Document:

Exhibit 10.4 Tesoro MSU Award Granted in 2014 Summary of Key Provisions

EXHIBIT 10.4

Market Stock Unit Award Granted in 2014

Summary of Key Provisions

	
					
	 Purpose
	l To advance the interests of Tesoro (the "Company") by motivating plan participants to contribute to the long-term success and progress of the Company.

	Eligibility
	l All senior executives and employees in the Company as approved by the Compensation Committee of Tesoro's Board of Directors.

	Plan
	l These awards are granted under the general terms and conditions of the Amended and Restated 2011 Long-Term Incentive Plan.

	Market Stock Unit
	l A Market Stock Unit Award is a grant of stock units in which the number of shares of the Company's common stock earned at vesting is based on the stock price performance.  

	Performance Period
	l The performance period for the Market Stock Unit Award granted in 2014 is 36 months from the effective date of the grant.

	Vesting
	l The Market Stock Unit Award will vest at the end of the 36 month performance period.

	Form and Timing of Payout
	l The Market Stock Unit Award will be settled in common stock of the Company within 2 1/2 months after the end of the performance period.

	Calculation of Market Stock Unit Award at Vesting
	l The number of shares earned at time of vesting will be calculated as follows:

	Shares Earned at Vesting* = A times (C / B)

	 
	Symbol
	Description
	 

	A
	# of Targeted Market Stock Units at Grant

	B
	Average closing stock price for the 30 trading days** prior to the Grant Date

	C
	Average closing stock price for the 30 trading days** prior to the Vesting Date

	* Shares Earned at Vesting is capped at 200% of number of Targeted Market Stock Units at Grant.

	** Normal dividends are assumed to have been reinvested on the date they are paid in order to calculate the average 30-trading day stock price.

	
			
	Market Stock Unit Awards Granted in 2014
	1
	

	
					
	Payout Range
	l The payout for the Market Stock Unit Award can range from 50% to 200% based on stock price appreciation. However, there is no payout if the average closing stock price for the 30 trading days prior to the Vesting Date (or Change in Control) has decreased by more than 50% from the average closing stock price for the 30 trading days prior to the Grant Date.

	Termination of Employment
	l Death - The payout of the award will be pro-rated based on the number of full months worked within the performance period divided by 36 and issued assuming target performance.  Shares will be issued as soon as administratively practical.

	l   Disability - The payout of the award will be pro-rated based on the number of full months worked within the performance period divided by 36 and issued assuming target performance.  Shares will be issued as soon as administratively practical following being designated as disabled.

	l Retirement - The payout of the award will be pro-rated based on the number of full months worked within the performance period divided by 36 and adjusted for actual performance results at the end of the performance period.  Shares will be issued within 2 1/2 months after the end of the performance period. 

	l Voluntary Termination or Termination for Cause - Award will be forfeited.

	l    Involuntary Termination - The payout of the award will be pro-rated based on the number of full months worked (minimum of 12 months required) within the performance period divided by 36 and adjusted for actual performance results at the end of the period. Shares will be issued within 2 1/2 months after the end of the performance period.

	l Separation Under Severance/Separation Agreement - If an employee is terminated pursuant to a severance or separation agreement under any circumstance, the Committee may, at its discretion, further reduce the award payout percentage beyond the pro-rated reduction described above. 

	
			
	Market Stock Unit Award Granted in 2014
	2
	

	
					
	Change in Control
	l In the event of a Change in Control of the Company, the number of shares earned will be calculated as follows:

	Shares Earned at Vesting* = A times (C / B)

	 
	Symbol
	Description
	 

	A
	# of Targeted Market Stock Units at Grant

	B
	Average closing stock price for the 30 trading days** prior to the Grant Date

	C
	Average closing stock price for the 30 trading days** prior to the Change in Control

	* Shares Earned at Vesting is capped at 200% of number of Targeted Market Stock Units at Grant.

	** Normal dividends are assumed to have been reinvested on the date they are paid in order to calculate the average 30-trading day stock price.

Nothing herein is intended to modify any referenced Plan. The applicable Plan is the legally governing document and is the final authority on the terms of such Plan unless the Compensation Committee of the Board of Directors (or in the absence of the Compensation Committee, the Board itself) specifies otherwise (either in an Award Agreement or otherwise).

	
			
	Market Stock Unit Award Granted in 2014
	3MHFI-EX10.4-2013.12.31-Q4

Exhibit (10.4)
Long-Term Stock Incentive Plan

Plan Year:  2014

Non-Qualified Stock Option

 
Name:  [ParticipantName]
 
McGraw Hill Financial, Inc. hereby grants to you a Non-Qualified Stock Option to purchase [AwardsGranted] shares of Common Stock of the Company at [GrantPrice] per share, subject to the following terms and conditions:
The Non-Qualified Stock Option is issued in accordance with and subject to the provisions of the 2002 Stock Incentive Plan, as amended, and may be exercised only to the extent and under the conditions set forth in the Plan.  

This Non-Qualified Stock Option shall expire as provided in the Plan, but no later than [ExpirationDate].

This Non-Qualified Stock Option shall be exercisable as follows:
 
33% on and after 
33% on and after 
34% on and after 
 
This Non-Qualified Stock Option may not be transferred except by will or intestacy, and during your lifetime shall be exercisable only by you.
The Compensation and Leadership Development Committee of the Board has determined that this Non-Qualified Stock Option will be exercisable for the full term of the option if employment is terminated by reason of Disability, Normal Retirement or Early Retirement.  If employment is terminated by reason of resignation, this Non-Qualified Stock Option will be exercisable, to the extent it was exercisable at the date of your termination, for a period of three months from the date of such termination of employment or until the expiration of the option term, whichever period is shorter. 
 
In the event of any error in recording here the amount or amounts of any award or awards made by the Compensation and Leadership Development Committee of the Board, the official records of the Committee`s action shall control. 
 
McGraw Hill Financial, Inc.MHFI-EX10.6-2013.12.31-Q4

Exhibit (10.6)
Amendment to the
McGraw Hill Financial, Inc.
Key Executive Short-Term Incentive Compensation Plan (“KESIP”)

The KESIP is hereby amended, effective as of June 25, 2013 (the “Effective Date”), as follows:

1.    Section 4.5(a) of the KESIP is deleted in its entirety and replaced with the following:

(a)    If a Participant’s employment with the Company terminates during any Year because of a termination by the Company other than for Cause and the Participant is not Retirement Eligible (as defined in Section 4.5(b) below) on the effective date of the termination of employment, then the Participant, subject to the Participant executing a general release of claims against the Company in a form reasonably satisfactory to the Company, shall receive a Termination Award Payment for the portion of the Year during which the Participant was employed by the Company and participating in the Plan.  Unless the Committee specifies an earlier payment date, such Termination Award Payment shall be made at the time that Award Payments for the applicable Year are made to other Participants.

2.    Section 4.5(b) of the KESIP is re-lettered Section 4.5(c) and a new Section 4.5(b) is inserted after Section 4.5(a) to read as follows:

(b)    If a Participant’s employment with the Company terminates during any Year because of (i) death, Disability or Retirement or (ii) a termination by the Company other than for Cause and the Participant is Retirement Eligible on the date of the termination of employment, then the Participant (or in the event of death, the Participant’s Beneficiary), subject to the Participant executing (or in the event of death, the Participant’s Beneficiary) a general release of claims against the Company in a form reasonably satisfactory to the Company, shall be eligible to receive a Pro Rata Actual Award Payment (as defined below) for the portion of the Year during which the Participant was employed by the Company and participating in the Plan.  Unless the Committee specifies an earlier payment date, such Pro Rata Actual Award Payment shall be made at the time that Award Payments for the applicable Year are made to other Participants.  For purposes of this Section 4.5(b), “Retirement Eligible” means eligible as of the date of the Participant’s termination of employment (as shown on the books and records of the Company) for Normal Retirement or, with the approval of the Committee, Early Retirement.  Solely for purposes of this Section 4.5(b), “Pro Rata Actual Award Payment” means an amount determined by multiplying X by Y:  where “X” equals the actual Award Payment for an Award that a Participant would have received if the Participant had remained continuously employed by the Company through the Award payment date, determined on the basis of the achievement of performance measures for the Year and as adjusted in the Committee’s discretion for any applicable subjective or objective performance measures applicable to the Award or the Participant; and “Y” 
equals a fraction, the numerator is the number of whole calendar months in the portion of the Year during which the Participant was employed by the Company and participating in the Plan  and the denominator is 12.  For purposes of the numerator of clause Y of the previous sentence, a Participant shall receive full credit for a calendar month if the Participant is participating in the Plan and continuously employed by the Company through at least the 15th day of that month and shall receive no credit for a month if the Participant’s Retirement, death or Disability occurs prior to 15th day of the month. Notwithstanding the above, if the Award is a Covered Award, in no event shall the amount of the Award Payment payable under this Section 4.5(b) exceed the percentage of Net Income set forth in Section 5.2 for the Covered Award.

3.    This Amendment shall be effective for the 2013 and later Years (as defined in KESIP) and shall apply only to termination of employment occurring on or after the Effective Date.

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