Document:

Form of Performance Unit Agreement for Awards under 2006 LTIP

 Exhibit 10.3 
 FORM OF PERFORMANCE UNIT AGREEMENT 
 THIS AGREEMENT, dated as of
[                    ], (“Grant Date”) is between MasterCard Incorporated, a Delaware Corporation (“Company”), and you
(“Employee”). Capitalized terms that are used but not defined in this Agreement have the meanings given to them in the 2006 Long Term Incentive Plan (“Plan”). 

WHEREAS, the Company has established the Plan, the terms of which Plan, are made a part hereof; 

WHEREAS, the Human Resources and Compensation Committee of the Board of Directors of the Company (“Committee”) has approved
this grant under the terms of the Plan; 
 NOW, THEREFORE, the parties hereby agree as follows: 

1. Grant of Units. 
 Subject to the terms and conditions of this Agreement and of the Plan, the Company hereby grants to you the number of Units reflected in your grant statement, the terms of which statement are incorporated
as a part of this Agreement. Each Unit represents the right to receive an amount of the Company’s $0.0001 par value Class A Common Stock (“Common Stock”) that varies depending on the level of performance achieved on specified
performance criteria during the performance period [                    ], through
[                    ]. 

2. Vesting Schedule. 
 (a) Subject to (b) and (c) below, the interest of the Employee in the Units shall vest on
[                    ], conditioned upon the Employee’s continued employment with the Company or an Affiliated Employer as of
[                    ], and the achievement of the performance goals established by the Committee and set forth in your grant statement. Vesting in
Units is subject to the Committee’s exercise of downward discretion to reduce the amounts earned on achievement of performance goals. 
 (b) In the event that the Employee’s employment with the Company or an Affiliated Employer terminates by reason of the Employee’s death following the Grant Date, 100 percent of the
Employee’s then unvested Units shall vest and be payable at a target level of performance. In the event the Employee’s employment with the Company or an Affiliated Employer terminates due to Disability or Retirement more than six months
after the Grant Date, unvested Units shall continue to vest as if there had been no termination of employment, subject to the achievement of performance goals, and shall be paid as set forth in section 6(a), provided, however, that the Committee
shall have discretion to determine at any time during the vesting period that an Employee shall not vest in whole or in part in a particular Unit. In the event Employee’s employment with 

 
the Company or an Affiliated Employer terminates for any other reason, unvested Units shall be forfeited. 
 (c) In the event of a Change in Control, vesting and payment will be as set forth in sections 2(a) and 6(a) to the extent the achievement of performance goals can continue to be measured after the Change
in Control. To the extent the achievement of performance goals is no longer capable of measurement following a Change in Control, 100 percent of the Employee’s unvested Units shall vest on
[                    ], conditioned upon the Employee’s continued employment with the Company or an Affiliated Employer, or successor thereto,
as of [                    ], and shall be paid at a target level of performance at the time set forth in section 6(a). In the event the
Employee’s employment with the Company or an Affiliated Employer, or successor thereto, is terminated (within the meaning of Code section 409A) without Cause or by the Employee with Good Reason, six months preceding or two years following a
Change in Control, 100 percent of the Employee’s then unvested Units shall vest and be payable at a target level of performance. 
 3. Transfer Restrictions. 
 The Units granted hereunder may not be sold, assigned,
margined, transferred, encumbered, conveyed, gifted, hypothecated, pledged, or otherwise disposed of and may not be subject to lien, garnishment, attachment or other legal process, except as expressly permitted by the Plan. 

4. Stockholder Rights. 
 Prior to the time that Employee’s Units vest and the Company has issued Common Shares relating to such Units, Employee will not be deemed to be the holder of, or have any of the rights of a holder
with respect to, any Common Shares deliverable with respect to such Units. Specifically, and without limiting the foregoing, Employee shall not be entitled to dividends or dividend equivalents prior to being issued Common Shares. 

5. Changes in Stock. 
 In the event of any change in the number and kind of outstanding stock by reason of any recapitalization, reorganization, merger, consolidation, stock split or any similar change affecting the Common
Shares (other than a dividend payable in Common Shares) the Company shall make an appropriate adjustment in the number and terms of the Units credited to the Employee’s Account as provided in the Plan. 

6. Form and Timing of Payment. 
 (a) The Company shall pay within 60 days following the [                    ], vesting date set forth in
section 2(a) above, a number of Common Shares equal to the aggregate number of Units determined to have been earned. 

  
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 (b) In the event of vesting under section 2(b) above due to an Employee’s death,
payment shall be made within 60 days following death. 
 (c) In the event of vesting under section 2(c) above due to termination
in connection with a Change in Control, payment shall be made on the first business day which is at least six months after the date of termination or at such later date permitted under Code section 409A. 

7. Compliance with Law. 
 No Common Shares will be delivered to Employee in accordance with section 6 above unless counsel for the Company is satisfied that such delivery will be in compliance with all applicable laws. 

8. Death of Employee. 
 In the event of the Employee’s death, where the death results in vesting and payment of Units under section 2(b) above, payment shall be made to the Employee’s estate or beneficiary. 

9. Recoupment Policy. 
 In the event of a restatement of materially inaccurate financial results, the Committee has the discretion to recover from you stock or cash equal to the value of the stock issued on settlement of these
Units to the extent the vesting schedule of the Units under section 2(a) includes all or part of the period covered by the restatement. If the amount that would have vested based on achievement of performance goals would have been lower had the
achievement of applicable financial performance targets been calculated based on such restated financial results, the Committee may, if it determines appropriate in its sole discretion, to the extent permitted by law, recover from you stock or cash
equal to the portion of the stock issued in excess of the amount that would have been paid based on the restated financial results. A recovery under this section 9 can be made by withholding compensation otherwise due to you. The Company will not
seek to recover amounts paid under this Agreement more than three years after the date the Company files the report with the Securities and Exchange Commission that contained the incorrect financial results. This Recoupment Policy is in addition to,
and not in lieu of, any requirements under the Sarbanes-Oxley Act and shall apply notwithstanding anything to the contrary in this Agreement or in the Plan 
 10. Taxes. 
 The Employee shall be liable for any and all taxes, including
withholding taxes, arising out of this grant or the issuance of the Common Shares on vesting of Units hereunder. The Company is authorized to deduct from the total number of Common Shares Employee is to receive on settlement of the Units the total
value equal to the amount necessary to satisfy any such withholding obligation at the minimum applicable withholding rate, or to obtain withholdings in any other method permitted by the Plan. To the extent necessary to meet any obligation to
withhold Federal Insurance 

  
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Contributions Act taxes before settlement of the Units, the Company is authorized to deduct those taxes from other current wages. 

11. Discretionary Nature of Plan. 
 Employee acknowledges and agrees that the Plan is discretionary in nature and may be amended, cancelled, or terminated by the Company, in its sole discretion, at any time. The grant of Units under the
Plan is a one-time benefit and does not create any contractual or other right to receive a grant of Units, other types of grants under the Plan, or benefits in lieu of such grants in the future. Future grants, if any, will be at the sole discretion
of the Company, including, but not limited to, the timing of any grant, the number of Units granted and vesting provisions. 

12. Data Authorization. 
 Pursuant to applicable Data Protection laws, the Employee’s personal data will be collected and used as necessary for the Company’s administration of the Plan and Employee’s participation
in the Plan. Employee’s denial and/or objection to the collection, processing and transfer of personal data may affect Employee’s participation in the Plan. As such, Employee voluntarily acknowledges and consents (where required under
applicable law) to the collection, use, processing and transfer of personal data as described herein. 
 As part of the
Company’s administration of the Plan, the Company and the Affiliated Employer may hold certain personal information about Employee, including Employee’s name, home address and telephone number, date of birth, social security number or
other employee identification number, salary, nationality, job title, any shares of Common Stock or directorships held in the Company, details of all options, units or any other entitlement to shares of Common Stock awarded, canceled, purchased,
vested, unvested or outstanding in Employee’s favor. This information is held for the purpose of managing and administering the Plan (“Data”). 
 The Data may be provided by Employee or collected, where lawful, from third parties, and the Company or the Affiliated Employer will process the Data for the exclusive purpose of implementing,
administering and managing Employee’s participation in the Plan. Data processing will take place through electronic and non-electronic means as necessary to administer the plan and will be handled in conformance with the confidentiality and
security provisions as set forth by applicable laws and regulations in Employee’s country of residence (and country of employment, if different). The Data will be accessible within the Company’s organization only by those persons requiring
access for purposes of the implementation, administration and operation of the Plan and for Employee’s participation in the Plan. 
 The Company and the Affiliated Employer may transfer Data amongst themselves as necessary for the purpose of implementation, administration and management of Employee’s participation in the Plan, and
the Company and the Affiliated Employer may each further transfer Data to any third parties assisting the Company in the 

  
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implementation, administration and management of the Plan. Please note these entities may be located in the European Economic Area, the United States or elsewhere in the world. Employee hereby
authorizes (where required under applicable law) these parties to receive, possess, use, retain and transfer the Data, in electronic or other form, for purposes of implementing, administering and managing Employee’s participation in the Plan.
This includes any requisite transfer of such Data as may be required for the administration of the Plan and/or the subsequent holding of shares of Common Stock on Employee’s behalf to a broker or other third party with whom Employee may elect
to deposit any shares of Common Stock acquired pursuant to the Plan. 
 Employee may, at any time, exercise Employee’s
rights provided under applicable personal data protection laws. These rights may include (a) obtain confirmation as to the existence of the Data, (b) verify the content, origin and accuracy of the Data, (c) request the integration,
update, amendment, deletion, or blockage of the Data, (d) oppose, for legal reasons, the collection, processing or transfer of the Data which is not necessary or required for the implementation, administration and/or operation of the Plan and
Employee’s participation in the Plan, and (e) withdraw Employee’s consent to the collection, processing or transfer of Data as provided hereunder (in which case, Employee’s Award will be null and void). Employee may seek to
exercise these rights by contacting the Employee’s local Human Resources manager or the Company’s Human Resources Department. 
 13. Consent to On-Line Grant and Acceptance. 
 Employee acknowledges and agrees
that, as a term of this grant of Units, any grant, communication, or acceptance of such grant, if applicable, is permitted to be made and processed through the online system operated and maintained for this purpose. Employee further acknowledges and
agrees that execution of any documents through such system shall have the same force and effect as if executed in writing. 

14. Section 409A. 
 To the extent the Company determines that this Agreement is subject to Code section 409A, but does not conform with the requirements of Code section 409A the Company may at its sole discretion amend or
replace the Agreement to cause the Agreement to comply with Code section 409A. The Agreement shall be construed and administered consistent with Code section 409A or an exemption from Code section 409A. 

15. Miscellaneous. 
 (a) All amounts granted under this Agreement shall continue for all purposes to be a part of the general assets of the Company. The Employee’s interest in the amount ultimately determined to be
earned shall make the Employee only a general, unsecured creditor of the Company. 
 (b) The parties agree to execute such
further instruments and to take such action as may reasonably be necessary to carry out the intent of this Agreement. 

  
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 (c) Any notice required or permitted hereunder that is not covered by section 13 above,
shall be given in writing and shall be deemed effectively given upon delivery to the Employee at the address then on file with the Company or upon delivery to the Company at 2000 Purchase Street, Purchase, New York 10577, Attn: Group Head, Global
Rewards. 
 (d) Neither the Plan nor this Agreement nor any provisions under either shall be construed so as to grant the
Employee any right to remain in the employ of the Company. 
 (e) This Agreement, along with the incorporated grant letter,
constitutes the entire agreement of the parties with respect to the subject matter hereof. 
  

			
	By	 	 /s/ 

		 	Name:
		 	Title:

  
 6Description of Employment Arrangement with Walter Macnee

 Exhibit 10.4 
 DESCRIPTION OF EMPLOYMENT ARRANGEMENT WITH WALTER MACNEE 
 * Explanatory Note: The
description set forth below summarizes the employment arrangement between MasterCard International Incorporated and Walter Macnee, who is identified as a named executive officer in MasterCard Incorporated’s Proxy Statement for its 2011 Annual
Meeting of Stockholders (the “Proxy Statement”). The below description is consistent with both: (1) the disclosure summarizing Mr. Macnee’s employment arrangement in the Proxy Statement and (2) the descriptions of each
of the MasterCard International Incorporated Severance Plan and the MasterCard International Incorporated Change in Control Plan set forth in MasterCard Incorporated’s Current Report on Form 8-K filed with the U.S. Securities and Exchange
Commission on July 31, 2009. 
 Walter Macnee is President, International Markets of MasterCard International Incorporated
(“MasterCard International”). 
 Term. 
 Mr. Macnee is employed at will by MasterCard International. 
 Compensation.

 Mr. Macnee receives a base salary and is eligible to participate in the MasterCard Incorporated 2006 Long Term Incentive Plan
(“LTIP) and in MasterCard Incorporated or MasterCard International’s employee compensation and benefit programs as may be generally made available to other employees of the Company or MasterCard International at Mr. Macnee’s
level, including MasterCard Incorporated’s Senior Executive Annual Incentive Compensation Plan (the “SEAICP”). 
 Termination
of Employment. 
 Upon termination of his employment, Mr. Macnee will receive payments pursuant to the MasterCard International
Incorporated Executive Severance Plan (the “Executive Severance Plan”) and the MasterCard International Incorporated Change in Control Severance Plan (the “CIC Plan”). 
 Termination Payments. 
 Death. In the event of Mr. Macnee’s
death, his estate and/or beneficiaries are entitled to a lump sum payment within 30 days following the date of termination of: (1) base salary earned but not paid through the date of his death; (2) payment for all accrued but unused
vacation time; (3) the target annual incentive bonus payable for the year in which death occurs, and the prior year if not already paid; and (4) such additional benefits, if any, he may be entitled to under MasterCard International’s
plans and programs on account of death. 
 Disability. In the event of Mr. Macnee’s termination of employment
on account of disability, he will be entitled to receive the same payments as noted above in the event of his death, except that his target annual incentive bonus will be pro-rated for the year of his termination. 

For Cause or Voluntary Resignation. If MasterCard International terminates Mr. Macnee’s employment for “Cause”
(as defined in the Executive Severance Plan and described below) or Mr. 

  
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Macnee voluntarily resigns other than with Good Reason, he will be entitled to, within 30 days of the date of termination: (1) a payment with respect to base salary earned but not paid
through the date of his termination, (2) payment for all accrued but unused vacation time and (3) additional benefits, if any, that he would be entitled to under MasterCard International’s plans and programs on account of termination
for Cause or his voluntary resignation other than with Good Reason. 
 Without Cause or With Good Reason. In the event of
Mr. Macnee’s termination by MasterCard International without Cause or by Mr. Macnee with “Good Reason” (as defined in the Executive Severance Plan and described below), he will be entitled to (in addition to any severance
payments described below): (1) a lump sum within 30 days following the date of termination of all base salary earned but not paid prior to the date of termination; (2) a lump sum within 30 days following the date of termination equal to
all accrued but unused vacation time; and (3) a pro-rata portion of the annual incentive bonus payable for the year in which his termination occurs and the prior year, if not already paid, based upon the actual performance of MasterCard
International for the applicable performance period as determined by the Human Resources and Compensation Committee (the “Compensation Committee”) of the Board of Directors of MasterCard Incorporated and payable in accordance with the
regular bonus pay practices of MasterCard International. 
 Mandatory Retirement. In the event Mr. Macnee’s
employment ends upon mandatory retirement (that is, the last day of the calendar year in which he attains the age of 65), he will be entitled to receive the same payments as noted above in the event of his death, except that his annual incentive
bonus will be pro-rated for the year in which his termination occurs, and will be based upon the actual performance of MasterCard International for the applicable performance period (and taking into account the terms of the annual incentive plan,
including but not limited to the discretion of the Compensation Committee to reduce the bonus amount). 
 Severance
Payments Under the Executive Severance Plan. In addition to any payments described above, in the event of Mr. Macnee’s termination either by MasterCard International without Cause or by Mr. Macnee for Good Reason, and in each case
unless otherwise disqualified as described below, Mr. Macnee will be entitled to: 
  

	 	•	 	 base salary continuation for 18 months (and, in MasterCard International’s sole discretion, up to an additional 6 months) following the date of
termination; 

  

	 	•	 	 an amount equal to 1.5 times the annual incentive bonus paid to the executive for the year prior to the year during which termination occurs, payable
ratably over an 18-month period in accordance with the annual incentive bonus pay practices of MasterCard International (or, at MasterCard International’s discretion, an amount equal to up to 2 times the bonus for the prior year, payable over
up to 24 months); 

  

	 	•	 	 if Mr. Macnee is eligible for the MasterCard Retiree Health Plan, the full cost of the retiree health coverage for 18 months, and thereafter the
retiree contribution levels shall apply; 

  

	 	•	 	 reasonable outplacement services for the shorter of 18 months or the period of unemployment; and 

 

	 	•	 	 such additional benefits, if any, that Mr. Macnee would be entitled to under MasterCard International’s plans and programs for the above
captioned events of termination (other than any severance payments payable under the terms of any benefit plan). 

 Under the Executive Severance Plan, Mr. Macnee is only entitled to receive severance payments in the events described above, and would not be entitled to receive such severance payments in the event

  
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of termination of employment with MasterCard International due to (1) death, (2) disability, (3) voluntary resignation for any reason other than for Good Reason or mandatory
retirement or (4) termination for Cause, or in the event that he fails to give notice of termination for Good Reason within 60 days of the events constituting Good Reason. 

MasterCard International’s obligation to make the severance payments described in the first four bullets above is conditioned upon
Mr. Macnee’s execution of a separation agreement and release, within 60 days following the date of termination, of all claims related to his employment or the termination of such employment. Such an agreement would include non-competition
and non-solicitation restrictions for an 18-month period (or for the length of the severance payments, if longer as described above). 
 CIC Payments Under the CIC Plan. In the event that, within six months preceding or two years following a Change-in-Control (as determined in the CIC Plan and as described below), Mr. Macnee
either: (1) is terminated by the MasterCard International or MasterCard International’s successor without “Cause” (as defined in the CIC Plan and described below) or (2) terminates his employment with MasterCard
International or MasterCard International’s successor for “Good Reason” (as defined in the CIC Plan and described below), and in each case unless otherwise ineligible as described below, Mr. Macnee will be entitled to:

  

	 	•	 	 a lump sum within 30 days following the date of termination of all base salary earned but not paid prior to the date of termination;

  

	 	•	 	 a lump sum within 30 days following the date of termination equal to all accrued but unused vacation time; 

 

	 	•	 	 a pro-rata portion of the annual incentive bonus payable for the year in which his termination occurs and the prior year, if not already paid, based
upon the actual performance of MasterCard International for the applicable performance period as determined by the Compensation Committee and payable in accordance with the regular bonus pay practices of MasterCard International;

  

	 	•	 	 base salary continuation for 24 months following the date of termination; 

 

	 	•	 	 annual bonus payments following the date of termination with the aggregate bonus amount for Mr. Macnee equivalent to the average annual bonus
received by him with respect to the prior two years of employment, payable ratably over a 24-month period in accordance with the regular payroll practices and annual incentive bonus pay practices of MasterCard International;

  

	 	•	 	 if he is eligible for the MasterCard Retiree Health Plan, the full cost of the retiree health coverage for 24 months and thereafter the retiree
contribution levels shall apply; 

  

	 	•	 	 reasonable outplacement services for the shorter of 24 months or the period of unemployment; and 

 

	 	•	 	 such additional benefits, if any that Mr. Macnee would be entitled to under MasterCard International’s plans and programs for the above
captioned events of termination (other than any severance payments payable under the terms of any benefit plan). 

 Mr. Macnee is only entitled to receive Change-in-Control payments in the events described above, and would not be entitled to receive such payments in the event of termination of employment with the
MasterCard International or MasterCard International’s successor due to: (1) death, (2) disability, 

  
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(3) voluntary resignation for any reason other than for Good Reason or (4) termination for Cause at any time preceding or following a Change-in-Control, or in the event that he fails to give
notice of termination for Good Reason within 60 days of the events constituting Good Reason. The CIC Plan expressly provides that a Change-in-Control alone, without a related termination of employment, will in no event give rise to any
Change-in-Control payments or benefits under the CIC Plan. 
 MasterCard International’s obligation to make the
Change-in-Control payments described above in the fourth through seventh bullets above is conditioned upon Mr. Macnee’s execution of a separation agreement and release, within 60 days following the date of termination, of all claims to his
employment or the termination of such employment, which would include a two-year non-competition restriction and a two-year non-solicitation restriction. 
 Particular Definitions in Executive Severance Plan or CIC Plan. 
 Each of
the Executive Severance Plan and the CIC Plan defines “Cause” to generally mean: (a) the willful failure by the executive to perform his or her duties or responsibilities (other than due to disability); (b) engaging in serious
misconduct that is injurious to MasterCard International including, but not limited to, damage to its reputation or standing in its industry; (c) having been convicted of, or entered a plea of guilty or nolo contendere to, a crime that
constitutes a felony or a crime that constitutes a misdemeanor involving moral turpitude; (d) the material breach of any written covenant or agreement with MasterCard International not to disclose any information pertaining to MasterCard
International; or (e) the breach of MasterCard International’s code of conduct, the supplemental code of ethics or any material provision of specified MasterCard International policies. 

“Change-in-Control” for purposes of the CIC Plan has the meaning as set forth in the LTIP. Accordingly, it generally means the
occurrence of any of the following events (other than by means of a public offering of MasterCard Incorporated’s equity securities): 
 (a) The acquisition by any person of beneficial ownership of more than 30 percent of the voting power of the then outstanding equity securities of the Company (the “Outstanding Registrant Voting
Securities”), subject to certain exceptions; or 
 (b) A change in the composition of the Board of Directors of the
Company that causes less than a majority of the directors of the Company then in office to be members of the Board, subject to certain exceptions; or 
 (c) Consummation of a reorganization, merger, or consolidation or sale or other disposition of all or substantially all of the assets of the Company or the purchase of assets or stock of another
entity (a “Business Combination”), in each case, unless immediately following such Business Combination, (1) all or substantially all of the persons who were the beneficial owners of the Outstanding Registrant Voting Securities
immediately prior to such Business Combination will beneficially own more than 50 percent of the then outstanding voting power of the then outstanding voting securities entitled to vote generally in the election of directors of the entity resulting
from such Business Combination in substantially the same proportions as their ownership, immediately prior to such Business Combination of the Outstanding Registrant Voting Securities, (2) no person will beneficially own more than a majority of
the voting power of the then outstanding voting securities of such entity except to the extent that such ownership of the Company existed prior to the Business Combination, and (3) at least a majority of the members of the board of directors of
the entity resulting from such Business Combination will have been members of the incumbent Board of the Company at the time of the initial agreement, or action of the Board of the Company, providing for such Business Combination; or 

  
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 (d) Approval by the stockholders of the Company of a complete liquidation or
dissolution of the Company. 
 “Good Reason” for the purpose of each of the Executive Severance Plan and the CIC Plan
generally means: (a) the assignment to a position for which the executive is not qualified or a materially lesser position than the position held by the executive; (b) a material reduction in the executive’s annual base salary other
than a 10 percent or less reduction, in the aggregate, over the term of employment; or (c) the relocation of the executive’s principal place of employment by more than 50 miles. 
 Restrictive Agreements. 
 In addition to agreements Mr. Macnee would enter in order to
be eligible to receive the payments described above, Mr. Macnee has entered into an agreement providing for restrictions with respect to non-competition and non-solicitation of MasterCard International’s employees, customers or suppliers
for 12 months following termination. 

  
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