Document:

<PAGE>   1
                                                                 EXHIBIT NO. 4.4

                          REGISTRATION RIGHTS AGREEMENT

                                                               February 28, 2001

Mr. Bruce Andrew Harrison
3868 N. Galloway Drive
Memphis, Tennessee  38111

Dear Mr. Harrison:

                  This will confirm that in consideration of the consummation of
the merger of BI-PJR-BD, Inc. ("Acquisition"), a wholly owned subsidiary of The
BISYS Group, Inc. (the "Company"), with and into P.J. Robb Variable Corp.
("Robb") pursuant to the Agreement and Plan of Merger dated as of February 28,
2001 among the Company, Acquisition, Robb and you, in which an aggregate number
of shares of common stock, $.02 par value, of the Company (the "Shares") set
forth on Schedule I hereto opposite your name will be issuable to you upon
conversion of shares of common stock of, or other equity interests in, Robb, the
Company hereby covenants and agrees with you, as follows:

                  1.       Certain Definitions.  As used herein, the following
terms shall have the following respective meanings:

                           "Commission" shall mean the United States Securities
                  and Exchange Commission, or any other federal agency at the
                  time administering the Securities Act (hereinafter defined).

                           "Common Stock" shall mean the common stock, $.02 par
                  value, of the Company.

                           "Contingent Merger Consideration" shall have the
                  meaning ascribed to such term in the Merger Agreement
                  (hereinafter defined).

                           "Distribution Period" shall mean the period
                  commencing on the effective date of the registration statement
                  referred to in Sections 2 and 3 hereof and ending on the
                  earlier to occur of (i) the sale of all of the Registerable
                  Stock (hereinafter defined) covered by such registration
                  statement or (ii) the first anniversary of the Effective Time
                  (hereinafter defined), provided that for Registerable Stock
                  included in the Contingent Consideration, the Distribution
                  Period shall end on the Second Anniversary of the Effective
                  Time if all of such Registerable Stock has not theretofore
                  been sold.
<PAGE>   2
                           "Effective Time" shall mean the Effective Time of the
                  Merger, as defined in the Merger Agreement (hereinafter
                  defined).

                           "Effective Time Merger Consideration" shall have the
                  meaning ascribed to such term in the Merger Agreement
                  (hereinafter defined).

                           "Exchange Act" shall mean the Securities Exchange Act
                  of 1934 or any similar federal statute, and the rules and
                  regulations of the Commission thereunder, all as the same
                  shall be in effect at the time.

                           "Merger" shall mean the merger of Acquisition with
                  and into Robb pursuant to the Merger Agreement.

                           "Merger Agreement" shall mean the Agreement and Plan
                  of Merger dated as of February 28, 2001 among the Company,
                  Acquisition, Robb and you.

                           "Registerable Stock" shall mean shares of Common
                  Stock issued to you in the Merger and included in (a) the
                  Effective Time Merger Consideration and (b) the Contingent
                  Consideration, if any, and not transferred or otherwise
                  disposed of by you except as contemplated hereunder.

                           "Securities Act" shall mean the Securities Act of
                  1933, as amended, or any similar federal statute, and the
                  rules and regulations of the Commission thereunder, all as the
                  same shall be in effect at the time.

                  2.       Registration of Registerable Stock.

                  As soon as practicable after the Effective Time, the Company
shall use its reasonable best efforts to register under the Securities Act for
public resale by you the shares of Registerable Stock included in the Effective
Time Merger Consideration held by you. The Company shall not be obligated to
effect registration of such Registerable Stock pursuant to this Section 2 on
more than one occasion.

                  3.       Registration Procedures. The Company will, as
expeditiously as is practicable after the Effective Time:

                           (a) prepare, submit to you and to your counsel, for a
                  reasonable opportunity to review, and thereafter file with the
                  Commission within 10 days following the Effective Time, a
                  registration statement with respect to such Registerable Stock
                  (which shall be on Form S-3 if the Company is then eligible to
                  use such form and otherwise on Form S-1 or such other form of
                  general applicability acceptable to the Company), and shall
                  use its reasonable best efforts to cause such registration
                  statement to become effective as soon as practicable and to
                  remain effective during the Distribution Period.
<PAGE>   3
                           (b) prepare and file with the Commission 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 during
                  the Distribution Period.

                           (c) promptly upon effectiveness of the registration
                  statement furnish to you such number of copies of the
                  registration statement and the prospectus included therein and
                  any amendment or supplement thereto as you may reasonably
                  request in order to facilitate the public sale of the
                  Registerable Stock covered by such registration statement;

                           (d) use its reasonable best efforts to register or
                  qualify the Registerable Stock covered by such registration
                  statement, or confirm an exemption from registration if
                  applicable, under the securities or blue sky laws of a
                  reasonable number of jurisdictions (provided that the Company
                  will not be required to (i) qualify generally to do business
                  in any jurisdiction where it would not otherwise be required
                  to qualify but for this paragraph (d), (ii) subject itself to
                  taxation in any such jurisdiction or (iii) consent to general
                  service of process in any jurisdiction);

                           (e) promptly notify you (i) when such registration
                  statement or any amendment or supplement thereto or to the
                  prospectus contained therein has been filed, and when any
                  state filing has been made, (ii) of any request by the
                  Commission or the blue-sky commission of any state for
                  amendments or supplements to such registration statement or
                  prospectus or for additional information from you, (iii) of
                  the issuance by the Commission or the blue-sky commission of
                  any state of any stop order suspending the effectiveness of
                  such registration statement or the initiation of proceedings
                  for that purpose, or (iv) of the receipt by the Company of any
                  notification with respect to the suspension of the
                  qualification of the Registerable Stock for sale in any
                  jurisdiction or the initiation or threatening of any
                  proceeding for that purpose;

                           (f) promptly notify you at any time when a prospectus
                  relating thereto is required to be delivered under the
                  Securities Act, of the happening of any event of which the
                  Company is aware as a result of which the prospectus contained
                  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 not misleading in the light of the
                  circumstances then existing, and as promptly as practicable
                  thereafter prepare and file with the Commission a supplement
                  or amendment to such prospectus, such registration statement
                  or any document incorporated therein by reference, or make
                  such other filing, such that as thereafter delivered to you
                  the prospectus will not contain an untrue statement of
                  material fact or omit to state any material fact necessary to
                  make the statements therein not misleading;

                           (g) use its reasonable best efforts to obtain the
                  withdrawal of any order suspending the effectiveness of such
                  registration statement;
<PAGE>   4
                           (h) promptly after the effectiveness of the
                  registration statement, and without any opinion of your
                  counsel, provide such letter of instructions to the Company's
                  stock transfer agent as shall be necessary to enable you, upon
                  confirmation to such transfer agent of the satisfaction of any
                  applicable prospectus delivery requirements, to transfer
                  shares of Registerable Stock in a registered transaction in
                  accordance with the Prospectus contained in the Registration
                  Statement and to have issued by such transfer agent to the
                  transferee thereof a certificate without any restrictive
                  legend; and

                           (i) as soon as practicable after the issuance of any
                  Registerable Stock included in the Contingent Merger
                  Consideration, use its reasonable best efforts to file another
                  registration statement on Form S-3 or other available form
                  covering any Registerable Stock included in the Contingent
                  Merger Consideration.

                  In connection with the registration hereunder, you shall
furnish to the Company in writing such information with respect to yourself and
the proposed distribution by you as shall be reasonably requested by the Company
in order to assure compliance with federal and applicable state securities laws,
including, without limitation, such information as shall enable the Company to
prepare prospectus supplements as and when required.

                  4. Expenses. All expenses incurred by the Company in complying
with Sections 2 and 3 hereof, including, without limitation, all registration
and filing fees, printing expenses, fees and disbursements of counsel and
independent public accountants for the Company, fees of the National Association
of Securities Dealers, Inc., transfer taxes and fees of transfer agents and
registrars, will be paid by the Company in connection with the registration
statement filed pursuant to Sections 2 and 3 hereof.

                  5. Indemnification. The Company will indemnify and hold you
harmless against any losses, claims, damages or liabilities, joint or several,
to which you may become subject under the Securities Act, the securities law of
any state or otherwise, insofar as such losses, claims, damages or liabilities
(or actions in respect thereof) arise out of or are based upon (i) any untrue
statement or alleged untrue statement of any material fact contained in any
registration statement filed pursuant to Sections 2 and 3 hereof, any prospectus
contained therein, or any amendment or supplement thereof, (ii) the omission or
alleged omission to state therein a material fact required to be stated therein
or necessary to make the statements therein not misleading, and (iii) any
violation or alleged violation by the Company of the Securities Act, the
Exchange Act, any state securities law or any rule or regulation promulgated
under any of the same in connection with the offering covered by such
registration statement, and the Company will reimburse you for any legal or
other expenses reasonably incurred by you in connection with investigating or
defending any such loss, claim, damage, liability or action; provided, however,
that the Company will not be liable in any such case if and to the extent that
any such loss, claim, damage or liability arises out of or is based upon an
untrue statement or alleged untrue statement or omission or alleged omission so
made in reliance upon and in conformity with information furnished by you in
writing specifically for use in such registration statement or prospectus.
<PAGE>   5
                  You will indemnify and hold harmless the Company and each
person, if any, who controls the Company within the meaning of the Securities
Act, each officer of the Company who signs any registration statement filed
pursuant to Sections 2 and 3 hereof, each director of the Company, and each
person who controls any of the foregoing within the meaning of the Securities
Act, against all losses, claims, damages or liabilities, joint or several, to
which the Company or such officer or director or controlling person may become
subject under the Securities Act or otherwise, insofar as such losses, claims,
damages or liabilities (or actions in respect thereof) arise out of or are based
upon (i) any untrue statement or alleged untrue statement of any material fact
contained in such registration statement filed pursuant to Sections 2 and 3
hereof, any prospectus contained therein, or any amendment or supplement
thereof, (ii) the omission or alleged omission to state therein a material fact
required to be stated therein or necessary to make the statements therein not
misleading, or (iii) any violation or alleged violation by the Company of the
Securities Act, the Exchange Act, any state securities law or any rule or
regulation promulgated under any of the same in connection with the offering
covered by such registration statement, and you will reimburse the Company and
each such officer, director and controlling person for any legal or other
expenses reasonably incurred by them in connection with investigating or
defending any such loss, claim, damage, liability or action; provided, however,
that you will be liable hereunder in any such case if and only to the extent
that any such loss, claim, damage or liability arises out of or is based upon an
untrue statement or alleged untrue statement or omission or alleged omission
made in reliance upon and in conformity with information requested by the
Company and furnished in writing to the Company by you specifically for use in
such registration statement or prospectus. Notwithstanding the foregoing, (i)
you will not be liable for payments of amounts paid in settlement of any loss,
claim, damage, liability or action if such settlement is effected without your
consent (which consent shall not be unreasonably withheld), and (ii) in no event
shall your liability under this Section 5 in connection with any registration
exceed the proceeds received by you from the sale of shares of Registerable
Stock in such registration.

                  Promptly after receipt by an indemnified party hereunder of
notice of the commencement of any action, such indemnified party shall, if a
claim in respect thereof is to be made against the indemnifying party hereunder,
notify the indemnifying party in writing thereof, but the omission so to notify
the indemnifying party shall not relieve it from any liability which it may have
to any indemnified party other than under this Section 5. In case any such
action shall be brought against any indemnified party and it shall notify the
indemnifying party of the commencement thereof, the indemnifying party shall be
entitled to participate in and, to the extent it shall wish, to assume and
undertake the defense thereof with counsel satisfactory to such indemnified
party, and, after notice from the indemnifying party to such indemnified party
of its election so to assume and undertake the defense thereof, the indemnifying
party, if it shall actually undertake the defense thereof, shall not be liable
to such indemnified party under this Section 5 for any legal expenses
subsequently incurred by such indemnified party in connection with the defense
thereof other than reasonable costs of investigation and of liaison with counsel
so selected; provided, however, that, if the defendants in any such action
include both the indemnified party and the indemnifying party and the
indemnified party shall have reasonably concluded that there may be reasonable
defenses available to it which are different from or additional to those
available to the indemnifying party, or if the interests of the indemnified
party reasonably may be deemed to conflict with the interests of the
indemnifying party, the indemnified party shall have the right to select a
separate counsel and to assume such legal defenses and otherwise to participate
in the
<PAGE>   6
defense of such action, with the expenses and fees of such separate counsel and
other expenses related to such participation to be reimbursed by the
indemnifying party as incurred.

                  Notwithstanding the foregoing, any indemnified party shall
have the right to retain its own counsel in any such action, but the fees and
disbursements of such counsel shall be at the expense of such indemnified party
unless (i) the indemnifying party shall have failed to retain counsel for the
indemnified person as aforesaid or shall have failed to defend such action in
accordance with the preceding paragraph or (ii) the indemnifying party and such
indemnified party shall have mutually agreed to the retention of such counsel.
It is understood that the indemnifying party shall not, in connection with any
action or related actions in the same jurisdiction, be liable for the fees and
disbursements of more than one separate firm qualified in such jurisdiction to
act as counsel for the indemnified party. 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 agrees to indemnify the indemnified party
from and against any loss or liability by reason of such settlement or judgment.

                  If the indemnification provided for in the first two
paragraphs of this Section 5 is unavailable or insufficient to hold harmless an
indemnified party under such paragraphs in respect of any losses, claims,
damages or liabilities or actions in respect thereof referred to therein, then
each indemnifying party shall in lieu of indemnifying such indemnified party
contribute to the amount paid or payable by such indemnified party as a result
of such losses, claims, damages, liabilities or actions in such proportion as
appropriate to reflect the relative fault of the Company, on the one hand, and
you, on the other, in connection with the statements or omissions which resulted
in such losses, claims, damages, liabilities or actions as well as any other
relevant equitable considerations, including the failure to give any notice
under the third paragraph of this Section 5. The relative fault shall be
determined by reference to, among other things, whether the untrue or alleged
untrue statement of a material fact relates to information supplied by the
Company, on the one hand, or you, on the other, and to the parties' relative
intent, knowledge, access to information and opportunity to correct or prevent
such statement or omission. The Company and you agree that it would not be just
and equitable if contributions pursuant to this paragraph were determined by pro
rata allocation or by any other method of allocation which did not take account
of the equitable considerations referred to above in this paragraph. The amount
paid or payable by an indemnified party as a result of the losses, claims,
damages, liabilities or action in respect thereof, referred to above in this
paragraph, shall be deemed to include 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 paragraph, you
shall not be required to contribute any amount in excess of the amount, if any,
by which the total price at which the Common Stock sold by you was offered to
the public exceeds the amount of any damages which they would have otherwise
been required to pay by reason of such untrue or alleged untrue statement or
omission. No party guilty of fraudulent misrepresentations (within the meaning
of Section 11(f) of the Securities Act), shall be entitled to contribution from
any party who is not guilty of such fraudulent misrepresentation.
<PAGE>   7
                  6.       Current Public Information.  The Company agrees with
you as follows:

                           (a) The Company shall use its reasonable best efforts
                  to make and keep public information available, as those terms
                  are understood and defined in Rule 144 under the Securities
                  Act, at all times from and after the date hereof.

                           (b) The Company shall use its reasonable best efforts
                  to file with the Commission in a timely manner all reports and
                  other documents as the Commission may prescribe under Section
                  13(a) or 15(d) of the Exchange Act.

                           (c) The Company shall furnish to you upon your
                  request (i) a copy of the most recent annual or quarterly
                  report of the Company, and (ii) such other reports and
                  documents so filed as you may reasonably request to avail
                  yourself of any rule or regulation of the Commission allowing
                  you to sell any such securities without registration.

                  7.       Effectiveness of this Agreement.  This Agreement
shall become effective at the Effective Time.  If the Effective Time shall not
occur, this Agreement shall be of no force and effect.

                  8.       Miscellaneous.

                           (a) All covenants and agreements contained in this
Agreement by or on behalf of either of the parties hereto shall bind and inure
to the benefit of their respective executors, administrators, successors and
assigns, as applicable, whether so expressed or not, provided, however, that the
obligations of the Company hereunder shall inure only to the benefit of (i) you
or (ii) a person who shall become a holder of Registerable Stock by gift or by
will or the laws of descent and distribution, and the term "Registerable Stock"
as used herein shall be limited to Registerable Stock held by you or any such
person.

                           (b) All notices, requests, consents and other
communications hereunder shall be in writing and shall be mailed by first class
registered mail, postage prepaid, addressed as follows:

                           if to the Company, to it at Overlook at Great Notch,
                  150 Clove Road, Little Falls, New Jersey 07424, Attention:
                  Executive Vice President and General Counsel;

                  if to you, at your address as set forth in Schedule I hereto;

                           if to any subsequent holder of Registerable Stock
                  pursuant to Section 8 hereof to it at such address as may have
                  been furnished to the Company in writing by such holder;
<PAGE>   8
                  or, in any case, at such other address or addresses as shall
                  have been furnished in writing to the Company (in your case)
                  or to you (in the case of the Company).

                           (c) This Agreement shall be governed by and construed
in accordance with the laws of the State of Delaware.

                           (d) This Agreement constitutes the entire agreement
of the parties with respect to the subject matter hereof and may not be modified
or amended except in writing signed by the Company and by the holders of not
less than a majority of the shares of Registerable Stock.

                           (e) This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.

                  Please indicate your acceptance of the foregoing by signing
and returning the enclosed counterpart of this letter, whereupon this letter
(herein sometimes called "this Agreement") shall be a binding agreement between
the Company and you.

                                 Very truly yours,

                                 THE BISYS GROUP, INC.

                             By: /s/ Kevin J. Dell
                                 --------------------------------------------
                                  Name:       Kevin J. Dell
                                  Title:      Executive Vice President

AGREED TO AND ACCEPTED as of the date first above written:

                                             /s/ Bruce Andrew Harrison
                                             -----------------------------------
                                             Bruce Andrew Harrison<PAGE>   1
                                                                    Exhibit 10.1

                         THE MCGRAW-HILL COMPANIES, INC.

                         SENIOR EXECUTIVE SEVERANCE PLAN

               (As Amended and Restated Effective April 26, 2000)

                                       15
<PAGE>   2
                                                           Exhibit 10.1 (cont'd)

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                               Page
                                                                                                               ----
<S>                                                                                                            <C>
Section 1.        Purpose..................................................................................     21
Section 2.        Effective Date...........................................................................     21
Section 3.        Administration...........................................................................     21
Section 4.        Participation............................................................................     21
Section 5.        Payments Upon Qualified Termination of Employment........................................     22
Section 6.        Unfunded Status of Plan..................................................................     25
Section 7.        Termination and Amendment of the Plan....................................................     25
Section 8.        Benefit of Plan..........................................................................     25
Section 9.        Non-Assignability........................................................................     26
Section 10.       Effect of Other Plans....................................................................     26
Section 11.       Mitigation and Offset....................................................................     26
Section 12.       Termination of Employment................................................................     26
Section 13.       Severability.............................................................................     26
Section 14.       Disputed Claim...........................................................................     27
Section 15.       Governing Law; Section Headings..........................................................     27
Section 16.       Named Fiduciary and Claims Procedure.....................................................     27
</TABLE>

                                       16
<PAGE>   3
                                                           Exhibit 10.1 (cont'd)

         THE McGRAW-HILL COMPANIES, INC. SENIOR EXECUTIVE SEVERANCE PLAN

Section 1.   Purpose.

             The purpose of the Senior Executive Severance Plan (the "Plan") is
to provide senior executives who are in a position to contribute materially to
the success of The McGraw-Hill Companies, Inc., or any subsidiary at least 50%
of whose voting shares are owned directly or indirectly by The McGraw-Hill
Companies, Inc. (collectively, the "Company"), with reasonable compensation in
the event of their termination of employment with the Company.

Section 2.   Effective Date.

             The Plan is effective as of January 28, 1987.

Section 3.   Administration.

             The Plan shall be administered (i) by the Compensation Committee of
the Board of Directors of the Company (the "Board") or by such other committee
of non-employee directors as the Board shall appoint (the "Committee"), or (ii)
in the absence of such Committee or if the Committee is unable to act, by the
Board. Subject to the express provisions of this Plan and to the rights of
participants pursuant to said express provisions, the Committee shall have the
authority to adopt, alter and repeal such administrative rules, guidelines and
practices governing the Plan as it shall, from time to time, deem advisable; to
interpret the terms and provisions of the Plan (and any notices or agreements
relating thereto); and to otherwise supervise the administration of the Plan in
accordance with the terms hereof.

             All decisions made by the Committee pursuant to the provisions of
the Plan shall be final and binding on all persons, including the Company and
Plan participants. All decisions made by the CEO, as hereinafter defined, which
may personally benefit, directly or indirectly, the CEO shall be subject to the
approval of the Committee.

Section 4.   Participation.

             The Chief Executive Officer (the "CEO") of the Company shall from
time to time select, subject to the approval of the Committee, the employees who
are to participate in the Plan (the "Participants") from among those employees
who are determined by the CEO to be in a position to contribute materially to
the success of the Company. The Company shall notify each Participant in writing
of his participation in the Plan, and such notice shall also set forth the
payments and benefits to which the Participant may become entitled. The Company
may also enter into such agreements as the Committee deems necessary or
appropriate with respect to a Participant's rights under the Plan. Any such
notice or agreement may contain such terms, provisions and conditions not
inconsistent with the Plan, including but not limited to provisions for the
extension or renewal of any such agreement, as shall be determined by the
Committee, in its sole discretion.

                                       17
<PAGE>   4
                                                           Exhibit 10.1 (cont'd)

             A Participant shall cease to be a Participant in the Plan upon the
earliest of (i) his receipt of all of the payments, if any, to which he is or
becomes entitled under the terms of this Plan and the terms of any notice or
agreement issued by the Company with respect to his participation hereunder, or
(ii) the termination of his employment with the Company under circumstances not
requiring payments under the terms of this Plan.

Section 5.   Payments Upon Qualified Termination of Employment.

                            (a) In the event of a Qualified Termination of
Employment, the Participant shall be entitled, as compensation for services
rendered, subject to any applicable payroll or other taxes required to be
withheld, to:

                                          (i) continue to receive an amount
              equal to his Monthly Base Salary for a period following his
              termination of employment, based upon the following formula, but
              in no event for less than 12 months: the number of full and
              partial years of the Participant's continuous service with the
              Company, up to a maximum of 15 years, multiplied by 1.6; provided
              that if the foregoing formula yields a period exceeding 12 months,
              the Participant shall be entitled to salary continuation for only
              12 months and, in addition, shall be entitled to a single lump sum
              cash payment equal to the product of the Participant's Monthly
              Base Salary and the number of months under the formula in excess
              of 12, to be paid 12 months after the Participant's termination of
              employment, or as soon thereafter as practicable; and

                                          (ii) remain an active participant in
              all Company-sponsored retirement, life, medical, dental,
              accidental death and disability insurance benefit plans or
              programs in which he was participating at the time of his
              termination for the duration of the salary continuation period
              described in Section 5(a)(i) above (not in excess of 12 months),
              but only to the extent permitted by applicable law, as determined
              by the Company, it being understood that continued participation
              in Company-sponsored retirement plans or programs shall be limited
              to such plans or programs that are not intended to be qualified
              under Section 401(a) or 401(k) of the Internal Revenue Code of
              1986, as amended, and, in addition, if the formula in Section
              5(a)(i) above yields a period exceeding 12 months, the Participant
              shall be entitled to a single lump sum cash payment equal to 10%
              of the product of the Participant's Monthly Base Salary and the
              number of months under the formula in excess of 12, to be paid 12
              months after the Participant's termination of employment, or as
              soon thereafter as practicable;

provided that the CEO may authorize, in his sole discretion, in lieu of the
payments and benefits provided under Section 5(a)(i) and (ii) above, payment to
the Participant of a single lump sum equal to 110% of the Participant's Monthly
Base Salary for the period under the formula specified under Section 5(a)(i), or
for 12 months, if longer (100% of Monthly Base Salary for such period in lieu of
salary continuation, and 10% of Monthly Base Salary for such period in lieu of
benefits continuation).

                                       18
<PAGE>   5
                                                           Exhibit 10.1 (cont'd)

Such payments shall be in lieu of any other payments under the Plan or under any
other severance pay or separation allowance plan, program or policy of the
Company including the Company's Separation Pay Plan; provided, however, if
payments pursuant to the terms and conditions of the Company's Separation Pay
Plan would result in greater payments to a Participant than would be payable
under this Plan, said Participant shall in such event receive payments pursuant
to the terms and conditions of the Company's Separation Pay Plan in lieu of
payments pursuant to this Plan.

                           (b) For purposes of this Section 5, the following
definitions shall apply:

                                          (i) A "Qualified Termination of
              Employment" shall mean termination of employment with the Company,
              (other than by reason of death, Disability, voluntary resignation
              by a Participant under circumstances not qualifying under (B)
              below, or lawful Company mandated retirement at normal retirement
              age)

                                                      (A) by the Company for any
              reason other than for Cause, or

                                                      (B) by the Participant
              after an Adverse Change in Conditions of Employment or for any
              reason during the 30-day period following the first anniversary of
              a Change of Control.

                                          (ii) "Cause" shall mean serious,
              willful misconduct in respect of the Participant's obligations to
              the Company (including, but not limited to, conviction for a
              felony or perpetration of a common law fraud).

                                          (iii) An "Adverse Change in Conditions
              of Employment" shall mean the occurrence of any of the following
              events:

                                                      (A) an adverse change by
              the Company in the Participant's functions, duties or
              responsibilities, which change would cause the Executive's
              position with the Company to become one of substantially less
              responsibility, importance or scope; or

                                                      (B) a 10% or larger
                            reduction by the Company (in one or more steps) of
                            the Participant's Monthly Base Salary.

         Notwithstanding the foregoing the Participant's failure to object to
the Company in writing to a change described in (A) or (B) above within 120 days
after such change shall constitute a waiver of such change as an Adverse Change
in Conditions of Employment.

                                          (iv) "Disability" shall mean a
              Participant's long-term disability as defined under the Company's
              Long-Term Disability Plan.

                                       19
<PAGE>   6
                                                           Exhibit 10.1 (cont'd)

                                          (v) "Monthly Base Salary" shall mean a
              Participant's highest regular monthly salary during the preceding
              24-month period, excluding any of the following: year-end or other
              bonuses, incentive compensation, whether short term or long term,
              commissions, reimbursed expenses, and any payments on account of
              premiums on insurance or other contributions made to other Company
              welfare or benefit plans.

                                          (vi) "Change of Control" shall mean
              any of the following:

                                                      (A) The acquisition (other
              than from the Company) by any person, entity or "group," within
              the meaning of Section 13(d)(3) or 14(d)(2) of the Securities
              Exchange Act of 1934 (the "Exchange Act") (excluding, for this
              purpose, the Company or its subsidiaries, or any employee benefit
              plan of the Company or its subsidiaries) of beneficial ownership
              (within the meaning of Rule 13d-3 promulgated under the Exchange
              Act) of 20% or more of either the then outstanding shares of
              common stock or the combined voting power of the Company's then
              outstanding voting securities entitled to vote generally in the
              election of directors; or

                                                      (B) Individuals who, as of
              the date hereof, constitute the Board (as of the date hereof the
              "Incumbent Board") cease for any reason to constitute at least a
              majority of the Board, provided that any person becoming a
              director subsequent to the date hereof whose election, or
              nomination for election by the Company's shareholders, was
              approved by a vote of at least a majority of the directors then
              comprising the Incumbent Board (other than an election or
              nomination of an individual whose initial assumption of office is
              in connection with an actual or threatened election contest
              relating to the election of the Directors of the Company, as such
              terms are used in Rule 14a-11 of Regulation 14A promulgated under
              the Exchange Act) shall be, for purposes of this Plan, considered
              as though such person were a member of the Incumbent Board; or

                                                      (C) Approval by the
              stockholders of the Company of a reorganization, merger, or
              consolidation, in each case, with respect to which persons who
              were the stockholders of the Company immediately prior to such
              reorganization, merger or consolidation do not, immediately
              thereafter, own, directly or indirectly, more than 50% of the
              combined voting power entitled to vote generally in the election
              of directors of the reorganized, merged or consolidated company's
              then outstanding voting securities, or a liquidation or
              dissolution of the Company or of the sale of all or substantially
              all of the assets of the Company.

                                       20
<PAGE>   7
                                                           Exhibit 10.1 (cont'd)

                                          (c) (i) In the event a Participant
              dies after the commencement of payments pursuant to Section 5(a)
              above, the balance of said payments shall be payable to said
              Participant's estate.

                                          (ii) It is the intent of this Plan
              that a Participant's transfer to another location shall not by
              itself constitute an "Adverse Change in Conditions of Employment";
              provided, however, that such an "Adverse Change in Conditions of
              Employment" will be deemed to exist if, after a Change of Control,
              a Participant is transferred to a principal business location so
              as to increase the distance between the principal business
              location and such Participant's place of residence at the time of
              the Change of Control by more than thirty-five miles.

                                          (iii) It is the intent of this Plan
              that a Participant shall not receive payments hereunder in the
              event of a sale of the business unit of the Company with which the
              Participant is associated as an executive, provided that the
              Participant is offered a position and salary with the buyer or the
              Company comparable to the position and salary of the Participant
              immediately prior to said sale, whether or not such offer is
              accepted by the Participant. If, however, the Participant is not
              offered a comparable position and salary, the Participant shall be
              entitled to payments hereunder.

Section 6.   Unfunded Status of Plan.

         The Plan is intended to constitute an "unfunded" compensation
arrangement. With respect to any payments required to be made, but not yet made
to a Participant by the Company, nothing contained herein shall give any such
Participant any rights that are greater than those of a general creditor of the
Company. In its sole discretion, the Company may authorize the creation of
trusts or other arrangements to meet the obligations created under the Plan to
deliver payments in lieu of or with respect to amounts payable hereunder,
provided, however, that the existence of such trusts or other arrangements is
consistent with the unfunded status of the Plan.

Section 7.   Termination and Amendment of the Plan.

         The Board shall have the right at any time, in its discretion, to amend
the Plan, in whole or in part, or to terminate the Plan, except that no
amendment or termination shall impair or abridge the obligations of the Company
and the rights of Participants under any notices or agreements previously issued
pursuant to the Plan.

Section 8.   Benefit of Plan.

         The Plan shall be binding upon and shall inure to the benefit of the
Participant, his heirs and legal representatives, and the Company and its
successors. The term "successor" shall mean any person, firm, corporation or
other business entity that, at any time, whether by merger, acquisition or
otherwise, acquires all or substantially all of the stock, assets or business of
the Company.

                                       21
<PAGE>   8
                                                           Exhibit 10.1 (cont'd)

Section 9.   Non-Assignability.

         Each Participant's rights under this Plan shall be non-transferable
except by will or by the laws of descent and distribution and except insofar as
applicable law may otherwise require. Subject to the foregoing, no right,
benefit or interest hereunder, shall be subject to anticipation, alienation,
sale, assignment, encumbrance, charge, pledge, hypothecation, or set-off in
respect of any claim, debt or obligation, or to execution, attachment, levy or
similar process, or assignment by operation of law, and any attempt, voluntary
or involuntary, to effect any such action shall, to the full extent permitted by
law, be null, void and of no effect.

Section 10.  Effect of Other Plans.

         Except as expressly provided in Section 5 with respect to the Company's
Separation Pay Plan, (i) nothing in the Plan shall affect the level of benefits
provided to or received by any Participant (or the Participant's estate or
beneficiaries) as part of any employee benefit plan of the Company, and (ii) the
Plan shall not be construed to affect in any way a Participant's rights and
obligations under any other plan maintained by the Company on behalf of
employees.

Section 11.  Mitigation and Offset.

         No Participant shall be required to mitigate the amount of any payment
under the Plan by seeking employment or otherwise, and there shall be no right
of set-off or counterclaim, in respect of any claim, debt or obligation, against
any payments to the Participant, his dependents, beneficiaries or estate
provided for in the Plan.

         If, after a Participant's termination of employment with the Company,
the Participant is employed by another entity or becomes self-employed, the
amounts (if any) payable under this Plan to the Participant shall not be offset
by the amounts (if any) payable to the Participant from such new employment with
respect to services rendered during the severance period applicable to such
Participant under this Plan.

Section 12.  Termination of Employment.

         Nothing in the Plan shall be deemed to entitle a Participant to
continued employment with the Company, and the rights of the Company to
terminate the employment of a Participant shall continue as fully as though this
Plan were not in effect.

Section 13.  Severability.

         In the event that any provision or portion of the Plan shall be
determined to be invalid or unenforceable for any reason, the remaining
provisions and portions of the Plan shall be unaffected thereby and shall remain
in full force and effect to the fullest extent permitted by law.

                                       22
<PAGE>   9
                                                           Exhibit 10.1 (cont'd)

Section 14.         Disputed Claim.

         If a Participant makes a claim for payments under this Plan and such
claim is disputed by the Company, the Company shall reimburse the Participant
for any reasonable attorney's fees and disbursements incurred in pursuing such
claim, whether or not the Participant is successful in enforcing his/her rights
or whether or not the matter is settled.

Section 15.  Governing Law; Section Headings.

         All questions pertaining to the construction, regulation, validity and
effect of the provisions of the Plan shall be determined in accordance with the
laws of the State of New York.

         The section headings used in this document are for ease of reference
only and shall not be controlling with respect to the application and
interpretation of this Plan.

Section 16.  Named Fiduciary and Claims Procedure.

         The Named Fiduciary of the Plan and for purposes of the claims
procedure under this Plan is the Chief Human Resources Officer of the Company.

                            (a) The business address and telephone number of the
Named Fiduciary under this Plan is:

                            The McGraw-Hill Companies, Inc.
                            1221 Avenue of the Americas
                            New York, New York  10020
                            (212) 512-2000

                            (b) The Company shall have the right to change the
Named Fiduciary of the Plan created under this Plan. The Company shall also have
the right to change the address and telephone number of the Named Fiduciary. The
Company shall give the Participants written notice of any change of the Named
Fiduciary, or any change in the address and telephone number of the Named
Fiduciary.

                            (c) Benefits shall be paid in accordance with the
provisions of this Plan. The Participant, or the Participant's beneficiary or
contingent beneficiary (hereinafter collectively referred to as the "Claimant")
shall make a written request for the benefits provided under this Plan. This
written claim shall be mailed or delivered to the Named Fiduciary by registered
mail.

                            (d) If the claim is denied, either wholly or
partially, notice of the decision shall be sent by registered mail to the
Claimant within a reasonable time period. This time period shall not exceed 90
days after the receipt of the claim by the Named Fiduciary.

January 28, 1987

As amended:       March 25, 1987
                  September 30, 1987
                  September 28, 1988
                  April 26, 2000

                                       23

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