):
				
	(1)	 		 		 	
				
	(2)	 		 		 	
				
	(3)	 		 		 	
				
	(4)	 		 		 	
	
	Contingent Beneficiary
	
	Please also indicate any contingent beneficiary and to which beneficiary above such interest relates.
				
	 	 	 Beneficiary(ies) Name(s)
	 	 Relationship
	 	 Nature of Contingency

	
	Address(es) of Contingent Beneficiary(ies):

			
	Name: (please print)	  	Date:

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

 17

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00137-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00137-of-00352.parquet"}]]