Document:

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                                                                    EXHIBIT 10.3

                           EMPLOYEE BENEFITS AGREEMENT

                  This EMPLOYEE BENEFITS AGREEMENT is dated as of September __,
2000 (the "Agreement"), between THE DUN & BRADSTREET CORPORATION, a Delaware
corporation (the "Corporation"), and THE NEW D&B CORPORATION, a Delaware
corporation ("New D&B").

                  WHEREAS, the Board of Directors of Corporation has determined
that it is appropriate, desirable and in the best interests of the Corporation
and its businesses, as well as the holders of shares of common stock, par value
$.01 per share, of Corporation (the "Corporation Common Stock") to take certain
steps to reorganize Corporation's Subsidiaries (as defined herein) and
businesses and then to distribute to the holders of the Corporation Common Stock
all the outstanding shares of common stock of New D&B (the "New D&B Common
Stock"); and

                  WHEREAS, Corporation and New D&B have determined that it is
necessary and desirable to allocate and assign responsibility for certain
employee benefit matters in respect of such entities on and after the Effective
Time (as defined herein).

                  NOW, THEREFORE, in consideration of the mutual promises and
covenants contained herein, Corporation and New D&B agree as follows:

                                    ARTICLE I
                                   DEFINITIONS

                  SECTION 1.1 Definitions. Capitalized terms used in this
Agreement shall have the following meanings:

                  "ACNielsen" shall mean ACNielsen Corporation, a Delaware
corporation.

                  "Action" shall mean any action, suit, arbitration, inquiry,
proceeding or investigation by or before any court, any governmental or other
regulatory or administrative agency, body or commission or any arbitration
tribunal.

                  "Affiliate" shall mean, when used with respect to a specified
person, another person that controls, is controlled by, or is under common
control with the person specified. As used herein, "control" means the
possession, directly or indirectly, of the power to direct or cause the
direction of the management and policies of such person, whether through the
ownership of voting securities or other interests, by contract or otherwise.

                  "Ancillary Agreements" shall mean all of the written
agreements, instruments, assignments or other written arrangements (other than
this Agreement and the Distribution Agreement) entered into in connection with
the transactions contemplated by this Agreement and the Distribution Agreement,
including, without limitation, the Conveyancing and Assumption
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                                                                               2
Instruments, the Data Services Agreements, the Intellectual Property Assignment,
the Shared Transaction Services Agreements, the Tax Allocation Agreement and the
Transition Services Agreement.

                  "Assets" shall have the meaning set forth in Section 1.1(e) of
the Distribution Agreement.

                  "Business Entity" shall mean any corporation, partnership,
limited liability company or other entity which may legally hold title to
Assets.

                  "COBRA" shall mean the Consolidated Omnibus Budget
Reconciliation Act of 1985, as amended, and the regulations promulgated
thereunder, including any successor legislation.

                  "Code" shall mean the Internal Revenue Code of 1986, as
amended, and the regulations promulgated thereunder, including any successor
legislation.

                  "Cognizant" shall mean Cognizant Corporation, a Delaware
corporation.

                  "Conversion Ratio" shall have the meaning set forth in Section
6.1 of this Agreement.

                  "Conveyancing and Assumption Instruments" shall mean,
collectively, the various agreements, instruments and other documents heretofore
entered into and to be entered into to effect the transfer of Assets and the
assumption of Liabilities in the manner contemplated by the Distribution
Agreement, or otherwise arising out of or relating to the transactions
contemplated by the Distribution Agreement.

                  "Corporation" shall mean The Dun & Bradstreet Corporation, a
Delaware corporation.

                  "Corporation Common Stock" shall have the meaning set forth in
the recitals hereto.

                  "Corporation Employees" shall mean persons who, at any time
prior to the Effective Time, were employed by Corporation or its Subsidiaries.

                  "Corporation Employee Stock Purchase Plan" shall mean The Dun
& Bradstreet Corporation Employee Stock Purchase Plan.

                  "Corporation Group" shall mean The Dun & Bradstreet
Corporation and each Business Entity that is a Subsidiary of Corporation.
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                  "Corporation Long-Term Disability Plan" shall mean the Long
Term Disability Plan of The Dun & Bradstreet Corporation or any other long-term
disability plan sponsored by Corporation or any Subsidiary of Corporation prior
to the Effective Time.

                  "Corporation Master Trust" shall mean the trust established in
connection with the Corporation Retirement Plan, as in effect from time to time.

                  "Corporation Master Trust Agreement" shall mean the agreement
entered into in connection with the Corporation Master Trust.

                  "Corporation Master Welfare Trust" shall mean the trust
established in connection with the Corporation Long-Term Disability Plan and the
Group Life Insurance Plan of Corporation, as in effect from time to time.

                  "Corporation Master Welfare Plan Trust Agreement" shall mean
the agreement entered into in connection with the Corporation Master Welfare
Trust.

                  "Corporation Nonqualified Plans" shall have the meaning as set
forth in Section 4.1 of this Agreement.

                  "Corporation Pension BEP" shall mean the Pension Benefit
Equalization Plan of The Dun & Bradstreet Corporation, as in effect from time to
time.

                  "Corporation Pension BEP Trust" shall mean the trust
established in connection with the Corporation Pension BEP, as in effect from
time to time.

                  "Corporation Performance Shares" shall have the meaning set
forth in Section 6.3 of this Agreement.

                  "Corporation Retirees" shall mean persons who (i) were
Corporation Employees, (ii) terminated employment from the Corporation Group
prior to the Effective Time and (iii) are not New D&B Employees or Moody's
Employees after the Effective Time.

                  "Corporation Retirement Plan" shall mean the Retirement
Account Plan of The Dun & Bradstreet Corporation, as in effect from time to
time.

                  "Corporation SARs" shall have the meaning set forth in Section
6.2 of this Agreement.

                  "Corporation Savings BEP" shall mean the Profit Participation
Benefit Equalization Plan of The Corporation, as in effect from time to time.

                  "Corporation Savings Plan" shall mean the Profit Participation
Plan of The Dun & Bradstreet Corporation, as in effect from time to time.
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                  "Corporation Savings Trust" shall mean the trust established
in connection with the Corporation Savings Plan, as in effect from time to time.

                  "Corporation Savings Trust Agreement" shall mean the agreement
entered into in connection with the Corporation Savings Trust.

                  "Corporation Stock Option" shall have the meaning set forth in
Section 6.1 of this Agreement.

                  "Corporation Stock Incentive Plan" shall mean the 1998 Dun &
Bradstreet Corporation Key Employees' Stock Incentive Plan and the 1998 Dun &
Bradstreet Corporation Replacement Plan for Certain Employees Holding Dun &
Bradstreet Corporation Equity Based Awards.

                  "Corporation Stock Price" shall have the meaning set forth in
Section 6.1 of this Agreement.

                  "Corporation Supplemental EBP" shall mean the Supplemental
Executive Benefit Plan of The Dun & Bradstreet Corporation, as in effect from
time to time.

                  "Corporation Supplemental EBP Trust" shall mean the trust
established in connection with the Corporation Supplemental EBP as in effect
from time to time.

                  "D&B" shall mean The Dun & Bradstreet Corporation, a Delaware
corporation, prior to the distribution dated November 1, 1996.

                  "Data Services Agreement" shall mean the Data Services
Agreement to be entered into by Corporation and New D&B.

                  "Distribution" shall mean the distribution on the Distribution
Date to holders of record of shares of Corporation Common Stock as of the
Distribution Record Date of the New D&B Common Stock owned by Corporation on the
basis of one share of New D&B Common Stock for each two shares of Corporation
Common Stock outstanding.

                  "Distribution Agreement" shall mean the Distribution Agreement
between Corporation and New D&B, dated as of the Distribution Date.

                  "Distribution Date" shall mean [                     ], 2000.

                  "Distribution Record Date" shall mean such date as may be
determined by Corporation's Board of Directors as the record date for the
determination of holders entitled to receive the Distribution.

                  "Effective Time" shall mean immediately prior to the midnight,
New York time, ending the 24-hour period comprising the Distribution Date.
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                  "Employee Benefit Dispute" shall include any controversy,
dispute or claim arising out of, in connection with, or in relation to the
interpretation, performance, nonperformance, validity or breach of this
Agreement or otherwise arising out of, or in any way related to this Agreement,
including, without limitation, any claim based on contract, tort, statute or
constitution.

                  "Employee Benefit Litigation Liability" shall mean, with
respect to a Business Entity, a Liability relating to a controversy, dispute or
claim arising out of, in connection with or in relation to the interpretation,
performance, nonperformance, validity or breach of an Employee Benefit Plan of
such Business Entity or otherwise arising out of, or in any way related to such
Employee Benefit Plan, including, without limitation, any claim based on
contract, tort, statute or constitution.

                  "Employee Benefit Plans" shall mean, with respect to a
Business Entity, all "employee benefit plans" (within the meaning of Section
3(3) of ERISA), "multiemployer plans" (within the meaning of Section 3(37) of
ERISA), retirement, pension, savings, profit-sharing, welfare, stock purchase,
stock option, equity-based, severance, employment, change-in-control, fringe
benefit, collective bargaining, bonus, incentive, deferred compensation and all
other employee benefit plans, agreements, programs, policies or other
arrangements (including any funding mechanisms therefor), whether or not subject
to ERISA, whether formal or informal, oral or written, legally binding or not,
under which (i) any past, present or future employee of the Business Entity or
its Subsidiaries has a right to benefits and (ii) the Business Entity or its
Subsidiaries has any Liability.

                  "Employee Benefit Records" shall mean all agreements,
documents, books, records or files relating to the Employee Benefit Plans of
Corporation and New D&B.

                  "Employee Benefit Welfare Plans" shall mean, with respect to a
Business Entity, all Employee Benefit Plans that are "welfare plans" within the
meaning of Section 3(1) of ERISA.

                  "Employer Stock" shall mean, after the Distribution Date, (i)
New D&B Common Stock credited to the account of a New D&B Employee or a
Corporation Retiree and (ii) Moody's Common Stock credited to the account of a
Moody's Employee in an employer stock fund of the respective savings plan in
which such employee participates, pursuant to Section 3.5.

                  "ERISA" shall mean the Employee Retirement Income Security Act
of 1974, as amended, and the regulations promulgated thereunder, including any
successor legislation.

                  "Information Statement" shall mean the Information Statement
sent to the holders of shares of Corporation Common Stock in connection with the
Distribution, including any amendment or supplement thereto.

                  "Intellectual Property Assignment" shall mean the intellectual
property and licensing agreement between Corporation and New D&B.
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                  "Liabilities" shall mean any and all losses, claims, charges,
debts, demands, actions, causes of action, suits, damages, obligations,
payments, costs and expenses, sums of money, accounts, reckonings, bonds,
specialties, indemnities and similar obligations, exonerations, covenants,
contracts, controversies, agreements, promises, doings, omissions, variances,
guarantees, make whole agreements and similar obligations, and other
liabilities, including all contractual obligations, whether absolute or
contingent, matured or unmatured, liquidated or unliquidated, accrued or
unaccrued, known or unknown, whenever arising, and including those arising under
any law, rule, regulation, Action, threatened or contemplated Action (including
the costs and expenses of demands, assessments, judgments, settlements and
compromises relating thereto and attorneys' fees and any and all costs and
expenses (including allocated costs of in-house counsel and other personnel),
whatsoever reasonably incurred in investigating, preparing or defending against
any such Actions or threatened or contemplated Actions), order or consent decree
of any governmental or other regulatory or administrative agency, body or
commission or any award of any arbitrator or mediator of any kind, and those
arising under any contract, commitment or undertaking, including those arising
under this Agreement, the Distribution Agreement or any Ancillary Agreement, in
each case, whether or not recorded or reflected or required to be recorded or
reflected on the books and records or financial statements of any person.

                  "Moody's" shall mean Moody's Corporation, a Delaware
corporation.

                  "Moody's Bifurcated Savings Plan Employees" shall have the
meaning set forth in Section 3.2(a) of this Agreement.

                  "Moody's Common Stock" shall mean shares of common stock of
Moody's.

                  "Moody's Disabled Employees" shall mean all current or former
Corporation Employees who would have been employed by the Moody's Group
following the Distribution but are receiving or are eligible to receive benefits
under the Corporation Long-Term Disability Plan as of the Effective Time.

                  "Moody's Elective Retirees" shall mean persons who (i) were
Corporation Employees, (ii) terminated employment from the Corporation Group as
of the Effective Time and (iii) are Moody's Employees immediately after the
Effective Time.

                  "Moody's Employees" shall mean persons who, immediately after
the Effective Time, are employed by the Moody's Group (including persons who
would have been employed by the Moody's Group immediately after the Effective
Time but terminated employment prior to the Distribution and are receiving, or
entitled to receive, severance under a severance plan of the Corporation as of
the Effective Time or absent from work by reason of a leave of absence on
account of disability or otherwise and inactive employees treated as such by
agreement therewith (including Moody's Disabled Employees)).
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                  "Moody's Group" shall mean Moody's and each Business Entity
which is contemplated to remain or become a Subsidiary of Moody's pursuant to
the Distribution Agreement.

                  "Moody's Long-Term Disability Plan" shall mean the long-term
disability plan to be adopted by Moody's pursuant to Section 5.5 of this
Agreement.

                  "Moody's Long-Term Disability Plan Transfer Date" shall have
the meaning set forth in Section 5.5 of this Agreement.

                  "Moody's Nonqualified Plan Participants" shall have the
meaning as set forth in Section 4.2 of this Agreement.

                  "Moody's Option" shall mean an option to purchase Moody's
Common Stock.

                  "Moody's Replacement Plans" shall mean the replacement plans
to be adopted by Moody's to grant replacement incentive stock awards pursuant to
Section 6 of this Agreement.

                  "Moody's Retirement Plan" shall mean the defined benefit plan
to be adopted by Moody's pursuant to Section 2.2(a) of this Agreement.

                  "Moody's Retirement Plan Effective Date" shall have the
meaning set forth in Section 2.2(a) of this Agreement.

                  "Moody's Retirement Plan Transfer Date" shall have the meaning
set forth in Section 2.2(b) of this Agreement.

                  "Moody's Savings Plan" shall mean the defined contribution
plan to be adopted by Moody's pursuant to Section 3.2(a) of this Agreement.

                  "Moody's Savings Plan Transfer Date" shall have the meaning
set forth in Section 3.2(b) of this Agreement.

                  "Moody's Transferred Retirement Plan Employees" shall have the
meaning set forth in Section 2.2(a) of this Agreement.

                  "Moody's Transferred Savings Plan Employees" shall have the
meaning set forth in Section 3.2(a) of this Agreement.

                  "New D&B" shall mean The New Dun & Bradstreet Corporation, a
Delaware corporation.

                  "New D&B Common Stock" shall have the meaning set forth in the
recitals hereto.
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                  "New D&B Disabled Employees" shall mean all current or former
Corporation Employees who are receiving benefits under the Corporation Long-Term
Disability Plan as of the Effective Time, other than Moody's Disabled Employees.

                  "New D&B Employees" shall mean persons who, immediately after
the Effective Time, are employed by the New D&B Group (including persons who
would have been employed by the New D&B Group immediately after the Effective
Time but terminated employment prior to the Distribution and are receiving, or
entitled to receive, severance under a severance plan of the Corporation as of
the Effective Time or absent from work by reason of a leave of absence on
account of disability or otherwise and inactive employees treated as such by
agreement therewith (including New D&B Disabled Employees)).

                  "New D&B Employee Stock Purchase Plan" shall mean the Employee
Stock Purchase Plan to be adopted by New D&B pursuant to Section 6.5.

                  "New D&B Group" shall mean New D&B and each Business Entity
which is contemplated to remain or become a Subsidiary of New D&B pursuant to
the Distribution Agreement.

                  "New D&B Option" shall mean an option to purchase New D&B
Common Stock.

                  "New D&B Replacement Plans" shall mean the replacement plans
to be adopted by New D&B to grant replacement incentive stock awards pursuant to
Section 6 of this Agreement.

                  "New D&B Stock Price" shall have the meaning set forth in
Section 6.1 of this Agreement.

                  "Nonemployer Stock" shall mean, after the Distribution Date,
New D&B Common Stock credited to the account of a Moody's Employee and Moody's
Common Stock credited to an account of a New D&B Employee in a nonemployer stock
fund in the respective savings plan in which such employee participates,
pursuant to Section 3.5.

                  "Participant Election Period" shall mean the period during
which the elections described in Section 3.2 are permitted.

                  "PBGC" shall mean the Pension Benefit Guaranty Corporation or
any successor entity thereto.

                  "PBGC Assumptions" shall mean the actuarial assumptions set
forth in 29 C.F.R. Part 2619, et seq.

                  "Person" shall mean any natural person, corporation, business
trust, joint venture, association, company, partnership or government, or any
agency or political subdivision thereof.
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                  "Present Value" shall mean the single sum value of a series of
future payments, determined utilizing PBGC Assumptions in effect as of the
measurement date.

                  "Service" shall mean the Internal Revenue Service or any
successor entity thereto.

                  "Shared Transaction Services Agreements" shall mean the Shared
Transaction Services Agreements between Corporation and New D&B.

                  "Subsidiary" shall mean any corporation, partnership or other
entity of which another entity (i) owns, directly or indirectly, ownership
interests sufficient to elect a majority of the Board of Directors (or persons
performing similar functions) (irrespective of whether at the time any other
class or classes of ownership interests of such corporation, partnership or
other entity shall or might have such voting power upon the occurrence of any
contingency) or (ii) is a general partner or an entity performing similar
functions (e.g., a trustee).

                  "Tax Allocation Agreement" shall mean the Tax Allocation
Agreement between Corporation and New D&B.

                  "Transition Services Agreement" shall mean the Transition
Services Agreement between Corporation and New D&B.

                                   ARTICLE II
                           CORPORATION RETIREMENT PLAN

                  SECTION 2.1 Assumption by New D&B. Prior to the Effective
Time, New D&B shall assume and become the sponsor of the Corporation Retirement
Plan and New D&B shall be substituted for Corporation in the Corporation Master
Trust Agreement. Active participation of Moody's Employees in the Corporation
Retirement Plan shall cease immediately after the Effective Time.

                  SECTION 2.2 Transfer to Moody's Retirement Plan. (a) As soon
as practicable after the Effective Time, but not later than the first day of the
fourth calendar month that begins after the Effective Time (herein referred to
as the "Moody's Retirement Plan Effective Date"), Moody's shall establish the
Moody's Retirement Plan for the benefit of Moody's Employees who were
participants in the Corporation Retirement Plan immediately prior to the
Effective Time (the "Moody's Transferred Retirement Plan Employees"). As soon as
practicable after the Effective Time, New D&B shall cause the trustee of the
Corporation Retirement Plan to segregate the assets of the Corporation
Retirement Plan allocable to Moody's Transferred Retirement Plan Employees
(other than Moody's Elective Retirees) in an amount equal to the sum of:

         (i)      the amount allocable to such Moody's Transferred Retirement
                  Plan Employees under ERISA Section 4044 as of the Effective
                  Time, determined using PBGC Assumptions; and
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         (ii)     in accordance with the spinoff provisions set forth under
                  Section 414(l) of the Code, an amount of the surplus under the
                  Corporation Retirement Plan such that the total amount
                  transferred to the Moody's Retirement Plan shall equal up to
                  $88 million.

                  (b) As soon as practicable after the Effective Time, the
assets allocable to such Moody's Transferred Retirement Plan Employees shall be
transferred to a separate trust established under the Moody's Retirement Plan
(such date herein referred to as the "Moody's Retirement Plan Transfer Date");
provided, however, that in no event shall such transfer take place until (i) New
D&B and Moody's have made all required filings and submissions to the
appropriate governmental agencies and (ii) if requested by New D&B, Moody's has
furnished to New D&B a favorable determination letter that the Moody's
Retirement Plan is qualified under Section 401(a) of the Code. The value of such
assets to be transferred shall equal the value of segregated assets determined
under Section 2.2(a) of this Agreement, adjusted as follows:

         (i)      reduced by the amount of benefit payments made under the
                  Corporation Retirement Plan with respect to such Moody's
                  Transferred Retirement Plan Employees from the Effective Time
                  to the Moody's Retirement Plan Transfer Date; and

         (ii)     increased (or decreased) by the share of the net investment
                  income (or loss) and decreased by the share of investment
                  expenses from the Effective Time to the Moody's Retirement
                  Plan Transfer Date attributable to the value of such
                  segregated assets.

                  (c) Unless otherwise agreed to by Moody's and New D&B, the
assets to be transferred shall consist of an undivided percentage interest in
each asset that is held by the Corporation Retirement Plan on the Moody's
Retirement Plan Transfer Date, such undivided percentage interest being equal to
the value of assets allocable to such Moody's Transferred Retirement Plan
Employees, divided by the fair market value of plan assets.

                  (d) Prior to the Moody's Retirement Plan Transfer Date, all
benefit payments to Moody's Transferred Retirement Plan Employees shall be made
from the Corporation Retirement Plan.

                  SECTION 2.3 Allocation of Liabilities. The Moody's Group shall
retain all Liabilities relating to benefits accrued to the Moody's Transferred
Retirement Plan Employees (other than Moody's Elective Retirees) under the
Corporation Retirement Plan. The New D&B Group shall assume Liabilities relating
to benefits accrued to all other participants under the Corporation Retirement
Plan.

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                                   ARTICLE III
                            CORPORATION SAVINGS PLAN

                  SECTION 3.1 Assumption by New D&B. Prior to the Effective
Time, New D&B shall assume and become the sponsor of the Corporation Savings
Plan and New D&B shall be substituted for Corporation in the Corporation Savings
Trust Agreement. Active participation of Moody's Employees in the Corporation
Savings Plan shall cease immediately after the Effective Time.

                  SECTION 3.2 Moody's Savings Plan. (a) As of the Effective
Time, Moody's shall adopt the Moody's Savings Plan for the benefit of Moody's
Employees who were participants in the Corporation Savings Plan immediately
prior to the Effective Time. Prior to the Effective Time, Moody's Employees
(other than Moody's Elective Retirees who shall keep their balances in the
Corporation Savings Plan) shall be given the right to elect one of the following
options with respect to their Corporation Savings Plan account balances (the
"Participant Election Period"): (i) Moody's Employees may keep their balances in
the Corporation Savings Plan (such employees being known as "Moody's Bifurcated
Savings Plan Employees"); or (ii) Moody's Employees may transfer their balances
to the Moody's Savings Plan (such employees being known as "Moody's Transferred
Savings Plan Employees"). If a Moody's Employee fails to elect any of the
foregoing options prior to the end of the Participant Election Period, (i) his
or her balance shall be transferred to the Moody's Savings Plan, and (ii) such
employee shall be treated as a Moody's Transferred Savings Plan Employee.

                  (b) Prior to the date on which the transfer of assets and
liabilities to the Moody's Savings Plan shall occur (the "Moody's Savings Plan
Transfer Date"), which date shall occur as promptly as practicable following the
Participant Election Period, (i) New D&B shall (A) cause the trustee of the
Corporation Savings Plan to segregate, in accordance with the spinoff provisions
set forth under Section 414(l) of the Code, the assets of the Corporation
Savings Plan representing the full account balances of Moody's Transferred
Savings Plan Employees for all periods of participation through the Effective
Time (including, as applicable, all contributions and all earnings attributable
thereto); (B) make all required filings and submissions to the appropriate
governmental agencies; and (C) make all required amendments to the Corporation
Savings Plan and related trust agreement necessary to provide for the
segregation and transfer of assets described in this Section 3.2, and (ii) if
requested by New D&B, Moody's shall furnish to New D&B a favorable determination
letter that the Moody's Savings Plan is qualified under Section 401(a) of the
Code.

                  (c) On the Moody's Savings Plan Transfer Date, New D&B shall
cause the trustee of the Corporation Savings Plan to transfer to the trustee of
the Moody's Savings Plan the full account balances (inclusive of loans) of
Moody's Transferred Savings Plan Employees in cash or in kind based on those
investment funds in which such account balances are then invested (including,
but not limited to, the stock funds); provided, however, that loans to Moody's
Transferred Savings Plan Employees shall be transferred in the form of notes. In
consideration of the segregation and transfer of assets described herein, the
Moody's Savings Plan shall, as of the Moody's Savings Plan Transfer Date, assume
all Liabilities attributable to such assets.

                  SECTION 3.3 Vesting. As of the Effective Time, the account
balances of Moody's Employees (other than Moody's Elective Retirees) in the
Corporation Savings Plan
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shall fully vest. Future employer contributions by Moody's under the Moody's
Savings Plan shall vest based on the vesting schedule thereunder.

                  SECTION 3.4 Outstanding Loans. During their employment with
Moody's, Moody's Transferred Savings Plan Employees who have outstanding loans
originally made from the Corporation Savings Plan shall be permitted to repay
such loans by way of regular deductions from their paychecks, and, prior to the
Moody's Savings Plan Transfer Date, Moody's or New D&B (as the case may be)
shall cause all such deductions to be forwarded to the Corporation Savings Plan
as promptly as practicable. After the Effective Time, no such deductions by
Moody's shall be made in respect of Moody's Bifurcated Savings Plan Employees
who have outstanding loans from the Corporation Savings Plan, and all such
employees shall be required to repay their loans directly to the Corporation
Savings Plan in accordance with the existing terms thereof.

                  SECTION 3.5 Employer Stock Fund. (a) Participants in the
Corporation Savings Plan who, immediately prior to the Effective Time, have
balances in the Corporation Common Stock fund shall have such balances
converted, as of the Effective Time, to the extent applicable, to units in two
stock funds. The Corporation Savings Plan shall maintain a nonemployer stock
fund consisting of only Moody's Common Stock ("Moody's Stock Fund") and an
employer stock fund consisting of only New D&B Common Stock ("New D&B Stock
Fund"). The Moody's Stock Fund will initially consist of the same number of
shares of Moody's Common Stock as the number of shares of Corporation Common
Stock in the Corporation Common Stock fund immediately prior to the Effective
Time. The New D&B Stock Fund will initially consist of a number of shares of New
D&B Common Stock equal to fifty percent of the number of shares of Corporation
Common Stock in the Corporation Common Stock fund immediately prior to the
Effective Time. The initial percentage interest of each participant in each
stock fund as of the Effective Time shall equal such participant's percentage
interest in the Corporation Common Stock fund immediately prior to the Effective
Time. The Moody's Savings Plan shall maintain a nonemployer stock fund to which
the New D&B Stock Fund assets of Moody's Transferred Savings Plan Employees in
the Corporation Savings Plan shall be transferred on the Moody's Savings Plan
Transfer Date. The Moody's Savings Plan shall also maintain an employer stock
fund to which the Moody's Stock Fund assets of Moody's Transferred Savings Plan
Employees in the Corporation Savings Plan shall be transferred on the Moody's
Savings Plan Transfer Date.

                  (b) A participant may not transfer or contribute any amounts
to a Nonemployer Stock fund from or after the Effective Time.

                  SECTION 3.6 Allocation of Liabilities. The Moody's Group shall
retain all Liabilities relating to account balances of Moody's Transferred
Savings Plan Employees under the Corporation Savings Plan. The New D&B Group
shall assume Liabilities relating to account balances of all other participants
under the Corporation Savings Plan.

<PAGE>   13
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                                   ARTICLE IV
                               NONQUALIFIED PLANS

                  SECTION 4.1 Corporation Nonqualified Plans. Prior to the
Effective Time, New D&B shall assume and become the sponsor of the Corporation
Supplemental EBP, the Corporation Supplemental EBP Trust, the Corporation
Pension BEP, the Corporation Pension BEP Trust and the Corporation Savings BEP
(collectively, the "Corporation Nonqualified Plans") for the benefit of persons
who, prior to the Effective Time, were participants thereunder; provided,
however, that, with respect to Moody's Employees, (i) Moody's shall retain the
liability for benefits under the Corporation Savings BEP and (ii) New D&B shall
retain only those Liabilities for benefits under the Corporation Nonqualified
Plans (other than the Corporation Savings BEP) that, prior to the Effective
Time, were accrued and to which such participants had earned vested rights
thereunder. The Liabilities retained by New D&B under such plans shall be
appropriately adjusted to reflect (A) increases in the contribution limits
imposed by Section 415 of the Code and (B) future accruals under the Moody's
pension plans.

                  SECTION 4.2 Service Credit. Moody's Employees who were
participants with vested benefits in the Corporation Nonqualified Plans
immediately prior to the Effective Time (the "Moody's Nonqualified Plan
Participants") shall continue to receive service credit under such plans for
their service with the Moody's Group from and after the Effective Time, but
solely for purposes of satisfying the one-year waiting requirement for a valid
election under the Corporation Nonqualified Plans.

                  SECTION 4.3 Consent to Termination. Solely with respect to
determining the level of benefits payable under the Corporation Nonqualified
Plans, Moody's shall have the authority to consent to the termination of
employment prior to age 60 of a Moody's Nonqualified Plan Participant from the
Moody's Group.

                  SECTION 4.4 Termination of Employment. Benefits under the
Corporation Nonqualified Plans shall not become payable to a Moody's
Nonqualified Plan Participant until such participant terminates employment from
the Moody's Group and is otherwise eligible to receive such payment under the
terms of the Corporation Nonqualified Plans.

                  SECTION 4.5 Noncompetition. Solely with respect to the
noncompetition clauses of the Corporation Nonqualified Plans, New D&B hereby
consents to the employment of the Corporation Nonqualified Plan Participants by
the Moody's Group after the Effective Time, whether or not such employment would
otherwise trigger such noncompetition clauses.

                  SECTION 4.6 Distributions. Moody's Nonqualified Plan
Participants who participated in the Corporation Savings BEP immediately prior
to the Effective Time shall receive a distribution thereunder from the Moody's
Group, based on their notional elective deferrals through the Effective Time, at
the time distributions are otherwise made under such plan.

                  SECTION 4.7 Guarantees; Subrogation. The Moody's Group agrees
that, in the event the New D&B Group is unable to satisfy its obligations in
respect of the benefits of any Moody's Employee that have accrued under the
Corporation Nonqualified Plans prior to the Effective Time, the Moody's Group
shall make payment when due with respect to such
<PAGE>   14
                                                                              14

obligations of the New D&B Group. In the event that the Moody's Group is
required to make any payment pursuant to this Section 4.7, the Moody's Group
shall have full rights of subrogation against the New D&B Group.

                  SECTION 4.8 Third-Party Beneficiaries. It is the intention of
the parties to this Agreement that the provisions of Section 4.7 shall be
enforceable by (a) the Moody's Nonqualified Plan Participants and (b) their
respective surviving beneficiaries.

                  SECTION 4.9 Joint and Several Liability. Moody's and New D&B
acknowledge joint and several liability under (i) the Employee Benefits
Agreement dated as of October 29, 1996 among D&B, Cognizant and ACNielsen and
(ii) the Employee Benefits Agreement dated as of June 30, 1998 between the
Corporation and R.H. Donnelley Inc., with respect to certain nonqualified plans
maintained by the Corporation prior to such dates. To the extent joint and
several liability is imposed on Moody's in respect of a liability assumed by New
D&B under this Agreement, Moody's shall be entitled to contribution from New D&B
for the amount of such liability imposed. To the extent joint and several
liability is imposed on New D&B in respect of a liability assumed by Moody's
under this Agreement, New D&B shall be entitled to contribution from Moody's for
the amount of such liability imposed.

                                    ARTICLE V
                                  WELFARE PLANS

                  SECTION 5.1 Employee Benefit Welfare Plans. Prior to the
Effective Time, the Corporation shall continue to sponsor its Employee Benefit
Welfare Plans for the benefit of the Corporation Employees. Except as provided
in Section 5.4 and Section 5.6 below, from and after the Effective Time, Moody's
shall continue to sponsor its Employee Benefit Welfare Plans solely for the
benefit of Moody's Employees. From and after the Effective Time, New D&B shall
sponsor its Employee Benefit Welfare Plans for the benefit of New D&B Employees
and Corporation Retirees who participated in the Corporation Employee Benefit
Welfare Plans immediately prior to the Effective Time. Notwithstanding the
foregoing, neither Moody's nor New D&B shall have any obligation to sponsor any
Employee Benefit Welfare Plan from or after the Effective Time.

                  SECTION 5.2 Pre-Existing Conditions; Dollar Limits. With
respect to any medical plan that may be sponsored by New D&B and Moody's after
the Effective Time, New D&B and Moody's (a) shall cause there to be waived any
pre-existing condition limitations and (b) shall give effect, in determining any
deductible and maximum out-of-pocket limitations, to claims incurred, and
amounts paid by, and amounts reimbursed to, (in each case during 2000 prior to
the Effective Time) New D&B Employees, Moody's Employees and Corporation
Retirees under similar plans maintained by Corporation (or any Affiliate
thereof) for their benefit immediately prior to the Effective Time.

                  SECTION 5.3 Severance Plans. The Moody's Group shall retain
all Liabilities with respect to severance payments made or to be made to Moody's
Employees. The New D&B
<PAGE>   15
                                                                              15

Group shall retain all Liabilities with respect to severance payments made or to
be made to New D&B Employees. For purposes of this Section 5.3, the term
"severance payments" shall include any welfare benefit coverage and all other
severance related benefits provided under severance plans and agreements other
than, with respect to Moody's Elective Retirees, retiree medical and dental and
retiree life insurance.

                  SECTION 5.4 Flexible Spending Accounts. From the Effective
Time until December 31, 2000, New D&B shall administer its flexible spending
accounts for all Corporation Employees; provided, however, that Moody's shall
forward all flexible spending account funds attributable to Moody's Employees to
New D&B as promptly as practicable.

                  SECTION 5.5 Long-Term Disability. Prior to the Effective Time,
New D&B shall assume and become the sponsor of the Corporation Long-Term
Disability Plan and New D&B shall be substituted for Corporation in the
Corporation Master Welfare Plan Trust Agreement. Active participation of Moody's
Disabled Employees in the Corporation Long-Term Disability Plan shall cease
immediately after the Effective Time. New D&B shall cause the trustee of the
Master Welfare Plan Trust to segregate the assets of the Corporation Long-Term
Disability Plan allocable to the Moody's Disabled Employees who became disabled
prior to January 1, 1994. As soon as practicable after the Effective Time,
Moody's shall establish the Moody's Long-Term Disability Plan for the benefit of
Moody's Disabled Employees and the assets allocable to the Moody's Disabled
Employees who became disabled prior to January 1, 1994 shall be transferred to a
separate trust established under the Moody's Long-Term Disability Plan (the
"Moody's Long-Term Disability Plan Transfer Date"). The value of such assets to
be transferred shall be adjusted as follows:

         (a)      reduced by the amount of benefit payments made under the
                  Corporation Long-Term Disability Plan with respect to such
                  Moody's Disabled Employees from the Effective Time to the
                  Moody's Long-Term Disability Plan Transfer Date; and

         (b)      increased (or decreased) by the share of the net investment
                  income (or loss) and decreased by the share of investment
                  expenses from the Effective Time to the Moody's Long-Term
                  Disability Plan Transfer Date attributable to the value of
                  such segregated assets.

                  SECTION 5.6 Allocation of Liabilities. (a) The Moody's Group
shall retain responsibility for and continue to pay all expenses and benefits
relating to (i) the Corporation Long-Term Disability Plans with respect to
claims incurred by Moody's Disabled Employees, regardless of when such claims
are incurred and (ii) the Corporation Employee Benefit Welfare Plans with
respect to claims incurred from and after the Effective Time by Moody's
Employees as well as their dependents. The New D&B Group shall be responsible
for and pay expenses and benefits relating to all Employee Benefit Welfare Plan
claims (i) incurred prior to the Effective Time by Corporation Employees,
Moody's Disabled Employees and their covered dependents (other than claims
incurred by Moody's Disabled Employees under the Corporation Long-Term
Disability Plans) and (ii) incurred by New D&B Employees and Corporation
Retirees as well as their covered dependents from and after the Effective Time.
For purposes of this paragraph, a
<PAGE>   16
                                                                              16

claim is deemed incurred when the services that are the subject of the claim are
performed; in the case of life insurance, when the death occurs; in the case of
long-term disability, when the disability occurs; and, in the case of a hospital
stay, when the employee first enters the hospital. Notwithstanding the
foregoing, claims incurred by any employee of a pre-Distribution Subsidiary of
the Corporation or their covered dependents under any welfare plan maintained by
such Subsidiary solely for the benefit of its employees and their dependents
shall, whether incurred prior to, on or after the Effective Time, be the sole
responsibility and liability of that Subsidiary.

                  (b) The Moody's Group shall be responsible for all COBRA
coverage for (i) any Corporation Employee who would have been a Moody's Employee
but for the qualifying event and his or her covered dependents who participated
in a Corporation Employee Benefit Welfare Plan and who had or have a loss of
health care coverage due to a qualifying event occurring prior to the Effective
Time and (ii) any Moody's Employee who is entitled to COBRA coverage as a result
of a qualifying event occurring at or after the Effective Time. The New D&B
Group shall be responsible for all COBRA coverage for any other Corporation
Employee and his or her covered dependents who participated in a Corporation
Employee Benefit Welfare Plan and who had or have a loss of health care coverage
due to a qualifying event occurring prior to the Effective Time. Notwithstanding
the foregoing, a pre-Distribution Subsidiary of Corporation shall be responsible
for all COBRA coverage for its former employees and covered dependents who
participated in a plan maintained solely for their benefit whether the
applicable event occurs prior to, on or after the Effective Time.

                  SECTION 5.7 Retiree Welfare Plans. The Moody's Group shall be
responsible for providing retiree welfare benefits, where applicable, to Moody's
Employees. The New D&B Group shall be responsible for providing retiree welfare
benefits, where applicable, to Corporation Retirees and New D&B Employees

                                   ARTICLE VI
                               EQUITY-BASED PLANS

                  SECTION 6.1 Corporation Stock Options. Stock options awarded
under the Corporation stock option plans ("Corporation Stock Options") shall be
treated as follows:

                  (a) Moody's Employees. From and after the Effective Time, each
unexercised Corporation Stock Option held by Moody's Employees shall be
adjusted, pursuant to the terms of the award agreements and the Corporation
Stock Option Plans, into an option to purchase Moody's Common Stock (a "Moody's
Option") and a separately exercisable option, granted pursuant to the New D&B
Replacement Plans, to purchase New D&B Common Stock (a "New D&B Option"). The
number of shares of Moody's Common Stock covered by the Moody's Stock Option
shall equal the number of shares of Corporation Common Stock covered by the
Corporation Stock Option and the number of shares of New D&B Common Stock
covered by the New D&B Option shall equal the number of shares of Corporation
Common Stock covered by the Corporation Stock Option divided by two. The
exercise price of the Moody's Stock Option shall equal the product of (A) (i)
the trading price of Corporation as of last trade "regular way"
<PAGE>   17
                                                                              17

immediately prior to the Distribution (the "Corporation Stock Price") over (ii)
the quotient of (a) the trading price of New D&B as of the last trade "when
issued" immediately prior to the Distribution (the "New D&B Stock Price")
divided by (b) two, multiplied by (B) a fraction, the numerator of which is the
original exercise price, and the denominator of which equals the Corporation
Stock Price (the "Conversion Ratio"). The exercise price of the New D&B Stock
Option shall equal the New D&B Stock Price multiplied by the Conversion Ratio.
Except as otherwise provided in the New D&B Replacement Plans and this Section
6.1(a), the terms of the New D&B Option shall be substantially identical to the
terms of the Corporation Stock Options.

                  (b) New D&B Employees. Except as otherwise provided by
agreement between New D&B and a New D&B Employee, as of the Effective Time, (i)
each unexercised Corporation Stock Option held by New D&B Employees (other than
New D&B Disabled Employees) shall be cancelled and (ii) such individuals shall
receive a replacement Moody's Option, granted pursuant to the Moody's
Replacement Plans, and a separately exercisable replacement New D&B Option,
granted pursuant to the New D&B Replacement Plans. The number of shares of
Moody's Common Stock covered by the Moody's Stock Option shall equal the number
of shares of Corporation Common Stock covered by the Corporation Stock Option
and the number of shares of New D&B Common Stock covered by the New D&B Option
shall equal the number of shares of Corporation Common Stock covered by the
Corporation Stock Option divided by two. The exercise price of the Moody's Stock
Option shall equal the product of (A) (i) the Corporation Stock Price over (ii)
the quotient of (a) the New D&B Stock Price divided by (b) two, multiplied by
(B) the Conversion Ratio. The exercise price of the New D&B Stock Option shall
equal the New D&B Stock Price multiplied by the Conversion Ratio. Except as
otherwise provided in the New D&B Replacement Plans and this Section 6.1(b), all
other terms of the replacement stock options shall remain substantially
identical to the terms of the cancelled Corporation Stock Options.

                  (c) Corporation Retirees and New D&B Disabled Employees. As of
the Effective Time, each unexercised Corporation Stock Option held by
Corporation Retirees and New D&B Disabled Employees shall be adjusted in
substantially the same manner as employees of the Moody's Group.

                  SECTION 6.2 Corporation SARs. All stock appreciation rights
awarded under the Corporation Stock Option Plans ("Corporation SARs") shall be
adjusted or substituted (as the case may be) in substantially the same manner as
the Corporation Stock Options described in Section 6.1 above.

                  SECTION 6.3 Performance Unit Plan. Performance shares awarded
under the Performance Unit Plan ("Corporation Performance Shares") shall be
treated as follows:

                  (a) Moody's Employees. Moody's Employees shall receive,
following the completion of the performance cycle, (i) a number of shares of
Moody's Common Stock equal to the number of Corporation Performance Shares to
which such Moody's Employees would have been entitled but for the Distribution
plus (ii) a cash payment equal to the fair market value (as of
<PAGE>   18
                                                                              18

the date of payment) of a number of shares of New D&B Common Stock equal to
fifty percent of the number of such Corporation Performance Shares.

                  (b) New D&B Employees. As of the Effective Time, Corporation
Performance Share opportunities granted to New D&B Employees shall be cancelled
and such individuals shall receive a replacement performance share opportunity
consisting of (i) a number of shares of New D&B Common Stock equal to fifty
percent of the target number of Corporation Performance Shares plus (ii) a cash
payment equal to the fair market value (as of the date of payment) of a number
of shares of Moody's Common Stock equal to the target number of Corporation
Performance Shares.

                  (c) Performance Data. As soon as practicable, but no later
than January 31, 2001, (i) New D&B shall provide Moody's with the performance
data necessary for Moody's to calculate awards granted to Moody's Employees
under the Performance Unit Plan and (ii) Moody's shall provide New D&B with the
performance data necessary for New D&B to calculate awards granted to New D&B
Employees under the Performance Unit Plan. Moody's and New D&B agree to keep all
information provided under this Section 6.3(c) confidential consistent with
Section 4.4 of the Distribution Agreement.

                  SECTION 6.4 Corporation Employee Stock Purchase Plan. (a) From
and after the Effective Time, Moody's shall continue to sponsor the Corporation
Employee Stock Purchase Plan.

                  (b) As of the Effective Time, New D&B shall adopt the New D&B
Employee Stock Purchase Plan for the benefit of New D&B Employees.

                  SECTION 6.5 Termination of Employment. With respect to each
New D&B Stock Option and each stock appreciation right for New D&B Common Stock
granted to a Moody's Employee, references under the New D&B Replacement Plans,
the Moody's Replacement Plans and the Corporation Stock Option Plans to
employment with or termination of employment shall reference employment with or
termination of employment with Moody's. With respect to each Moody's Stock
Option and each stock appreciation right for Moody's Common Stock granted to a
New D&B Employee, references under the New D&B Replacement Plans, the Moody's
Replacement Plans and the Corporation Stock Option Plans to employment with or
termination of employment shall reference employment with or termination of
employment with New D&B.

                  SECTION 6.6 Allocation of Liabilities. Except as provided in
the Tax Allocation Agreement, the New D&B Group shall assume all Liabilities
with respect to awards of New D&B Common Stock granted to New D&B Employees,
Moody's Employees and Corporation Retirees pursuant to the New D&B Replacement
Plans; provided, however, that, all Liabilities relating to the termination of
employment of a Moody's Employee by Moody's shall be Moody's Liabilities under
the Distribution Agreement. The Moody's Group shall retain all Liabilities with
respect to awards of Moody's Common Stock granted pursuant to the Corporation
Stock Option Plans or the Moody's Replacement Plans granted to New D&B
Employees, Moody's Employees
<PAGE>   19
                                                                              19

and Corporation Retirees; provided, however, that, all Liabilities relating to
the termination of employment of a New D&B Employee by New D&B shall be New D&B
Liabilities under the Distribution Agreement.

                                   ARTICLE VII
                         FOREIGN EMPLOYEE BENEFIT PLANS

                  Section 7.1 Foreign Employee Benefit Plans. Except as
otherwise provided on Schedule 7.1 of this Agreement, Moody's shall provide
Moody's Employees who permanently reside outside the United States with employee
benefit plans, programs and arrangements that are comparable, in the aggregate,
to the Employee Benefit Plans in which such Moody's Employees currently
participate, but only to the extent Moody's can provide such employee benefits
without incurring cost significantly higher than the cost to provide such
employee benefits prior to the Effective Time.

                                  ARTICLE VIII
                          OTHER EMPLOYEE BENEFIT ISSUES

                  SECTION 8.1 Assumption of Liabilities. Except as otherwise
expressly provided in this Agreement, the Distribution Agreement shall govern
the rights of the Moody's Group and the New D&B Group with respect to the
assumption and/or retention of Liabilities.

                  SECTION 8.2 Workers' Compensation. The Moody's Group shall
retain all Liabilities relating to workers' compensation claims that were
incurred (a) prior to the Effective Time with respect to Corporation Employees
who were employed by the Moody's Group after the Effective Time and (b) on and
after the Effective Time with respect to Moody's Employees. The New D&B Group
shall retain all Liabilities relating to workers' compensation claims that were
incurred (a) prior to the Effective Time with respect to Corporation Employees
who were not employed by the Moody's Group, after the Effective Time and (b) on
and after the Effective Time with respect to New D&B Employees. For purposes of
this paragraph, a claim is deemed incurred when the injury that is the subject
of the claim occurs.

                  SECTION 8.3 Employee Benefit Plan Amendment. The provisions of
this Agreement shall be deemed to amend, where necessary, the Employee Benefit
Plans.

                                   ARTICLE IX
                           BENEFIT PLAN PARTICIPATION

                  SECTION 9.1 Corporation Plans. Except as specifically provided
herein, all Moody's Employees shall cease participation in all Corporation
Employee Benefit Plans as of the Effective Time.
<PAGE>   20
                                                                              20

                  SECTION 9.2 Moody's Plans. With respect to any newly created
Employee Benefit Plan sponsored by the Moody's Group after the Effective Time,
the Moody's Group shall cause to be recognized (to the extent applicable) (i)
each Moody's Employee's (other than Moody's Elective Retirees) past service with
the Corporation Group to the extent recognized under similar plans maintained by
the Corporation Group immediately prior to the Effective Time and (ii) each
Moody's Employee's accrued but unused vacation time and sick days. Any Moody's
Employee who participated in a Corporation Employee Benefit Plan immediately
prior to the Effective Time shall be entitled to immediate participation in a
similar newly created Employee Benefit Plan sponsored by the Moody's Group.

                  SECTION 9.3 New D&B Plans. With respect to any Employee
Benefit Plan sponsored by the New D&B Group after the Effective Time, the New
D&B Group shall cause to be recognized (to the extent applicable) each New D&B
Employee's (i) past service with the Corporation Group to the extent recognized
under similar plans maintained by the Corporation Group immediately prior to the
Effective Time and (ii) accrued but unused vacation time and sick days. Any New
D&B Employee who participated in a Corporation Employee Benefit Plan immediately
prior to the Effective Time shall be entitled to immediate participation in a
similar Employee Benefit Plan sponsored by New D&B.

                  SECTION 9.4 Subsequent Employer. If, during the one-year
period following the Effective Time, a Moody's Employee or a New D&B Employee,
who was employed by Corporation prior to the Effective Time, terminates
employment with his or her employer and then immediately commences employment
with the Moody's Group or the New D&B Group, the subsequent employer shall cause
to be recognized (to the extent applicable) such employee's past service with
the Corporation Group, the Moody's Group or the New D&B Group to the extent
recognized under similar plans maintained by the prior employer. Notwithstanding
the foregoing, no past service shall be recognized with respect to final
average compensation pension accruals under the defined benefit plans of the
subsequent employer.

                  SECTION 9.5 Right to Amend or Terminate. Except as
specifically provided herein, nothing in this Agreement shall be construed or
interpreted to restrict the Moody's Group's or the New D&B Group's right or
authority to amend or terminate any of their Employee Benefit Plans following
the Effective Time.

                                    ARTICLE X
                              ACCESS TO INFORMATION

                  SECTION 10.1 Access to Information. Article IV of the
Distribution Agreement shall govern the rights of the Moody's Group and the New
D&B Group with respect to access to information. The term "Records" in that
Article shall be read to include all Employee Benefit Records.

<PAGE>   21
                                                                              21

                                   ARTICLE XI

                                 INDEMNIFICATION

                  SECTION 11.1 Indemnification. Article III of the Distribution
Agreement shall govern the rights of the Moody's Group and the New D&B Group
with respect to indemnification. The term "Moody's Liabilities" in that Article
shall be read to include all Liabilities assumed or retained by the Moody's
Group pursuant to this Agreement. The term "New D&B Liabilities" in that Article
shall be read to include all Liabilities assumed or retained by the New D&B
Group pursuant to this Agreement.

                                   ARTICLE XII
                               DISPUTE RESOLUTION

                  SECTION 12.1 Dispute Resolution. Article VI of the
Distribution Agreement shall govern the rights of the Moody's Group and the New
D&B Group with respect to dispute resolution. The term "Agreement Dispute" in
that Article shall be read to include all Employee Benefit Disputes.

                                  ARTICLE XIII
                                  MISCELLANEOUS

                  SECTION 13.1 Complete Agreement; Construction. This
Agreement, including the Exhibits and Schedules (if any), and the Distribution
Agreement shall constitute the entire agreement between the parties with respect
to the subject matter hereof and shall supersede all previous negotiations,
commitments and writings with respect to such subject matter. In the event of
any inconsistency between this Agreement and any Schedule hereto, the Schedule
shall prevail. Other than Sections 2.7 and 4.5 and Article VI of the
Distribution Agreement, which shall prevail over any inconsistent or conflicting
provisions in this Agreement, notwithstanding any other provisions in this
Agreement to the contrary, in the event and to the extent that there shall be a
conflict between the provisions of this Agreement and the provisions of the
Distribution Agreement, this Agreement shall control.

                  SECTION 13.2 Ancillary Agreements. This Agreement is not
intended to address, and should not be interpreted to address, the matters
specifically and expressly covered by the Ancillary Agreements.

                  SECTION 13.3 Counterparts. This Agreement may be executed in
one or more counterparts, all of which shall be considered one and the same
agreement, and shall become effective when one or more such counterparts have
been signed by each of the parties and delivered to the other parties.

                  SECTION 13.4 Survival of Agreements. Except as otherwise
contemplated by this Agreement, all covenants and agreements of the parties
contained in this Agreement shall survive the Distribution Date.
<PAGE>   22
                                                                              22

                  SECTION 13.5 Expenses. Except as otherwise set forth in this
Agreement, the Distribution Agreement or any Ancillary Agreement, each of
Moody's and New D&B agree to assume and be responsible for fifty percent of all
costs and expenses incurred on or prior to the Distribution Date (whether or not
paid on or prior to the Distribution Date) in connection with the preparation,
execution, delivery and implementation of this Agreement and the consummation of
the transactions contemplated hereby. Except as otherwise set forth in this
Agreement, the Distribution Agreement or any Ancillary Agreement, each party
shall bear its own costs and expenses incurred after the Distribution Date. Any
amount or expense to be paid or reimbursed by any party hereto to any other
party hereto shall be so paid or reimbursed promptly after the existence and
amount of such obligation is determined and demand therefor is made.

                  SECTION 13.6 Notices. All notices and other communications
hereunder shall be in writing and hand delivered or mailed by registered or
certified mail (return receipt requested) or sent by any means of electronic
message transmission with delivery confirmed (by voice or otherwise) to the
parties at the following addresses (or at such other addresses for a party as
shall be specified by like notice) and will be deemed given on the date on which
such notice is received:

                  To the Corporation:

                  Moody's Corporation
                  99 Church Street
                  New York, NY 10007
                  Telecopy: (212) 553-0300
                  Attn: Chief Legal Counsel

                  To New D&B:

                  The Dun & Bradstreet Corporation
                  One Diamond Hill Road
                  Murray Hill, NJ 07974
                  Telecopy: (908) 665-5827
                  Attn: Chief Legal Counsel

                  SECTION 13.7 Waivers. The failure of any party to require
strict performance by any other party of any provision in this Agreement will
not waive or diminish that party's right to demand strict performance thereafter
of that or any other provision hereof.

                  SECTION 13.8 Amendments. Subject to the terms of Section
13.11 hereof, this Agreement may not be modified or amended except by an
agreement in writing signed by each of the parties hereto.

                  SECTION 13.9 Assignment. This Agreement shall not be
assignable, in whole or in part, directly or indirectly, by any party hereto
without the prior written consent of the other
<PAGE>   23
                                                                              23

parties hereto, and any attempt to assign any rights or obligations arising
under this Agreement without such consent shall be void.

                  SECTION 13.10 Successors and Assigns. The provisions to this
Agreement shall be binding upon, inure to the benefit of and be enforceable by
the parties and their respective successors and permitted assigns.

                  SECTION 13.11 Termination. This Agreement (including, without
limitation, Section 4.8 and Article XII hereof) may be terminated and may be
amended, modified or abandoned at any time prior to the Distribution by and in
the sole discretion of Corporation without the approval of the shareholders of
Corporation. In the event of such termination, no party shall have any liability
of any kind to any other party or any other person. After the Distribution, this
Agreement may not be terminated except by an agreement in writing signed by the
parties; provided, however, that Section 4.8 and Article XII shall not be
terminated or amended after the Distribution in respect of the third party
beneficiaries thereto without the consent of such persons.

                  SECTION 13.12 Subsidiaries. Each of the parties hereto shall
cause to be performed, and hereby guarantees the performance of, all actions,
agreements and obligations set forth herein to be performed by any Subsidiary of
such party or by any entity that is contemplated to be a Subsidiary of such
party on and after the Distribution Date.

                  SECTION 13.13 Third Party Beneficiaries. Except as provided
in Section 4.8 and Article XII, this Agreement is solely for the benefit of the
parties hereto and their respective Subsidiaries and Affiliates and should not
be deemed to confer upon third parties any remedy, claim, liability,
reimbursement, claim of action or other right in excess of those existing
without reference to this Agreement.

                  SECTION 13.14 Title and Headings. Titles and headings to
sections herein are inserted for the convenience of reference only and are not
intended to be a part of or to affect the meaning or interpretation of this
Agreement.

                  SECTION 13.15 Exhibits and Schedules. The Exhibits and
Schedules, if any, shall be construed with and as an integral part of this
Agreement to the same extent as if the same had been set forth verbatim herein.

                  SECTION 13.16 GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED
BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK APPLICABLE
TO CONTRACTS MADE AND TO BE PERFORMED IN THE STATE OF NEW YORK.

                  SECTION 13.17 Consent to Jurisdiction. Without limiting the
provisions of Article XII hereof, each of the parties irrevocably submits to the
exclusive jurisdiction of (a) the Supreme Court of the State of New York, New
York County, and (b) the United States District Court for the Southern District
of New York, for the purposes of any suit, action or other
<PAGE>   24
                                                                              24

proceeding arising out of this Agreement or any transaction contemplated hereby.
Each of the parties agrees to commence any action, suit or proceeding relating
hereto either in the United States District Court for the Southern District of
New York or if such suit, action or other proceeding may not be brought in such
court for jurisdictional reasons, in the Supreme Court of the State of New York,
New York County. Each of the parties further agrees that service of any process,
summons, notice or document by U.S. registered mail to such party's respective
address set forth above shall be effective service of process for any action,
suit or proceeding in New York with respect to any matters to which it has
submitted to jurisdiction in this Section 13.17. Each of the parties irrevocably
and unconditionally waives any objection to the laying of venue of any action,
suit or proceeding arising out of this Agreement or the transactions
contemplated hereby in (i) the Supreme Court of the State of New York, New York
County, or (ii) the United States District Court for the Southern District of
New York, and hereby further irrevocably and unconditionally waives and agrees
not to plead or claim in any such court that any such action, suit or proceeding
brought in any such court has been brought in an inconvenient forum.

                  SECTION 13.18 Severability. In the event any one or more of
the provisions contained in this Agreement should be held invalid, illegal or
unenforceable in any respect, the validity, legality and enforceability of the
remaining provisions contained herein and therein shall not in any way be
affected or impaired thereby. The parties shall endeavor in good-faith
negotiations to replace the invalid, illegal or unenforceable provisions with
valid provisions, the economic effect of which comes as close as possible to
that of the invalid, illegal or unenforceable provisions.

                  SECTION 13.19 Governmental Notices; Cooperation.
Notwithstanding anything in this Agreement to the contrary, all actions
contemplated herein with respect to Employee Benefit Plans which are to be
consummated pursuant to this Agreement shall be subject to such notices to,
and/or approvals by, the Service or the PBGC (or any other governmental agency
or entity) as are required or deemed appropriate by such Employee Benefit Plan's
sponsor. Moody's and New D&B agree to use their commercially reasonable efforts
to cause all such notices and/or approvals to be filed or obtained, as the case
may be. Each party hereto shall reasonably cooperate with the other parties with
respect to any government filings, employee notices or any other actions
reasonably necessary to maintain and implement the Employee Benefit Plans
covered by this Agreement.

                  SECTION 13.20 Further Assurances. From time to time, as and
when reasonably requested by any other party hereto, each party hereto shall
execute and deliver, or cause to be executed and delivered, all such documents
and instruments and shall take, or cause to be taken, all such further or other
actions as such other party may reasonably deem necessary or desirable to effect
the purposes of this Agreement and the transactions contemplated hereunder.
<PAGE>   25
                  IN WITNESS WHEREOF, the parties have duly executed and entered
into this Agreement, as of the date first above written.

                            THE DUN & BRADSTREET CORPORATION

                            by
                              -----------------
                              Name:
                              Title:

                            THE NEW D&B CORPORATION

                            by
                              -----------------
                              Name:
                              Title:<PAGE>   1
                                                                    EXHIBIT 10.3

                          POLO RALPH LAUREN CORPORATION
                     EXECUTIVE OFFICER ANNUAL INCENTIVE PLAN

1.   Purpose.

     The purposes of the Plan are to promote the success of the Company; to
provide designated Executive Officers with an opportunity to receive incentive
compensation dependent upon that success; to attract, retain and motivate such
individuals; and to provide Awards that are "qualified performance-based
compensation" under Section 162(m) of the Code.

2.   Definitions.

                     "Award" means an incentive award made pursuant to the Plan.

     "Award Formula" means one or more objective formulas or standards
established by the Committee for purposes of determining an Award based on the
level of performance with respect to one or more Performance Goals. Award
Formulas may vary from Performance Period to Performance Period and from
Participant to Participant and may be established on a stand-alone basis, in
tandem or in the alternative.

     "Award Schedule" means the Award Schedule established pursuant to Section
4.1.

     "Beneficiary" mean the person(s) designated by the Participant, in writing
on a form provided by the Committee, to receive payments under the Plan in the
event of his death while a Participant or, in the absence of such designation,
the Participant's estate.

     "Board of Directors" means the Board of Directors of the Company.

     "Code" means the Internal Revenue Code of 1986, as amended.

     "Committee" means a committee or subcommittee of the Board of Directors
designated by the Board of Directors to administer the Plan and composed of not
less than two directors, each of whom is intended to be an "outside director"
(within the meaning of Code Section 162(m)).

     "Company" means Polo Ralph Lauren Corporation and its successors.

     "Covered Employee" means a covered employee within the meaning of Code
Section 162(m)(3).

     "Determination Period" means, with respect to a Performance Period
applicable

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to any Award under the Plan, the period commencing with the first day of such
Performance Period and ending on the earlier to occur of (i) 90 days after the
commencement of the Performance Period and (ii) the date upon which twenty-five
percent (25%) of the Performance Period shall have elapsed.

     "Executive Officer" means a person who is an executive officer of the
Company for purposes of the Securities Exchange Act of 1934, as amended.

     "Participant" means an Executive Officer selected from time to time by the
Committee to participate in the Plan.

     "Performance Goal" means the level of performance established by the
Committee as the Performance Goal with respect to a Performance Measure.
Performance Goals may vary from Performance Period to Performance Period and
from Participant to Participant and may be established on a stand-alone basis,
in tandem or in the alternative.

     "Performance Measure" means one or more of the following selected by the
Committee to measure Company and/or business unit performance for a Performance
Period: basic or diluted earnings per share; net revenues; gross profit; income
before income taxes; income before income taxes less a charge for capital;
return on capital and return on equity; each as determined in accordance with
generally accepted accounting principles as consistently applied by the Company
and, if so determined by the Committee prior to the expiration of the
Determination Period, adjusted, to the extent permitted under Section 162(m) of
the Code, to omit the effects of extraordinary items, gain or loss on the
disposal of a business segment, unusual or infrequently occurring events and
transactions and cumulative effects of changes in accounting principles.
Performance Measures may vary from Performance Period to Performance Period and
from Participant to Participant and may be established on a stand-alone basis,
in tandem or in the alternative.

     "Performance Period" means one or more periods of time, as the Committee
may designate, over which the attainment of one or more Performance Goals will
be measured for the purpose of determining a Participant's right to payment in
respect of an Award.

     "Plan" means the Polo Ralph Lauren Corporation Executive Officer Annual
Incentive Plan.

     "Plan Year" means the Company's fiscal year.

3.   Participation.

     3.1 Participants shall be selected by the Committee from among the
Executive Officers. The selection of an Executive Officer as a Participant for a
Performance Period shall not entitle such individual to be selected as a
Participant with respect to any other Performance Period.

4.   Awards.

     4.1 Award Schedules. With respect to each Performance Period with

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respect to which an Award may be earned by a Participant under the Plan, prior
to the expiration of the Determination Period the Committee shall establish in
writing for such Performance Period an Award Schedule for each Participant. The
Award Schedule shall set forth the applicable Performance Period, Performance
Measure(s), Performance Goal(s), and Award Formula(s) and such other information
as the Committee may determine. Once established for a Plan Year, such items
shall not be amended or otherwise modified to the extent such amendment or
modification would cause the compensation payable pursuant to the Award to fail
to constitute qualified performance based compensation under Code Section
162(m). Award Schedules may vary from Performance Period to Performance Period
and from Participant to Participant.

     4.2 Determination of Awards. A Participant shall be eligible to receive
payment in respect of an Award only to the extent that the Performance Goal(s)
for such Award are achieved and the Award Formula as applied against such
Performance Goal(s) determines that all of some portion of such Participant's
Award has been earned for the Performance Period. As soon as practicable after
the close of each Performance Period, the Committee shall meet to review and
certify in writing whether, and to what extent, the Performance Goals for the
Performance Period have been achieved and, if so, to calculate and certify in
writing that amount of the Award earned by each Participant for such Performance
Period based upon such Participant's Award Formula. The Committee shall then
determine the actual amount of the Award to be paid to each Participant and, in
so doing, may use negative discretion to decrease, but not increase, the amount
of the Award otherwise payable to the Participant based upon such performance.
Anything in this Plan to the contrary notwithstanding, the maximum Award payable
to any Participant with respect to each Plan Year (or portion thereof) contained
within a Performance Period shall be $10,000,000.

     4.3 Payment of Awards. Awards shall be paid in a lump sum cash payment as
soon as practicable after the amount thereof has been determined and certified
in accordance with Section 4.2. The Committee may, subject to such terms and
conditions and within such limits as it may from time to time establish, permit
one or more Participants to defer the receipt of amounts due under the Plan in a
manner consistent with the requirements of Code Section 162(m) so that any
increase in the amount of an Award that is deferred shall be based either on a
reasonable rate of interest or the performance of a predetermined investment in
accordance with Treasury Regulation 1.162-27(e)(2)(iii)(B). If any Award which
is earned pursuant to this Section 4 is paid prior to the time determined when
the Award was initially granted, the amount of such Award shall be reduced by an
appropriate discount factor determined by the Committee.

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5.   Termination of Employment.

     5.1 Termination of Employment Prior to the Last Day of the Performance
Period. Except as otherwise determined by the Committee, no Award with respect
to a Performance Period will be payable to any Participant who is not an
employee of the Company on the last day of such Performance Period.

6.   Administration.

     6.1 In General. The Committee shall have full and complete authority, in
its sole and absolute discretion, (i) to exercise all of the powers granted to
it under the Plan, (ii) to construe, interpret and implement the Plan and any
related document, (iii) to prescribe, amend and rescind rules relating to the
Plan, (iv) to make all determinations necessary or advisable in administering
the Plan, and (v) to correct any defect, supply any omission and reconcile any
inconsistency in the Plan.

     6.2 Determinations. The actions and determinations of the Committee or
others to whom authority is delegated under the Plan on all matters relating to
the Plan and any Awards shall be final and conclusive. Such determinations need
not be uniform and may be made selectively among persons who receive, or are
eligible to receive, Awards under the Plan, whether or not such persons are
similarly situated.

     6.3 Appointment of Experts. The Committee may appoint such accountants,
counsel, and other experts as it deems necessary or desirable in connection with
the administration of the Plan.

     6.4 Delegation. The Committee may delegate to others the authority to
execute and deliver such instruments and documents, to do all such acts and
things, and to take all such other steps deemed necessary, advisable or
convenient for the effective administration of the Plan in accordance with its
terms and purposes, except that the Committee shall not delegate any authority
with respect to decisions regarding Plan eligibility or the amount, timing or
other material terms of Awards.

     6.5 Books and Records. The Committee and others to whom the Committee has
delegated such duties shall keep a record of all their proceedings and actions
and shall maintain all such books of account, records and other data as shall be
necessary for the proper administration of the Plan.

     6.6 Payment of Expenses. The Company shall pay all reasonable expenses of
administering the Plan, including, but not limited to, the payment of
professional and expert fees.

     6.7 Code Section 162(m). It is the intent of the Company that this Plan and
Awards satisfy the applicable requirements of Code Section 162(m) so that the
Company's tax deduction for remuneration in respect of this Plan for services
performed by Participants who are or may be Covered Employees is not disallowed
in whole or in part by the operation of such Code Section. If any provision of
this Plan or if any Award would otherwise frustrate or conflict with such
intent, that provision to the extent possible shall be interpreted and deemed
amended so as to avoid such conflict, and, to the extent of any remaining
irreconcilable conflict with such intent, that provision shall be deemed void as
applicable to such Covered Employees.

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7.   Miscellaneous.

     7.1 Nonassignability. No Award shall be assignable or transferable
(including pursuant to a pledge or security interest) other than by will or by
laws of descent and distribution.

     7.2 Withholding Taxes. Whenever payments under the Plan are to be made or
deferred, the Company will withhold therefrom, or from any other amounts payable
to or in respect of the Participant, an amount sufficient to satisfy any
applicable governmental withholding tax requirements related thereto.

     7.3 Amendment or Termination of the Plan. The Plan may be amended or
terminated by the Board of Directors in any respect except that (i) no amendment
may be made after the date on which an Executive Officer is selected as a
Participant for a Performance Period that would adversely affect the rights of
such Participant with respect to such Performance Period without the consent of
the affected Participant and (ii) no amendment shall be effective without the
approval of the stockholders of the Company to increase the maximum Award
payable under the Plan or if, in the opinion of counsel to the Company, such
approval is necessary to satisfy the intent set forth in Section 6.7.

     7.4 Other Payments or Awards. Nothing contained in the Plan will be deemed
in any way to limit or restrict the Company from making any award or payment to
any person under any other plan, arrangement or understanding, whether now
existing or hereafter in effect.

     7.5 Payments to Other Persons. If payments are legally required to be made
to any person other than the person to whom any amount is payable under the
Plan, such payments will be made accordingly. Any such payment will be a
complete discharge of the liability of the Company under the Plan.

     7.6 Unfunded Plan. Nothing in this Plan will require the Company to
purchase assets or place assets in a trust or other entity to which
contributions are made or otherwise to segregate any assets for the purpose of
satisfying any obligations under the Plan. Participants will have no rights
under the Plan other than as unsecured general creditors of the Company.

     7.7 Limits of Liability. Neither the Company nor any other person
participating in any determination of any question under the Plan, or in the
interpretation, administration or application of the Plan, will have any
liability to any party for any action taken or not taken in good faith under the
Plan.

     7.8 No Right of Employment. Nothing in this Plan will be construed as
creating any contract of employment or conferring upon any Participant any right
to continue in the employ or other service of the Company or limit in any way
the right of the Company to change such person's compensation or other benefits
or to terminate the employment or other service of such person with or without
Cause.

     7.9 Section Headings. The section headings contained herein are for
convenience only, and in the event of any conflict, the text of the Plan, rather
than the

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section headings, will control.

     7.10 Invalidity. If any term or provision contained herein is to any extent
invalid or unenforceable, such term or provision will be reformed so that it is
valid, and such invalidity or unenforceability will not affect any other
provision or part hereof.

     7.11 Applicable Law. The Plan will be governed by the laws of the State of
New York, as determined without regard to the conflict of law principles
thereof.

     7.12 Effective Date/Term. The Plan shall be effective only upon the
approval by the shareholders of the Company in a manner consistent with the
shareholder approval requirements of Code Section 162(m), and shall be effective
for the Plan Year in which such approval occurs and each of the next four
succeeding Plan Years unless sooner terminated by the Board of Directors in
accordance with Section 7.3. For the fifth succeeding Plan Year, the Plan shall
remain in effect in accordance with its terms unless amended or terminated by
the Board of Directors, and the Committee shall make the determinations required
by Section 4 for such Plan Year, but the Plan shall be submitted for re-approval
by the shareholders of the Company at the annual meeting of shareholders held
during such fifth Plan Year, and payment of all Awards under the Plan for such
Plan Year and any future Plan Years shall be contingent upon such approval.

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