Document:

EX-10.4.6

 Exhibit 10.4.6 

[MOODY’S CORPORATION LETTERHEAD] 
 Dear [Name]: 

Congratulations! I am pleased to inform you that the Board of Directors of Moody’s Corporation (“Moody’s”) awarded you
[            ] performance shares (“Performance Shares”) on [DATE]. This letter outlines the key terms and conditions of your Performance Shares grant. 

Your Performance Shares grant is subject to the terms and conditions of the Amended and Restated 2001 Moody’s Corporation Key Employees’ Stock
Incentive Plan, as amended (the “Plan”). By accepting the grant, you agree to the terms and conditions as set forth in the Plan and in this grant letter, including the terms and conditions applicable to you based on your country of
residence as set forth in the attached Appendix. A copy of the Plan, as well as the prospectus relating to the offering of shares of Moody’s stock pursuant to the Plan, is enclosed with this letter. You should read each of the Plan and
the prospectus in their entirety for a better understanding of your grant. Capitalized terms not defined herein shall have the same meaning ascribed to them in the Plan. 

Moody’s has engaged Fidelity Investments as the Plan administrator. You will be provided with a Fidelity Investments
on-line brokerage account, at no cost to you, in which shares will be delivered when and to the extent that your Performance Shares vest. Once your Performance Shares are issued, you may transfer your shares
to another brokerage account or leave them in your Fidelity account, subject to applicable exchange controls and/or repatriation requirements which may apply based on the country in which you work and/or reside. 

Your Performance Shares grant provides you with a right to receive an equity stake in Moody’s and an opportunity for long-term capital appreciation
if performance measures are achieved. 
 Details of Your Performance Shares Grant 

As a holder of Performance Shares, you have an unfunded, unsecured promise of Moody’s to issue shares of Moody’s common stock, par value $0.01
per share, in the future if and to the extent that certain performance goals are achieved. The maximum number of shares that can be issued to you shall equal two hundred percent (200%) of the number of target Performance Shares granted to you. You
shall not have the rights of a shareholder, including any right to vote shares or receive dividends with respect to shares of Moody’s common stock, unless and until such shares are issued pursuant to the terms of this letter at the conclusion
of the performance period, as hereinafter defined. In the event of a stock split, a stock dividend or similar change in Moody’s common stock, the number of your Performance Shares will be adjusted as determined by the Compensation &
Human Resources Committee (the “Committee”) under the Plan. 
 Your Performance Shares will vest, subject to your continued employment
through the Vesting Date as hereinafter defined, to the extent that Moody’s or one or more of its Subsidiaries or Affiliates, as applicable, achieves certain performance objectives which will be measured cumulatively over the three calendar
years 20[    ]-20[    ] (the “Performance Period”); provided, however, that the number of Performance Shares treated as vested and the corresponding number of
shares actually issued to you as a payout may be less than the number determined by the performance payment percentages (including zero), at the discretion of the Committee in accordance with the Plan. In the event there is negative total
shareholder return over the Performance Period for example, the Committee would consider whether it was appropriate to exercise negative discretion and reduce the performance payment percentages in accordance with the Plan. If, during the
Performance Period, you transfer your employment to or from Moody’s or any Subsidiary or Affiliate, then your Performance Shares shall be divided pro rata on the basis of the portion of the Performance Period during which you are employed by
each employer entity, and the performance goals applicable to employees of your employer entity as of the date of grant of the Performance Shares and any subsequent employer entities during the Performance Period shall apply to the applicable
portion of the Performance Period. The vesting of Performance Shares on the Vesting Date will be determined by the Committee and shall be expressed as a percentage of the total number of target Performance Shares granted to you as determined
pursuant to the following tables, subject to the Committee’s discretion to reduce such percentages as defined in the Plan. 

  

							
	142	 	MOODY’S  2017 10-K	 			

 The following table indicates the weight ascribed to the three performance measures based on the business
entity segment for which each participant performs services: 
  

													
	 	  	Performance Measures	 
	 Entity
	  	MCO Earnings Before
Interest, Taxes,
Depreciation &
Amortization
(“EBITDA”)	 	  	MA Sales	 	  	MIS
Ratings
Quality	 
	Moody’s Corporation and Shared Services	  	 	[__]%	 	  	 	[__]%	 	  	 	[__]%	 
	Moody’s Investors Service	  	 	[__]%	 	  	 	[__]%	 	  	 	[__]%	 
	Moody’s Analytics	  	 	[__]%	 	  	 	[__]%	 	  	 	[__]%	 

 The following table indicates the [YEAR] cumulative three-year targets: 

 

			                     
	 [Year] Performance Share Targets

	 Performance Measure
	  	Cumulative
3-Year Target
(millions)
	MCO Profitability (EBITDA)	  	$[____]
	MIS Ratings Quality (Average Position)	  	      [__]%
	MA Sales	  	$[____]

 Payout attributable to the achievement of each performance measure will be determined as follows: 

 

			
		  	Payout Percentage****
	MCO EBITDA Achievement*	  	
	 Less than [__]% of Target
 [__]% of Target

[__]% of Target
 [__]% of Target

[__]% or more of Target
	  	 [__]%
 [__]%

[__]%
 [__]%

[__]%

		
	MA Sales Achievement**	  	
	 Less than [__]% of Target
 [__]% of Target

[__]% of Target
 [__]% or more of Target
	  	 [__]%
 [__]% - [__]%

[__]% - [__]%
 [__]%

		
	MIS Ratings Quality Achievement***	  	
		
	 Less than [__]% of Target
 [__]% of Target

[__]% of Target
 [__]% of Target

[__]% of Target
 [__]% or more of Target
	  	 [__]%
 [__]%

[__]%
 [__]%

[__]%
 [__]%

  

	*	Moody’s Corporation EBITDA means cumulative EBITDA for the three-year Performance Period. 

	**	Moody’s Analytics Sales means cumulative net sales of Moody’s Analytics for the three-year Performance Period. Funding includes a modifier to increase the funding slope as sales from acquired businesses are
achieved. Funding can be further adjusted up or down depending upon whether the results of the acquisition are above or below the acquisition plan. 

	***	Moody’s Investors Service Ratings Quality is the three year Average Position (AP) of MIS Ratings. 

	****	Subject to reduction in the Committee’s discretion in accordance with the Plan. 

 Immediately following the
conclusion of the Performance Period, the Committee shall certify whether the performance measures were attained, the percentage of payout, if any, and the date on which your Performance Shares will vest and be issued (the “Vesting Date”).
For purposes of this letter, the Vesting Date shall be the date that the Committee determines the shares will be paid, which is expected to be the first trading day in March (but in no event after March 15th) following the conclusion of the Performance Period. 
 In the event of your Termination of Employment prior to the
Vesting Date (for reasons other than your death, Disability or Retirement after the first anniversary of the grant of the Performance Shares and provided your employment is not terminated involuntarily by

  

							
		 	MOODY’S  2017 10-K	 	 	143	 

 
Moody’s or its Subsidiary or Affiliate prior to or simultaneous with your Retirement), you will forfeit all unvested Performance Shares. Moody’s shall have the exclusive discretion to
determine when your Termination of Employment occurs for purposes of your Performance Shares grant (including whether you may still be considered to be employed while on a leave of absence), subject to U.S. Internal Revenue Code Section 409A
(“Code Section 409A”) in the event you are a U.S. taxpayer. 
 In the event of your Termination of Employment by death, Disability or
Retirement (provided your employment is not terminated involuntarily by Moody’s or its Subsidiary or Affiliate, with or without cause, prior to or simultaneous with any such Retirement), in each case after the first anniversary of the date of
your Performance Shares grant hereunder, you shall be entitled to receive as a payout a pro rata portion of the number of shares issuable pursuant to your Performance Shares based on the number of days of your actual service during the Performance
Period, such shares to be issued after the end of the Performance Period on the originally scheduled Vesting Date set forth above but only if and to the extent that such shares would have been earned by achievement of performance measures and become
issuable to you had your Termination of Employment not occurred prior to the end of the Performance Period; provided, however, that the number of shares actually issued to you may be less than the number determined by the performance payout
percentage (including zero), at the discretion of the Committee. 
 In the event of a Change in Control, shares or, in the discretion of the Committee,
cash equal to the fair market value of the shares as of immediately prior to the Change in Control, shall be issued in satisfaction of your Performance Shares immediately prior to the Change in Control as if the performance measures for the
Performance Period had been achieved at 100% of Target. 
 Compliance with Stock Ownership Guidelines 

As a holder of Performance Shares, you are subject to Moody’s stock ownership guidelines. You should familiarize yourself with these guidelines, as
you are solely responsible for ensuring compliance thereto. To request a copy of the guidelines, please contact your Human Resources representative. 

Transferability of Performance Shares 
 Your Performance Shares
may not be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by you otherwise than by will or by the laws of descent and distribution, and any such purported assignment, alienation, pledge, attachment, sale,
transfer or encumbrance will be void and unenforceable against Moody’s. 
 Repayment/Forfeiture 

Any payments or benefits you may receive hereunder shall be subject to repayment or forfeiture to the extent required by Moody’s policy as in effect
from time to time and/or as may be required to comply with the requirements under the U.S. Securities Act of 1933, as amended, the U.S. Securities Exchange Act of 1934, as amended, rules promulgated by the U.S. Securities and Exchange
Commission or any other applicable law, including the requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act, or any securities exchange on which Moody’s common stock is listed or traded, as may be in effect from
time to time. 
 Nature of the Grant 
 In accepting the grant,
you acknowledge, understand and agree that: 
 (1) the Plan is established voluntarily by Moody’s, it is discretionary in nature and it may be
modified, amended, suspended or terminated by Moody’s at any time, to the extent permitted by the Plan; 
 (2) the Performance Shares grant is
exceptional, voluntary and occasional and does not create any contractual or other right to receive future performance shares grants, or benefits in lieu of performance shares, even if performance shares have been granted in the past; 

(3) all decisions with respect to future performance shares or other grants, if any, will be at the sole discretion of Moody’s; 

(4) the grant of Performance Shares and your participation in the Plan shall not create a right to employment or be interpreted as forming an employment
or service contract with Moody’s, your employer or any Subsidiary or Affiliate of Moody’s and shall not interfere with the ability of your employer or any Subsidiary or Affiliate of Moody’s, as applicable, to terminate your employment
or service relationship (if any); 
 (5) you are voluntarily participating in the Plan; 

(6) the Performance Shares grant and the shares subject to the Performance Shares do not constitute and are not intended to replace any pension rights or
compensation; 

  

							
	144	 	MOODY’S  2017 10-K	 			

 (7) the Performance Shares grant and the shares subject to the Performance Shares, and the income and value
of same, do not constitute and are not part of normal or expected compensation, salary, remuneration or wages for purposes of calculating any severance, resignation, termination, redundancy, end-of-service payments, holiday pay, bonuses, long-service awards, pension or retirement benefits or similar mandatory payments; 

(8) the future value of the underlying shares is unknown, indeterminable and cannot be predicted with certainty; 

(9) unless otherwise agreed with Moody’s, the Performance Shares grant and the shares subject to the Performance Shares, and the income and value of
same, are not granted as consideration for, or in connection with, the service you may provide as a director of a Subsidiary or Affiliate of Moody’s; and 

(10) in addition to paragraphs (1) through (9) above, the following provisions will also apply to you if you are employed outside the United States:

 (a) the Performance Shares and the shares subject to the Performance Shares are not part of normal or expected compensation or salary
for any purpose; 
 (b) no claim or entitlement to compensation or damages shall arise from forfeiture of the Performance Shares
resulting from your Termination of Employment (for any reason whatsoever, whether or not later found to be invalid or in breach of employment laws in the jurisdiction where you are employed or the terms of your employment agreement, if any) and in
consideration of the grant of Performance Shares to which you are otherwise not entitled, you irrevocably agree never to institute any claim against Moody’s, its Subsidiaries or Affiliates and your employer, waive your ability, if any, to bring
such a claim, and release Moody’s, its Subsidiaries or Affiliates and your employer from any such claim that may arise; if, notwithstanding the foregoing, any such claim is allowed by a court of competent jurisdiction, then, by participating in
the Plan, you shall be deemed irrevocably to have agreed not to pursue such claim and agree to execute any and all documents necessary to request dismissal or withdrawal of such claim; and 

(c) neither your employer nor Moody’s (nor any of its Subsidiaries or Affiliates) shall be liable for any foreign exchange rate
fluctuation between your local currency and the United States Dollar that may affect the value of your Performance Shares or any amounts due to you pursuant to the settlement of your Performance Shares or the subsequent sale of shares acquired upon
settlement. 
 No Advice Regarding Grant 
 Moody’s is not
providing any tax, legal or financial advice, nor is Moody’s making any recommendations regarding your participation in the Plan or your acquisition or sale of the underlying shares. You are advised to consult with your own personal tax, legal
and financial advisors regarding your participation in the Plan before taking any action related to the Plan. 
 Responsibility for Taxes 

You acknowledge that regardless of any action taken by Moody’s or, if different, your employer, the ultimate liability for all income tax, social
insurance, payroll tax, fringe benefit tax, payment on account or other tax-related items related to your participation in the Plan and legally applicable to you
(“Tax-Related Items”), is and remains your responsibility and may exceed the amount, if any, actually withheld by Moody’s or your employer. You further acknowledge that Moody’s and/or your
employer (1) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of your Performance Shares grant, including the grant vesting or
settlement of your Performance Shares, the subsequent sale of shares acquired pursuant to such settlement and the receipt of any dividends; and (2) do not commit to and are under no obligation to structure the terms of the grant or any aspect
of your Performance Shares to reduce or eliminate your liability for Tax-Related Items or achieve any particular tax result. Further, if you are subject to Tax-Related
Items in more than one jurisdiction, you acknowledge that Moody’s and/or your employer (or former employer, as applicable) may be required to withhold or account for Tax-Related Items in more than one
jurisdiction. 
 Prior to any relevant taxable or tax withholding event, as applicable, you agree to make adequate arrangements satisfactory to
Moody’s and/or your employer to satisfy all Tax-Related Items. In this regard, you authorize Moody’s or its agent to satisfy the obligations with regard to all
Tax-Related Items by withholding in shares to be issued upon settlement of your Performance Shares. In the event that such withholding in shares is problematic under applicable tax or securities law or has
materially adverse accounting consequences, by your acceptance of your Performance Shares, you authorize and direct Moody’s and any brokerage firm determined acceptable to Moody’s to sell on your behalf a whole number of shares from those
shares issuable to you as Moody’s determines to be appropriate to generate cash proceeds sufficient to satisfy the obligation for Tax-Related Items. 

  

							
		 	MOODY’S  2017 10-K	 	 	145	 

 Depending on the withholding method, Moody’s and/or your employer may withhold or account for Tax-Related Items by considering applicable minimum statutory withholding amounts or other applicable withholding rates, including maximum applicable rates, in which case you may receive a cash refund of any
over-withheld amount not remitted to the tax authorities on your behalf and will have no entitlement to the shares equivalent. If the obligation for Tax-Related Items is satisfied by withholding in shares, for
tax purposes you will be deemed to have been issued the full number of shares subject to your Performance Shares that have been earned by achievement of performance goals hereunder, notwithstanding that a number of the shares are withheld solely for
the purpose of paying the Tax-Related Items. 
 Finally, you shall pay to Moody’s or your employer,
including through withholding from your wages or other cash compensation paid to you by Moody’s or your employer, any amount of Tax-Related Items that Moody’s or your employer may be required to
withhold or account for as a result of your participation in the Plan that cannot be satisfied by the means previously described. Moody’s may refuse to deliver the shares or the proceeds from your Performance Shares award if you fail to comply
with your obligations in connection with the Tax-Related Items. 
 Code Section 409A 

For purposes of U.S. taxpayers, the provisions of this grant of Performance Shares are intended to either be exempt from Section 409A of the Code
under the “short-term deferral” exception or comply with Section 409A of the Code, and the provisions of this grant will be interpreted, operated and administered in a manner that is consistent with this intent. In furtherance of this
intent, the Committee may, at any time and without your consent, modify the terms of this grant as it determines appropriate to comply with the requirements of Section 409A of the Code and the related U.S. Department of Treasury guidance.
Moody’s makes no representation or covenant to ensure that your Performance Shares or other payment hereunder are exempt from or compliant with Section 409A of the Code, and will have no liability to you or any other party if your
Performance Shares or other payment hereunder that is intended to be exempt from, or compliant with, Section 409A of the Code, is not so exempt or compliant or for any action taken by the Committee with respect thereto. 

Data Privacy Information and Consent 
 Moody’s
is located at 7 World Trade Center at 250 Greenwich Street, New York, NY, 10007, USA and grants Performance Shares to employees of Moody’s and its Subsidiaries and Affiliates, at its sole discretion. If you would like to participate in the
Plan, please review the following information about Moody’s data processing practices and declare your consent. 
  

	 	(a)	Data Collection and Usage. Moody’s collects, processes and uses personal data of employees, including name, home address, email address and telephone number, date of birth,
social insurance, passport or other identification number, salary, citizenship, job title, any shares of stock or directorships held in Moody’s, and details of all Performance Shares canceled, vested, or outstanding in your favor, which
Moody’s receives from you or the Employer. If Moody’s offers you a grant of Performance Shares under the Plan, then Moody’s will collect your personal data for purposes of allocating shares and implementing, administering and managing
the Plan. Moody’s legal basis for the processing of your personal data will be your consent. 

  

	 	(b)	Stock Plan Administration Service Providers. Moody’s transfers employee data to Fidelity Stock Plan Services, LLC, an independent service provider based in the United States which assists
Moody’s with the implementation, administration and management of the Plan. In the future, Moody’s may select a different service provider and share your data with another company that serves in a similar manner. Moody’s service
provider will open an account for you to receive and trade shares. You will be asked to agree on separate terms and data processing practices with the service provider, which is a condition of your ability to participate in the Plan.

  

	 	(c)	International Data Transfers. Moody’s and its service providers are based in the United States. If you are outside the United States, you should note that your country has
enacted data privacy laws that are different from the United States. For example, the European Commission has issued a limited adequacy finding with respect to the United States that applies only to the extent companies register for the EU-U.S. Privacy Shield program, which is open to companies subject to Federal Trade Commission jurisdiction and which Moody’s does not participate in. Moody’s legal basis for the transfer of your personal
data is your consent. 

  

	 	(d)	Data Retention. Moody’s will use your personal data only as long as is necessary to implement, administer and manage your participation in the Plan or as
required to comply with legal or regulatory obligations, including under tax and security laws. When Moody’s no longer needs your personal data, which will generally be seven years after you are granted Performance Shares under the Plan,
Moody’s will remove it from it from its systems. If Moody’s keeps data longer, it would be to satisfy legal or regulatory obligations and Moody’s legal basis would be compliance with the relevant laws or regulations.

  

							
	146	 	MOODY’S  2017 10-K	 			

	 	(e)	Voluntariness and Consequences of Consent Denial or Withdrawal. Your participation in the Plan and your grant of consent is purely voluntary. You may deny or
withdraw your consent at any time. If you do not consent, or if you withdraw your consent, you cannot participate in the Plan. This would not affect your salary as an employee or your career; you would merely forfeit the opportunities associated
with the Plan. 

  

	 	(f)	Data Subject Rights. You have a number of rights under data privacy laws in your country. Depending on where you are based, your rights may include the right to
(a) to request access or copies of personal data Moody’s processes, (b) rectification of incorrect data, (c) deletion of data,
(d) restrictions on processing, (e) portability of data, (f) to lodge complaints with competent authorities in your country, and/or
(g) a list with the names and addresses of any potential recipients of your personal data. To receive clarification regarding your rights or to exercise your rights please contact HR Connect at
HRConnect@moodys.com. 

 If you agree with the data processing practices as described in this notice, please declare your consent
by clicking “Accept Your Grant” on the Fidelity award acceptance page. 
 Electronic Delivery and Acceptance 

Moody’s may, in its sole discretion, decide to deliver by electronic means any documents related to current or future participation in the Plan. You
hereby consent to receive such documents by electronic delivery and agree to participate in the Plan through an on-line or electronic system established and maintained by Moody’s or any third party
designated by Moody’s. 
 Governing Law, Venue, Documents and Severability 

Your Performance Shares grant is made in the state of Delaware and is governed by, and subject to, the laws of the state of Delaware, applicable to
contracts made and to be performed in the state of Delaware without reference to its conflicts of laws principles, and the requirements of the New York Stock Exchange as well as the terms and conditions set forth herein. 

Any and all disputes relating to, concerning or arising from this letter, or relating to, concerning or arising from the relationship between the parties
evidenced by your Performance Shares or this letter, shall be brought and heard exclusively in the United States District Court for the District of Delaware or the Delaware Superior Court, New Castle County. Each of the parties hereby represents and
agrees that such party is subject to the personal jurisdiction of said courts, hereby irrevocably consents to the jurisdiction of such courts in any legal or equitable proceedings related to, concerning or arising from such dispute, and waives, to
the fullest extent permitted by law, any objection which such party may now or hereafter have that the laying of the venue of any legal or equitable proceedings related to, concerning or arising from such dispute which is brought in such courts is
improper or that such proceedings have been brought in an inconvenient forum. 
 You acknowledge that your are proficient in the English language and
understand the provisions of this letter and the Plan. If you have received this letter or any other document related to the Plan translated into a language other than English, and if the translated version is different than the English version, the
English version will control. 
 The terms and conditions provided herein are severable and if any one or more provisions are determined to be illegal
or otherwise unenforceable, in whole or in part, the remaining provisions shall nevertheless be binding and enforceable. 
 Compliance with Law 

Notwithstanding any other provision of the Plan or this letter, unless there is an available exemption from any registration, qualification or other legal
requirement applicable to the shares, Moody’s shall not be required to deliver any shares issuable upon settlement of your Performance Shares prior to the completion of any registration or qualification of the shares under any local, state,
federal or foreign securities or exchange control law or under rulings or regulations of the U.S. Securities and Exchange Commission (“SEC”) or of any other governmental regulatory body, or prior to obtaining any approval or other
clearance from any local, state, federal or foreign governmental agency, which registration, qualification or approval Moody’s shall, in its absolute discretion, deem necessary or advisable. You understand that Moody’s is under no
obligation to register or qualify the shares with the SEC or any state or foreign securities commission or to seek approval or clearance from any governmental authority for the issuance or sale of the shares. Further, you agree that Moody’s
shall have unilateral authority to amend the Plan and the terms of your Performance Shares without your consent to the extent necessary to comply with securities or other laws applicable to issuance of shares. 

  

							
		 	MOODY’S  2017 10-K	 	 	147	 

 Insider Trading Restriction/Market Abuse Laws 

You may be subject to insider trading restrictions and/or market abuse laws based on the exchange on which the shares are listed and in applicable
jurisdictions, including the United States, your country and the broker’s country, which may affect your ability to acquire, sell shares or otherwise dispose of shares, rights to shares (e.g., Performance Shares) or rights linked to the
value of shares (e.g., dividend equivalents) during such times as you are considered to have “inside information” regarding Moody’s (as defined by or determined under the laws in applicable jurisdictions). Local insider trading
laws and regulations may prohibit the cancellation or amendment of orders you placed before you possessed inside information. Furthermore, you could be prohibited from (i) disclosing the inside information to any third party, including fellow
employees (other than on a “need to know” basis), and (ii) “tipping” third parties or causing them otherwise to buy or sell securities. Any restrictions under these laws or regulations are separate from and in addition to
any restrictions that may be imposed under any applicable Moody’s insider trading policy. You acknowledge that it is your responsibility to comply with any applicable restrictions, and you are advised to speak to your personal advisor on
this matter. 
 Foreign Asset/Account Reporting 
 Please be
aware that your country of residence may have certain foreign asset and/or account reporting requirements which may affect your ability to acquire or hold shares under the Plan or cash received from participating in the Plan (including from any
dividends received or sale proceeds arising from the sale of shares) in a brokerage or bank account outside your country of residence. Your country may require that you report such accounts, assets or transactions to the applicable authorities in
that country. 
 You acknowledge that it is your responsibility to be informed of and compliant with such regulations, and you are advised to speak to
your personal advisor on this matter. 
 Appendix 

Notwithstanding any provisions in this letter, your Performance Shares grant shall be subject to any special terms and conditions set forth for your
country in any Appendix to this letter for your country. Moreover, if you relocate to one of the countries included in the Appendix, the special terms and conditions for such country will apply to you, to the extent Moody’s determines that the
application of such terms and conditions is necessary or advisable for legal or administrative reasons. The Appendix constitutes part of this letter. 
 Imposition
of Other Requirements 
 Moody’s reserves the right to impose other requirements on your participation in the Plan, on your Performance Shares
and on any shares acquired pursuant to your Performance Shares, to the extent Moody’s determines it is necessary or advisable for legal or administrative reasons, and to require you to sign any additional agreements or undertakings that may be
necessary to accomplish the foregoing. 
 Waiver 
 You
acknowledge that waiver by Moody’s of breach of any provision of this letter shall not operate or be construed as a waiver of any other provision of this letter, or of any subsequent breach by you or any other participant in the Plan. 

* * * 
 If you have any questions regarding this one-time grant, please contact your Human Resources representative. 
 Sincerely, 

[MOODY’S CORPORATION] 

  

							
	148	 	MOODY’S  2017 10-KEX-10.10

 Exhibit 10.10 

MOODY’S CORPORATION CHANGE IN CONTROL SEVERANCE PLAN 

ARTICLE 1 
 NAME, PURPOSE AND EFFECTIVE DATE

 1.1 Name and Purpose of Plan. The name of the Plan is the Moody’s Corporation Change in Control Severance Plan (the
“Plan”). The purpose of the Plan is to provide compensation and benefits to certain executive officers and key employees of Moody’s Corporation and its subsidiaries upon certain change in control events of Moody’s
Corporation. 
 1.2 Effective Date. The Plan, which became effective on December 14, 2010, is hereby amended and restated effective as of
December 18, 2017 (the “Effective Date”). The compensation and benefits payable under this amendment and restatement of the Plan are payable upon Change in Control events that occur after the Effective Date. 

1.3 ERISA Status. The Plan is intended to be an unfunded plan that is maintained primarily to provide severance compensation and benefits to a
select group of “management or highly compensated employees” within the meaning of Sections 201, 301, and 401 of ERISA, and therefore to be exempt from the provisions of Parts 2, 3, and 4 of Title I of ERISA. 

ARTICLE 2 
 DEFINITIONS 

The following words and phrases shall have the following meanings unless a different meaning is plainly required by the context: 

2.1 “Base Salary” means the annual base salary payable to an Eligible Individual at the time of a Change in Control or a Termination
Date, whichever is greater. 
 2.2 “Board” means the Board of Directors of Moody’s Corporation. 

2.3 “Cause” means (a) willful malfeasance or willful misconduct by the Eligible Individual in connection with his or her employment,
(b) continuing failure to perform such duties as are requested by any employee to whom the Eligible Individual reports or the Board, (c) failure by the Eligible Individual to observe material policies of the Company applicable to the
Eligible Individual or (d) the commission by an Eligible Individual of (i) any felony or (ii) any misdemeanor involving moral turpitude. 

2.4 “Change in Control” means the occurrence of a change in ownership of Moody’s Corporation, a change
in the effective control of Moody’s Corporation, or a change in the ownership of a substantial portion of the assets of Moody’s Corporation. For this purpose, a change in the ownership of Moody’s Corporation occurs on the date that
any one person, or more than one person acting as a group (as determined pursuant to the regulations under Section 409A of the Code), acquires ownership of stock of Moody’s Corporation that, together with stock held by such person or
group, constitutes more than 50 percent of the total fair market value or total voting power of the stock of Moody’s Corporation. A change in effective control of Moody’s Corporation occurs on either of the following dates:
(a) the date any one person, or more than one person acting as a group acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or persons)
ownership of stock of Moody’s Corporation possessing 50 percent or more of the total voting power of the stock of Moody’s Corporation, or (b) the date a majority of members of the Board is replaced during any 12-month period by directors whose appointment or election is not endorsed by a majority of the members of the Board before the date of the appointment or election. A change in the ownership of a substantial portion
of the assets of Moody’s Corporation occurs on the date that any one person, or more than one person acting as a group, 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 Moody’s Corporation that have a total gross fair market value (as determined pursuant to the regulations under Section 409A of the Code) equal to or more than 40 percent of the
total gross fair market value of all of the assets of Moody’s Corporation immediately before such acquisition or acquisitions. 
 2.5
“Code” means the Internal Revenue Code of 1986, as amended. 
 2.6 “Committee” means the Compensation & Human
Resources Committee of the Board, or any successor thereto or other committee designated by the Board to assume the obligations of the Committee hereunder. 

2.7 “Company” means Moody’s Corporation and its subsidiaries. 

2.8 “Disability” means the inability to engage in any substantial gainful activity by reason of a medically determinable physical or
mental impairment which constitutes a permanent and total disability, as defined in Section 22(e)(3) of the Code (or any successor 

  

							
		 	MOODY’S  2017 10-K	 	 	149	 

 
section thereto). The determination whether an Eligible Individual has suffered a Disability shall be made by the Committee based upon such evidence as it deems necessary and appropriate. An
Eligible Individual shall not be considered disabled unless he or she furnishes such medical or other evidence of the existence of the Disability as the Committee, in its sole discretion, may require. 

2.9 “Eligible Individual” means an executive officers or other key employees of Moody’s Corporation or any of its subsidiaries who
has been designated by the Committee as eligible to participate in the Plan. 
 2.10 “Good Reason” means, without the Eligible
Individual’s consent (a) a material reduction in the position or responsibilities of the Eligible Individual; (b) a reduction in the Eligible Individual’s Base Salary; or (c) a relocation of the Eligible Individual’s
primary work location to a distance of more than fifty (50) miles from its location as of the date of a Change in Control. 
 2.11
“Involuntary Termination” means any termination of an Eligible Individual’s employment with the Company (or its successor) (a) by the Company (or its successor) for any reason other than Cause or the Eligible
Individual’s death or Disability or (ii) by the Eligible Individual with Good Reason. 
 2.12 “Target Bonus” means an
Eligible Individual’s target annual bonus under the 2004 Moody’s Corporation Covered Employee Cash Incentive Plan or any similar or successor plan for the year in which the Change in Control occurs or the year in which a Termination Date
occurs, whichever is greater. 
 2.13 “Termination Date” means (a) for purposes of termination for Good Reason, the date that the
Eligible Individual timely submits his or her written notice of resignation to the Company and (b) for purposes of any other Involuntary Termination, the date the Company delivers written notice of termination to the Eligible Individual. 

ARTICLE 3 
 ELIGIBILITY AND BENEFITS 

3.1 Eligible Individuals. Officers of Moody’s Corporation with the titles of Senior Vice President or above at the time of a Change in Control
and any other employees of the Company selected by the Committee for participation in the Plan are eligible for benefits under the Plan (the “Eligible Individuals”). 

3.2 Protection Period. The Company will provide the benefits described in this Article 3 to an Eligible Individual whose employment with the
Company terminates in an Involuntary Termination that occurs within the ninety-day period preceding or two-year period following a Change in Control (the
“Protection Period”). 
 3.3 Severance Benefits. In the event that an Eligible Individual’s employment with the Company is
terminated as a result of an Involuntary Termination during the Protection Period, the Eligible Individual shall be entitled to the following payments and benefits under the Plan (subject to the terms and conditions hereof, including
Section 3.4, 3.5 and 3.6): 
  

	 	(a)	payment of any accrued, but unpaid Base Salary through the Termination Date, payable within five (5) days following the Termination Date or sooner if required by applicable law; 

 

	 	(b)	payment of any accrued, but unused vacation time, payable within five (5) days following the Termination Date or sooner if required by applicable law; 

 

	 	(c)	a lump sum equal to two (2) times the sum of the Eligible Individual’s Base Salary and Target Bonus (except for the chief executive officer, who will receive three (3) times the sum of his Base Salary and
Target Bonus), payable within thirty (30) days following the Termination Date, 

  

	 	(d)	for either two (2) years following the Eligible Individual’s last day of employment (or three (3) years, for the chief executive officer), the Eligible Individual and his or her eligible dependents shall
be entitled to continue to participate in any medical and dental insurance plans generally available to the senior management of the Company, as such plans may be in effect from time to time on the terms generally applied to actively employed senior
management of the Company, including any cost-sharing provisions, with such continued participation to cease if the Eligible Individual becomes eligible to obtain coverage under medical and/or dental insurance plans of a subsequent employer; and

 any amount or benefit arising from the Eligible Individual’s participation in, or benefits under, any employee benefit plans,
programs or arrangements (including without limitation, the 2004 Moody’s Corporation Covered Employee Cash Incentive Plan, the 2001 Moody’s Corporation Key Employees’ Stock Incentive Plan and/or award agreements issued thereunder),
which amounts and benefits shall be payable in accordance with the terms and conditions of such employee benefit plans, programs or arrangements. 
 3.4
Conditions to Severance Benefits. In order to be eligible to receive benefits under the Plan, the Eligible Individual must execute a general waiver and release, which includes certain representations and covenants by the Eligible Individual,
in a form provided 

  

							
	150	 	MOODY’S  2017 10-K	 			

 
by the Company, and such general waiver and release must become effective and irrevocable in accordance with its terms prior to the payment of any benefits set forth in Section 3.3(c) or
(d). The Company, in its sole discretion, may modify its form of the required general waiver and release contained to comply with applicable law and will determine the form of the required waiver and general release. 

3.5 Competition. Notwithstanding any other provision of the Plan to the contrary, (i) no benefits or no further benefits, as the case may be,
shall be provided to a Participant under Section 3.3(c) and/or Section 3.3(d), and (ii) a Participant will be obligated to repay to the Company, in cash, within five business days after demand is made therefor by the Company, the
total after-tax amount (as determined by the Committee) of any payments theretofore paid to the Participant under Section 3.3(c), if the Committee reasonably determines that such Participant has, within
two years following the Participant’s Termination Date: 
  

	 	(a)	to the detriment of the Company, directly or indirectly acquired, without the prior written consent of the Committee, an interest in any other corporation, firm, association, or organization (other than an investment
interest of less than one percent (1%) in a publicly-owned company or organization), the business of which is in direct competition with any business of the Company; or 

 

	 	(b)	to the detriment of the Company, directly or indirectly competed with the Company as an owner, employee, partner, director or contractor of a business, in a field of business activity in which the Participant has been
primarily engaged on behalf of the Company or in which he has considerable knowledge as a result of his employment by the Company, either for his own benefit or with any person other than the Company, without the prior written consent of the
Committee. 

 3.6 Solicitation. Notwithstanding any other provision of the Plan to the contrary, (i) no benefits or no further
benefits, as the case may be, shall be provided to a Participant under Section 3.3(c) and/or Section 3.3(d), and (ii) a Participant will be obligated to repay to the Company, in cash, within five business days after demand is made
therefor by the Company, the total after-tax amount (as determined by the Committee) of any payments theretofore paid to the Participant under Section 3.3(c), if the Committee reasonably determines that
such Participant (or a company or entity the Participant controls or manages) has, within two years following the Participant’s Termination Date (A) recruited or solicited one or more customers of the Company to become customers of any
business entity which competes with any of the businesses owned or operated by the Company, (B) recruited or solicited or aided in the recruitment or solicitation of any employee of the Company to terminate his employment with the Company and
become an employee of any business entity or (C) recruited or solicited or aided in the recruitment or solicitation for employment any former employee of the Company who was an employee of the Company during the period starting one year prior
to the date of a Participant’s termination of employment and ending one year after the date of the Participant’s termination of employment. For purposes of this Section 3.6, the term “customer” means any party who is or was
a customer of the Company during the time period beginning two years prior to the date of the Participant’s termination of employment and ending two years after the date of the Participant’s termination of employment. 

3.7 Enforcement. Each Participant agrees, as a condition to receipt of any benefits under this Plan, that the restrictions set forth in Sections
3.5 and 3.6 are reasonable in all respects and are necessary for the protection of the goodwill, confidential information and other legitimate interests of the Company. In recognition of the fact that were a Participant to breach any of the
covenants contained in Sections 3.5 and 3.6 the damage to the Company would be irreparable, each Participant therefore agrees, as a condition to receipt of any benefits under this Plan, that the Company, in addition to any other remedies available
to it under Sections 3.5 and/or 3.6, shall be entitled to injunctive relief against any breach or threatened breach by a Participant of any of such covenants, without having to post bond. In the event that the provisions of Sections 3.5 and/or 3.6
shall be determined by any court of competent jurisdiction to be unenforceable by reason of its being extended over too great a time, too large a geographic area or too great a range of activities, such provision shall be deemed to be modified to
permit its enforcement to the maximum extent permitted by law. 
 3.8 Tax Effect of Payments. 

 

	 	(a)	 In the event that any benefits payable to an Eligible Individual pursuant to the Plan or otherwise
(“Payments”) (i) constitute “parachute payments” within the meaning of Section 280G of the Code, and (ii) but for this Section 3.8(a) would be subject to the excise tax imposed by Section 4999 of the
Code, or any comparable successor provisions (the “Excise Tax”), then the Eligible Individual’s Payments hereunder shall be either (x) provided to the Eligible Individual in full, or (y) provided to the
Eligible Individual as to such lesser extent which would result in no portion of such benefits being subject to the Excise Tax, whichever of the foregoing amounts, when taking into account applicable federal, state, local and foreign income and
employment taxes, the Excise Tax, and any other applicable taxes, results in the receipt by the Eligible Individual, on an after-tax basis, of the greatest amount of benefits, notwithstanding that all or some
portion of such benefits may be taxable under the Excise Tax. In the event that the payments and/or benefits are to be reduced pursuant to this Section 3.8(a), such payments and benefits shall be reduced such that the reduction of compensation
to be provided to the Eligible Individual as a result of this Section 3.8(a) is minimized. Unless the Company and the Eligible Individual otherwise agree in writing, any determination required under this Section 3.8(a) shall be made in
writing in good faith by a nationally recognized accounting 

  

							
		 	MOODY’S  2017 10-K	 	 	151	 

	 	
firm selected by the Company (the “Accountants”). The Company shall bear all costs the Accountants may reasonably incur in connection with any calculations contemplated by this
Section 3.8(a). To the extent any reduction in payments is made pursuant to this Section 3.8(a), it shall be made in the following order: (i) cash payments not subject to Section 409A of the Code; (ii) cash payments subject
to Section 409A of the Code; (iii) equity-based payments and vesting acceleration; and (iv) non-cash forms of benefits. To the extent any such payment is to be made over time (e.g., in
installments, etc.), then the payments shall be waived in reverse chronological order. 

  

	 	(b)	Notwithstanding anything herein to the contrary, to the extent that the Committee determines, in its sole discretion, that any payments or benefits to be provided hereunder to or for the benefit of an Eligible
Individual who is also a “specified employee” (as such term is defined under Section 409A(a)(2)(B)(i) of the Code or any successor or comparable provision) would be subject to the additional tax imposed under
Section 409A(a)(1)(B) of the Code or any successor or comparable provision, the commencement of such payments and/or benefits shall be delayed until the earlier of (i) the date that is six months following the Termination Date or
(ii) the date of the Eligible Individual’s death. 

 ARTICLE 4 

CLAIM FOR BENEFITS UNDER THE PLAN 
 4.1 Claims
for Benefits under the Plan. A condition precedent to receipt of severance benefits is the execution of an unaltered release of claims in form and substance prescribed by the Company. If an
Eligible Individual believes that an individual should have been eligible to participate in the Plan or disputes the amount of benefits under the Plan, such individual may submit a claim for benefits in writing to the Committee within sixty 60 days
after the individual’s termination of employment. If such claim for benefits is wholly or partially denied, the Committee shall within a reasonable period of time, but no later than 90 days after receipt of the written claim, notify the
individual of the denial of the claim. If an extension of time for processing the claim is required, the Committee may take up to an additional 90 days, provided that the Committee sends the individual written notice of the extension before the
expiration of the original 90-day period. The notice provided to the individual will describe why an extension is required and when a decision is expected to be made. If a claim is wholly or partially denied,
the denial notice: (1) shall be in writing, (2) shall be written in a manner calculated to be understood by the individual, and (3) shall contain (a) the reasons for the denial, including specific reference to those plan
provisions on which the denial is based; (b) a description of any additional information necessary to complete the claim and an explanation of why such information is necessary; (c) an explanation of the steps to be taken to appeal the
adverse determination; and (d) a statement of the individual’s right to bring a civil action under section 502(a) of ERISA following an adverse decision after appeal. The Committee shall have full discretion to deny or grant a claim in
whole or in part. If notice of denial of a claim is not furnished in accordance with this section, the claim shall be deemed denied and the claimant shall be permitted to exercise his rights to review pursuant to Section 9.02 and 9.03. 

4.2 Right to Request Review of Benefit Denial. Within 60 days of the
individual’s receipt of the written notice of denial of the claim, the individual may file a written request for a review of the denial of the individual’s claim for benefits In connection with the individual’s appeal of the denial of
his benefit, the individual may submit comments, records, documents, or other information supporting the appeal, regardless of whether such information was considered in the prior benefits decision. Upon request and free of charge, the individual
will be provided reasonable access to and copies of all documents, records and other information relevant to the claim. 
 4.3 Disposition
of Claim. The Committee shall deliver to the individual a written decision on the claim promptly, but not later than 60 days after the receipt of the individual’s written request for review, except that if there are
special circumstances which require an extension of time for processing, the 60-day period shall be extended to 120 days; provided that the appeal reviewer sends written notice of the extension before the
expiration of the original 60-day period. If the appeal is wholly or partially denied, the denial notice will: (1) be written in a manner calculated to be understood by the individual, (2) contain
references to the specific plan provision(s) upon which the decision was based; (3) contain a statement that, upon request and free of charge, the individual will be provided reasonable access to and copies of all documents, records and other
information relevant to the claim for benefits; and (4) contain a statement of the individual’s right to bring a civil action under section 502(a) of ERISA. 

4.4 Exhaustion. An individual must exhaust the Plan’s claims procedures prior to bringing any claim for benefits under the Plan in a court of
competent jurisdiction. 
 ARTICLE 5 

MISCELLANEOUS 
 5.1 Administration. The
Plan shall be administered by the Committee or such other persons designated by the Board. The Committee shall have the authority to select the Eligible Individuals to be eligible for benefits under the Plan. The Committee is authorized to interpret
the Plan, to establish, amend and rescind any rules and regulations relating to the Plan, and to make any other determinations that it deems necessary or desirable for the administration of the Plan; provided, however, that any action permitted to
be 

  

							
	152	 	MOODY’S  2017 10-K	 			

 
taken by the Committee may be taken by the Board, in its discretion. The Committee may correct any defect or omission or reconcile any inconsistency in the Plan in the manner and to the extent
the Committee deems necessary or desirable. Any decision of the Committee in the interpretation and administration of the Plan, as described herein, shall lie within its sole and absolute discretion and shall be final, conclusive and binding on all
parties concerned. The Committee may delegate to one or more employees of the Company the authority to take actions on its behalf pursuant to the Plan. 

5.2 Termination; Amendments. The Plan shall have an initial term of two years, which shall be automatically extended by one year beginning on the
first anniversary of the Effective Date and on each anniversary thereafter, unless the Board or the Committee provides notice to all Eligible Individuals that the term will not be renewed beyond the then existing expiration date. The Plan with
respect to all Eligible Individuals or any particular Eligible Individual may be terminated or amended by the Board or the Committee; provided that a termination or any amendment that reduces the benefits to the Eligible Individual provided
hereunder or otherwise adversely affects the rights of the Eligible Individual, without the Eligible Individual’s prior written consent: (i) may only be approved after the completion of the initial two year term and prior to a Change of
Control, and (ii) may not be effected prior to the provision of twenty-four months’ advance notice thereof to the Eligible Individual. Termination or amendment of the Plan shall not affect any obligation of the Company under the Plan which
has accrued and is unpaid as of the effective date of the termination or amendment. 
 5.3 Successors. Any successor (whether direct or indirect
and whether by purchase, lease, merger, consolidation, liquidation or otherwise) to all or substantially all of Moody’s Corporation’s business and/or assets, or all or substantially all of the business and/or assets of a business segment
of Moody’s Corporation shall be obligated under the Plan in the same manner and to the same extent as Moody’s Corporation would be required to perform it in the absence of a succession. The Plan and all rights of the Eligible Individual
hereunder shall inure to the benefit of, and be enforceable by, the Eligible Individual’s personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. 

5.4 Creditor Status of Eligible Individuals. In the event that any Eligible Individual acquires a right to receive payments from the Company under
the Plan such right shall be no greater than the right of any unsecured general creditor of the Company. 
 5.5 Notice of Address. Each Eligible
Individual entitled to benefits under the Plan must file with the Company, in writing, his post office address and each change of post office address. Any communication, statement or notice addressed to such Eligible Individual at such address shall
be deemed sufficient for all purposes of the Plan, and there shall be no obligation on the part of the Company to search for or to ascertain the location of such Eligible Individual. 

5.6 Headings. The headings of the Plan are inserted for convenience and reference only and shall have no effect upon the meaning of the provisions
hereof. 
 5.7 Choice of Law. The Plan shall be construed, regulated and administered under the laws of the State of Delaware (excluding the
choice- of-law rules thereto), except that if any such laws are superseded by any applicable Federal law or statute, such Federal law or statute shall apply. 

5.8 Withholding. All payments under the Plan will be subject to all applicable withholding of state, local, provincial and federal taxes. 

5.9 No Implied Employment Contract. The Plan is not an employment contract. Nothing in the Plan or any other instrument executed pursuant to the
Plan shall confer upon an Eligible Individual any right to continue in the Company’s employ or service nor limit in any way the Company’s right to terminate an Eligible Individual’s employment at any time for any reason. 

5.10 No Assignment. The rights of an Eligible Individual to payments or benefits under the Plan shall not be made subject to option or assignment,
either by voluntary or involuntary assignment or by operation of law, including (without limitation) bankruptcy, garnishment, attachment or other creditor’s process, and any action in violation of this section shall be void. 

5.11 Effect on Other Plans, Agreements and Benefits. Except to the extent expressly set forth herein, any benefit or compensation to which an
Eligible Individual is entitled under any agreement between the Eligible Individual and the Company or under any plan maintained by the Company in which the Eligible Individual participates or participated shall not be modified or lessened in any
way, but shall be payable according to the terms of the applicable plan or agreement. Notwithstanding the foregoing, any benefits received by an Eligible Individual pursuant to this Plan shall be in lieu of any severance benefits to which the
Participant would otherwise be entitled under any general severance policy or other severance plan maintained by the Company for its management personnel and, upon consummation of a Change in Control, Eligible Individuals shall in no event be
entitled to participate in any such severance policy or other severance plan maintained by the Company for its management personnel. 
 5.12
Section 409A. 
 (a) General. The Plan is intended to comply with the requirements of Section 409A of the Code or an exemption
or exclusion therefrom and, with respect to amounts that are subject to Section 409A of the Code, shall in all respects be administered in accordance with Section 409A of the Code. Any payments that qualify for the “short-term
deferral” exception or another exception under 

  

							
		 	MOODY’S  2017 10-K	 	 	153	 

 
Section 409A of the Code shall be paid under the applicable exception. Each payment of compensation under this Plan shall be treated as a separate payment of compensation for purposes of
Section 409A. All payments to be made upon a termination of employment under this Plan may only be made upon a “separation from service” under Section 409A of the Code. In no event may the Eligible Individual, directly or
indirectly, designate the calendar year of any payment under this Plan. 
 (b) In-Kind Benefits and
Reimbursements. Notwithstanding anything to the contrary in this Plan, all reimbursements and in-kind benefits provided under this Plan shall be made or provided in accordance with the requirements of
Section 409A of the Code, including, where applicable, the requirement that (a) any reimbursement is for expenses incurred during the Eligible Individual’s lifetime (or during a shorter period of time specified in this Plan); (b) the
amount of expenses eligible for reimbursement, or in-kind benefits provided, during a calendar year may not affect the expenses eligible for reimbursement, or in-kind
benefits to be provided, in any other calendar year, except, if such benefits consist of the reimbursement of expenses referred to in Section 105(b) of the Code, a maximum, if provided under the terms of the plan providing such medical benefit,
may be imposed on the amount of such reimbursements over some or all of the period in which such benefit is to be provided to the Eligible Individual as described in Treasury Regulation
Section 1.409A-3(i)(iv)(B); (c) the reimbursement of an eligible expense will be made no later than the last day of the calendar year following the year in which the expense is incurred, provided
that the Eligible Individual shall have submitted an invoice for such fees and expenses at least ten (10) days before the end of the calendar year next following the calendar year in which such fees and expenses were incurred; and (d) the
right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit. 

  

							
	154	 	MOODY’S  2017 10-K

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00280-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00280-of-00352.parquet"}]]