Document:

Form of Stock Option Agreement

 Exhibit 10.5 
 FORM OF STOCK OPTION 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, but not the standard terms and conditions of Section 6.4 of such Plan, are
made a part hereof; 
 WHEREAS, the 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 Stock Options. 
 Subject to the
terms and conditions of this Agreement and of the Plan, the Company hereby grants to you a nonqualified stock option (“Stock Option”) to purchase from time to time all or any part of the number of common shares of the Company’s
Class A Common Stock (“Common Shares”) reflected in your grant letter, the terms of which grant letter are incorporated as part of this Agreement, at a price per share equal to 100 percent of the Fair Market Value of the Common Shares
on the Grant Date. 
 2. Exercise. 
 This Stock Option is exercisable from the date and to the extent that the Employee’s interest in the Stock Option is vested, but in no event earlier than six months after the Grant Date, until the date the term of the Stock Option
expires. The Employee’s interest in the Stock Option may be exercised only by delivering notice of exercise, in the form prescribed by the Company, to the Company or its designated agent, and paying the full exercise price for the shares and
the full amount of any taxes required to be withheld. The exercise price may be paid by delivery of cash or a certified check, delivery of Common Shares already owned by the Employee, or by delivery of cash by a broker-dealer as a
“cashless” exercise. Special rules will apply to the payment of the exercise price by Employees who are subject to Securities and Exchange Commission Rule 16b-3. Common Shares issued on exercise of the Stock Option shall be unrestricted
Common Shares. 
 3. Vesting. 
 (a) Subject to (b) and (c) below, the interest of the Employee in the Stock Option shall vest 25 percent on each of the first, second, third, and fourth anniversaries of the Grant Date, conditioned upon the Employee’s
continued employment with the Company or an Affiliated Employer as of each vesting date. 

 (b) In the event that the Employee’s employment with the Company or an Affiliated Employer
terminates by reason of the Employee’s death after the grant, 100 percent of the Employee’s interest in the Stock Option shall vest. In the event the Employee’s employment with the Company or an Affiliated Employer terminates due to
Disability or Retirement, the Employee’s interest in the Stock Option shall continue to vest as if there was no termination of Employment. In the event Employee’s employment with the Company or an Affiliated Employer terminates for any
other reason, the Employee’s unvested interest in the Stock Option shall be forfeited. 
 (c) In the event that the Employee’s
employment with the Company or an Affiliated Employer, or successor thereto, is terminated 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 interest in the Stock Option shall vest. 
 4. Term and Termination. 
 The Stock Option generally shall expire on the earlier of (i) the tenth anniversary of the Grant Date, or (ii) in the case of a Stock Option
that has vested at the time of an Employee’s Termination of Employment other than by death, Disability, or Retirement, 90 days from the date of the Employee’s Termination of Employment. In the event an Employee’s Termination of
Employment is due to death, Disability, Retirement, or is in connection with a Change in Control under the circumstances specified in Section 3(c) above, the Stock Option shall expire on the tenth anniversary of the Grant Date. 
 5. Transfer Restrictions. 
 Other than by
will or by the laws of descent and distribution, the Stock Option 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. During the Employee’s lifetime, the Stock Option is exercisable only by the Employee. 
 6. Stockholder Rights. 
 Prior to the time that the Company has issued Common Shares on an Employee’s
exercise of the Employee’s interest in his or her Stock Option, 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 Stock Option. 

7. Changes in Stock. 
 In the event of any
change in the number and kind of outstanding shares of 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 terms of the Stock Option. 
  

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 8. Compliance with Law. 
 No Common Shares will be delivered to Employee upon the Employee’s exercise of his or her interest in the Stock Option unless counsel for the Company is satisfied that such delivery will be in compliance with all
applicable laws. 
 9. Death of Employee. 
 In the event of the Employee’s death, the Stock Option shall be exercisable by the executor or administrator of the Employee’s estate or the person to whom the Stock Option has passed by will or the laws of
descent and distribution in accordance with Section 5 of this Agreement. 
 10. Taxes. 
 The Employee shall be liable for any and all taxes, including withholding taxes, arising out of the transfer of Common Shares on exercise of the Stock
Option. The Employee may satisfy such taxes by delivery of cash or a certified check or delivery of cash by a broker-dealer as part of a “cashless” exercise. The Company is authorized to deduct from the total number of Common Shares
Employee is to receive on exercise of the Stock Option the total value equal to the amount necessary to satisfy any such withholding obligation at the minimum applicable withholding rate. 
 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 a Stock Option under the Plan is a one-time benefit and does not create
any contractual or other right to receive a grant of a Stock Option, other awards under the Plan, or benefits in lieu of such awards 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 Stock Options granted, the payment of dividend equivalents, and vesting provisions. 
 12. Data
Authorization. 
 Employee acknowledges and consents to the collection, use, processing and transfer of personal data as described in this
paragraph. The Company, its Subsidiaries, and Employee’s employer hold certain personal information about Employee, including Employee’s name, home address and telephone number, date of birth, social insurance number or other employee
identification number, salary, nationality, job title, any shares of stock or directorships held in the Company, details of all stock options or any other entitlement to shares of stock awarded, canceled, purchased, vested, unvested or outstanding
in Employee’s favor, for the purpose of managing and administering the Plan (“Data”). The Company, its Subsidiaries and/or Employee’s employer will transfer Data amongst themselves as necessary for the purpose of implementation,
administration and management of Employee’s participation in the Plan, and the Company, its Subsidiaries and/or Employee’s employer may each further transfer Data to any third parties assisting 
  

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 the Company in the implementation, administration and management of the Plan. These recipients may be located in the
European Economic Area, or elsewhere, such as the United States. Employee authorizes such third party recipients to receive, possess, use, retain and transfer the Data, in electronic or other form, for the purposes of implementing, administering and
managing Employee’s participation in the Plan, including any requisite transfer of such Data as may be required for the administration of the Plan and/or the subsequent holding of Common Shares on Employee’s behalf to a broker or other
third party with whom Employee may elect to deposit any Common Shares acquired pursuant to the Plan. This authorization is provided by Employee solely in connection with and for the purposes of implementation, administration and management of the
Plan. Employee may, at any time, review Data, require any necessary amendments to it, inquire about the safety measures taken to protect the Data, or withdraw the consents herein in writing by contacting the Company; however, withdrawing consent may
affect Employee’s ability to participate in the Plan. 
 13. 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 be exempt from or comply with Code section 409A. 
 14. Consent to On-Line Grant and Acceptance. 
 Employee acknowledges and agrees that, as a term of this Stock Option grant, any
grant, communication, acceptance of such grant, or exercise of such grant, is permitted to be made and processed through the on-line 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. 
 15. Miscellaneous. 
 (a) 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. 
 (b) Any notice required or permitted hereunder that is not covered by Section 14 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: Head of Executive and Domestic Compensation. 

(c) 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. 
  

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 (d) This Agreement, along with the incorporated grant letter, constitutes the entire agreement of the
parties with respect to the subject matter hereof. 
  

			
	By	 	
		 	
		 	

  

 52006 Non-Employee Director Equity Compensation Plan

 Exhibit 10.6 
 MASTERCARD INCORPORATED 
  

 2006 NON-EMPLOYEE DIRECTOR 
 EQUITY COMPENSATION PLAN 

 ARTICLE I 
 ESTABLISHMENT AND PURPOSE 
  

	1.1	Establishment. 

 The MasterCard Incorporated 2006
Non-Employee Director Equity Compensation Plan (“Plan”) is hereby established by MasterCard Incorporated (the “Company”), effective on adoption by the Company’s Board of Directors, subject to approval by the shareholders of
the Company. 
 1.2 Purposes. 
 The purpose of the Plan is to enable the Company to attract and retain outstanding individuals to serve as non-employee directors of the Company and to further align the interests of non-employee directors with the
interests of the Company’s shareholders. 
 ARTICLE II 
 DEFINITIONS 
 “Administrator” means the Company’s Head of Human
Resources or functional successor. 
 “Award” means an award of Deferred Stock Units pursuant to Article VI. 
 “Board” or “Board of Directors” means the Board of Directors of the Company. 
 “Code” means the Internal Revenue Code of 1986, as amended from time to time, and any successor, along with related rules, regulations and
interpretations. 
 “Common Stock” means shares of the Company’s Class A or Class B Common Stock, $0.0001 par value (as
such par value may be amended from time to time), whether presently or hereafter issued, and any other stock or security resulting from adjustment thereof as described hereinafter, or the Common Stock of any successor to the Company which is
designated for the purpose of the Plan. 
 “Company” means MasterCard Incorporated. 
 “Director” means a member of the Board of Directors of the Company. 
 “Plan” means the MasterCard Incorporated 2006 Non-Employee Director Equity Compensation Plan. 
  

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 ARTICLE III 
 ADMINISTRATION 
 The Plan is intended to be self-executing and operated as a formula plan. To the extent
necessary for the operation of the Plan, it shall be construed, interpreted, and administered by the Administrator. The Administrator’s constructions and interpretations and actions thereunder shall be binding and conclusive on all persons for
all purposes. The Administrator shall not be liable to any person for any action taken or any omission in connection with the interpretation and administration of this Plan except for acts or omissions not in good faith or which involve intentional
misconduct or a knowing violation of law. The Administrator may delegate his or her responsibilities and duties under the Plan. 
 ARTICLE IV 
 SHARES SUBJECT TO THE PLAN 
  

	4.1	Number of Shares. 

 The total number of newly issued
shares of Common Stock reserved and available for distribution pursuant to Awards of Deferred Stock Units under the Plan shall be 100,000 shares of Class A Common Stock, subject to adjustment as provided in Section 4.2. Such shares may
consist, in whole or part, of authorized and unissued shares or shares acquired from a third party. Shares subject to an Award that is forfeited, terminates, expires, or lapses without the issuance of shares, including by cash settlement, shall be
available for distribution pursuant to further Awards. 
  

	4.2	Adjustment. 

 In the event of any Company
share dividend, share split, combination or exchange of shares, recapitalization or other change in the capital structure of the Company, corporate separation or division of the Company (including, but not limited to, a split-up, spin-off, split-off
or distribution to Company stockholders other than a normal cash dividend), reorganization, rights offering, a partial or complete liquidation, or any other corporate transaction, Company securities offering or event involving the Company and having
an effect similar to any of the foregoing, then the Administrator may make appropriate adjustments or substitutions as described below in this Section 4.2. The adjustments or substitutions may relate to the number of shares of Common Stock
available for Awards under the Plan, the number of shares of Common Stock covered by outstanding Awards, and any other characteristics or terms of the Awards as the Administrator may deem necessary or appropriate to reflect equitably the effects of
such changes to the Participants. Notwithstanding the foregoing, any fractional shares 

  

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resulting from such adjustment shall be eliminated by rounding to the next lower whole number of shares with appropriate payment for such fractional share.

 ARTICLE V 
 ELIGIBILITY

 Each Director who is not a current employee of the Company or any of its subsidiaries shall be eligible to receive an Award of Deferred
Stock Units in accordance with Article VI. 
 ARTICLE VI 
 DEFERRED STOCK UNITS 
  

	6.1	Automatic Award. 

 On the date of the Company’s
Annual Meeting of Shareholders in each year for so long as the Plan remains in effect, each non-employee Director who is elected as a director at such meeting or whose term of office shall continue after the date of such meeting, automatically shall
be awarded a number of Deferred Stock Units determined by dividing $100,000 ($150,000 in the case of the Chairman of the Board or lead Director) by the average of the high and low prices for the Company’s Class A Common Stock on the
exchange on which the shares are principally traded for the date of the Annual Meeting of Shareholders (or the immediately preceding date on which shares are traded, if shares are not traded on the date of the Annual Meeting) and rounding the
results to the nearest whole Deferred Stock Unit. Notwithstanding the foregoing, each non-employee Director who is elected at, or whose term of office shall continue after, the first Annual Meeting of Shareholders following the Company’s
initial public offering of shares of Common Stock, shall be awarded 2,565 Deferred Stock Units (3,850 Deferred Stock Units in the case of the Chairman of the Board or lead Director). If sufficient shares do not remain available under
Section 4.1 for each eligible Director to receive the full number of Deferred Stock Units, the Deferred Stock Units awarded to each eligible Director shall be proportionately reduced. Any non-employee Director who joins the Board at a time
other than the Annual Meeting of shareholders shall be awarded a pro-rated number of Deferred Stock Units to correspond to the portion of the period from Annual Meeting to Annual Meeting that the non-employee Director serves on the Board.

  

	6.2	Terms and Settlement of Awards. 

 Unless otherwise
determined by the Administrator in the Award document, an Award of Deferred Stock Units shall be settled in Common Stock upon (i) the fourth anniversary of the date of grant of the Award of the Deferred Stock Units or (ii) the date that is
60 days following the Director’s termination of services as a Director, as elected by the Director at the time and in the form prescribed by the Company. In the event a Director becomes a specified employee for purposes of Code section
409A(a)(2)(B)(i), in 

  

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the event of a payment on termination, the payment shall be made six months following termination. 
 In order to be effective, any election as to the time of payment must be made no later than December 31 of the year prior to the Annual Meeting of
shareholders on which the Award is made. Once the December 31 deadline for electing has passed, an election as to time of payment is irrevocable. In the event a timely election is not made, the default payment date shall be the fourth
anniversary of the date of grant of the Award of Deferred Stock Units. 
  

	6.3	Dividend Equivalents. 

 The Administrator shall have
the authority to specify in the Deferred Stock Units Award that the Directors shall be entitled to receive current or deferred payments corresponding to the dividends payable on the Common Stock underlying the Award. 
  

	6.4	Beneficiary. 

 Each Participant may designate a
Beneficiary to receive any Award held by the Participant at the time of the Participant’s death or to be assigned any Award outstanding at the time of the Participant’s death. If a deceased Participant has named no Beneficiary, any Award
held by the Participant at the time of death shall be transferred as provided in his or her will or by the laws of descent and distribution. 
 ARTICLE VII 
 MISCELLANEOUS 
  

	7.1	Unfunded Status of Plan. 

 It is intended that the
Plan be an “unfunded” plan. The Administrator may authorize the creation of trusts or other arrangements to meet the obligations created under the Plan to deliver Common Stock; provided that the existence of such trusts or other
arrangements shall not cause the Plan to be funded. 
  

	7.2	Income Reporting and Tax Withholding. 

 Awards
hereunder shall be subject to all applicable information reporting and tax withholding required by law. 
  

	7.3	Nontransferability. 

 No Award or Common Shares
subject to an Award shall be assignable or transferable other than (i) by will, by the laws of descent and distribution, or pursuant to a beneficiary designation, (ii) pursuant to a qualified domestic relations order, or (iii) as

  

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expressly permitted by the Administrator, pursuant to a transfer to the Participant’s family member. 
  

	7.4	Controlling Law. 

 The Plan and all Awards made and
actions taken thereunder shall be governed by and construed in accordance with the laws of New York (without regard to its choice of law provisions). 
  

	7.5	Severability. 

 If any provision of this Plan shall
for any reason be held to be invalid or unenforceable, such invalidity or unenforceability shall not effect any other provision hereby, and this Plan shall be construed as if such invalid or unenforceable provision were omitted. 
  

	7.6	Successors and Assigns. 

 This Plan shall inure to
the benefit of and be binding upon each successor and assign of the Company. All obligations imposed upon a Participant, and all rights granted to the Company hereunder, shall be binding upon the Participant’s heirs, legal representatives and
successors. 
  

	7.7	Section 409A Savings Clause. 

 It is the
intention of the Company that Awards under this Plan that are “deferred compensation” subject to Section 409A of the Code shall comply with Section 409A of the Code, and the Plan and the terms and conditions of all Awards shall
be interpreted accordingly. 
  

	7.8	Term. 

 No Award shall be granted under the Plan
after December 31, 2015. 
  

	7.9	Gender and Number. 

 Except where otherwise
indicated by the context, any masculine term used herein also shall include the feminine, the plural shall include the singular, and the singular shall include the plural. 
  

	7.10	Headings. 

 The headings of the Articles and their
subparts contained in this Plan are for the convenience of reading and reference purposes only and shall not affect the meaning, interpretation or be meant to be of substantive significance of this Plan. 
  

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 ARTICLE VIII 
 AMENDMENT OF THE PLAN 
 The Board of Directors may amend, alter, or discontinue the Plan, including by
changing the form of Awards to any form permitted under the Company’s 2006 Long Term Incentive Plan, but no amendment, alteration, or discontinuation shall be made which would impair an outstanding Award under the Plan. Without approval of the
shareholders of the Company, no amendment may materially increase the benefits accruing to Directors under the Plan. Nothing in this Article VIII shall permit the Board to distribute Awards on discontinuance of the Plan if such a distribution would
result in taxation under Code section 409A. 
 ARTICLE IX 
 SHAREHOLDER APPROVAL 
 The Plan is conditional upon shareholder approval of the Plan and the Plan shall be
null and void if the Plan is not so approved by the Company’s shareholders. 
  

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