Document:

msci-ex102_122.htm

 

	

	
 
	
REVISED

 

Exhibit 10.2

May 16, 2012

Andy Wiechmann

[ADDRESS]

Dear Andy:

I am pleased to extend to you a formal offer of employment at MSCI Inc. (“MSCI” or the “Firm”).  Those of us who had the opportunity to meet with you look forward to your joining us.  Your position will be that of Executive Director, Head of Strategy and Business Development in the New York office.

For MSCI’s fiscal year 2012, your target annualized Total Reward will be $700,000, of which only the base salary portion of this amount would be pro-rated from date of hire.  This target amount will be used solely for planning purposes and may differ materially from your actual 2012 Total Reward.  The determination of your final 2012 Total Reward is within the sole discretion of MSCI.  For 2012 your annualized Total Reward will consist of an annual base salary of $250,000, pro-rated from the date you commence employment and paid in semi-monthly installments.  Your targeted Total Reward for 2012 will also consist of a targeted year-end bonus estimated at $450,000, payable in the sole discretion of the Firm, that would not be pro-rated.  

The year-end bonus may be paid partially in cash and partially in a long-term equity-based incentive award (including, without limitation, restricted stock units, options, or performance units).  The form and timing of your year-end bonus award, including the split between any cash and any long-term equity-based incentive award portions, will be consistent with the form and timing of the year-end bonus for other United States-based Executive Directors at similar compensation levels.  

Historically, year-end bonus awards have been made after the end of the fiscal year to which they relate. All components of your 2012 Total Reward are contingent upon satisfactory performance and conduct and that you remain employed through, and not give or receive notice of termination of your employment prior to, the date of payment of any cash portion of the year-end bonus and the date of award of any long-term equity-based incentive portion of your year-end bonus, respectively.  Any long-term equity-based incentive award is further contingent upon your remaining employed through the vesting dates of the long-term equity-based incentive award and your compliance with the restrictions and cancellation provisions and other provisions of the long-term equity-based incentive award.  All payments are subject to applicable withholdings and deductions.  

Future Total Reward and year-end bonuses will be payable within the sole discretion of the Firm and will continue to be payable, at the discretion of the Firm, partially in cash and partially in the form of long-term incentive compensation, which may consist of an equity-based award under one of the Firm’s compensation plans.

You will receive a one-time equity–based award of MSCI restricted stock units valued at $350,000 to compensate you for equity awards you will be forfeiting at your current employer as a result of your resignation. The number of restricted stock units you will receive will be determined by dividing the award value by the closing price of MSCI common stock on the day prior to your hire date. Your restricted stock unit award will vest in three equal installments on each of the first three anniversaries of your hire date. This equity-based award is subject to verification of your forfeited awards from your current employer and to the satisfactory and continued employment with MSCI through the respective vesting dates of the award.

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Wall Street Plaza, 88 Pine Street, 2nd Floor, New York, NY 10005, T: +1.212.804.3900, F: +1.212.804.2919

 

 

In addition to the foregoing, you will receive a one-time cash payment of $225,000 (the “Sign-on Bonus”) less applicable withholdings and deductions and payable generally with your first paycheck. This payment is contingent upon your commencing employment with the Firm. You agree that in the event you do not commence employment with the Firm or if you voluntarily terminate or are terminated for cause within twelve (12) months of your effective start date, you are required to repay this entire Sign-On Bonus at the time you give or receive notice of termination. The Sign-On Bonus will not constitute part of your Total Reward.

All personal compensation information is strictly confidential and is not to be divulged to any of your colleagues at MSCI or its subsidiaries.  The Firm’s Code of Conduct prohibits the disclosure of any confidential information and the strictest measures including disciplinary action may be taken in the event of violation of this Code of Conduct.

In addition, if any provision of this offer letter fails to comply with Section 409A of the Internal Revenue Code or any regulations or Treasury guidance promulgated thereunder, or would result in your recognizing income for United States federal income tax purposes with respect to any amount payable pursuant to this offer letter before the date of payment, or in your incurring interest or additional tax pursuant to Section 409A, the Firm reserves the right to reform such provision; provided that the Firm shall maintain, to the maximum extent practicable, the original intent of the applicable provision without violating the provisions of Section 409A.

Each calendar year you work for MSCI, you will be eligible for 5 weeks of vacation, pro-rated from your date of hire.

For detailed benefits information, review the enclosed enrollment materials. Health and welfare benefits (medical, dental, vision, life, accident and disability insurance) are generally available retroactive to the date you commence employment provided benefits are elected within the 31-day enrollment period.  

You may enroll in coverage on the benefits website approximately seven days following your hire date. 

Upon your date of hire, you will be automatically enrolled in the MSCI 401(k) Retirement Savings Plan offered to eligible employees and be eligible to receive a Company Match.  To opt out of the Plan prior to your start date, complete the enclosed Opt Out Form and return it with your offer letter.

We remind you that this offer is contingent upon a number of additional steps in the employment process including, but not limited to, background and reference checking.  You are also required to show appropriate proof of authorization to commence work in the United States.  We ask that you complete Part 1 of the Form I-9, on or before your first day of work (see, in the attached packet, a list of the type of documentation we will need).  This is a requirement of the Immigration Reform and Control Act of 1986.  If you are not legally able to work for the Firm in the United States in the position offered you, or if any part of the screening process proves unsatisfactory to the Firm or you are unable to complete Part 1 of the Form I-9, the Firm reserves the right to rescind any outstanding offer of employment or terminate your employment without notice or severance benefits and rescind any stock unit or stock option awards described herein.  Further, this offer is contingent on your having all licenses and registrations as MSCI shall determine necessary for your position. You must also bring with you a government-issued photo identification, in a form acceptable to MSCI (such as a valid passport or a driver’s license).  Also in the enclosed packet, please find personnel forms that need to be completed and brought with you on your first day of work.

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You acknowledge that in the course of your employment with the Firm, you are not permitted to make any unauthorized use of documents or other information that are the confidential, trade secret or proprietary information of another individual or company (“Confidential Information”).  Likewise, you may not bring onto Firm premises any Confidential Information, whether documents or other tangible forms, relating to your prior employers’ businesses.  

You understand and agree that as a condition of employment, unless you are granted a waiver in writing by the Legal and Compliance Department you may be required, upon the commencement of employment, to transfer any brokerage/securities accounts that you may influence or control to a designated institution for surveillance and review by the MSCI Legal and Compliance Department.

Nothing in this letter should be construed as a guarantee of any particular level of benefits, of your participation in any benefit plan, or of continued employment for any period of time. You should understand that your employment will be “at will,” which means that the Firm may terminate your employment for any reason, with or without cause, at any time.  During your employment, subject to applicable law and in accordance with MSCI's Drug, Alcohol and Controlled Substance Usage Policy, you may be subject to drug testing, including for reasonable suspicion of use of controlled substances.  MSCI reserves the right to amend, modify or terminate, in its sole discretion, all benefit and compensation plans in effect from time to time. 

This offer letter constitutes the entire understanding and contains a complete statement of all agreements between you and MSCI and supersedes all prior or contemporaneous verbal or written agreements, understandings or communications (including, without limitation, any term sheet or other summary writing relating to your employment).  You acknowledge that you have not relied on any assurance or representation not expressly stated in this offer letter.  If there is any conflict with the benefit information included in this letter or any verbal representation and the Plan documents or insurance contracts, the Plan documents or insurance documents control.

We are looking forward to your joining MSCI.  Please report to New Hire Orientation on your start date. At that time you will have your benefits explained in more detail.  If you have questions regarding the above, please feel free to call [NAME] at [PHONE NUMBER].

We ask that you confirm your acceptance by signing and dating this offer letter in the area designated below and returning this letter to [NAME] at MSCI Inc., Human Resources, 88 Pine Street, New York, NY 10005.  Your signature below confirms that you are subject to no contractual or other restriction or obligation that is inconsistent with your accepting this offer of employment and performing your duties.  Please retain the additional copy of this offer letter for your reference.

 

	
Very truly yours,

	
 

	
/s/ Richard Powell

	
Richard Powell

	
Managing Director

	
Human Resources

	
 

	
Offer Accepted and Agreed To:

	
 

	
Signed:
	
/s/ Andy Wiechmann

	
 
	
 

	
Date:5/16/2012

 

3msci-ex103_120.htm

 

Exhibit 10.3

MSCI INC.

Executive Committee Stock Ownership Guidelines

The Compensation & Talent Management Committee (the “Committee”) of the Board of Directors of MSCI Inc. (the “Company”) has adopted these Executive Committee Stock Ownership Guidelines (the “Ownership Guidelines”), effective January 1, 2019 (the “Effective Date”), to further align the interests of the Company’s Executive Committee members with those of the Company’s stockholders and further promote sound corporate governance. Capitalized terms used but not defined in the Ownership Guidelines will have the meanings set forth in the MSCI Inc. 2016 Omnibus Incentive Plan (together with any successor plan, the “Plan”).

	
1.
	
Minimum Ownership Requirements.  Each Executive Committee member (each, an “Executive”) is required, within five years following the date of such Executive’s appointment to the Executive Committee (or, if later, five years following the Effective Date), to own a target number of Eligible Shares (as defined below), having an aggregate value equal to the multiple of his or her annual base salary indicated in the table below, based upon his or her position. 

 

		
	
Position*
	
Multiple of Base Salary

	
Chief Executive Officer
	
6X

	
President
	
4X

	
Chief Operating Officer
	
4X

	
Chief Financial Officer
	
4X

	
All Other Executives
	
3X

*An Executive who holds more than one title indicated above will be expected to satisfy the highest applicable ownership requirement.

 

Each Executive shall be subject to these Ownership Guidelines for as long as he or she continues to serve on the Executive Committee. If an Executive is or becomes in compliance with the Ownership Guidelines on the Effective Date or any time thereafter, he or she may not take any action that would result in noncompliance with the Ownership Guidelines.

 

If an Executive becomes subject to an increased ownership requirement due to a promotion, the Executive will be expected to meet the higher ownership amount within five years from the effective date of the promotion (the “Transition Period”). For the avoidance of doubt, the Executive will remain subject to the original minimum ownership requirement during any such Transition Period.

 

If an Executive becomes subject to an increased minimum ownership requirement due to an increase in his or her base salary, the Executive will still be expected to meet the increased minimum ownership requirement within five years of the Effective Date or five years following his or her first appointment to the Executive Committee, whichever is later (i.e., there is no Transition Period).

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2.
	
Retention Requirements. 

 

Until the Executive has satisfied the applicable minimum ownership requirement, such Executive is required to retain 50% of the “Net Shares” resulting from the vesting, settlement or exercise, as applicable, of all stock options, restricted stock units (“RSUs”), performance stock units (“PSUs”) or other equity Awards granted to such Executive under the Plan. 

 

For these purposes, “Net Shares” means the number of Shares that would remain if the Shares underlying the equity awards are sold or withheld by the Company to (i) pay the exercise price of a stock option, (ii) satisfy any tax withholding obligations upon the vesting, settlement or exercise, as applicable, of the equity awards (assuming a tax rate of 50%) or (iii) satisfy any other applicable transaction costs.

 

Shares subject to the retention requirements of the Ownership Guidelines shall not be sold, exchanged, pledged, hypothecated, hedged, made subject to execution, attachment or similar process, or in any manner be subject to puts or calls, whether voluntarily or involuntarily, and whether by operation of law or otherwise, other than by will or by the laws of descent and distribution.

 

	
3.
	
Shares Included in Ownership Calculation. Shares eligible to be counted towards the satisfaction of the minimum ownership requirements under these Ownership Guidelines consist of the following (collectively, the “Eligible Shares”):

 

	
 
	
A.
	
Shares beneficially owned individually, either directly or indirectly (including Shares held through a broker in individual brokerage accounts and Shares owned indirectly through a trust); 

	
 
	
B.
	
Shares beneficially owned jointly with, or separately by, immediate family members residing in the same household, either directly or indirectly; and

	
 
	
C.
	
Net Shares underlying (i) unvested RSUs, (ii) unvested PSUs (solely to the extent of any award minimum, if any), (iii) “in-the-money” vested stock options and (iv) any other vested or unvested Awards (as determined in the Committee’s discretion).

	
4.
	
Valuation. Compliance with the Ownership Guidelines will be measured for each Executive on an annual basis on a date to be determined by the Committee. Compliance will be calculated using the closing price of a Share as reported on the principal stock market or exchange on which the Shares are quoted or traded on the last trading day of the calendar year immediately preceding the applicable compliance measurement date.  The Committee may take into consideration decreases in stock prices in determining whether an Executive is in compliance with these Ownership Guidelines

 

	
5.
	
Compliance and Exceptions.  

The Committee shall evaluate whether any exceptions should be made for any Executive who, due to unique financial circumstances, would incur a hardship by complying with these Ownership Guidelines. The Committee may, in its discretion, modify or waive for a reasonable time these Ownership Guidelines, or develop an alternative stock ownership plan, in each case, taking into account individual, Company and market circumstances, as appropriate. 

Page 2

 

The Committee may consider, in its discretion, whether any actions should be taken in the event of an Executive’s failure to meet, or in unique circumstances, to show sustained progress towards meeting, these Ownership Guidelines (including, without limitation, actions with respect to the specific terms and value of future equity incentive awards granted to the Executive and/or appropriate levels of the Executive’s compensation). 

 

	
6.
	
Additional Requirements.  

 

In accordance with procedures adopted by the Company from time to time, prior to entering into any transaction to dispose of Shares, each Executive shall certify in writing to the Head of Global Compensation and Benefits that he or she is in compliance with these Ownership Guidelines. 

 

From time to time, the Committee may impose other stock ownership or retention requirements on Executives pursuant to the terms of an Award.

 

	
7.
	
Trading Prohibition.  

 

Executives are subject to applicable federal and state laws and Company policy restricting trading on material non-public or “inside” information. These laws and rules may also limit the ability of an Executive to buy or sell Shares from time to time. Affiliates of the Company may also be subject to reporting obligations and potential “short-swing” profit liability under Section 16 of the Securities Exchange Act of 1934, as amended. Any resales of Shares by an affiliate must typically be made in accordance with the volume, manner of sale, notice and other requirements of Rule 144 of the Securities Act of 1933, as amended. 

 

Compliance with these Ownership Guidelines is in addition to, not in lieu of, compliance with any other applicable laws or Company policies. 

 

	
8.
	
Administration, Modification and Interpretation.  

 

The Committee shall be responsible for monitoring the application of these Ownership Guidelines.    The Committee may delegate ministerial administrative duties to one or more officers or employees of the Company, as determined in its sole discretion. 

 

At least annually, management shall provide the Committee with a report on the status of each Executive’s compliance with the Ownership Guidelines. 

 

The Committee reserves the right to interpret, change, amend, modify or terminate these Ownership Guidelines at any time and from time to time, as determined in its sole discretion. 

Adopted by the Compensation & Talent Management Committee on December 10, 2018, as amended on April 30, 2019

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