Document:

Form of Tax sharing Agreement

 Exhibit 10.11 
 TAX SHARING AGREEMENT 
 between 
 MORGAN STANLEY, 
 on behalf of itself 
 and the members 
 of the MS Group,

 and 
 MSCI Inc.,

 on behalf of itself 
 and the members 
 of the MSCI Group 
 This Agreement is entered into as of the [    ] day of [                ], 2007 between Morgan Stanley
(“MS”), a Delaware corporation, on behalf of itself and the members of the MS Group, as defined below, and MSCI Inc. (“MSCI”), a Delaware corporation, registered to do business in New York as NY MSCI Inc., on behalf
of itself and the members of the MSCI Group, as defined below. 
 W I T N E S S E T H: 
 WHEREAS, pursuant to the tax laws of various jurisdictions, certain members of the MSCI Group presently file, and will continue to file prior to certain
transactions, certain tax returns on an affiliated, consolidated, combined, unitary, fiscal unity or other group basis (including as permitted by Section 1501 of the Internal Revenue Code of 1986, as amended (the “Code”)) with
certain members of the MS Group; 
 NOW, THEREFORE, in consideration of the mutual covenants and agreements hereinafter set forth, the
parties agree as follows: 
 1. Definitions.  
 (a) As used in this Agreement: 
 “Actually Realized” or “Actually
Realizes” shall mean, for purposes of determining the timing of the incurrence of any Tax liability or the realization of a Refund (or any related income tax or other Tax cost or benefit) in respect of any payment, transaction, occurrence
or event, the time at which the amount of income taxes paid (or Refund realized) is increased above (or reduced below) the amount of income taxes that would otherwise have been required to be paid (or Refund that would otherwise have been realized)
but for such payment, transaction, occurrence or event. 
  

 “Affiliate” of any Person shall mean any individual, corporation, partnership or other
entity directly or indirectly owning more than 50 percent (by vote or value) of, owned more than 50 percent (by vote or value) by, or under more than 50 percent (by vote or value) common ownership with, such Person. 
 “After-Tax Amount” shall mean an additional amount necessary to reflect the hypothetical Tax consequences of the receipt or accrual of
any payment, using the maximum statutory rate (or rates, in the case of an item that affects more than one Tax) applicable to the recipient of such payment for the relevant Taxable year, reflecting for example, the effect of the deductions available
for interest paid or accrued and for Taxes, such as state and local income taxes. 
 “AMT” shall mean the alternative
minimum tax, within the meaning of Section 55 of the Code. 
 “Barra” shall mean Barra, Inc., a Delaware corporation.

 “Code” shall have the meaning ascribed to it in the first “whereas” clause in this Agreement. 
 “Combined Apportionment Factor” shall mean the apportionment factor reflected on the applicable consolidated, combined or unitary state
or local income tax return and utilized in computing the combined, consolidated or unitary state or local income tax liability. 
 “Consolidated Federal Return” shall mean a Pre-Deconsolidation Period Return filed in respect of federal income taxes by a Consolidated Group. 
 “Consolidated Group” shall mean any group consisting of (i) at least one member of the MS Group that filed (or will file) any Pre-Deconsolidation Period Return that reflects the income, assets or
operations of any member of the MSCI Group or (ii) at least one member of the MSCI Group that filed (or will file) any Pre-Deconsolidation Period Return that reflects the income, assets or operations of any member of the MS Group. 

“Consolidated State Return” shall mean a Pre-Deconsolidation Period Return filed in respect of state or local income taxes by a
Consolidated Group. 
 “Deconsolidation Date” shall mean with respect to a Return the date on which any member of the MSCI
Group is no longer consolidated, combined or in a unitary relationship (as the case may be) with any member of MS Group in filing such Return. 
  

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 “Federal Separate Group Tax Liability” shall mean the product of a Group’s Separate
Group Taxable Income, computed for federal income tax purposes, and the highest federal income tax rate imposed under the Code on the Taxable income of a corporation for the relevant Taxable period (or portion thereof), reduced by any Tax credits
that the Group would be able to use if it were calculating its federal income Tax liability on a stand-alone basis. 
 “Final
Determination” shall mean (i) with respect to federal income taxes, (A) a “determination” as defined in Section 1313(a) of the Code, or (B) the date of acceptance by or on behalf of the IRS of Form 870-AD (or
any successor form thereto), as a final resolution of Tax liability for any Taxable period, except that a Form 870-AD (or successor form thereto) that reserves the right of the taxpayer to file a claim for Refund or the right of the IRS to assert a
further deficiency shall not constitute a Final Determination with respect to the item or items so reserved; (ii) with respect to Taxes other than federal income taxes, any final determination of liability in respect of a Tax that, under
applicable law, is not subject to further appeal, review or modification through proceedings or otherwise; (iii) with respect to any Tax, any final disposition by reason of the expiration of the applicable statute of limitations; or
(iv) with respect to any Tax, the payment of Tax by any member of the MS Group or the MSCI Group, whichever is responsible for payment of such Tax under applicable law, with respect to any item disallowed or adjusted by a Taxing Authority,
provided that the provisions of Section 13 hereof have been complied with, or, if such section is inapplicable, that the party responsible under the terms of this Agreement for such Tax is notified by the party paying such Tax that it has
determined that no action should be taken to recoup such disallowed item, and the other party agrees with such determination. 
 “Gain Group” shall mean a Group with Separate Group Taxable Income for the relevant Taxable period. 
 “Group” shall mean the MSCI Group or the MS Group, as appropriate. 
 “IRS” shall mean the
Internal Revenue Service. 
 “Loss Group” shall mean a Group that incurs a Separate Group Taxable Loss for the relevant
Taxable period. 
 “MSCI Group” shall mean one or more of (i) MSCI, (ii) on or before the Deconsolidation Date,
any Person that is, or was, a Subsidiary of MSCI for such period of ownership by MSCI and (iii) to the extent not previously included by (ii), Barra and its Subsidiaries, including for (i), (ii) and (iii) any predecessors and
successors thereto. 
  

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 “MS Group” shall mean one or more of MS and its Subsidiaries other than those entities
comprising the MSCI Group. 
 “Overpayment Rate” shall mean the overpayment rate as set forth in Section 6621 of the
Code. 
 “Person” shall have the meaning ascribed to it in Section 7701(a)(1) of the Code. 
 “Post-Deconsolidation Period” shall mean any Taxable period (or portion thereof) beginning after the close of business on the
Deconsolidation Date. 
 “Pre-Deconsolidation Period” shall mean any Taxable period ending on or before the close of
business on the Deconsolidation Date; provided that if a Taxable period ending after the Deconsolidation Date contains any days which fall prior to or on the Deconsolidation Date, only the portion of such Taxable period up to and including the
Deconsolidation Date shall be included in the Pre-Deconsolidation Period. 
 “Refund” shall mean any refund of Taxes,
including any reduction in Taxes by means of a credit, offset or otherwise. 
 “Return” shall mean any Tax return,
statement, report, form, election, claim or surrender (including estimated Tax returns and reports, extension requests and forms, and information returns and reports) required to be filed with any Taxing Authority. 
 “Separate Group Taxable Income” shall mean, with respect to a Group, such Group’s Taxable income computed as if such Group were a
separate consolidated, combined or unitary group, and applying such Tax principles, including limitations and carryovers (excluding limits for charitable contributions and dividends-received deduction, and accounting for deferred intercompany
transactions consistent with the deferral and recognition rules of Treasury Regulations Section 1.1502-13 (or any successor rule) or analogous state or local rule), that would have been applicable to such Group had such Group never been part of
the Consolidated Group or any other consolidated, combined or unitary group. In the context of state and local tax, Separate Group Taxable Income shall be computed prior to the application of any apportionment formula. Additionally, to the extent a
member of a Group has a net operating loss or any other tax attribute that was created prior to becoming a member of the Group but can be carried forward and used by the Group (in the context of state or local law, either before or after
apportionment, as determined under applicable law), such attribute will factor into such Group’s calculation of Separate Group Taxable Income (taking into account any applicable limitations on the use thereof). 
  

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 “Separate Group Taxable Loss” shall mean, with respect to a Group, such Group’s
Taxable loss computed as if such Group were a separate consolidated, combined or unitary group, and applying such Tax principles, including limitations and carryovers (excluding limits for charitable contributions and dividends-received deduction,
and accounting for deferred intercompany transactions consistent with the deferral and recognition rules of Treasury Regulations Section 1.1502-13 (or any successor rule) or analogous state or local rule), that would have been applicable to
such Group had such Group never been part of the Consolidated Group or any other consolidated, combined or unitary group. In the context of state and local tax, Separate Group Taxable Loss shall be computed prior to the application of any
apportionment formula. Additionally, to the extent a member of a Group has a net operating loss or any other Tax attribute that was created prior to becoming a member of the Group but can be carried forward and used by the Group (in the context of
state or local law, either before or after apportionment, as determined under applicable law), such attribute will factor into the Group’s calculation of Separate Group Taxable Loss (taking into account any applicable limitations on the use
thereof). 
 “State Separate Group Tax Liability” shall mean, with respect to a particular state or locality, the product of
the Group’s Separate Group Taxable Income and the Combined Apportionment Factor and the State Tax Rate, reduced by any applicable Tax credits that the Group would be able to use if it were calculating its Tax liability on a stand-alone basis.

 “State Tax Rate” shall mean, with respect to a particular state or locality, the highest applicable tax rate imposed
under applicable law on the Separate Group Taxable Income of the Group for the relevant Taxable period (or portion thereof). 
 “Subsidiary” of any Person shall mean any corporation, partnership or other entity directly or indirectly owned more than 50 percent (by vote or value) by such Person. 
 “Tax” (and the correlative meaning, “Taxes,” “Taxing” and “Taxable”) shall mean
(A) any tax imposed under Subtitle A of the Code, or any net income, gross income, gross receipts, alternative or add-on minimum, sales, use, business and occupation, value-added, trade, goods and services, ad valorem, franchise, profits,
license, business royalty, withholding, payroll, employment, capital, excise, transfer, recording, severance, stamp, occupation, premium, property, asset, real estate acquisition, environmental, custom duty, or other tax, governmental fee or other
like assessment or charge of any kind whatsoever, together with any interest and any penalty, addition to tax or additional amount imposed by a Taxing Authority; (B) any liability of a member of the MS Group or the MSCI Group, as the case may
be, for the payment of any amounts of the type described in clause (A) for any Taxable period resulting from such member being 
  

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a part of a consolidated group pursuant to the application of Treasury Regulations Section 1.1502-6 or any similar provision applicable under state,
local or foreign law; or (C) any liability of a member of the MS Group or the MSCI Group for the payment of any amounts described in clause (A) as a result of any express or implied obligation to indemnify any other Person. 
 “Tax Benefit” shall have the meaning ascribed to it in Section 10(d) of this Agreement. 
 “Tax Proceeding” shall mean any Tax audit, dispute or proceeding (whether administrative, judicial or contractual). 
 “Taxing Authority” shall mean any governmental authority (domestic or foreign), including, without limitation, any state, municipality,
political subdivision or governmental agency, responsible for the imposition of any Tax. 
 “Underpayment Rate” shall mean
the underpayment rate as set forth in Section 6621 of the Code. 
 (b) Any term used in this Agreement which is
not defined in this Agreement shall, to the extent the context requires, have the meaning assigned to it in the Code or the applicable Treasury regulations thereunder (as interpreted in administrative pronouncements and judicial decisions), or in
comparable provisions of applicable law. 
 2. Tax Sharing Agreements. Any and all existing Tax sharing agreements or arrangements,
written or unwritten, between any member of the MS Group and any member of the MSCI Group, other than this Agreement, shall terminate upon the execution of this Agreement. Upon the execution of this Agreement, neither the members of the MSCI Group
nor the members of the MS Group shall have any further rights or liabilities thereunder, and this Agreement shall be the only Tax sharing agreement between the members of the MSCI Group and the members of the MS Group. MS and MSCI shall act in good
faith in the performance of this Agreement. 
 3. Federal Income Taxes. 
 (a) Return Filing. 
 (i) MS shall prepare and file, or cause to be prepared and filed, Consolidated Federal Returns for which the Consolidated Group is required or permitted to file a Consolidated Federal Return using, inter alia,
information provided by MSCI. MSCI shall provide MS with all necessary information to file a Consolidated Federal Return not later than 45 days after MS’s 

  

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fiscal year-end and shall respond promptly to all information requests, but in no event more than two business days following a request. Each member of the
Consolidated Group shall execute and file such consents, elections and other documents as may be required or appropriate for the filing of such Consolidated Federal Returns. All Tax elections shall be at the sole discretion of MS provided, however,
that MSCI shall be entitled to direct MS to make any and all Tax elections that exclusively affect the MSCI Group, subject to MS’s consent. All income tax computations performed on a consolidated basis will be performed or approved by MS. MS
shall not change any method of accounting that relates exclusively to the MSCI Group for any Tax purpose if such change adversely affects the MSCI Group unless such change is required by law. MS shall notify and discuss with MSCI prior to the filing
of a Consolidated Federal Return any potential material differences in the information provided by MSCI to be used in the preparation of such Consolidated Federal Return and the position MS intends to take on such Consolidated Federal Return.

 (ii) MS shall pay, or cause to be paid, and, subject to the provisions of Section 3(b), shall be responsible for, any
and all federal income taxes due or required to be paid with respect to, or required to be reported on, any such Consolidated Federal Return. 
 (iii) In the event a Consolidated Federal Return is not filed, each relevant member of the MS Group and MSCI Group shall be responsible for (i) filing its own Pre-Deconsolidation Period Return in respect of
federal income taxes as a separate entity, including requests for extension, as if this Agreement were not in effect and (ii) making Tax payments (including estimated Tax payments, if necessary). Each such member filing a Return as a separate
entity shall be entitled to any Tax Benefit and shall be liable for any Tax burden resulting from the filing of such separate Return. 
 (b) Allocated Tax Charge. 
 (i) MS shall be responsible for calculating the Separate
Group Taxable Income or Separate Group Taxable Loss of each Group included in the Consolidated Federal Return. Each Group included in the Consolidated Federal Return shall bear its Federal Separate Group Tax Liability, if any. For purposes of such
calculation, the deduction for state and local taxes to which each Group is entitled will be determined in a manner consistent with Section 4 of this Agreement. 
  

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 (ii) If the MSCI Group included in the Consolidated Federal Return incurs a Separate
Group Taxable Loss, MS shall pay to the MSCI Group (A) the amount, if any, by which the federal income taxes payable with respect to the Consolidated Federal Return are actually reduced by reason of the MSCI Group’s Separate Group Taxable
Loss and (B) any Refund of federal income taxes or other federal income Tax Benefit attributable to such Separate Group Taxable Loss that is Actually Realized, in each case as determined by MS in its sole discretion (including that any Tax
Benefits of the MS Group shall be fully utilized before utilizing any Tax Benefits of the MSCI Group). To the extent the MSCI Group receives a payment or credit from MS in respect of a Separate Company Taxable Loss pursuant to this
Section 3(b)(ii), such loss shall not be carried forward or carried back by the MSCI Group for purposes of determining Separate Group Taxable Income or Separate Group Taxable Loss in any other Taxable period (or portion thereof). To the extent
the MSCI Group does not receive a payment or credit from MS in respect of a Separate Group Taxable Loss pursuant to this Section 3(b)(ii), such loss may be carried forward or carried back, subject to any applicable limitation with respect to
carry forward or carry back losses, by the MSCI Group for purposes of determining Separate Group Taxable Income or Separate Group Taxable Loss in another Taxable period (or portion thereof). 
 (iii) If the MSCI Group included in the Consolidated Federal Return has a foreign Tax credit or other Tax credit that it is unable to use
in its calculation of Federal Separate Group Tax Liability (other than an AMT credit), MS shall pay to the MSCI Group (A) the amount, if any, by which the federal income taxes payable with respect to the Consolidated Federal Return is actually
reduced by reason of the MSCI Group’s Tax credit and (B) any Refund of federal income taxes or other federal income Tax Benefit attributable to such Tax credit that is Actually Realized, in each case as determined by MS in its sole
discretion (including that any Tax Benefits of the MS Group shall be fully utilized before utilizing any Tax Benefits of the MSCI Group). To the extent the MSCI Group receives a payment or credit from MS in respect of a Tax credit pursuant to this
Section 3(b)(iii), the MSCI Group’s Federal Separate Group Tax Liability will be adjusted to reflect the fact that the MSCI Group has previously received the benefit of such credit. To the extent the MSCI Group does not receive a payment
or credit from MS in respect of a Tax credit pursuant to this Section 3(b)(iii), such Tax credit may be 

  

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carried forward or carried back, subject to any applicable limitation with respect to carry forward or carry back of Tax credits, by the MSCI Group for
purposes of calculating its Separate Group Tax Liability in another Taxable period (or portion thereof). 
 (iv) In the event
a Consolidated Group incurs an AMT liability with respect to any Taxable period (or portion thereof), MS shall be solely responsible for such liability. Any Tax Benefit arising from the utilization of a consolidated federal AMT credit shall be for
the sole benefit of MS. 
 4. State and Local Income Taxes. 
 (a) Return Filing. 
 (i) MS shall prepare and file, or cause to be prepared and filed, Consolidated State Returns for which a Consolidated Group is required or permitted to file a Consolidated State Return using, inter alia,
information provided by MSCI. MSCI shall provide MS with all necessary information to file a Consolidated State Return not later than 45 days after MS’s fiscal year-end and shall respond promptly to all information requests, but in no event
more than two business days following a request. Each member of the Consolidated Group shall execute and file such consents, elections and other documents as may be required or appropriate for the filing of such Consolidated State Returns. All Tax
elections shall be made at the discretion of MS provided, however, that MSCI shall be entitled to direct MS to make any and all Tax elections that exclusively affect the MSCI Group, subject to MS’s consent. All Tax computations performed on a
combined, consolidated or unitary basis will be performed or approved by MS. MS shall not change any method of accounting that relates exclusively to the MSCI Group for any Tax purpose if such change adversely affects the MSCI Group unless such
change is required by law. MS shall notify and discuss with MSCI prior to the filing of a Consolidated State Return any potential material differences in the information provided by MSCI to be used in the preparation of such Consolidated State
Return and the position MS intends to take on such Consolidated State Return. 
 (ii) MS shall pay, or cause to be paid, and,
subject to the provisions of Section 4(b), shall be responsible for, any and all income taxes due or required to be paid with respect to, or required to be reported on, any such Consolidated State Return. 
  

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 (iii) In the event a Consolidated State Return is not filed, each relevant member of the
MS Group and MSCI Group shall be responsible for (A) filing its own Return as a separate entity, or its own Return in respect of state and local income Taxes relating to a group consisting solely of members of the MS Group or members of the
MSCI Group, as the case may be, on behalf of the separate group, in each case including requests for extension, as if this Agreement were not in effect and (B) making Tax payments (including estimated Tax payments, if necessary). Each such
member filing a Return as a separate entity shall be entitled to any Tax Benefit and shall be liable for any Tax burden resulting from the filing of such separate Return. 
 (b) Allocated Tax Charge. 
 (i) MS shall be responsible for calculating the Separate Group Taxable Income or Separate Group Taxable Loss for each Group included in a Consolidated State Return. Each Group included in a Consolidated State Return
shall bear its State Separate Group Tax Liability, if any. 
 (ii) If the MSCI Group included in a Consolidated State Return
incurs a Separate Group Taxable Loss, MS shall pay, or shall cause to be paid, to the MSCI Group (A) the amount, if any, by which the state or local income taxes reflected on such Return are actually reduced by reason of the MSCI Group’s
Separate Group Taxable Loss and (B) any Refund of state or local income taxes or other state or local income Tax Benefit attributable to such Separate Group Taxable Loss that is Actually Realized, in each case as determined by MS in its sole
discretion (including that any Tax Benefits of the MS Group shall be fully utilized before utilizing any Tax Benefits of the MSCI Group). To the extent the MSCI Group receives a payment or credit from MS in respect of a Separate Group Taxable Loss
pursuant to this Section 4(b)(ii), such loss shall not be carried forward or carried back by the MSCI Group for purposes of determining Separate Group Taxable Income or Separate Group Taxable Loss in any other Taxable period (or portion
thereof). To the extent the MSCI Group does not receive a payment or credit from MS in respect of a Separate Group Taxable Loss pursuant to this Section 4(b)(ii), such loss may be carried forward or carried back, subject to any applicable
limitation with respect to carry forward or carry back losses, by the MSCI Group for purposes of determining Separate Group Taxable Income or Separate Group Taxable Loss in another Taxable period (or portion thereof). 
  

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 (iii) If the MSCI Group included in a Consolidated State Return has a Tax credit that it
is unable to use in its calculation of State Separate Group Tax Liability, MS shall pay to the MSCI Group (A) the amount, if any, by which the state or local income taxes reflected on such Return is actually reduced by reason of the
Consolidated Group’s Tax credit and (B) any Refund of state or local income taxes or other state or local income Tax Benefit attributable to such Tax credit that is Actually Realized, in each case as determined by MS in its sole discretion
(including that any Tax Benefits of the MS Group shall be fully utilized before utilizing any Tax Benefits of the MSCI Group). To the extent the MSCI Group receives a payment or credit from MS in respect of a Tax credit pursuant to this
Section 4(b)(i)(C), the MSCI Group’s State Separate Group Tax Liability will be adjusted to reflect the fact that the MSCI Group has previously received the benefit of such credit. To the extent the MSCI Group does not receive a payment or
credit from MS in respect of a Tax credit pursuant to this Section 4(b)(iii), such Tax credit may be carried forward or carried back, subject to any applicable limitation with respect to carry forward or carry back of Tax credits, by the MSCI
Group for purposes of calculating its State Separate Group Tax Liability in another Taxable period (or portion thereof). 
 5. Foreign
Income Tax. With respect to each Group’s Tax liability for foreign Taxes, the principles set forth in Section 4 shall apply mutatis mutandis. 
 6. Estimated Tax Payments. 
 (a) If estimated Tax payments are required with
respect to a Consolidated Group for a Pre-Deconsolidation Period, MS shall pay, or cause to be paid, to the IRS, and/or to each relevant state and local Taxing Authority, on behalf of the members of such Consolidated Group, those estimated Tax
payments that are due on the relevant dates prescribed by applicable law. On February 15 (or the proper due date under applicable law), MS shall pay to the IRS, and to each relevant state and local Taxing Authority, on behalf of the members of
any Consolidated Group, the payment, if any, required to be made with a request for an extension of time in which to file a Consolidated Federal Return or a Consolidated State Return, as the case may be. Each Group’s share of such estimated Tax
payments, and payments required to be made with a request for an extension of time in which to file a Consolidated Federal Return or a Consolidated State Return, shall be determined in a manner consistent with the methods set forth in Sections 3 and
4 of this Agreement. 

  

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Reimbursement to MS of the MSCI Group’s share of any quarterly estimated tax payments or any payment made with a request for an extension of time in
which to file a Consolidated Federal Return or a Consolidated State Return, shall be made within twenty business days after receiving notice of such liability from MS. If the MSCI Group’s share of any estimated Tax payment is negative, MS shall
reimburse MSCI within twenty business days after the due date under applicable law of such estimated tax payment. 
 (b)
Notwithstanding the provisions of Section 6(a), if MS requests in writing an advance reimbursement from the MSCI Group of the MSCI Group’s share of a quarterly estimated Tax payment or any payment required to be made with a request for
an extension of time in which to file a Consolidated Federal Return or a Consolidated State Return, which request shall be not more than ten business days and not less than 5 business days prior to the due date of such payment, the MSCI Group shall
reimburse MS not later than the due date of such estimated Tax payment. 
 7. Settlement Procedures; Certain Other Payments.

 (a) MS shall calculate settlement of the final federal, state, local and foreign Tax liability for all
Pre-Deconsolidation Periods, and notify the MSCI Group of such settlement. Subject to Section 21 of this Agreement (relating to dispute resolution procedures), the MSCI Group shall pay to MS its share of such Tax liability, as determined under
Sections 3, 4 and 5 of this Agreement, within twenty business days after receiving notice of such Tax liability from MS. Any amounts paid by any member of the MSCI Group pursuant to Section 6 and any amounts receivable by the MSCI Group in
respect of a Separate Group Taxable Loss or Tax credit shall be included in determining the payments due from the MSCI Group. If the sum of any payments by the MSCI Group pursuant to Section 6, and any amounts receivable by the MSCI Group in
respect of a Separate Group Taxable Loss or Tax credit exceed its Tax liability, such excess shall be refunded to the MSCI Group. Interest will be due on any underpayment or overpayment of Tax, computed from the date on which a final Return is
filed, (i) if owed by the MSCI Group to MS on an underpayment, at the Underpayment Rate and (ii) if owed by MS to the MSCI Group on an overpayment, the Overpayment Rate. 
 (b) If a portion or all of an unused loss or Tax credit is allocated to a member of the Consolidated Group, pursuant to Treasury
Regulations Section 1.1502-21(b) or Treasury Regulations Section 1.1502-79, and is carried back or forward to a Taxable year in which such member filed a separate Return or consolidated, combined or unitary 

  

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Return with an affiliated group that is not a Consolidated Group, any Refund or reduction in Tax liability arising from such carry back or carryover shall be
retained by such member, subject to future audit adjustments. Notwithstanding the foregoing, MS, in its sole discretion, shall determine whether an election shall be made to relinquish the entire carry back period with respect to part or all of a
consolidated net operating loss for any Pre-Deconsolidation Period in accordance with Treasury Regulations Section 1.1502-21(b)(3). 
 (c) Notwithstanding Section 7(b) above, no member of the MSCI Group shall make any election to carry back any Tax item from a Post-Deconsolidation Period to a Pre-Deconsolidation Period without MS’s
written consent. In the event that MS consents to the carry back of any Tax item by a member of the MSCI Group from a Post-Deconsolidation Period to a Pre-Deconsolidation Period or in the event that a member of the MSCI Group is required by
applicable law to carry back a Tax item from a Post-Deconsolidation Period to a Pre-Deconsolidation Period, MS shall currently compensate the MSCI Group only for a Tax item that is carried back which does not result in the loss or deferral of any
Tax attribute of any member of the MS Group. In the event that such item of a member of the MS Group is only deferred, MS shall make a payment to the MSCI Group in respect of such deferred item at the time the MS Group Actually Realizes the deferred
Tax attribute. To the extent the MS Group suffers a permanent loss of such Tax attribute, no payment shall be made to the MSCI Group. 
 (d) MSCI and MS hereby acknowledge and agree that Sections 6 and 7(a) are applicable only with respect to Pre-Deconsolidation Periods for which no final Return has been filed prior to the date hereof.

 (e) MSCI shall make payments to MS in respect of the Tax Benefit recognized by any member of the MSCI Group from the
exercise of options on MS stock and the conversion of restricted MS stock units by employees of MSCI and the members of the MSCI Group. 
 8. Other Taxes. All federal, state, local, foreign and other Taxes that are not otherwise expressly dealt with herein shall be the responsibility of the Person who has primary liability for such Taxes, and the filing of any Returns
with respect to such Taxes shall be the responsibility of the Person responsible for filing such Returns under applicable law. 
 9.
Additional Events. The parties agree that, in the event MS decides to distribute shares of MSCI to MS shareholders in a transaction intended to qualify under Section 355 of the Code, this Agreement will be amended prior to the distribution
date to include representations, covenants and indemnities substantially in the form provided in Exhibit A attached hereto. 
  

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 10. Indemnities. 
 (a) MSCI Indemnity. MSCI and each member of the MSCI Group will jointly and severally indemnify MS and the members of the MS Group
against, and hold them harmless from: 
 (i) any Tax liability of the MSCI Group as determined in accordance with this
Agreement; 
 (ii) any liability or damage resulting from a breach by MSCI or any member of the MSCI Group of any
representation or covenant made by MSCI herein, including any representation or covenant made by MSCI pursuant to the amendment to this Agreement as provided in Section 9; and 
 (iii) all liabilities, costs, expenses (including, without limitation, reasonable expenses of investigation and attorneys’ fees and
expenses), losses, damages, assessments, settlements or judgments arising out of or incident to the imposition, assessment or assertion of any Tax liability or damage described in (i) or (ii), including those incurred in the contest in good
faith in appropriate proceedings relating to the imposition, assessment or assertion of any such Tax, liability or damage. 
 (b) MS Indemnity. MS and each member of the MS Group will jointly and severally indemnify MSCI and the members of the MSCI Group against, and hold them harmless from: 
 (i) any Tax liability of the Consolidated Group, other than any such liabilities described in Section 10(a); 
 (ii) any Taxes imposed on MSCI or any member of the MSCI Group under Treasury Regulation 1.1502-6 (or similar provision of state, local or
foreign law) solely as a result of MSCI or any such member being or having been a member of a Consolidated Group to the extent payment is first sought by a Taxing Authority from a member of the MSCI Group; 
 (iii) any liability or damage resulting from a breach by MS or any member of the MS Group of any representation or covenant made by MS
herein; and 
  

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 (iv) all liabilities, costs, expenses (including, without limitation, reasonable expenses
of investigation and attorneys’ fees and expenses), losses, damages, assessments, settlements or judgments arising out of or incident to the imposition, assessment or assertion of any Tax liability or damage described in (i), (ii) or
(iii) including those incurred in the contest in good faith in appropriate proceedings relating to the imposition, assessment or assertion of any such Tax, liability or damage. 
 If a member of the MS Group ceases to be an Affiliate of MS as a result of a sale of its stock to a third party (whether or not treated as a sale or exchange of stock for Tax purposes), such member of the MS Group
shall be released from its obligations under this Agreement upon such sale and neither MS nor any member of the MS Group shall have any obligation to indemnify MSCI or any member of the MSCI Group under Section 10(b)(iii) for any liability or
damage attributable to actions taken by such Affiliate after such sale. 
 If a member of the MSCI Group ceases to be an Affiliate of MSCI as a result of a
sale of its stock to a third party (whether or not treated as a sale or exchange of stock for Tax purposes) (a “Former MSCI Group Member”), such Former MSCI Group Member shall be released from its indemnity obligations under this
Section 10, provided that the Applicable Percentage with respect to such transaction does not exceed 15%. The “Applicable Percentage” shall mean with respect to each transaction the sum of (a) (i) the aggregate of the
audited operating revenue for the previous 12 months as of the time of its separation from the MSCI Group of each Former MSCI Group Member that is a party to such transaction divided by (ii) the audited operating revenue of the MSCI Group for
the previous 12 months as of the time immediately prior to such transaction, and (b) for each Former MSCI Group Member that previously separated from the MSCI Group, (iii) the audited operating revenue of such Former MSCI Group Member for
the previous 12 months as of the time of its separation from the MSCI Group divided by (iv) the audited operating revenue of the MSCI Group for the previous 12 months as of the time immediately prior to its separation from the MSCI Group. In
any transaction in which the Applicable Percentage exceeds 15%, which may be the first transaction with respect to a Former MSCI Group Member, each Former MSCI Group Member that is a party to such transaction and all future Former MSCI Group Members
shall remain liable for the indemnity obligations under this Section 10. 
 (c) Discharge of Indemnity. MSCI, MS
and the members of the MSCI Group and MS Group, respectively, shall discharge their obligations under Sections 10(a) and 10(b) hereof, respectively, by paying the relevant amount within 30 days of demand therefor. Any such demand shall include a
statement showing the amount due under Section 10(a) or 

  

 15 

 
10(b), as the case may be. Items described in Section 10(a)(i) and 10(b)(i) shall be calculated as set forth in Sections 3, 4, 5 and 6. Notwithstanding
the foregoing, if either MSCI, MS or any member of the MSCI Group or MS Group disputes in good faith the fact or the amount of its obligation under Section 10(a) or Section 10(b), then no payment of the amount in dispute shall be required
until any such good faith dispute is resolved in accordance with Section 21 hereof; provided, however, that any amount not paid within 30 days of demand therefor shall bear interest as provided in Section 14. 
 (d) Tax Benefits. If an indemnification obligation of any member of the MS Group or any member of the MSCI Group, as the case may
be, under this Section 10 with respect to a Consolidated Group arises in respect of an adjustment that makes allowable to a member of the MSCI Group or a member of the MS Group, respectively, any deduction, amortization, exclusion from income
or other allowance (a “Tax Benefit”) which would not, but for such adjustment, be allowable, then any payment by any member of the MS Group or any member of the MSCI Group, respectively, pursuant to this Section 10 shall be an
amount equal to (x) the amount otherwise due but for this subsection (d), minus (y) the present value of the product of the Tax Benefit multiplied (i) by the maximum applicable federal, foreign, state or local, as the case may be,
corporate Tax rate in effect at the time such Tax Benefit becomes allowable to a member of the MSCI Group or a member of the MS Group (as the case may be) or (ii) in the case of a credit, by 100 percent. The present value of such product shall
be determined by discounting such product from the time the Tax Benefit becomes allowable at a rate equal to the Prime Rate as published in the Wall Street Journal, Eastern Edition. 
 11. Guarantees. MS or MSCI, as the case may be, shall guarantee or otherwise perform the obligations of each member of the MS Group or the MSCI
Group, respectively, under this Agreement 
 12. Communication and Cooperation. 
 (a) Consult and Cooperate. MSCI and MS shall consult and cooperate (and shall cause each member of the MSCI Group or the MS Group,
respectively, to cooperate) fully at such time and to the extent reasonably requested by the other party in connection with all matters subject to this Agreement. Such cooperation shall include, without limitation, 
 (i) the retention, and provision on reasonable request, of any and all information including all books, records, documentation or other
information pertaining to Tax matters 

  

 16 

 
relating to the MS Group and the MSCI Group, any necessary explanations of information, and access to personnel, until one year after the expiration of the
applicable statute of limitation (giving effect to any extension, waiver, or mitigation thereof); 
 (ii) the execution of any
document that may be necessary (including to give effect to Section 13) or helpful in connection with any required Return or in connection with any audit, proceeding, suit or action; and 
 (iii) the use of the parties’ best efforts to obtain any documentation from a governmental authority or a third party that may be
necessary or helpful in connection with the foregoing. 
 (b) Provide Information. MS and MSCI shall keep each other
fully informed with respect to any material development relating to the matters subject to this Agreement. 
 (c) Tax
Attribute Matters. MS and MSCI shall promptly advise each other with respect to any proposed Tax adjustments relating to a Consolidated Group, which are the subject of an audit or investigation, or are the subject of any proceeding or
litigation, and which may affect any Tax liability or any Tax attribute of MS, MSCI, the MS Group, the MSCI Group or any member of the MSCI Group or the MS Group (including, but not limited to, basis in an asset or the amount of earnings and
profits). 
 13. Audits and Contest. 
 (a) MS or MSCI shall promptly notify the other in writing upon the receipt of any notice of Tax Proceeding from the relevant Taxing Authority that could reasonably result in an indemnity obligation of a party
under this Agreement; provided, that a party’s right to indemnification under this Agreement shall not be limited in any way by a failure to so notify, except to the extent that the indemnifying party is materially prejudiced by such failure.

 (b) MS shall have full control over all matters relating to any Return or any Tax Proceeding relating to any Tax
matters of at least one member of the MS Group; provided, however, that MSCI shall have full control over Tax Proceedings involving issues relating solely to a Tax liability of one or more members of the MSCI Group. Except as provided in
Section 13(c), MS shall have absolute discretion with respect to any decisions to be made, or the nature of any action to be taken, with respect to any matter described in the preceding sentence. 
  

 17 

 (c) 
 (i) Upon request, during the course of any Tax Proceeding relating to a Tax liability or damage described in Section 10(a), MSCI
shall from time to time furnish MS with evidence reasonably satisfactory to MS of MSCI’s ability to pay the amount for which it could reasonably be expected to be responsible pursuant to Section 10(a). If at any time during such Tax
Proceeding MS determines that MSCI could not pay such amount, then MSCI shall be required to furnish a guarantee or performance bond satisfactory to MS in an amount equal to the amount for which MSCI could reasonably be expected to be responsible
pursuant to Section 10(a). 
 (ii) Notwithstanding anything to the contrary in this Agreement, in the event a Tax
Proceeding involves an issue that is common to both the MS Group and the MSCI Group, MS shall use its best efforts to settle such issues on behalf of the MS Group and the MSCI Group on a consistent basis. 
 (d) The indemnified party agrees to give notice to the indemnitor of the assertion of any claim, or the commencement of any suit,
action or proceeding in respect of which indemnity may be sought hereunder within 30 days of such assertion or commencement, or such earlier time that would allow the indemnitor to timely respond to such claim, suit action or proceeding. 

(e) With respect to Returns relating solely to one or more members of the MSCI Group (taking into account the parties’
obligations under Section 10), MSCI and the members of the MSCI Group shall have full control over all matters relating to any Tax Proceeding in connection therewith. MSCI and the members of the MSCI Group shall have absolute discretion with
respect to any decisions to be made, or the nature of any action to be taken, with respect to any matter described in the preceding sentence. 
 14. Payments. All payments to be made hereunder shall be made in immediately available funds. Except as otherwise provided, all payments required to be made pursuant to this Agreement will be due 30 days after the receipt of notice
of such payment or, where no notice is required, 30 days after the fixing of liability or the resolution of a dispute. Payments shall be deemed made when received. Any payment that is not made by the MS Group when due shall bear interest at the
Overpayment Rate for each day until paid. Any payment that is not made by the MSCI Group when due shall bear interest at the Underpayment Rate for each day until paid. If, pursuant to a Final Determination, any amount 

  

 18 

 
paid by MS or the members of the MS Group or MSCI or the members of the MSCI Group, as the case may be, pursuant to this Agreement results in any increased
Tax liability or reduction of any Tax asset of MSCI or any member of the MSCI Group or MS or any member of the MS Group, respectively, then MS or MSCI, as appropriate, shall indemnify the other party and hold it harmless from any interest or penalty
attributable to such increased Tax liability or the reduction of such Tax asset and shall pay to the other party, in addition to amounts otherwise owed, the After-Tax Amount. With respect to any payment required to be made or received under this
Agreement, MS has the right to designate, by written notice to MSCI, which member of the MS Group will make or receive such payment. 
 15. Notices. Any notice, demand, claim, or other communication under this Agreement shall be in writing and shall be deemed to have been given upon the delivery or mailing, thereof, as the case may be, if delivered personally or sent
by certified mail, return receipt requested, postage prepaid, to the parties at the following addresses (or at such other address as a party may specify by notice to the other): 
 If to MS or the MS Group, to: 
 Morgan Stanley

 1633 Broadway, 25th Floor 
 New York, NY 10019 
 Attn: Harvey B. Mogenson, Global Head of Tax 
 Facsimile: (212) 507-3643 
 With a copy to: 
 Davis Polk & Wardwell 
 450 Lexington Avenue 
 New York, NY 10017 
 Attn: John A. Bick

 Facsimile: (212) 450-3500 
 If to MSCI or the MSCI Group, to: 
 MSCI Inc. 
 88 Pine Street 
 New York, NY 10005 
 Attn: Frederick W. Bogdan, General Counsel 
 Facsimile: (212) 804-2906 
 16. Costs and Expenses. 
 (a) Except as expressly set forth in this Agreement, each party shall bear its own costs and expenses incurred pursuant to this
Agreement. 

  

 19 

 
For purposes of this Agreement, costs and expenses shall include, but not be limited to, reasonable attorneys’ fees, accountant fees and other related
professional fees and disbursements. Notwithstanding anything to the contrary in this Agreement, each of the MSCI Group and the MS Group will be responsible for its allocable portion, as determined by MS, of (i) all costs and expenses
attributable to filing any Return that reflects the income, assets or operations of the MSCI Group or the MS Group, respectively and (ii) all costs and expenses incurred by MS or MSCI, respectively, in complying with the provisions of
Section 12 of this Agreement. 
 (b) With respect to all Tax Proceedings, including any pending litigation with
any Taxing Authority, costs shall be allocated in good faith by MS. Each party hereto shall be liable for its allocable portion of such costs as provided in Section 10. 
 17. UK Group Relief. Notwithstanding any agreement, arrangement or understanding to the contrary, the MS Group shall not provide UK group relief
to any member of the MSCI Group for any taxable period ending after the date of this Agreement and shall not be obligated to provide UK group relief to any member of the MSCI Group for any preceding taxable period. 
 18. Effectiveness; Termination and Survival. This Agreement shall become effective upon its execution. Unless terminated earlier by mutual consent
of MS and MSCI, all rights and obligations arising hereunder shall survive until they are fully effectuated or performed and, provided, further, that notwithstanding anything in this Agreement to the contrary, this Agreement shall remain in effect
and its provisions shall survive for one year after the full period of all applicable statutes of limitation (giving effect to any extension, waiver or mitigation thereof) and, with respect to any claim hereunder initiated prior to the end of such
period, until such claim has been satisfied or otherwise resolved. 
 19. Section Headings. The headings contained in this Agreement
are inserted for convenience only and shall not constitute a part hereof or in any way affect the meaning or interpretation of this Agreement. 
 20. Entire Agreement; Amendments and Waivers. 
 (a) Entire Agreement. This Agreement contains the
entire understanding of the parties hereto with respect to the subject matter contained herein. No alteration, amendment, modification, or waiver of any of the terms of this Agreement shall be valid unless made by an instrument signed by an
authorized officer of each of MS and MSCI, or in the case of a waiver, by the party against whom the waiver is to be effective. 
  

 20 

 (b) Amendments and Waivers. No failure or delay by any party in exercising any
right, power or privilege hereunder shall operate as a waiver hereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any right, power or privilege. This Agreement shall not be
waived, amended or otherwise modified except in writing, duly executed by all of the parties hereto. 
 21. Governing Law and
Interpretation. This Agreement shall be construed and enforced in accordance with the laws of the State of New York without giving, effect to laws and principles relating to conflicts of law. 
 22. Dispute Resolution. In the event of any dispute relating to this Agreement, including whether a Tax liability is a liability of the MS Group
or the MSCI Group, the parties shall work together in good faith to resolve such dispute within 30 days. If the parties are unable to resolve such dispute within 30 days, such dispute shall be resolved by an accounting firm whose selection shall be
reasonably satisfactory to both parties and whose fees and costs shall be shared equally by MS and MSCI. 
 23. Counterparts. This
Agreement may be executed in any number of counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same Agreement. 
 24. Assignments; Third Party Beneficiaries. Except as provided below, this Agreement shall be binding upon and shall inure only to the benefit of the parties hereto and their respective successors and assigns,
by merger, acquisition of assets or otherwise (including but not limited to any successor of a party hereto succeeding to the Tax attributes of such party under applicable law). This Agreement is not intended to benefit any person other than the
parties hereto and such successors and assigns, and no such other person shall be a third party beneficiary hereof. If, during the period beginning on the date hereof and ending upon the expiration of the survival period set forth in
Section 17, any Person becomes a Subsidiary of MSCI, such Subsidiary shall be bound by the terms of this Agreement and MSCI shall provide evidence to MS of such Subsidiary’s agreement to be bound by the terms of this Agreement. 

25. Authorization, etc. Each of the parties hereto hereby represents and warrants that it has the power and authority to execute, deliver and
perform this Agreement, that this Agreement has been duly authorized by all necessary corporate action on the part of such party, that this Agreement constitutes a legal, valid and binding obligation of each such party, and that the execution,
delivery and performance of this Agreement by such party does not contravene or conflict with any provision or law or of its charter or bylaws or any agreement, instrument or order binding on such party. 
  

 21 

 IN WITNESS WHEREOF, the parties have executed and delivered this Agreement as of the day and year first
written above. 
  

			
	MS on its own behalf and on behalf of the members of the MS Group.
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	MSCI on its own behalf and on behalf of the members of the MSCI Group.
		
	By:	 	  

	Name:	 	
	Title:	 	

  

 22 

 EXHIBIT A 
 1. Definitions. 
 “Distribution” shall mean the distribution by MS of stock of MSCI
to MS shareholders in a transaction that is intended to qualify under Section 355 of the Code. 
 “Distribution Date”
shall mean the date on which the Distribution shall be effected. 
 2. Certain Representations, Covenants and Indemnities Applicable to a
Distribution. 
 (a) MSCI Representations. MSCI and each member of the MSCI Group represents, and covenants that on
the Distribution Date, that there is no plan or intention: 
 (i) to take any action that would prevent any member of the MSCI
Group conducting an active business relied upon (as designated by MS) to meet the requirements of Section 355(b) of the Code or a similar provision of state law from meeting such requirements, 
 (ii) to sell or otherwise dispose of any asset of MSCI or any member of the MSCI Group subsequent to the Distribution, in a manner that
would result in any increased Tax liability or reduction of any Tax asset of the MS Group or any member thereof, 
 (iii) to
take any action inconsistent with any written information and representations furnished to the IRS, or other Taxing Authority in connection with a ruling request, or to counsel in connection with any opinion being delivered by counsel with respect
to the Distribution, regardless of whether such information and representations were included in the ruling or in the opinion (provided, however, that with respect to the foregoing, MS has provided MSCI with a written copy of such information and
representation), 
 (iv) to repurchase stock of MSCI in a manner contrary to the requirements of IRS Revenue Procedure 96-30,
as modified by IRS Revenue Procedure 2003-48, or in a manner contrary to any representations made in a ruling request and disclosed to MSCI, 
  

 1 

 (v) to take any action that management of MSCI knows, or should have known (as disclosed
to MSCI by MS), is reasonably likely to contravene any representation made to, or an agreement entered into with, a Taxing Authority prior to the Distribution Date to which any member of the MSCI Group or the MS Group is a party, or 
 (vi) to enter into any negotiations, agreements, or arrangements with respect to transactions or events (including stock issuances,
pursuant to the exercise of options or otherwise, option grants, the adoption of, or authorization of shares under, a stock option plan, capital contributions, or acquisitions, but not including the Distribution) which may cause the Distribution to
be treated as part of a plan pursuant to which one or more Persons acquire directly or indirectly MSCI stock representing a “50-percent or greater interest” within the meaning of Section 355(d)(4) of the Code. 
 (b) MSCI Covenants. MSCI covenants to MS that, without either (i) the prior written consent of MS, (ii) a supplemental
private letter ruling issued by the IRS, or (iii) an unqualified written opinion of nationally recognized tax counsel selected by MS (in the case of (ii) and (iii), satisfactory to MS in its sole discretion): 
 (i) during the twelve-month period following the Distribution Date, neither MSCI, nor any member of the MSCI Group conducting an active
business relied upon to meet the requirements of Section 355(b) of the Code (as designated by MS) or a similar provision of state law, will liquidate, merge or consolidate with any other Person, 
 (ii) during the two-year period following the Distribution Date, MSCI will not sell, exchange, distribute or otherwise dispose of its
assets or those of any member of the MSCI Group in a manner that would result in any increased Tax liability or reduction of any Tax asset of the MS Group or any member thereof, 
 (iii) following the Distribution, MSCI will, for a minimum of twelve months, continue each active business relied upon to meet the
requirements of Section 355(b) of the Code (as designated by MS) or a similar provision of state law, 
 (iv) MSCI will
not, nor will it permit any member of the MSCI Group to, take any action inconsistent with the information 

  

 2 

 
and representations furnished to the IRS or other Taxing Authority in connection with a ruling request, or to counsel in connection with any opinion being
delivered by counsel with respect to the Distribution, regardless of whether such information and representations were included in the ruling or in the opinion (provided, however, that with respect to the foregoing, MS has provided MSCI with a
written copy of such information and representation), 
 (v) MSCI will not take any action that management of MSCI knows, or
should have known (as disclosed to MSCI by MS), is reasonably likely to contravene any representation made to, or an agreement entered into with, a Taxing Authority prior to the Distribution Date to which any member of the MSCI Group or the MS Group
is a party, 
 (vi) during the two-year period following the Distribution Date, MSCI will not repurchase stock of MSCI in a
manner contrary to the requirements of IRS Revenue Procedure 96-30, as modified by IRS Revenue Procedure 2003-48, or in a manner contrary to the representations disclosed to MSCI and made in a ruling request, 
 (vii) MSCI will not, nor will it permit any member of the MSCI Group to, make or change any accounting method, amend any Return or take
any Tax position on any Return, take any other action or enter into any transaction that results in any increased Tax liability or reduction of any Tax asset of the MS Group or any member thereof in respect of any pre-Distribution period,

 (viii) during the two-year period following the Distribution Date, MSCI will not enter into any transaction or make any
change in its equity structure (including stock issuances, pursuant to the exercise of options or otherwise, options grants, the adoption of, or authorization of shares under, a stock option plan, capital contributions, or acquisitions) which may
cause the Distribution to be treated as part of a plan (or series of related transactions) pursuant to which one or more Persons acquire directly or indirectly MSCI stock representing a “50-percent or greater interest” within the meaning
of Section 355(d)(4) of the Code, and 
 (ix) during the five-year period from the Distribution Date, MSCI will not enter
into any transaction or make any change in its equity structure which may cause the Distribution to fail to satisfy the distribution of control requirement of Section 355(a)(1) of the Code. 
  

 3 

 MSCI agrees that, regardless of whether MS consents to, or receives a ruling or opinion with respect to,
any action referred to in this Section, MS is to have no liability for any Tax resulting from any such action and MSCI agrees to indemnify and hold harmless the MS Group against any such Tax. MSCI shall also bear all costs incurred by MS in
connection with obtaining any opinion of counsel, a supplemental private letter ruling or in connection with MS’s determination of whether or not to grant any written consent required under this Section. 
 (c) MSCI Indemnity. MSCI and each member of the MSCI Group will jointly and severally indemnify MS and the members of the MS Group
against, and hold them harmless from: 
 (i) any income tax liability of the MSCI Group as determined in accordance with this
Agreement; 
 (ii) any liability or damage resulting from a breach by MSCI or any member of the MSCI Group of any
representation or covenant made by MSCI herein; 
 (iii) any income tax liability (a) resulting from the Distribution
that is intended to qualify as tax free to MS or its shareholders under Sections 355 and/or 368(a)(1)(D) of the Code (or similar provisions of state law) from failing to so qualify and (b) that is attributable to any action of MSCI or any
member of the MSCI Group, without regard to whether MS has consented to such action; and 
 (iv) all liabilities, costs,
expenses (including, without limitation, reasonable expenses of investigation and attorneys’ fees and expenses), losses, damages, assessments, settlements or judgments arising out of or incident to the imposition, assessment or assertion of any
income tax liability or damage described in (i), (ii) or (iii), including those incurred in the contest in good faith in appropriate proceedings relating to the imposition, assessment or assertion of any such income tax, liability or damage.

  

 4Form of Shareholder Agreement

 Exhibit 10.12 
 SHAREHOLDER AGREEMENT 
 by and between 
 MORGAN STANLEY 
 and 
 MSCI INC. 
 Dated as of
[                    ], 2007 

			
	ARTICLE 1	  	
	DEFINITIONS	  	
		
	 Section 1.01. Definitions
	  	2
	 Section 1.02. Internal References
	  	7
		
	ARTICLE 2	  	
	OPTIONS	  	
		
	 Section 2.01. Options
	  	7
	 Section 2.02. Notice
	  	7
	 Section 2.03. Option Exercise And Payment
	  	8
	 Section 2.04. Initial Public Offering
	  	8
	 Section 2.05. Termination Of Options
	  	8
		
	ARTICLE 3	  	
	REGISTRATION RIGHTS	  	
		
	 Section 3.01. Demand Registration - Registrable Securities
	  	9
	 Section 3.02. Piggyback Registration
	  	11
	 Section 3.03. Expenses
	  	12
	 Section 3.04. Registration And Qualification
	  	13
	 Section 3.05. Conversion Of Other Securities, Etc.
	  	15
	 Section 3.06. Underwriting; Due Diligence
	  	15
	 Section 3.07. Indemnification And Contribution
	  	16
	 Section 3.08. Rule 144 And Form S-3
	  	21
	 Section 3.09. Transfer Of Registration Rights
	  	21
	 Section 3.10. Holdback Agreement
	  	21
	 Section 3.11. Agency Prospectus
	  	21
		
	ARTICLE 4	  	
	CERTAIN COVENANTS AND AGREEMENTS	  	
		
	 Section 4.01. No Violations
	  	22
		
	ARTICLE 5	  	
	MISCELLANEOUS	  	
		
	 Section 5.01. Indemnification
	  	22
	 Section 5.02. Subsidiaries
	  	23
	 Section 5.03. Amendments
	  	23
	 Section 5.04. Term
	  	23
	 Section 5.05. Severability
	  	23

			
	 Section 5.06. Notices
	  	24
	 Section 5.07. Further Assurances
	  	24
	 Section 5.08. Counterparts
	  	24
	 Section 5.09. Governing Law
	  	24
	 Section 5.10. Jurisdiction
	  	25
	 Section 5.11. Entire Agreement
	  	25
	 Section 5.12. Successors
	  	25
	 Section 5.13. Specific Performance
	  	25

 SHAREHOLDER AGREEMENT 
 THIS SHAREHOLDER AGREEMENT (“Agreement”) is entered into as of
[            ], 2007 by and between MSCI Inc., a Delaware corporation (“MSCI”), and Morgan Stanley, a Delaware corporation (“Morgan Stanley”). 

RECITALS 
 WHEREAS, Morgan Stanley
beneficially owns approximately ninety-seven percent (97%) of the issued and outstanding MSCI Class B Common Stock, par value $0.01 per share (“Class B Common Stock”), and MSCI is a member of Morgan Stanley’s
“affiliated group” of corporations for federal income tax purposes; 
 WHEREAS, MSCI has issued shares of Class A Common
Stock, $0.01 par value per share (“Class A Common Stock”), to the public in an offering (the “Initial Public Offering”) pursuant to registration statement no. 333-144975 under the Securities Act of 1933, as amended;
and 
 WHEREAS, the parties desire to enter into this Agreement to set forth their agreement regarding (i) Morgan Stanley’s rights
to purchase additional shares of Class B Common Stock upon any issuance of capital stock of MSCI to any person in order to allow Morgan Stanley to prevent a Morgan Stanley Ownership Reduction, (ii) Morgan Stanley’s rights to purchase
shares of nonvoting classes of capital stock of MSCI to permit Morgan Stanley to own no less than eighty percent (80%) of each class of such stock outstanding, (iii) certain registration rights with respect to Class B Common Stock (and any
other securities issued in respect thereof or in exchange therefor) and (iv) certain representations, warranties, covenants and agreements applicable to MSCI so long as it is a subsidiary of Morgan Stanley. 
 AGREEMENTS 
 NOW, THEREFORE, for good
and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Morgan Stanley and MSCI, for themselves, their successors and assigns, hereby agree as follows: 

 ARTICLE 1 
 DEFINITIONS 
 Section 1.01. Definitions. As used in this Agreement, the following
terms will have the following meanings, applicable both to the singular and the plural forms of the terms described: 
 “Affiliate” means, with respect to any Person, any Person controlling, controlled by or under common control with such Person. For purposes of this definition, “control” (including, with correlative meanings, the
terms “controlled by” and “under common control with”), as applied to any Person, means the possession, directly or indirectly, of the power to vote a majority of the securities having voting power for the election of directors
(or other Persons acting in similar capacities) of such Person or otherwise to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise. 
 “Agreement” has the meaning ascribed thereto in the preamble hereto, as such agreement may be amended and supplemented from time to time
in accordance with its terms. 
 “Applicable Stock” means at any time the MSCI Stock owned by the Morgan Stanley Entities.

 “Blackout Period” has the meaning ascribed thereto in Section 3.01(a)(iv). 
 “Class A Common Stock” has the meaning ascribed thereto in the recitals to this Agreement. 
 “Class B Common Stock” has the meaning ascribed thereto in the recitals to this Agreement. 
 “Class B Common Stock Option” has the meaning ascribed thereto in Section 2.01(a). 
 “Class B Common Stock Issuance Notice” has the meaning ascribed thereto in Section 2.02. 
 “Code” means the Internal Revenue Code of 1986, as amended. 
 “Damages” has the meaning ascribed thereto in Section 3.07. 
 “Demand Holder” has the meaning ascribed thereto in Section 3.01(a). 
 “Demand Piggyback” has the meaning ascribed thereto in Section 3.02(c). 
 “Demand Registration” has the meaning ascribed thereto in Section 3.01(a). 
 “e-mail” has the meaning ascribed thereto in Section 5.06. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, or any successor statute. 
  

 2 

 “Holder” means Morgan Stanley and any Transferee. 
 “Indemnified Party” has the meaning ascribed thereto in Section 3.07(c). 
 “Indemnifying Party” has the meaning ascribed thereto in Section 3.07(c). 
 “Initial Public Offering” has the meaning ascribed thereto in the recitals to this Agreement. 
 “Initial Public Offering Date” means the date of completion of the initial sale of Class A Common Stock in the Initial Public
Offering. 
 “Issuance Event” has the meaning ascribed thereto in Section 2.02. 
 “Issuance Event Date” has the meaning ascribed thereto in Section 2.02. 
 “Issuance Notice” has the meaning ascribed thereto in Section 2.02. 
 “Market Price” of any shares of Class A Common Stock on any date means (i) the average of the last sale price of such shares
on each of the five trading days immediately preceding such date on the
                                     or, if such shares are
not quoted thereon, on the principal national securities exchange on which such shares are traded or (ii) if such sale prices are unavailable or such shares are not so traded, the value of such shares on such date determined in accordance with
agreed-upon procedures reasonably satisfactory to MSCI and Morgan Stanley. 
 “Maximum Offering Size” means the largest
number of shares that can be sold in an offering of Registrable Securities without having an adverse effect on such offering, including the price at which such Registrable Securities can be sold, as determined by a nationally recognized investment
banking firm selected, in the case of a Demand Registration, by a Demand Holder and reasonably acceptable to MSCI and, in the case of a Piggyback Registration, selected by MSCI. In the case of an underwritten offering, such investment banking firm
shall also serve as the lead underwriter or managing underwriter. 
 “Morgan Stanley” has the meaning ascribed thereto in
the preamble hereto. 
 “Morgan Stanley Entities” means Morgan Stanley and its Subsidiaries (excluding MSCI Entities) and
“Morgan Stanley Entity” means any of the Morgan Stanley Entities. 
  

 3 

 “Morgan Stanley Ownership Reduction” means any decrease at any time in the Value
Ownership Percentage to less than 50% or the Vote Ownership Percentage to less than 80%. 
 “MSCI” has the meaning ascribed
thereto in the preamble hereto. 
 “MSCI Entities” means MSCI and its Subsidiaries and “MSCI Entity” shall
mean any of the MSCI Entities. 
 “MSCI Piggyback” has the meaning ascribed thereto in Section 3.02(b). 
 “MSCI Stock” means the Class A Common Stock, the Class B Common Stock and any other security of MSCI treated as stock for purposes
of Section 355 of the Code. 
 “Nonvoting Stock” means any class of MSCI capital stock not having the right to vote
generally for the election of directors. 
 “Nonvoting Stock Option” has the meaning ascribed thereto in
Section 2.01(b). 
 “Nonvoting Stock Issuance Notice” has the meaning ascribed thereto in Section 2.02.

 “Options” has the meaning ascribed thereto in Section 2.01(b). 
 “Other Holders” has the meaning ascribed thereto in Section 3.02(b). 
 “Other Securities” has the meaning ascribed thereto in Section 3.02. 
 “Person” means any individual, partnership, limited liability company, joint venture, corporation, trust, unincorporated organization,
government (and any department or agency thereof) or other entity. 
 “Piggyback Registration” has the meaning ascribed
thereto in Section 3.02. 
 “Registrable Securities” means Class B Common Stock and any stock or other securities into
which or for which such Class B Common Stock may hereafter be changed, converted or exchanged and any other shares or securities issued to Holders of such Class B Common Stock (or such shares or other securities into which or for which such shares
are so changed, converted or exchanged) upon any reclassification, share combination, share subdivision, share dividend, share exchange, merger, consolidation or similar transaction or event or pursuant to the Nonvoting Stock Option. As to any
particular Registrable Securities, such Registrable Securities shall cease to be Registrable Securities 

  

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when (i) a registration statement with respect to the sale by the Holder thereof shall have been declared effective under the Securities Act and such
securities shall have been disposed of in accordance with such registration statement, (ii) they shall have been sold to the public in accordance with Rule 144, (iii) they shall have been otherwise transferred, new certificates for them
not bearing a legend restricting further transfer shall have been delivered by MSCI and subsequent disposition of them shall not require registration or qualification of them under the Securities Act or any state securities or blue sky law then in
effect or (iv) they shall have ceased to be outstanding. 
 “Registration Expenses” means any and all expenses incident
to performance of or compliance with any registration of securities pursuant to Article 3, including, without limitation, (i) the fees, disbursements and expenses of MSCI’s counsel and accountants and the reasonable fees and expenses of
one counsel selected by the Holders; (ii) all expenses, including filing fees, in connection with the preparation, printing and filing of the registration statement, any preliminary prospectus or final prospectus, any other offering document
and amendments and supplements thereto and the mailing and delivering of copies thereof to any underwriters and dealers; (iii) the cost of printing or producing any agreements among underwriters, underwriting agreements, and blue sky or legal
investment memoranda, any selling agreements and any other documents in connection with the offering, sale or delivery of the securities to be disposed of; (iv) all expenses in connection with the qualification of the securities to be disposed
of for offering and sale under state securities laws, including the fees and disbursements of counsel for the underwriters or the Holders of securities in connection with such qualification and in connection with any blue sky and legal investment
services; (v) the filing fees incident to securing any required review by the National Association of Securities Dealers, Inc. of the terms of the sale of the securities to be disposed of; (vi) transfer agents’ and registrars’
fees and expenses and the fees and expenses of any other agent or trustee appointed in connection with such offering; (vii) all security engraving and security printing expenses; (viii) all fees and expenses payable in connection with the
listing of the securities on any securities exchange or automated interdealer quotation system or the rating of such securities; (ix) any other fees and disbursements of underwriters customarily paid by the issuers of securities, but excluding
underwriting discounts and commissions and transfer taxes, if any; and (x) other reasonable out-of-pocket expenses of Holders other than legal fees and expenses referred to in clause (i) above; provided, that, the internal
administrative costs of each Holder and MSCI shall not be considered “Registration Expenses”. 
 “Rule 144” means
Rule 144 (or any successor rule to similar effect) promulgated under the Securities Act. 
  

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 “Rule 415 Offering” means an offering on a delayed or continuous basis pursuant to Rule
415 (or any successor rule to similar effect) promulgated under the Securities Act. 
 “SEC” means the United States
Securities and Exchange Commission. 
 “Securities Act” means the Securities Act of 1933, as amended, or any successor
statute. 
 “Selling Holder” has the meaning ascribed thereto in Section 3.04(e). 
 “Subsidiary” means, as to any Person, any corporation, association, partnership, joint venture or other business entity of which more
than 50% of the voting capital stock or other voting ownership interests is owned or controlled directly or indirectly by such Person or by one or more of the Subsidiaries of such Person or by a combination thereof. 
 “Tax” means any tax, governmental fee or other like assessment or charge of any kind whatsoever (including, but not limited to,
withholding on amounts paid to or by any Person), together with any interest, penalty, addition to tax or additional amount imposed by any governmental authority responsible for the imposition of any such tax (domestic or foreign), and any liability
for any of the foregoing as transferee. 
 “Tax-Free Spin-Off” means a tax-free distribution under Section 355 of the
Code or any corresponding provision of any successor statute. 
 “Transferee” has the meaning ascribed thereto in
Section 3.09. 
 “Value Ownership Percentage” means, at any time, the fraction, expressed as a percentage and rounded
to the next lowest thousandth of a percent, whose numerator is the aggregate value (as determined by Morgan Stanley in good faith) of the Applicable Stock and whose denominator is the aggregate value (as determined by Morgan Stanley in good faith)
of the then outstanding shares of MSCI Stock. 
 “Vote Ownership Percentage” means, at any time, the fraction, expressed as
a percentage and rounded to the next lowest thousandth of a percent, whose numerator is the aggregate voting power (as determined under Section 355 of the Code) of the Applicable Stock and whose denominator is the aggregate voting power (as
determined under Section 355 of the Code) of the then outstanding shares of MSCI Stock. 
  

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 Section 1.02. Internal References. Unless the context indicates otherwise, references to Articles,
Sections and paragraphs shall refer to the corresponding articles, sections and paragraphs in this Agreement, and references to the parties shall mean the parties to this Agreement. 
 ARTICLE 2 
 OPTIONS 
 Section 2.01. Options. (a) MSCI hereby grants to Morgan Stanley, on the terms and conditions set forth herein, a continuing right (the
“Class B Common Stock Option”) to purchase from MSCI, at the times set forth herein, such number of shares of Class B Common Stock as is necessary to allow Morgan Stanley Entities to prevent a Morgan Stanley Ownership Reduction. The
Class B Common Stock Option shall be assignable, in whole or in part and from time to time, by Morgan Stanley to any Morgan Stanley Entity. The exercise price for the shares of Class B Common Stock purchased pursuant to the Class B Common Stock
Option shall be the Market Price of the Class A Common Stock as of the date of first delivery of notice of exercise of the Class B Common Stock Option by Morgan Stanley (or its permitted assignee hereunder) to MSCI. 
 (b) MSCI hereby grants to Morgan Stanley, on the terms and conditions set forth herein, a continuing right (the “Nonvoting Stock Option”
and, together with the Class B Common Stock Option, the “Options”) to purchase from MSCI, at the times set forth herein, such number of shares of Nonvoting Stock as is necessary to allow Morgan Stanley Entities to own eighty percent
(80%) of each class of outstanding Nonvoting Stock. The Nonvoting Stock Option shall be assignable, in whole or in part and from time to time, by Morgan Stanley to any Morgan Stanley Entity. The exercise price for the shares of Nonvoting Stock
purchased pursuant to the Nonvoting Stock Option shall be the price at which such Nonvoting Stock is then being sold to third parties or, if no Nonvoting Stock is being sold, the fair market value thereof as determined in good faith by the board of
directors of MSCI. 
 Section 2.02. Notice. At least 20 business days prior to (i) any issuance of any shares of MSCI Stock and
(ii) each date on which an event could occur that, in the absence of an exercise of the Class B Common Stock Option, would result in a reduction in the Vote Ownership Percentage or Value Ownership Percentage, MSCI will notify Morgan Stanley in
writing (a “Class B Common Stock Issuance Notice”) of any plans it has to issue such shares or the date on which such event could first occur. At least 20 business days prior to (x) any issuance of shares of Nonvoting Stock and
(y) each date on which an event could occur that, in the absence of an exercise of the Nonvoting Stock Option, would result in any reduction in the percentage of any class of Nonvoting Stock owned by Morgan Stanley Entities or otherwise result
in Morgan Stanley Entities owning less than eighty percent (80%) of each class of outstanding Nonvoting Stock, MSCI will notify Morgan Stanley in writing (a “Nonvoting Stock Issuance Notice” and, 

  

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together with a Class B Common Stock Issuance Notice, an “Issuance Notice”) of any plans it has to issue such shares or the date on which
such event could first occur. Each Issuance Notice must specify the date on which MSCI intends to issue such additional shares or on which such event could first occur (such issuance or event being referred to herein as an “Issuance
Event” and the date of such issuance or event as an “Issuance Event Date”), the number of shares MSCI intends to issue or may issue and the other terms and conditions of such Issuance Event. 
 Section 2.03. Option Exercise And Payment. The Class B Common Stock Option may be exercised by Morgan Stanley (or any Morgan Stanley Entity to
which all or any part of the Class B Common Stock Option has been assigned) only for such number of shares as are necessary to prevent a Morgan Stanley Ownership Reduction. The Nonvoting Stock Option may be exercised by Morgan Stanley (or any Morgan
Stanley Entity to which all or any part of the Nonvoting Stock Option has been assigned) only for such number of shares as are necessary for Morgan Stanley Entities to own, in the aggregate, eighty percent (80%) of each class of outstanding
Nonvoting Stock. Each Option may be exercised (to the extent then exercisable in accordance with its terms) at any time after receipt of an applicable Issuance Notice and prior to the applicable Issuance Event Date by the delivery to MSCI of a
written notice to such effect specifying (i) the number of shares of Class B Common Stock or Nonvoting Stock (as the case may be) to be purchased by Morgan Stanley, or any Morgan Stanley Entity, and (ii) a calculation of the exercise price
for such shares. Upon any such exercise of either Option, MSCI will, immediately prior to the issuance or event in connection with an Issuance Event, deliver to Morgan Stanley (or any Morgan Stanley Entity designated by Morgan Stanley), against
payment therefor, certificates (issued in the name of Morgan Stanley or its permitted assignee hereunder, or as directed by Morgan Stanley) representing the shares of Class B Common Stock or Nonvoting Stock (as the case may be) being purchased upon
such exercise. Payment for such shares shall be made by wire transfer or intrabank transfer to such account as shall be specified by MSCI, for the full purchase price for such shares. 
 Section 2.04. Initial Public Offering. Notwithstanding the foregoing, Morgan Stanley shall not be entitled to exercise the Class B Common Stock
Option in connection with the Initial Public Offering of the Class A Common Stock. 
 Section 2.05. Termination Of Options. The
Options shall terminate upon the occurrence of a Morgan Stanley Ownership Reduction, other than a Morgan Stanley Ownership Reduction resulting from any Issuance Event in violation of this Agreement. Each Option, or any portion thereof assigned to
any Morgan Stanley Entity other than Morgan Stanley, also shall terminate in the event that the Person to whom such Option, or such portion thereof has been transferred, ceases to be a Morgan Stanley Entity for any reason whatsoever. 
  

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 ARTICLE 3 
 REGISTRATION RIGHTS 
 Section 3.01. Demand Registration - Registrable
Securities. (a) Upon written notice provided at any time after the Initial Public Offering Date from any Holder of Registrable Securities requesting that MSCI effect the registration under the Securities Act of any or all of the Registrable
Securities held by such Holder (a “Demand Holder”), which notice shall specify the intended method or methods of disposition of such Registrable Securities, MSCI shall use its reasonable best efforts to effect the registration under
the Securities Act and applicable state securities laws of such Registrable Securities for disposition in accordance with the intended method or methods of disposition stated in such request (including in a Rule 415 Offering, if MSCI is then
eligible to register such Registrable Securities on Form S-3 (or a successor form) for such offering) (a “Demand Registration”); provided, that: 
 (i) the Holders of Registrable Securities may collectively exercise their rights to a Demand Registration on not more than five occasions;

 (ii) the Holders of Registrable Securities shall not exercise their rights to a Demand Registration within the six-month
period following any registration and sale of Registrable Securities effected pursuant to a prior exercise of rights to a Demand Registration; 
 (iii) the rights to effect a Demand Registration shall terminate on the tenth anniversary of the date of this Agreement; and 
 (iv) if the board of directors of MSCI determines in good faith that a Demand Registration (A) would materially impede, delay,
interfere with or otherwise materially adversely affect any pending financing, registration of securities by MSCI in a primary offering for its own account, acquisition, corporate reorganization or other significant transaction involving MSCI or
(B) would require disclosure of non-public material information that MSCI has a bona fide business purpose for preserving as confidential, MSCI shall be entitled to defer the filing or effectiveness of a registration statement, or to
suspend the use of an effective registration statement, for the shortest period of time reasonably required (each such period, a “Blackout Period”); provided, that, MSCI shall not be entitled to invoke Blackout Periods for
more than an aggregate of sixty (60) days in any 12-month period. MSCI shall notify each Holder of the expiration or earlier termination of a Blackout Period and, as soon as reasonably practicable after such expiration or termination, shall
amend or supplement any effective registration statement to the extent necessary to permit the Holders to resume the use thereof in connection with the offer and sale of their Registrable Securities in accordance with applicable law. 
  

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 (b) Notwithstanding any other provision of this Agreement to the contrary, a Demand Registration shall
not be deemed to have been effected if no Registrable Securities are sold under the registration statement (and, therefore, not requested for purposes of paragraph (a) above). 
 (c) In the event that a Demand Registration shall involve, in whole or in part, an underwritten offering, the Demand Holder shall have the right to
designate an underwriter or underwriters as the lead or managing underwriters of such underwritten offering reasonably acceptable to MSCI (and MSCI hereby acknowledges that Morgan Stanley & Co. Incorporated is reasonably acceptable) and, in
connection with each Demand Registration, the Demand Holder may select one counsel to represent all Holders participating in such offering. 
 (d) MSCI shall have the right to cause the registration of additional equity securities for sale for the account of any Person (including, without limitation, MSCI and any existing or former directors, officers or employees of the MSCI
Entities) in any Demand Registration; provided, that, if the Demand Holder is advised in writing (with a copy to MSCI) that the inclusion of such additional equity securities in such registration would be likely to exceed the Maximum Offering
Size, the registration of such additional equity securities or part thereof shall not be permitted. 
 (e) The Demand Holder may require that
any such additional equity securities described in Section 3.01(d) be included on the same conditions as the Registrable Securities of the Demand Holder to be included therein. 
 (f) If the Demand Holder believes that the aggregate number of Registrable Securities requested to be included in a Demand Registration would be likely
to exceed the Maximum Offering Size, the Demand Holder may request a determination of the Maximum Offering Size. In the event that the Maximum Offering Size is determined to be less than the aggregate number of Registrable Securities requested to be
included in such offering, the number of Registrable Securities to be included in the registration statement shall be reduced to the Maximum Offering Size and the number of Registrable Securities in excess of the amount requested by the Demand
Holder, if any, shall be allocated pro rata among the other Holders requesting to be included in such offering on the basis of the relative number of Registrable Securities then held by each such Holder; provided, that, any number in
excess of a Holder’s request may be reallocated among the remaining requesting Holders in a like manner. 
  

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 Section 3.02. Piggyback Registration. In the event that MSCI at any time after the Initial Public
Offering Date proposes to register any of its Common Stock, any other of its equity securities or securities convertible into or exchangeable for its equity securities (collectively, including Common Stock, “Other Securities”) under
the Securities Act, whether or not for sale for its own account, in a manner that would permit registration of Registrable Securities for sale for cash to the public under the Securities Act, it shall at each such time give, at least 30 days prior
to the anticipated filing date of the registration statement relating to such registration, written notice to each Holder of Registrable Securities of its intention to do so and of the rights of such Holder under this Section 3.02. Subject to
the terms and conditions hereof, such notice shall offer each such Holder the opportunity to include in such registration statement such number of Registrable Securities as such Holder may request (a “Piggyback Registration”). Upon
the written request of any such Holder made within 15 days after the receipt of MSCI’s notice (which request shall specify the number of Registrable Securities intended to be disposed of and the intended method of disposition thereof), MSCI
shall use its reasonable best efforts to effect, in connection with the registration of the Other Securities, the registration under the Securities Act of all Registrable Securities which MSCI has been so requested to register, to the extent
required to permit the Piggyback Registration; provided, that: 
 (a) if, at any time after giving such written notice of its
intention to register any Other Securities and prior to the effective date of the registration statement filed in connection with such registration, MSCI shall determine for any reason not to register the Other Securities, MSCI may, at its election,
give written notice of such determination to such Holders and thereupon MSCI shall be relieved of its obligation to register such Registrable Securities in connection with the registration of such Other Securities; provided, that, such
determination by MSCI shall not prejudice the rights of the Holders of Registrable Securities to immediately request a Demand Registration in accordance with Section 3.01; 
 (b) if the registration referred to in the first sentence of this Section 3.02 is to be an underwritten registration on behalf of MSCI (an
“MSCI Piggyback”) and MSCI is advised in writing that the inclusion of all or a part of such Registrable Securities in such registration would be likely to exceed the Maximum Offering Size, MSCI shall include in such registration:
(i) first, all Other Securities MSCI proposes to sell for its own account and (ii) second, the number of securities (including Registrable Securities) that such underwriters advise can be so sold without adversely affecting
such offering, allocated pro rata among the holders, other than MSCI, of Other Securities (the “Other Holders”) and the Holders of Registrable Securities on the basis of the number of securities requested in accordance with
this Section 3.02 to be included therein by each Other Holder and each Holder of Registrable Securities; provided, that, in the event that the Maximum Offering Size is less than all of such Registrable Securities requested to be included
in such offering, any Morgan Stanley Entity may withdraw its request for a Piggyback Registration and 90 days subsequent to the effective date of the registration statement for the registration of such Other Securities request a Demand Registration
in accordance with Section 3.01; 
  

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 (c) if the registration referred to in the first sentence of this Section 3.02 is to be an
underwritten secondary registration on behalf of Other Holders (a “Demand Piggyback”) and MSCI is advised in writing that the inclusion of such additional securities in such registration would be likely to exceed the Maximum
Offering Size, MSCI shall include in such registration the number of additional securities (including Registrable Securities) that such underwriters advise can be so sold without adversely affecting such offering, allocated pro rata among the
Other Holders and the Holders of Registrable Securities on the basis of the number of securities (including Registrable Securities) requested in accordance with this Section 3.02 to be included therein by each Other Holder and each Holder of
Registrable Securities; provided, that, in the event that the Maximum Offering Size is less than all of such Registrable Securities requested to be included in such offering, any Morgan Stanley Entity may withdraw its request for a Piggyback
Registration and 90 days subsequent to the effective date of the registration statement for the registration of such Other Securities request a Demand Registration in accordance with Section 3.01; 
 (d) MSCI shall not be required to effect a Piggyback Registration incidental to the registration of any of its securities in connection with mergers,
acquisitions, exchange offers, subscription offers, dividend reinvestment plans or stock option or other executive or employee benefit or compensation plans; 
 (e) no registration of Registrable Securities effected under this Section 3.02 shall relieve MSCI of its obligation to effect a Demand Registration; and 
 (f) the right to effect a Piggyback Registration shall terminate on the tenth anniversary of this Agreement. 
 Section 3.03. Expenses. (a) In the case of a Demand Registration, 
 (i) MSCI shall pay all Registration Expenses until and including the second occasion upon which a request for a Demand Registration shall
have resulted in the sale of Registrable Securities under a registration statement; and 
 (ii) the requesting Holders shall
pay all Registration Expenses arising in connection with any request for a Demand Registration thereafter. 
 (b) In the case of a Demand
Piggyback, each Holder of Registrable Securities exercising its rights to effect a Piggyback Registration shall be responsible for a pro rata portion of the Registration Expenses, based on the number of Registrable Securities included therein
by such Holder in proportion to the total number of securities included in such registration. 
  

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 (c) In the case of an MSCI Piggyback, MSCI shall pay all Registration Expenses. 
 Section 3.04. Registration And Qualification. If and whenever MSCI is required to effect a Demand Registration or a Piggyback Registration, MSCI
shall as promptly as practicable: 
 (a) prepare, file and use its reasonable best efforts to cause to become effective a registration
statement under the Securities Act relating to the Registrable Securities to be offered; 
 (b) prepare and file with the SEC such amendments
and supplements to such registration statement and the prospectus used in connection therewith as may be necessary to keep such registration statement effective and to comply with the provisions of the Securities Act with respect to the disposition
of all Registrable Securities until the earlier of (i) such time as all of such Registrable Securities have been disposed of in accordance with the intended methods of disposition set forth in such registration statement and (ii) the
expiration of the 90-day period after such registration statement becomes effective; provided, that, such 90-day period shall be extended for such number of days that equals the number of days elapsing from (x) the date the
written notice contemplated by paragraph (f) below is given by MSCI to (y) the date on which MSCI delivers to the Holders of Registrable Securities the supplement or amendment contemplated by paragraph (f) below; 
 (c) furnish to the Holders of Registrable Securities and to any underwriter of such Registrable Securities such number of conformed copies of such
registration statement and of each such amendment and supplement thereto (in each case including all exhibits), such number of copies of the prospectus included in such registration statement (including each preliminary prospectus and any summary
prospectus), in conformity with the requirements of the Securities Act, such documents incorporated by reference in such registration statement or prospectus, and such other documents, as the Holders of Registrable Securities or such underwriter may
reasonably request, and a copy of any and all transmittal letters or other correspondence to or received from, the SEC or any other governmental agency or self-regulatory body or other body having jurisdiction (including any domestic or foreign
securities exchange) relating to such offering; 
  

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 (d) use its reasonable best efforts to register or qualify all Registrable Securities covered by such
registration statement under the securities or blue sky laws of such jurisdictions as the Holders of such Registrable Securities or any underwriter to such Registrable Securities shall request, and use its reasonable best efforts to obtain all
appropriate registrations, permits and consents in connection therewith, and do any and all other acts and things which may be necessary or advisable to enable the Holders of Registrable Securities or any such underwriter to consummate the
disposition in such jurisdictions of its Registrable Securities covered by such registration statement; provided, that, MSCI shall not for any such purpose be required to qualify generally to do business as a foreign corporation in any
such jurisdiction wherein it is not so qualified or to consent to general service of process in any such jurisdiction; 
 (e) (i) use its
reasonable best efforts to furnish to each Holder of Registrable Securities included in such registration (each, a “Selling Holder”) and to any underwriter of such Registrable Securities an opinion of counsel for MSCI addressed to
each Selling Holder and dated the date of the closing under the underwriting agreement (if any) (or if such offering is not underwritten, dated the effective date of the registration statement), and (ii) use its reasonable best efforts to
furnish to each Selling Holder a “cold comfort” letter addressed to each Selling Holder and signed by the independent public accountants who have audited the financial statements of MSCI included in such registration statement, in each
such case covering substantially the same matters with respect to such registration statement (and the prospectus included therein) as are customarily covered in opinions of issuer’s counsel and in accountants’ letters delivered to
underwriters in underwritten public offerings of securities and such other matters as the Selling Holders may reasonably request and, in the case of such accountants’ letter, with respect to events subsequent to the date of such financial
statements; 
 (f) as promptly as practicable, notify the Selling Holders in writing (i) at any time when a prospectus relating to a
registration pursuant to a Demand Registration or Piggyback Registration is required to be delivered under the Securities Act of the happening of any event as a result of which the prospectus included in such registration statement, as then in
effect, includes an untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, and
(ii) of any request by the SEC or any other regulatory body or other body having jurisdiction for any amendment of or supplement to any registration statement or other document relating to such offering, and in either such case, at the request
of the Selling Holders prepare and furnish to the Selling Holders a reasonable number of copies of a supplement to or an amendment of such prospectus as may be necessary so that, as thereafter delivered to the purchasers of such Registrable
Securities, such prospectus shall not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they are made,
not misleading; 
  

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 (g) if reasonably requested by the lead or managing underwriters, use its reasonable best efforts to list
all such Registrable Securities covered by such registration on each securities exchange on which the Class A Common Stock of MSCI is then listed; 
 (h) to the extent reasonably requested by the lead or managing underwriters, send appropriate officers of MSCI to attend any “road shows” scheduled in connection with any such registration, with all
out-of-pocket costs and expense incurred by MSCI or such officers in connection with such attendance to be paid by MSCI; and 
 (i) so long
as the board of directors of MSCI shall not have provided by resolution or resolutions that all or some of all classes or series of the stock of MSCI shall be represented by uncertificated shares, furnish for delivery in connection with the closing
of any offering of Registrable Securities pursuant to a Demand Registration or Piggyback Registration unlegended certificates representing ownership of the Registrable Securities being sold in such denominations as shall be requested by the Selling
Holders or the underwriters. 
 Section 3.05. Conversion Of Other Securities, Etc. Subject to any limitations in Section 3.09, in
the event that any Holder offers any options, rights, warrants or other securities issued by it or any other Person that are offered with, convertible into or exercisable or exchangeable for any Registrable Securities, the Registrable Securities
underlying such options, rights, warrants or other securities shall continue to be eligible for Demand Registration or Piggyback Registration. 
 Section 3.06. Underwriting; Due Diligence. (a) If requested by the underwriters for any underwritten offering of Registrable Securities pursuant to a Demand Registration or Piggyback Registration, MSCI shall enter into an
underwriting agreement with such underwriters for such offering, which agreement will contain such representations and warranties by MSCI and such other terms and provisions as are customarily contained in underwriting agreements with respect to
secondary distributions, including, without limitation, indemnification and contribution provisions substantially to the effect and to the extent provided in Section 3.07, and agreements as to the provision of opinions of counsel and
accountants’ letters to the effect and to the extent provided in Section 3.04(e). The Selling Holders on whose behalf the Registrable Securities are to be distributed by such underwriters shall be parties to any such underwriting agreement
and the representations and warranties by, and the other agreements on the part of, MSCI to and for the benefit of such underwriters, shall also be made to and for the benefit of such Selling Holders. Such underwriting agreement shall also contain
such representations and warranties by such Selling Holders and such other terms and provisions as are customarily contained in underwriting agreements with respect to secondary distributions, including, without limitation, indemnification and
contribution provisions substantially to the effect and to the extent provided in Section 3.07. 
  

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 (b) In connection with the preparation and filing of each registration statement registering Registrable
Securities under the Securities Act pursuant to this Article 3, MSCI shall give the Holders of such Registrable Securities and the underwriters, if any, and their respective counsel and accountants, such reasonable and customary access to its books
and records and such opportunities to discuss the business of MSCI with its officers and the independent public accountants who have certified the financial statements of MSCI as shall be necessary, in the opinion of such Holders and such
underwriters or their respective counsel, to conduct a reasonable investigation within the meaning of the Securities Act; provided, that, such Holders and the underwriters and their respective counsel and accountants shall use their
reasonable best efforts to coordinate any such investigation of the books and records of MSCI and any such discussions with MSCI’s officers and accountants so that all such investigations occur at the same time and all such discussions occur at
the same time. 
 Section 3.07. Indemnification And Contribution. (a) In the case of each offering of Registrable Securities made
pursuant to this Article 3, MSCI agrees to indemnify and hold harmless, to the extent permitted by law, each Selling Holder, each underwriter of Registrable Securities so offered and each Person, if any, who controls any of the foregoing Persons
within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act and the officers, directors, affiliates, employees and agents of each of the foregoing, against any and all losses, liabilities, costs (including
reasonable expenses of investigation and reasonable attorney’s fees and expenses), claims and damages, joint or several, to which they or any of them may become subject, under the Securities Act or otherwise, including any amount paid in
settlement of any litigation commenced or threatened (“Damages”), insofar as such Damages (or actions or proceedings in respect thereof, whether or not such indemnified Person is a party thereto) arise out of or are based upon any
untrue statement by MSCI or alleged untrue statement by MSCI of a material fact contained in the registration statement (or in any preliminary or final prospectus included therein) or in any offering memorandum or other offering document relating to
the offering and sale of such Registrable Securities prepared by MSCI or at its direction, or any amendment thereof or supplement thereto, or in any document incorporated by reference therein, or any omission by MSCI or alleged omission by MSCI to
state therein a material fact required to be stated therein or necessary to make the statements therein not misleading; provided, that, MSCI shall not be liable to any Person in any such case to the extent that any such Damages arise out of
or relates to any untrue statement or alleged untrue statement, or any omission, if such statement or omission shall have been made in reliance upon and in conformity with information relating to a Selling Holder or another holder of securities
included in such registration statement furnished to MSCI by or on behalf of such Selling Holder, other holder or underwriter, as the case may be, specifically for use in the registration statement (or in any preliminary or final prospectus included
therein), 

  

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offering memorandum or other offering document, or any amendment thereof or supplement thereto. Such indemnity shall remain in full force and effect
regardless of any investigation made by or on behalf of any Selling Holder or any other holder and shall survive the transfer of such securities. The foregoing indemnity agreement is in addition to any liability that MSCI may otherwise have to each
Selling Holder, other holder or underwriter of the Registrable Securities or any controlling person of the foregoing and the officers, directors, affiliates, employees and agents of each of the foregoing; provided, further, that, in the case
of an offering with respect to which a Selling Holder has designated the lead or managing underwriters (or a Selling Holder is offering Registrable Securities directly, without an underwriter), this indemnity does not apply to any Damages arising
out of or relating to any untrue statement or alleged untrue statement or omission or alleged omission in any preliminary prospectus or offering memorandum if a current copy of the prospectus (or such amended or supplemented prospectus, as the case
may be) or offering memorandum was not sent or given by or on behalf of any underwriter (or such Selling Holder or other holder, as the case may be) to such Person asserting such Damages at or prior to the written confirmation of the sale of the
Registrable Securities as required by the Securities Act and such current copy of the prospectus (or such amended or supplemented prospectus, as the case may be) or offering memorandum would have cured the defect giving rise to such Damages.

 (b) In the case of each offering made pursuant to this Agreement, each Selling Holder, by exercising its registration rights hereunder,
agrees to indemnify and hold harmless, and to cause each underwriter of Registrable Securities included in such offering (in the same manner and to the same extent as set forth in Section 3.07(a)) to agree to indemnify and hold harmless, MSCI,
each other underwriter who participates in such offering, each other Selling Holder or other holder with securities included in such offering and in the case of an underwriter, such Selling Holder or other holder, and each Person, if any, who
controls any of the foregoing within the meaning of the Securities Act and the officers, directors, affiliates, employees and agents of each of the foregoing, against any and all Damages to which they or any of them may become subject, under the
Securities Act or otherwise, including any amount paid in settlement of any litigation commenced or threatened, insofar as such Damages (or actions or proceedings in respect thereof, whether or not such indemnified Person is a party thereto) arise
out of or are based upon any untrue statement or alleged untrue statement by such Selling Holder or underwriter, as the case may be, of a material fact contained in the registration statement (or in any preliminary or final prospectus included
therein) or in any offering memorandum or other offering document relating to the offering and sale of such Registrable Securities prepared by MSCI or at its direction, or any amendment thereof or supplement thereto, or any omission by such Selling
Holder or underwriter, as the case may be, or alleged omission by such Selling Holder or underwriter, as the case may be, of a material fact required 

  

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to be stated therein or necessary to make the statements therein not misleading, but in each case only to the extent that such untrue statement of a material
fact is contained in, or such material fact is omitted from, information relating to such Selling Holder or underwriter, as the case may be, furnished to MSCI by or on behalf of such Selling Holder or underwriter, as the case may be, specifically
for use in such registration statement (or in any preliminary or final prospectus included therein), offering memorandum or other offering document. The foregoing indemnity is in addition to any liability which such Selling Holder or underwriter, as
the case may be, may otherwise have to MSCI, or controlling persons and the officers, directors, affiliates, employees, and agents of each of the foregoing; provided, that, in the case of an offering made pursuant to this Agreement with
respect to which MSCI has designated the lead or managing underwriters (or MSCI is offering securities directly, without an underwriter), this indemnity does not apply to any Damages arising out of or based upon any untrue statement or alleged
untrue statement or omission or alleged omission in any preliminary prospectus or offering memorandum if a current copy of the prospectus (or such amended or supplemented prospectus, as the case may be) or offering memorandum was not sent or given
by or on behalf of any underwriter (or MSCI, as the case may be) to such Person asserting such Damages at or prior to the written confirmation of the sale of the Registrable Securities as required by the Securities Act and such current copy of the
prospectus (or such amended or supplemented prospectus, as the case may be) or offering memorandum would have cured the defect giving rise to such Damages. 
 (c) If any proceeding (including any governmental investigation) shall be instituted involving any Person in respect of which indemnity may be sought pursuant to paragraph (a) or (b), such Person (an
“Indemnified Party”) shall promptly notify the Person against whom such indemnity may be sought (the “Indemnifying Party”) in writing and the Indemnifying Party shall assume the defense thereof, including the
employment of counsel reasonably satisfactory to such Indemnified Party, and shall assume the payment of all fees and expenses; provided, that, the failure of any Indemnified Party so to notify the Indemnifying Party shall not relieve the
Indemnifying Party of its obligations hereunder except to the extent that the Indemnifying Party is materially prejudiced by such failure to notify. In any such proceeding, any Indemnified Party shall have the right to retain its own counsel, but
the fees and expenses of such counsel shall be at the expense of such Indemnified Party unless (i) the Indemnifying Party and the Indemnified Party shall have mutually agreed to the retention of such counsel or (ii) in the reasonable
judgment of such Indemnified Party representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them. It is understood that, in connection with any proceeding or related proceedings
in the same jurisdiction, the Indemnifying Party shall not be liable for the reasonable fees and expenses of more than one separate firm of attorneys (in addition to any local counsel) at any time for all such 

  

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Indemnified Parties, and that all such fees and expenses shall be reimbursed as they are incurred. In the case of any such separate firm for the Indemnified
Parties, such firm shall be designated in writing by the Indemnified Parties. The Indemnifying Party shall not be liable for any settlement of any proceeding effected without its written consent, but if settled with such consent, or if there be a
final judgment for the plaintiff, the Indemnifying Party shall indemnify and hold harmless such Indemnified Parties from and against any loss or liability (to the extent stated above) by reason of such settlement or judgment. Without the prior
written consent of the Indemnified Party, no Indemnifying Party shall effect any settlement of any pending or threatened proceeding in respect of which any Indemnified Party is or could have been a party and indemnity could have been sought
hereunder by such Indemnified Party, unless such settlement includes an unconditional release of such Indemnified Party from all liability arising out of such proceeding. 
 (d) If the indemnification provided for in this Section 3.07 is unavailable to the Indemnified Parties in respect of any Damages, then each such Indemnifying Party, in lieu of indemnifying such Indemnified Party,
shall contribute to the amount paid or payable by such Indemnified Party as a result of such Damages (i) as between MSCI and the Selling Holders on the one hand and the underwriters on the other, in such proportion as is appropriate to reflect
the relative benefits received by MSCI and such Selling Holders on the one hand and the underwriters on the other, from the offering of the Registrable Securities, or if such allocation is not permitted by applicable law, in such proportion as is
appropriate to reflect not only the relative benefits but also the relative fault of MSCI and such Selling Holders on the one hand and of such underwriters on the other in connection with the statements or omissions that resulted in such Damages, as
well as any other relevant equitable considerations and (ii) as between MSCI on the one hand and each such Selling Holders on the other, in such proportion as is appropriate to reflect the relative fault of MSCI and of each such Selling Holder
in connection with such statements or omissions, as well as any other relevant equitable considerations. The relative benefits received by MSCI and such Selling Holders on the one hand and such underwriters on the other shall be deemed to be in the
same proportion as the total proceeds from the offering (net of underwriting discounts and commissions but before deducting expenses) received by MSCI and such Selling Holders bear to the total underwriting discounts and commissions received by such
underwriters, in each case as set forth in the table on the cover page of the prospectus or offering memorandum. The relative fault of MSCI and such Selling Holders on the one hand and of such underwriters on the other shall be determined by
reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by MSCI and such Selling Holders or by such
underwriters. The relative fault of MSCI on the one hand and of each such Selling Holder on 

  

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the other shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or
alleged omission to state a material fact relates to information supplied by such party, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. 
 MSCI and the Holders agree that it would not be just and equitable if contribution pursuant to this Section 3.07 were determined by pro rata
allocation (even if the underwriters were treated as one entity for such purpose) or by any other method of allocation that does not take account of the equitable considerations referred to in the immediately preceding paragraph. The amount paid or
payable by an Indemnified Party as a result of the Damages referred to in the immediately preceding paragraph shall be deemed to include, subject to the limitations set forth above, any legal or other expenses reasonably incurred by such Indemnified
Party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this Section 3.07, no underwriter shall be required to contribute any amount in excess of the amount by which the total price at
which the Registrable Securities underwritten by it and distributed to the public were offered to the public exceeds the amount of any Damages that such underwriter has otherwise been required to pay by reason of such untrue or alleged untrue
statement or omission or alleged omission, and no Shareholder shall be required to contribute any amount in excess of the amount by which the total price at which the Registrable Securities of such Shareholder were offered to the public (less
underwriters’ discounts and commissions) exceeds the amount of any Damages that such Shareholder has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No Person guilty of
fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. Each Selling Holder’s obligation to
contribute pursuant to this Section 3.07 is several in the proportion that the proceeds of the offering received by such Selling Holder bears to the total proceeds of the offering received by all such Selling Holders and not joint. 

(e) Indemnification and contribution similar to that specified in the preceding paragraphs of this Section 3.07 (with appropriate modifications)
shall be given by MSCI, the Selling Holders and underwriters with respect to any required registration or other qualification of securities under any state law or regulation or governmental authority. 
 (f) The obligations of the parties under this Section 3.07 shall be in addition to any liability which any party may otherwise have to any other
party. 
  

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 Section 3.08. Rule 144 And Form S-3. Commencing 90 days after the Initial Public Offering Date,
MSCI shall use its reasonable best efforts to ensure that the conditions to the availability of Rule 144 set forth in paragraph (c) thereof shall be satisfied. Upon the request of any Holder of Registrable Securities, MSCI will deliver to such
Holder a written statement as to whether it has complied with such requirements. MSCI further agrees to use its reasonable best efforts to cause all conditions to the availability of Form S-3 (or any successor form) under the Securities Act of the
filing of registration statements under this Agreement to be met as soon as practicable after the Initial Public Offering Date. Notwithstanding anything contained in this Section 3.08, MSCI may deregister under Section 12 of the Exchange
Act if it then is permitted to do so pursuant to the Exchange Act and the rules and regulations thereunder. 
 Section 3.09. Transfer Of
Registration Rights. Subject to the limitations set forth in Section 3.01(a), any Holder may transfer all or any portion of its rights under this Article 3 to any transferee of a number of Registrable Securities owned by such Holder
exceeding three percent (3%) of the outstanding class or series of such securities at the time of transfer (each transferee that receives such minimum number of Registrable Securities, a “Transferee”). Any transfer of
registration rights pursuant to this Section 3.09 shall be effective upon receipt by MSCI of (i) written notice from such Holder stating the name and address of any Transferee and identifying the number of Registrable Securities with
respect to which the rights under this Agreement are being transferred and the nature of the rights so transferred and (ii) a written agreement from such Transferee to be bound by the terms of this Article 3 and Sections 5.03, 5.04, 5.09, 5.11
and 5.12 of this Agreement. The Holders may exercise their rights hereunder in such priority as they shall agree upon among themselves. 
 Section 3.10. Holdback Agreement. If any registration pursuant to this Article 3 shall be in connection with an underwritten public offering of Registrable Securities, each Selling Holder agrees not to effect any public sale or
distribution, including any sale under Rule 144, of any equity security of MSCI (otherwise than through the registered public offering then being made), within 7 days prior to or 90 days (or such lesser period as the lead or managing underwriters
may permit) after the effective date of the registration statement (or the commencement of the offering to the public of such Registrable Securities in the case of Rule 415 offerings). MSCI hereby also so agrees and agrees to cause each other holder
of equity securities or securities convertible into or exchangeable or exercisable for such securities (other than in the case of equity securities, under dividend reinvestment plans or employee stock plans) purchased from MSCI otherwise than in a
public offering to so agree. 
 Section 3.11. Agency Prospectus. (a) From time to time upon request by Morgan Stanley in
connection with any public or registered offering of securities by MSCI or any other Person of any MSCI Stock or any Tax-Free Spin-Off of MSCI, MSCI shall prepare and file with the SEC under the Securities Act a registration statement and an
“agency prospectus” or other related document to the extent necessary or desirable to permit Morgan Stanley to effect agency transactions by Morgan Stanley & Co. Incorporated in MSCI Stock. 
  

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 (b) MSCI shall pay all Registration Expenses relating to the preparation and filing of such registration
statement and agency prospectus. 
 (c) MSCI hereby agrees that its indemnification and contribution obligations under Section 3.07
shall apply, mutatis mutandis, to paragraphs (a) and (b) above, as if set forth in this Section 3.11. 
 ARTICLE 4 
 CERTAIN COVENANTS AND AGREEMENTS 

Section 4.01. No Violations. (a) Prior to the occurrence of any Morgan Stanley Ownership Reduction, MSCI covenants and agrees that it will
not take any action or enter into any commitment or agreement which, to the knowledge of MSCI, may reasonably be anticipated to result, with or without notice and with or without lapse of time or otherwise, in a contravention or event of default by
any Morgan Stanley Entity of (i) any provisions of applicable law or regulation, including but not limited to provisions pertaining to the Code or the Employee Retirement Income Security Act of 1974, as amended, (ii) any provision of
Morgan Stanley’s certificate of incorporation or bylaws, (iii) any credit agreement or other material instrument binding upon Morgan Stanley, or (iv) any judgment, order or decree of any governmental body, agency or court having
jurisdiction over Morgan Stanley or any of their respective assets. 
 (b) MSCI and Morgan Stanley agree to provide to the other any
information and documentation requested by the other for the purpose of evaluating and ensuring compliance with Section 4.01(a) hereof. 
 (c) Notwithstanding the foregoing Sections 4.01(a) and 4.01(b), nothing in this Agreement is intended to limit or restrict in any way the ability of Morgan Stanley to effect, restrict or limit any action or proposed action of MSCI,
including, but not limited to, the incurrence by MSCI of indebtedness, based upon Morgan Stanley’s internal policies or other factors. 
 ARTICLE 5 
 MISCELLANEOUS 
 Section 5.01. Indemnification. MSCI agrees to indemnify Morgan Stanley, its Affiliates and their respective successors and assigns against, and
agrees to hold each of them harmless from, any and all damage, loss, liability, expense (including reasonable expenses of investigation and reasonable attorneys’ 

  

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fees and expenses in connection with any action, suit or proceeding, whether involving a third party claim or a claim solely between the parties hereto), or
Taxes (including but not limited to, any Taxes or expense of any Morgan Stanley Entity in connection with any taxable disposition of MSCI Stock held by any Morgan Stanley Entity in the event that Morgan Stanley is unable to effect a Tax-Free
Spin-Off as a result of any breach by MSCI of its obligations hereunder) incurred or suffered by Morgan Stanley, any Affiliate of Morgan Stanley or any of their respective successors and assignees arising out of any misrepresentation or breach of
warranty or breach of covenant or agreement made or to be performed by MSCI pursuant to this Agreement. Any indemnification payment required to be paid by MSCI to Morgan Stanley under this Section 5.01 shall be increased by an amount (as
reasonably determined by Morgan Stanley) equal to any Taxes (including Taxes on such increased amount) Morgan Stanley is required to pay (which amount shall not be reduced by any Tax asset or Tax attribute available to Morgan Stanley) as a result of
receiving such indemnification payment. Morgan Stanley will provide MSCI with a brief summary describing how such amount was calculated. 
 Section 5.02. Subsidiaries. Morgan Stanley agrees and acknowledges that Morgan Stanley shall be responsible for the performance by each Morgan Stanley Entity of the obligations hereunder applicable to such Morgan Stanley Entity.

 Section 5.03. Amendments. This Agreement may not be amended or terminated orally, but only by a writing duly executed by or on
behalf of the parties hereto. Any such amendment shall be validly and sufficiently authorized for purposes of this Agreement if it is signed on behalf of Morgan Stanley and MSCI by any of their respective presidents or vice presidents. 

Section 5.04. Term. This Agreement shall remain in effect until all Registrable Securities held by Holders have been transferred by them to
Persons other than Transferees; provided, that, the provisions of Section 3.07 shall survive any such expiration. 
 Section 5.05. Severability. If any provision of this Agreement or the application of any such provision to any party or circumstances shall be determined by any court of competent jurisdiction to be invalid, illegal or unenforceable
to any extent, the remainder of this Agreement or such provision of the application of such provision to such party or circumstances, other than those to which it is so determined to be invalid, illegal or unenforceable, shall remain in full force
and effect to the fullest extent permitted by law and shall not be affected thereby, unless such a construction would be unreasonable. 
  

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 Section 5.06. Notices. All notices and other communications required or permitted hereunder shall
be in writing, shall be deemed duly given upon actual receipt, and shall be delivered (a) in person, (b) by registered or certified mail, postage prepaid, return receipt requested, or (c) by facsimile or (d) by electronic mail
transmission (“e-mail”) (if agreed to by the parties and to recipients designated by each party), addressed as follows: 
  

	 	(a)	If to MSCI, to: 

 MSCI Inc. 
 88 Pine Street 
 New York, NY 10005

 Attention: Frederick W. Bogdan, General Counsel 
 Email: frederick.bogdan@mscibarra.com 
 Fax: (212) 804-2906 
  

	 	(b)	If to Morgan Stanley, to: 

 Morgan Stanley 
 1585 Broadway 
 New York, NY 10036 

Attention: Martin M. Cohen, Director of Company Law 
 Email: marty.cohen@morganstanley.com 
 Fax: (212) 507-3334 
 or to such other addresses or telecopy numbers as may be specified by like notice to the other parties. 
 Section 5.07. Further Assurances. Morgan Stanley and MSCI shall execute, acknowledge and deliver, or cause to be executed, acknowledged and
delivered, such instruments and take such other action as may be necessary or advisable to carry out their obligations under this Agreement and under any exhibit, document or other instrument delivered pursuant hereto. 
 Section 5.08. Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed an original instrument,
but all of which together shall constitute but one and the same agreement. 
 Section 5.09. Governing Law. This Agreement and the
transactions contemplated hereby shall be construed in accordance with, and governed by, the internal laws of the State of New York. 
  

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 Section 5.10. Jurisdiction. The parties hereto agree that any suit, action or proceeding seeking
to enforce any provision of, or based on any matter arising out of or in connection with, this Agreement or the transactions contemplated hereby shall be brought in the United States District Court for the Southern District of New York or any New
York State court sitting in New York City, so long as one of such courts shall have subject matter jurisdiction over such suit, action or proceeding, and that any cause of action arising out of this Agreement shall be deemed to have arisen from a
transaction of business in the State of New York, and each of the parties hereby irrevocably consents to the jurisdiction of such courts (and the appropriate appellate courts therefrom) in any such suit, action or proceeding and irrevocably waives,
to the fullest extent permitted by law, any objection that it may now or hereafter have to the laying of the venue of any such suit, action or proceeding in any such court or that any such suit, action or proceeding brought in any such court has
been brought in an inconvenient forum. Process in any such suit, action or proceeding may be served on a party anywhere in the world, whether within or without the jurisdiction of any such court. Without limiting the foregoing, each party agrees
that service of process on such party as provided in Section 5.06 shall be deemed effective service of process on such party. MSCI is registered to do business in the State of New York as NY MSCI Inc. 
 Section 5.11. Entire Agreement. This Agreement constitutes the entire understanding of the parties hereto with respect to the subject matter
hereof. 
 Section 5.12. Successors. This Agreement shall be binding upon, and shall inure to the benefit of, the parties hereto and
their respective successors and assigns. Nothing contained in this Agreement, express or implied, is intended to confer upon any other person or entity any benefits, rights or remedies. 
 Section 5.13. Specific Performance. The parties hereto acknowledge and agree that irreparable damage would occur in the event that any of the
provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached. Accordingly, it is agreed that they shall be entitled to an injunction or injunctions to prevent breaches of the provisions of this
Agreement and to enforce specifically the terms and provisions hereof in any court of competent jurisdiction in the United States or any state thereof, in addition to any other remedy to which they may be entitled at law or equity. 
  

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 IN WITNESS WHEREOF, the parties hereto have executed this Agreement the day and year first above written.

  

					
	MSCI INC.
		
	By:	 	 
		 	Name:	 	
		 	Title:	 	
	
	MORGAN STANLEY
		
	By:	 	 
		 	Name:	 	
		 	Title:	 	

  

 26

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