Document:

Exhibit

TERMS AND CONDITIONS OF 2017  
RESTRICTED STOCK UNIT AWARD 

Restricted Stock Unit Award made as of the date (the “Award Date”) in 2017 that is the first business day of the month specified by the Compensation and Leadership Development Committee (the “Committee”) of the Board of Directors (the “Board”) of S&P Global Inc., a New York corporation (“S&P Global”), by S&P Global.
WHEREAS, the Board has designated the Committee to administer the S&P Global Inc. 2002 Stock Incentive Plan, as amended and restated (the “Plan”); with respect to certain employees of the Company;
WHEREAS, capitalized terms not otherwise defined herein shall have the meanings set forth for such terms in the Plan;
WHEREAS, the Committee has determined that the Employee should be granted a Restricted Stock Unit Award under the Plan for the number of Restricted Stock Units (“Units”) as specified in the Employee’s Restricted Stock Unit Award Document; and
WHEREAS, the Employee is accepting the Restricted Stock Unit Award subject to the terms and conditions set forth below:
1.  Grant of Award:  The grant of this Restricted Stock Unit Award (the “Award”) is subject to the terms and conditions hereinafter set forth with respect to the Units covered by this Award.  Payment will be made in the number of shares of Stock corresponding to the number of Units vested hereunder, with each Unit corresponding to one share of Stock, together with an amount in cash equal to the value of the Dividend Equivalents on such shares.
Upon grant of the Award, no stock or other certificate representing said Units or the shares of Stock represented thereby will be issued to or registered in the name of the Employee.  The ultimate receipt of the shares of Stock by the Employee and payment of cash equal to the value of the Dividend Equivalents thereon is contingent upon requirements set forth herein.
The Employee does not have an absolute right to receive a fixed or determinable amount at the inception of the “Award Period”, which refers to the period beginning on the Award Date and ending on the third anniversary of the Award Date.
2.  Restrictions.  The restrictions on the Units covered by this Award shall lapse and such Units shall vest ratably in three installments (the “Installments”) of 33%, 33% and 34% on each of the first, second and third fiscal-year end dates (i.e., December 31), respectively, following  the Award Date (collectively, “Installment Vesting Dates”), following completion of the mandatory restriction period beginning on the Award Date (and subsequently, the second and third anniversary of the Award Date) and ending on the day prior to the applicable Installment Vesting Date (the “Restriction Period”); provided that, for any given Installment, the Employee remains an employee of the Company during the entire Restriction Period relating to such Installment.

3.  Distribution Following Restriction Period.  If the Employee remains an employee of the Company through the last day of the applicable Restriction Period, the Units vesting in the Installment, together with any Dividend Equivalents earned thereon (as determined in accordance with Section 6 hereof), shall be paid to the Employee on a date (the “Payment Date”) no later than the end of January following the month during which the Installment vests and the restrictions lapse.  The Units payable to the Employee upon the vesting of each Installment shall be converted into shares of Stock and such shares shall be delivered to the Employee on the applicable Payment Date.  Any Dividend Equivalents that have been earned with respect to such shares shall be paid in cash.
Before payment is made to the Employee, the Company shall be entitled to withhold all applicable Federal, state and local income taxes.  The Company shall hold back a sufficient number of the shares and cash which would otherwise be delivered to the Employee to satisfy such required withholding obligation.
[In the event that the Company does not withhold applicable taxes, the Employee shall indemnify the Company for any loss sustained by the Company from the failure to satisfy such withholding obligations, and the Employee shall, upon request, provide the Company with satisfactory evidence that the Employee has satisfied such obligations.]  
4.  Termination of Employment Prior to Restriction Period.  In the event of the termination of the Employee’s employment with the Company prior to the end of the Restriction Period for any Installment due to Normal Retirement, Early Retirement, Disability under the Company’s or one of its subsidiaries’ retirement or disability plans or death, the Employee shall be eligible to vest in a pro rata portion of the unvested Units underlying the Award.  In the event of the Employee’s termination of employment by the Company other than for Cause, with the approval of the Committee, the Employee shall continue to vest in any Installment of the Award that would otherwise vest prior to the end of any period in respect of which the Employee receives Separation Pay, as defined in the severance program in which the Employee participates (such period, the “Separation Period”), and the Employee shall be eligible to receive payment of a pro rata portion of any remaining unvested Installments of the Award; provided, however, that such continued vesting during the Separation Period and payment of the remaining pro rata portion shall be subject to the Employee’s execution and non-revocation of a release in a form to be provided by the Company (the “Release”), releasing the Company and its affiliates and certain other persons and entities from certain claims and other liabilities, which Release must be effective and irrevocable within the time specified in the Release.  
Except as provided in Section 5 hereof, in the event the Employee voluntarily resigns his or her employment with the Company or is involuntarily terminated by the Company for Cause prior to end of any Restriction Period, the Employee shall forfeit the right to any Units underlying any unvested Installments and any Dividend Equivalents with respect to such Units.
(a)    Determination of Pro Rata Award Opportunity.  The pro rata portion of the unvested Installments of the Award to be received by the Employee, if he or she terminates because of Normal Retirement, Early Retirement, Disability under the Company’s or one of its subsidiaries’ retirement or disability plans, or death, shall be determined by multiplying the number of the unvested Units of the Award by a fraction, the numerator of which is the number of full calendar days during the Award Period for which the Employee was employed, reduced by the number of full calendar days during the Award Period occurring prior to the most recent vesting date (if any), and the denominator of which is: (i) 1,095 days if termination takes place before the first Installment Vesting Date, (ii) 730 days if termination takes place after the first Installment Vesting Date and prior to the second Installment Vesting Date and (iii) 365 days if the termination takes place after the second Installment Vesting Date and prior to the third Installment Vesting Date.  The pro rata portion of the unvested Installments of the Award to be received by the Employee if he or she terminates with the approval of the Committee, in connection with a termination by the Company other than for Cause, shall be determined as of the end of the Separation Period by multiplying the number of the unvested Units of the Award at such time by a fraction, the numerator of which is the number of full calendar days during the Award Period occurring prior to the end of the Separation Period, reduced by the number of full calendar days during the Award Period occurring prior to the vesting date (if any) occurring immediately prior to the end of the Separation Period, and the denominator of which is (i) 1,095 days if termination takes place before the first Installment Vesting Date, (ii) 730 days if termination takes place after the first Installment Vesting Date and prior to the second Installment Vesting Date and (iii) 365 days if the termination takes place after the second Installment Vesting Date and prior to the third Installment Vesting Date. 
(b)    Distribution of Pro Rata Award.
(i)      Termination Other Than for Death.  In the event of the termination of the Employee’s employment with the Company prior to the end of any Restriction Period other than for death (including, without limitation, Normal Retirement, Early Retirement, Disability under the Company’s or one of its subsidiaries’ retirement or disability plans, or other than for Cause), the Employee’s pro rata portion of the Award otherwise determined to have matured shall be delivered to the Employee on the regularly scheduled Payment Date. For the avoidance of doubt, in the case of a termination by the Company other than for Cause with the approval of the Committee, if the Employee does not execute a Release or a Release does not become effective and irrevocable in its entirety prior to the expiration of the time specified in the Release, the Employee shall not be entitled to any payments pursuant to this Section 4.
(ii)      Termination for Death.  In the event of the termination of the Employee’s employment with the Company prior to the end of any Restriction Period due to death, the Employee’s pro rata portion of the Award shall be delivered to the beneficiary designated by the Employee (or if the Employee has not designated a beneficiary, to the representative of the Employee’s estate) within 60 days following the date of the Employee’s death.
5.  Change in Control.  In the event of a Change in Control, as that term is defined under Section 11 of the Plan, prior to the end of any Restriction Period of the Award, to the extent the successor company (or a subsidiary or parent thereof) does not assume or provide a substitute for the Award on substantially the same terms and conditions, the Award shall become unrestricted and fully vested and the Units that become so vested shall be distributed pursuant to Section 3 on the regularly scheduled Payment Dates.  To the extent the successor company (or a subsidiary or parent thereof) assumes or provides a substitute for the Award on substantially the same terms and conditions, the existing vesting schedule will continue to apply, provided, however, that, if within 24 months following the date of a Change in Control, the Employee’s employment with the Company is terminated without Cause or due to Normal Retirement, Early Retirement, Disability under the Company’s or one of its subsidiaries’ retirement or disability plans, or death, the Award shall become unrestricted and fully vested and distributed (x) pursuant to Section 3 on the regularly scheduled Payment Dates or (y) in the case of the termination of the Employee’s employment with the Company due to death, within 60 days following the date of the Employee’s death to the beneficiary designated by the Employee (or if the Employee has not designated a beneficiary, to the representative of the Employee’s estate).
6.  Voting and Dividend Rights.  Prior to the delivery of any shares of Stock covered by this Award, the Employee shall not have the right to vote or to receive any dividends with respect to such shares.  Notwithstanding the foregoing, dividend equivalents will be earned on Units underlying the Award for the period beginning on the Award Date and ending on the last day of the Restriction Period applicable to the Units (or, if applicable, the date of payment in accordance with Section 4(b)(ii) hereof), which Dividend Equivalents shall be paid in cash on the applicable Payment Date (or the date of payment in accordance with Section 4(b)(ii) hereof), subject to the additional requirements set forth in this Award Document.
7.  Transfer Restrictions.  This Award and the Units and Dividend Equivalents are nontransferable (other than by will or by the laws of descent and distribution), and may not be transferred, sold, assigned, pledged or hypothecated and shall not be subject to execution, attachment or similar process.  Any attempt to effect any of the foregoing shall be null and void.
8.  Miscellaneous.  The terms of this Award document (a) shall be binding upon and inure to the benefit of any successor to the Company, (b) shall be governed by the laws of the State of New York, and any applicable laws of the United States, and (c) may not be amended without the written consent of both the Company and the Employee.  Consent on behalf of the Company may only be given through a writing signed, dated and authorized by the Executive Vice President of Human Resources for S&P Global Inc., which directly refers to this Agreement.  No other modifications to the terms of this Award document are valid under any circumstances. No contract or right of employment shall be implied by this Award document.  If this Award is assumed or a new award is substituted therefore in any corporate reorganization employment by such assuming or substituting corporation or by a parent corporation or subsidiary thereof shall be considered for all purposes of this Award to be employment by the Company.
9.  Securities Law Requirements.  The Company shall not be required to issue shares of Stock in settlement of or otherwise pursuant to this Award unless and until (a) such shares have been duly listed upon each stock exchange on which the Stock is then registered; (b) a registration statement under the Securities Act of 1933 as amended, with respect to such shares is then effective; and (c) the issuance of the shares would comply with such legal or regulatory provisions of such countries or jurisdictions outside the United States as may be applicable in respect of this Award.    This Award shall be subject to the requirements of the Senior Executive Pay Recovery Policy of S&P Global or the S&P Ratings Services Pay Recovery Policy (as applicable, the “Policy”) and all shares of Stock or other amounts paid or payable to the Employee under or in respect of the Award shall, if applicable, be subject to recovery or other action pursuant to and as, and to the extent, provided by the applicable Policy (or any successor policy or requirement), as in effect from time to time.
This Award shall be subject to the requirements of the S&P Global Inc. Securities Disclosure Policy and the S&P Global Inc. Securities Trading Policy, each as in effect from time to time, and a Participant, by accepting the Award, acknowledges and agrees that employee information, including financial information, may be collected by the Company, subject to applicable local data protection and employment law and the S&P Global Inc. Employee Privacy Policy (as in effect from time to time), in connection with its administration of these policies or complying with regulatory requirements.  By accepting the Award, a Participant agrees to submit their personal data, including financial information, and consents to the collection, transfer, retention or otherwise processing of such data by S&P Global Inc. and/or a third party service provider that may not be located in the same jurisdiction as the Participant.
10.  Section 409A.  This Award is intended to provide for the “deferral of compensation” within the meaning of Section 409A(d)(1) of the Code and to meet the requirements of Section 409(a)(2), (3) and (4) of the Code, and it shall be interpreted and construed in accordance with this intent.
11.  Incorporation of Plan Provisions.  This Award is made pursuant to the Plan and the provisions of said Plan shall apply, except where otherwise specifically noted herein, as if the same were fully set forth herein.Exhibit

S&P Global
55 Water Street
New York, NY

20 June 2016

Steve Kemps
179 Summit Avenue Southlake
Texas, 76092

Dear Steve,

Congratulations on your new position as Executive Vice President and General Counsel for S&P Global! We are delighted to have you on board and know you will be a great addition to our team. In this position, you will be reporting to Douglas Peterson. Your actual start date will be agreed upon at a later time. You will be paid $25,000 semi-monthly based on an annualized salary of $600,000, less required deduction. This position is Fair Labor Standards Act (FLSA) exempt and therefore not eligible for overtime pay.

Subject to the approval of the Compensation and Leadership Development Committee of the Board of Directors:

You will receive a one-time signing cash bonus of $400,000, less applicable deductions, payable approximately after 60 days of employment. If within 1 2 months of your start date, you voluntarily separate from S&P Global,you agree to full restitution of this amount, less applicable deductions, to S&P Global. You will also receive a one-time Restricted Stock Unit (RSU) Award with a value of $400,000. This award will vest over a three year period with 1/3 of the award vesting on the first, second, and third anniversary of the award. Dividend equivalents will be accrued during the award period and will be paid in cash, along with vested shares. These awards are in recognition of your current unvested equity.

You will be eligible to participate in the 2016 S&P Global Key Executive Short-Term Incentive Compensation Plan with a target incentive opportunity of $550,000. Actual payment under the Plan, if any, will be based on the degree of achievement of the established company and/or business unit objective(s) and your individual performance and contribution. Your target incentive noted above will be a full annualized target opportunity for 2016 with no proration. Awards may be more or less than the communicated target and subject to your manager's assessment of your performance. Please note that target opportunities and eligibility are not commitments to pay any award as all payments under the plan are discretionary. To receive a payment, you must be an employee in good standing and be employed by S&P Global, or any of its business units, on the Plan payout date.

Please note that as with all compensation and benefit plans, the Company reserves the right to amend and terminate bonus programs in its discretion.

S&P Global
55 Water Street
New York, NY

You will also be eligible to participate in the S&P Global Long Term Stock Incentive Program as it may be amended and exist from time to time. Under this Program, for 2016 you will receive a long-term incentive grant of $850,000 of which 70% will be granted as Performance Share Units (PSU) and 30% as Restricted Stock Units (RSUs). Detailed information concerning the 2016 Equity Award will be provided to you under separate cover letter following the Grant Date, expected to take place within 30 days of your start date.

The fair market value (the closing price) on the grant date will determine the number of shares you receive under your PSU and RSU Awards (i.e., your long-term value award divided by the fair market value). These three-year 2016 Performance Share Units will vest at the end of 2018 based on the achievement of the established Earnings Per Share goal. Any payout earned under the 2016 award will be made by March 1    5, 2019. The RSU awards also vest based on a three year cliff vesting schedule, with restrictions lifted at the end of the three year period and paid by March 1  5, 2019. There will be no performance measures tied to these awards.

We are pleased to offer you relocation assistance as per the attached policy. Our relocation specialist will contact you to discuss the details of your relocation package.

In addition to the standard benefits, you will be eligible for the following perquisites:

		
	•
	Annual Executive Physical Program

		
	•
	First Class air travel

		
	•
	Tax counseling and return preparation

You will be eligible to receive all benefits routinely made available to all S&P Global employees at comparable levels. Also, you are subject to all eligible policies of S&P Global. You must enroll in all benefit plans within your first thirty days, and benefit coverage is retroactive to your first day of employment. Please click here to review information regarding the benefits available to employees of S&P Global.

You will be eligible to accrue four weeks of vacation in accordance with the terms of Company's current vacation policy. Your vacation during the first year will be pro-rated based on your date of employment. The Company reserves the right to forfeit, recover or delay payment of awards pending the outcome of disciplinary procedures or investigations to matters that could be considered grounds for termination of employment or pay recovery as stated by the Pay Recovery Policy. Both short term and long-term performance awards are subject to claw backs. The recovery period starts at the beginning of each performance year (or upon hire) plus 24 months following the same performance period.
Effective with your employment, you are eligible to participate in the Senior Executive Severance Plan, which currently provides 1   2 months' salary in the event of a "Termination of Employment at Company Convenience" as defined in the Plan, subject to all other terms and conditions of the Plan.
Effective with your employment, you will be eligible to participate in the Management Supplemental Death and Disability Plan, which provides for pre-retirement death benefits equal to two times your annual base salary, subject to all other terms and conditions of the Plan. Should you become disabled while employed by S&P Global, you shall be provided with a monthly disability income benefit, as defined under the Plan and reduced by certain plan-specified offsets, subject to all other terms and conditions of the Plan.

Please note that your offer of employment with S&P Global is contingent upon the successful completion of a background investigation, which will be administered by an independent third-party vendor, Sterling lnfosystems. The investigation will include employment and education verification, as well as a criminal history.

S&P Global
55 Water Street
New York, NY

As a new hire, and annually thereafter, you will be required to affirm that you have read and understand the S&P Global Code of Business Ethics (COBE). In addition, there are divisions of S&P Global that require affirmations to a Code of Conduct, or Code of Business Ethics and a Securities Disclosure Policy. The purpose of the Code of Conduct is to reflect the high-level principles that govern the conduct of its Credit Rating Activities. The purpose of the Codes of Ethics and the Securities Disclosure Policy are to establish guidelines reasonably designed to identify and prevent recipients from breaching any applicable fiduciary duties and to deal with other situations that may pose a conflict or potential conflict of interest. The Securities Disclosure Policy applies to employees and members of their Immediate Family. Employees and members of their Immediate Family will be required to use a Designated Broker(s) for all Securities trading. Employees and their Immediate Family are required to pre-clear personal Securities trades and a 30 day hold policy applies. In addition, employees or Immediate Family members will not be permitted to hold Securities that may pose a conflict of interest or the appearance of a conflict, including Securities on specific global Restricted Lists.
Any questions relating to the "Codes" or the Securities Disclosure Policy should be directed to the Compliance team at 212-438-4218.

This letter is not an offer of a contract of employment. It is the company's policy that all employment is "at­ will". This means either the employee or the company may terminate employment for any reason at any  time. No change in the "at-will" employment relationship is valid unless it is contained in a written agreement signed by an authorized officer of S&P Global.

Federal law requires U.S. employers to verify that all new employees are eligible to work in the United States pursuant to the Immigration Reform and Control Act of 1986. As a condition of your employment, as set forth by the Act, you will be required to provide proof of identity and employment authorization within three (3) days of your Start Date.

If you are a non-resident alien who requires sponsorship by S&P Global now or in the future, in order to accept or continue employment with us, we reserve the right to determine whether to pursue a nonimmigrant case on your behalf. Further, you should be aware that there is no guarantee that the government will approve any such case that we do file on your behalf. By accepting this offer, you represent that you are not aware of any circumstances that would make you ineligible for nonimmigrant status. Please note also that by sponsoring you for nonimmigrant work status, S&P Global is not committing to sponsoring you for permanent resident status.

S&P Global
55 Water Street
New York, NY

Shortly before your start date, you will receive an email from S&P Global 1-9 Services requesting that you set up an appointment to visit an 1-9 center with appropriate forms of identification. To help you learn more about the Company, you will receive an invitation to register for New Hire Orientation session shortly after your start date.

You represent that you are free to enter into an employment relationship with the Company and to perform the services required of you. You also represent that you have disclosed to the Company and provided copies of any agreement you may have with any third party (such as a former employer) which may limit your ability to work for the Company, or which otherwise could create a conflict of interest with the Company. You   further represent that you are not bound by any non-competition, non-disclosure, non-solicitation, or similar obligations, except for those contained in the written agreements you have provided to the Company. Finally, please understand that we do not want you to use or disclose any confidential information or materials of any former employer or other third party to whom you have an obligation of confidentiality and from violating any lawful agreement that you may have with any third party.

Steve, we are looking forward to you joining our team. In the meantime, if you have any questions please do not hesitate to call me. Please note: You will receive an email requesting you to provide an e-signature to accept this offer. You must complete this step in order to move forward in the hiring process.  Again, welcome to S&P Global!

Sincerely,

Bryan Sherwood    
VP Talent Acquisition
S&P Global
(212) 438-0153
bryan.sherwood@spglobal.com

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