Document:

MHFI-EX10.21-2014.12.31-Q4

Exhibit (10.21)
McGRAW HILL FINANCIAL, INC.  
401(k) SAVINGS AND PROFIT SHARING PLAN SUPPLEMENT
(Effective as of January 1, 2015, unless otherwise provided)
Article I 
PURPOSE
The principal purpose of the Plan is to provide selected employees of the Employer with retirement benefits which would have been provided as profit sharing and matching contributions under the SPSP (a) were it not for the limitations imposed by Sections 401(a)(17), and 401(k) of the Code, and (b) if the Participant's Earnings on which matching contributions are based had included amounts deferred under deferred compensation plans of an Employer and amounts paid under certain severance plans of the Company.
Effective January 1, 2004, the Broadcasting EIP Supplement was merged into the McGraw-Hill SIP Supplement and the Broadcasting ERIP Supplement was merged into the McGraw-Hill ERAP Supplement, and, effective as of the Effective Date, the McGraw-Hill SIP Supplement, the McGraw-Hill ERAP Supplement, the S&P SIP Supplement and the S&P ERAP Supplement were merged into the Plan, and any benefits due to participants in the Broadcasting EIP Supplement, Broadcasting ERIP Supplement, McGraw-Hill SIP Supplement, McGraw-Hill ERAP Supplement, S&P SIP Supplement and S&P ERAP Supplement shall be paid from the Plan.  Effective as of May 1, 2013, the name of the Plan was changed to the McGraw Hill Financial, Inc. 401(k) Savings and Profit Sharing Plan Supplement.  
ARTICLE II     
DEFINITIONS
The following words and phrases as used herein shall have the following meanings:
SECTION 2.01      "Account" means the Matching Contribution Account, Profit Sharing Account, or the Participant Deferral Account established for each Participant under the Plan.
SECTION 2.02      "Appeal Reviewer" has the meaning set forth in the SPSP.  The Appeals Reviewer (or its delegate in accordance with Section 3.01) has the authority and discretion to decide any appeals of a claim denial pursuant to Article VI.
SECTION 2.03      "Benefit" means the benefit payable to a Participant or his Designated Beneficiary under Article V of the Plan.
SECTION 2.04      "Board" means the Board of Directors of the Company.

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SECTION 2.05      "Broadcasting EIP Supplement" means The McGraw-Hill Broadcasting Company, Inc. Employees' Investment Plan Supplement.
SECTION 2.06      "Broadcasting ERIP Supplement" means The McGraw-Hill Broadcasting Company, Inc. Employee Retirement Income Plan Supplement.
SECTION 2.07      "Change in Control" means the first to occur of any of the following events:
(i)    An acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act) (a "Person") of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 20% or more of either (1) the then outstanding shares of Common Stock (the "Outstanding Common Stock") or (2) the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors (the "Outstanding Voting Securities"); excluding, however, the following:  (1) any acquisition directly from the Company, other than an acquisition by virtue of the exercise of a conversion privilege unless the security being so converted was itself acquired directly from the Company; (2) any acquisition by the Company; (3) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any entity controlled by the Company; or (4) any acquisition pursuant to a transaction which complies with clauses (A), (B) and (C) of subsection (iii) of this Section 2.07; or
(ii)    A change in the composition of the Board such that the Directors who, as of the Effective Date, constitute the Board (such Board shall be hereinafter referred to as the "Incumbent Board") cease for any reason to constitute at least a majority of the Board; provided, however, for purposes of this Section 2.07, that any individual who becomes a Director subsequent to the Effective Date, whose election, or nomination for election by the Company's shareholders, was approved by a vote of at least a majority of those Directors who were members of the Incumbent Board (or deemed to be such pursuant to this proviso) shall be considered as though such Director were a member of the Incumbent Board; but, provided, further, that any such individual whose initial assumption of office occurs as a result of either an actual or threatened election contest (as such terms are used in Rule 14a-11 of Regulation 14A promulgated under the Exchange Act) or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board shall not be so considered as a member of the Incumbent Board; or
(iii)    Consummation of a reorganization, merger or consolidation or sale or other disposition of all or substantially all of the assets of the Company ("Corporate Transaction"); excluding, however, such a Corporate Transaction pursuant to which (A) all or substantially all of the individuals and entities who are the beneficial owners, respectively, of the Outstanding Common Stock and Outstanding Voting Securities immediately prior to such Corporate Transaction will beneficially own, directly or indirectly, more than 50% of, respectively, the outstanding shares of common stock, and the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the corporation resulting from such Corporate Transaction (including, without 

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limitation, a corporation which as a result of such transaction owns the Company or all or substantially all of the Company's assets either directly or through one or more subsidiaries) in substantially the same proportions as their ownership, immediately prior to such Corporate Transaction, of the Outstanding Common Stock and Outstanding Voting Securities, as the case may be, (B) no Person (other than the Company, any employee benefit plan (or related trust) of the Company or such corporation resulting from such Corporate Transaction) will beneficially own, directly or indirectly, 20% or more of, respectively, the outstanding shares of common stock of the corporation resulting from such Corporate Transaction or the combined voting power of the outstanding voting securities of such corporation entitled to vote generally in the election of directors except to the extent that such ownership existed prior to the Corporate Transaction, and (C) individuals who were members of the Incumbent Board will constitute at least a majority of the members of the board of directors of the corporation resulting from such Corporate Transaction; or
(iv)    The approval by the shareholders of the Company of a complete liquidation or dissolution of the Company.
SECTION 2.08      "Claimant" has the meaning set forth in Section 6.01 of the Plan.
SECTION 2.09      "Code" means the Internal Revenue Code of 1986, as amended from time to time, and the applicable rules and regulations promulgated thereunder.
SECTION 2.10      "Committee" means the Compensation Committee of the Board.
SECTION 2.11      "Common Stock" means the common stock, $1.00 par value per share, of the Company.
SECTION 2.12      "Company" means McGraw Hill Financial, Inc., a corporation organized under the laws of the State of New York, or any successor corporation.
SECTION 2.13      "Designated Beneficiary" has the meaning set forth in the SPSP.
SECTION 2.14      "Director" means an individual who is a member of the Board.
SECTION 2.15      "Earnings" means all compensation paid by the Employer to a Participant for services rendered, including short‐term incentive compensation, provided that such compensation is paid no later than the end of the month following the month in which a Participant’s Employment Termination Date occurs.  Earnings shall also include any reductions in compensation made pursuant to the McGraw Hill Financial, Inc. Flexible Spending Account Plan, SPSP, the Transportation Benefit Program and similar plans of the Company's subsidiaries.  For purposes of the Plan, "Earnings" excludes all other executive contingent compensation and 

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amounts paid after the end of the month of the month in which a Participant’s Employment Termination Date occurs.
SECTION 2.16      "Effective Date" has the meaning set forth in Section 8.08 of the Plan.
SECTION 2.17      "Election Effective Date" means (i) for each taxable year, January 1 of such year, and (ii) for the taxable year in which the Participant commences employment with the Employer, the date that is 30 days following the commencement thereof.
SECTION 2.18      "Employer" means the Company and its subsidiaries.
SECTION 2.19      "Employment Termination Date" means the date of a Participant's "separation from service" from the Company, as defined in Section 409A(a)(2)(A)(i) of the Code.
SECTION 2.20      "ERISA" means the Employee Retirement Income Security Act of 1974, as amended from time to time, and the applicable rules and regulations promulgated thereunder.
SECTION 2.21      "Exchange Act" means the Securities Exchange Act of 1934, as amended from time to time, and the applicable rules and regulations promulgated thereunder.
SECTION 2.22      "Extension Notice" has the meaning set forth in Section 6.01 of the Plan.
SECTION 2.23      "Key Executive Plan" means the McGraw Hill Financial, Inc. Key Executive Short-Term Incentive Deferred Compensation Plan, as amended from time to time, or successor programs thereto.
SECTION 2.24      "Matching Contribution Account" means the matching contribution account established for each Participant under the Plan.
SECTION 2.25      "McGraw-Hill ERAP Supplement" means The McGraw-Hill Companies, Inc. Employee Retirement Account Plan Supplement.
SECTION 2.26      "McGraw-Hill SIP Supplement" means The McGraw-Hill Companies, Inc. Savings Incentive Plan Supplement.
SECTION 2.27      "Participant" means each employee who participates in the Plan, as provided in Article IV of the Plan, and includes a Severance Plan Participant.
SECTION 2.28      "Plan" means the McGraw Hill Financial, Inc. 401(k) Savings and Profit Sharing Plan Supplement, as amended from time to time.  Effective as of January 1, 2013, no employee of the Education Group may be a Participant.

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SECTION 2.29      "Plan Administrator" has the meaning set forth in the SPSP.
SECTION 2.30      "Profit Sharing Account" means the profit sharing account established for each Participant under the Plan.
SECTION 2.31      "Severance Plan" means the McGraw Hill Financial, Inc. Management Severance Plan, the McGraw Hill Financial, Inc. Executive Severance Plan or the McGraw Hill Financial, Inc. Senior Executive Severance Plan, as amended from time to time, or successor programs thereto.
SECTION 2.32      "Severance Plan Earnings" means the total amount of salary continuation payments paid to a Severance Plan Participant under a Severance Plan (excluding any amount paid in a lump sum in lieu of salary continuation).
SECTION 2.33      "Severance Plan Participant" means a former employee of an Employer who is entitled to remain an active participant in certain Company-sponsored plans and programs under a Severance Plan (and who is not paid a single lump sum payment in lieu thereof).
SECTION 2.34      "SPSP" means, as applicable, The 401(k) Savings and Profit Sharing Plan of McGraw Hill Financial, Inc. and Its Subsidiaries or the Standard & Poor’s 401(k) Savings & Profit Sharing Plan for Represented Employees, as amended from time to time.
SECTION 2.35      "SPSP Stable Assets Fund" has the meaning set forth in the SPSP.
SECTION 2.36      "S&P ERAP Supplement" means the Standard & Poor's Employee Retirement Account Plan Supplement.
SECTION 2.37      "S&P SIP Supplement" means the Standard & Poor's' Savings Incentive Plan Supplement.
SECTION 2.38      "Tax-Deferred Contributions" has the meaning set forth in the SPSP.
SECTION 2.39      "Vested Percentage" has the meaning set forth in Section 5.04(b) of the Plan.
SECTION 2.40     “Education Group” means “Education Group” as defined in the purchase and sale agreement (the “PSA”), dated as of November 26, 2012, by and among the Company and certain other entities set forth in Schedule I thereto, McGraw-Hill Education LLC, and MHE Acquisition, LLC.
SECTION 2.41     “Participant Deferral Account” means the participant deferral account established under the Plan.

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ARTICLE III     
ADMINISTRATION
SECTION 3.01      Administration.  The Plan shall be administered by the Plan Administrator, who shall have full authority to construe and interpret the Plan, to establish, amend and rescind rules and regulations relating to the Plan, and to take all such actions and make all such determinations in connection with the Plan as he may deem necessary or desirable.  Subject to Article VI of the Plan, decisions of the Plan Administrator shall be reviewable by the Appeal Reviewer and the Committee.  Subject to Article VI of the Plan, the Appeal Reviewer and the Committee shall also have the full authority to make, amend, interpret, and enforce all appropriate rules and regulations for the administration of the Plan and decide or resolve any and all questions, including interpretations of the Plan, as may arise in connection with the Plan.  Notwithstanding anything herein to the contrary, the Plan Administrator, the Appeal Reviewer and the Committee shall each have the power to designate one or more persons as he or she or it may deem necessary or desirable in connection with the Plan, who need not be members of the Committee or employees of the Company, to serve or perform some or all of the functions of the Plan Administrator, the Appeal Reviewer and the Committee, respectively, on his or her behalf.  Such person(s) shall have the same rights and authority as the Plan Administrator, Appeal Reviewer and the Committee who appointed him or her would have had if acting directly.  
SECTION 3.02      Binding Effect of Decisions.  Subject to Article VI of the Plan, the decision or action of the Plan Administrator, Appeal Reviewer, or Committee in respect to any question arising out of or in connection with the administration, interpretation and application of the Plan and the rules and regulations promulgated hereunder shall be final, conclusive and binding upon all persons having any interest in the Plan.
SECTION 3.03      Indemnification.  To the fullest extent permitted by law, the Plan Administrator, Appeal Reviewer, Committee and the Board (and each member thereof), and any employee of the Employer to whom fiduciary responsibilities have been delegated shall be indemnified by the Company against any claims, and the expenses of defending against such claims, resulting from any action or conduct relating to the administration of the Plan, except claims arising from gross negligence, willful neglect or willful misconduct.
ARTICLE IV     
PARTICIPATION
SECTION 4.01      Continuing Participants.  Any individual who was a Participant under the Plan on December 31, 2014, remains a Participant on the Effective Date.  
SECTION 4.02      New Participants.  Any employee of the Employer (other than a Participant described in Section 4.01 of the Plan or, effective as of January 1, 2013, an employee in the Education Group) who is selected by the Plan Administrator to be eligible to participate in the Plan shall become a Participant as of the first day of the month coinciding with or next following his selection.

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ARTICLE V     
BENEFITS
SECTION 5.01      Credits to Matching Contribution Account.
(a)  As of December 31 of the year beginning on or after January 1, 2008 but prior to January 1, 2014, there shall be credited to the Participant's Matching Contribution Account an amount equal to 41⁄2% (6% for the year beginning January 1, 2013) of the Participant's Earnings for such year in excess of the limitation on Earnings under Section 401(a)(17) of the Code (or any successor provision).  As of December 31 of the year beginning on or after January 1, 2014, there shall be credited to the Participant's Matching Contribution Account an amount equal to 100% of up to the first 6% of the Participant's Earnings for such year in excess of the limitation on Earnings under Section 401(a)(17) of the Code (or any successor provision) that the Participant elects to defer under the Plan pursuant to Section 5.06 herein. Notwithstanding the foregoing, for years prior to January 1, 2014, no credit shall be made to the Matching Contribution Account of a Participant for any year with respect to whom Tax-Deferred Contributions were not made in an amount equal to the limitation on elective deferrals for such year under Section 402(g) of the Code.  
(b)As of December 31 of the year beginning on or after January 1, 2008 but prior to January 1, 2014, there shall be credited to the Participant's Matching Contribution Account an amount equal to 41⁄2% (6% for the year beginning January 1, 2013) of (A) any short-term incentive compensation for such year deferred by the Participant under the Company's Key Executive Plan, and (B) any salary earned for such year that is deferred by the Participant under any plan or arrangement of the Employer.  As of December 31 of the year beginning on or after January 1, 2014, with respect to a Participant who was not given an opportunity to make a deferral election pursuant to Section 5.06 herein, there shall be credited to the Participant's Matching Contribution Account an amount equal to 6% of (A) any short-term incentive compensation earned prior to 2015 (and otherwise payable prior to 2016) that is deferred by the Participant under the Company's Key Executive Plan, and (B) any salary earned for such year that is deferred by the Participant under any plan or arrangement of the Employer.  As of December 31 of the year beginning on or after January 1, 2014, with respect to a Participant who makes a deferral election pursuant to Section 5.06 herein, there shall be credited to the Participant's Matching Contribution Account an amount equal to the deferral percentage elected by the Participant (up to a maximum of 6%) multiplied by: (A) any short-term incentive compensation earned prior to 2015 (and otherwise payable prior to 2016) that is deferred by the Participant under the Company's Key Executive Plan, and (B) any salary earned for such year that is deferred by the Participant under any plan or arrangement of the Employer.  Any salary or short-term incentive compensation that is deferred by a Participant shall be excluded from Earnings in the year paid to the Participant.  Prior to January 1, 2014, no credit shall be made to a Participant’s Matching Contribution Account with respect to any year after the year in which the Participant’s Employment Termination Date occurs or in which the Participant ceases to have any salary continuation installment due under a Severance Plan, if later.  
(c)An amount shall be credited to a Severance Plan Participant's Matching Contribution Account equal to the amount of Employer Matching Contributions that would have 

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been credited to such Participant's Employer Contribution Account under the Plan had the Participant made Tax-Deferred Contributions under Section 5.06 of the Plan with respect to the Participant's Severance Plan Earnings at the rate in effect for the period immediately prior to the Participant's Employment Termination Date.  This amount shall be credited to the Severance Plan Participant's Matching Contribution Account at such time as it would have been credited under the Plan had there not been an Employment Termination Date.
(d)    Each Participant's Matching Contribution Account shall be credited with the amount earned under the McGraw-Hill SIP Supplement and the S&P SIP Supplement and each Participant's Profit Sharing Account shall be credited with the amount earned under the McGraw-Hill ERAP Supplement and the S&P ERAP Supplement.
SECTION 5.02      Credits to Profit Sharing Account.  
(a)  As of December 31 of the year beginning on or after the later of (i) January 1 of the year in which the Participant's participation in the Plan commenced or (ii) January 1, 2008, the amount of any credits to a Participant’s Profit Sharing Account shall be determined at the discretion of the Executive Vice President, Human Resources, provided however, that such discretion shall be limited to a determination that the Profit Sharing Account will be credited in an amount equal to the maximum limit set forth in this Section 5.02.  That determination shall be final and conclusive upon all Eligible Employees and their Designated Beneficiaries.  In no event shall the credit to a Participant's Profit Sharing Account exceed an amount equal to 5% of the sum of (A) the Participant's Earnings for such year in excess of the maximum amount of compensation that may be taken into account under Section 5.2 of the SPSP as a result of the limitations of Section 401(a)(17) of the Code for such year and (B) any short-term incentive compensation earned prior to 2015 (and otherwise payable prior to 2016) that is deferred by the Participant under the Company's Key Executive Plan, and (C) any salary earned for such year which is deferred by the Participant under any plan or arrangement of the Employer.  Any salary or short-term incentive compensation that is deferred by a Participant shall be excluded from Earnings in the year paid to the Participant.  No credit with respect to clause (A) of the preceding sentence shall be made to a Participant's Profit Sharing Account with respect to (i) the year in which the Participant's Employment Termination Date occurs, unless the Participant is eligible for early or normal retirement under the Company's Employee Retirement Plan, is terminated by an Employer through no fault of his own; or has any salary continuation installment due under a Severance Plan, or (ii) the year after the year in which the Participant's Employment Termination Date occurs for any reason or the Participant ceases to have any salary continuation installment due under a Severance Plan, if later.  No credit with respect to clause (B) of the first sentence of this Section shall be made to a Participant's Profit Sharing Account with respect to any year after the year in which the Participant's Employment Termination Date occurs or in which the Participant ceases to have any salary continuation installment due under a Severance Plan, if later.
(b)    An amount shall be credited to a Severance Plan Participant's Profit Sharing Account equal to the amount that would have been credited to such Participant's account under Section 5.02(a) of the Plan had the Participant been eligible to have an employer contribution be made to the Participant's account under Section 5.02(a) of the Plan with respect 

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to such Participant's Severance Plan Earnings.  This amount shall be credited to the Severance Plan Participant's Profit Sharing Account at such time as it would have been credited under the Plan had there not been an Employment Termination Date.
SECTION 5.03      Additional Credits to Accounts.  
(a)  An additional amount shall be credited to the Participant's Accounts as of December 31 of each year beginning on or after the later of (i) January 1 of the year following the year in which the initial credit is made to the Account or (ii) January 1, 2009.
(b)    With respect to Matching Contribution Accounts only, the additional credit shall equal the sum of (i) and (ii), where (i) is the product of (A) the balance of the Matching Contribution Account as of January l of such year, and (B) the annual rate of return of the SPSP Stable Assets Fund for the year; and (ii) is the amount of interest that would have been credited if 1/12 of the annual credit for the year under Section 5.01 of the Plan had instead been credited at the end of each calendar month in the year and each monthly credit earned interest for the remainder of the year at an annual effective rate of return equal to the SPSP Stable Assets Fund rate for the year.
(c)    With respect to Profit Sharing Accounts only, the additional amount shall be equal to the product of (i) the balance of the Profit Sharing Account as of January l of such year and (ii) the annual rate of return of the SPSP Stable Assets Funds for such year.  No additional amount shall be credited to the Participant's Profit Sharing Account for any period after December 31 of the year in which the Participant's Employment Termination Date occurs or in which the Participant ceases to have any salary continuation installment due under a Severance Plan, if later.
(d)    Effective January 1, 2014, with respect to Participant Deferral Accounts, the additional amount shall be credited pursuant to procedures adopted by the Plan Administrator in its sole discretion and shall equal an amount determined by the Plan Administrator in its sole discretion.  
SECTION 5.04      Payment of Benefit.  
(a)  The Benefit provided under the Plan shall consist of the balance of the Participant's Accounts as of each applicable payment date under this Section 5.04.  Subject to Section 5.05 and 5.04(b), and except as would violate the requirements of Sections 409A(a)(2), (a)(3) and (a)(4) of the Code, a Participant may elect to receive a distribution of his or her Benefit in the form of a lump sum payable on July 1 of the calendar year following the Participant's Employment Termination Date payment, or, with respect to credits to Participant’s Matching Contribution Account, Profit Sharing Account, and deferral elections on Earnings for amounts expected to be otherwise payable on or after January 1, 2016, in annual installments over a period of whole years up to 10 years payable on July 1 of each year with the initial installment payment being paid on July 1 of the year following the Participant’s Employment Terminate Date (the “Distribution Election”).  Each installment will be determined by dividing the Participant’s Benefit as of the end of the month immediately preceding the month of the 

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distribution by the number of remaining installments.  The Benefit provided under this Article shall be paid in accordance with a Participant’s Distribution Election to the Participant's Designated Beneficiary in the event of the death of the Participant, whether prior to or after commencement of benefits under SPSP, if such Designated Beneficiary is entitled to benefits under the provisions of SPSP.  
(b)    Special distribution provisions
(i)    In the event that a Participant fails to make a Distribution Election (including an election carryover pursuant to Section 5.04(b)(ii)) specifying the form in which such Benefit will be paid, the Participant will receive a lump sum distribution payable as set forth in Section 5.04(a).
(ii)    If a Participant makes a Distribution Election for an applicable year or has a Distribution Election carried over from a prior year, the Distribution Election will remain in effect for all subsequent years for which the Participant fails to make a new Distribution Election.  The election carryover will apply to all subsequent years until the Participant actually makes a new Distribution Election for a year.
(iii)    In the case of a Severance Plan Participant who receives salary continuation installments under a Severance Plan, the amount of credits to his or her Matching Contribution Account and Profit Sharing Account pursuant to Sections 5.01(c), 5.02(b) and 5.03 (the “Supplemental Credits”), will be paid in an additional lump sum payment on July 1 of the year following the year of the Participant’s Employment Termination Date (regardless of such Participant’s latest Distribution Election on file with the Plan prior to his or her Employment Termination Date).  
 (c)    Notwithstanding anything contained herein to the contrary, with respect to Profit Sharing Accounts only, a Participant who does not have five years of Continuous Service under SPSP when he ceases to be an employee of the Employer or ceases to have any salary continuation installment due under a Severance Plan, if later, shall forfeit the balance credited to his Profit Sharing Account attributable to amounts earned under the McGraw-Hill ERAP Supplement and the S&P ERAP Supplement and shall be entitled only to the Vested Percentage of the remainder of his Profit Sharing Account attributable to credits credited to his Profit Sharing Account; provided that the, in each case, unless his Employment Termination Date occurs after his 65th birthday or his death.  A Participant's "Vested Percentage" shall be determined as follows:
	
			
	Years of Continuous Service
	Vested Percentage

	 
	 

	Less than 2
	0
	%

	2 but less than 3
	20
	%

	3 but less than 4
	40
	%

	4 but less than 5
	60
	%

	5 or more
	100
	%

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SECTION 5.05      Payment of Benefits in Event of Change in Control.  In lieu of the Benefits payable under Section 5.04 of the Plan, in the event of a Change in Control that is also a "change in control event" within the meaning of Section 409A(a)(2)(A)(v) of the Code, each Participant who has not received payment of the Participant's Benefit shall receive a lump sum payment (even if he or she elected to receive installments for amounts paid after January 1, 2016) immediately upon such Change in Control equal to the Benefit to which that Participant is entitled under Section 5.04 of the Plan.
SECTION 5.06      Credits to Participant Deferral Account.
(a)  As of December 31 of the year beginning on or after the later of (i) January 1 of the year in which the Participant's participation in the Plan commenced or (ii) January 1, 2012, subject to the terms herein stated, each Participant may make an election to defer up to 6% prior to of the Participant's Earnings in excess of the limitation on Earnings under Section 401(a)(17) of the Code (or any successor provision) that are expected to be payable in the year that is two years after the election.  As of December 31 of the year beginning on or after the later of (i) January 1 of the year in which the Participant's participation in the Plan commenced or (ii) January 1, 2014, subject to the terms herein stated, each Participant may make an election to defer up to 25% prior to of the Participant's Earnings in excess of the limitation on Earnings under Section 401(a)(17) of the Code (or any successor provision) that are expected to be payable in the year that is two years after the election.  This Section 5.06 shall not apply to Severance Plan Earnings.  Notwithstanding the foregoing, the Plan Administrator may permit, in its discretion, a Participant’s election to apply to such amounts expected to be earned as base salary or wages in the year after the election (such discretion to be evidenced in election forms or other written communications provided the applicable Participant).  
(b)  A deferral election made pursuant to Section 5.06(a) must be made in the form and manner prescribed by the Plan Administrator in its sole discretion during the deferral election period adopted by the Plan Administrator in its sole discretion; provided, however, that, except as provided in the last sentence of Section 5.06(a) or in Section 5.06(f), in no event will the last day of any deferral election period extend beyond December 31st of the year that is two years prior to the year within which the Earnings subject to the deferral election are paid.  By way of example, except as provided in the last sentence of Section 5.06(a) or in Section 5.06(f), the deferral election period for Earnings that will be paid in 2016 must end on or prior to December 31, 2014.  In the case of a deferral election made under the last sentence of Section 5.06(a), in no event will the last day of any deferral election period extend beyond December 31st of the year prior to the year within which the base salary or wages subject to the deferral election is paid.  
(c)  A deferral election made pursuant to this Section 5.06 shall be irrevocable as of the last day of the deferral election period adopted by the Plan Administrator pursuant to Section 5.06(b).

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(d)  Notwithstanding anything to the contrary in this Section 5.06, once made, a deferral election shall automatically renew each succeeding year unless revoked or otherwise modified by the Participant during the deferral election period for any such succeeding year.  Any deferral election that is automatically renewed pursuant to this Section 5.06(d) shall be irrevocable with respect to the year for which the deferral applies.  
(e)  Earnings deferred pursuant to this Section 5.06 shall be credited to the Participant’s Deferral Account commencing with the first payroll for which Earnings in excess of the limitation on Earnings under Section 401(a)(17) of the Code (or any successor provision) are paid.
(f)  Notwithstanding anything to contrary herein, the Plan Administrator may permit, in its discretion (such discretion to be evidenced in election forms or other written communications provided to the applicable Participant), a Participant who first becomes eligible to participate in the Plan on or after the beginning of a Plan Year, as determined in accordance with Treasury Regulation Section 1.409A-2(a)(7)(ii), to elect to defer up to 6% (effective January 1, 2016, up to 25%) of his or her Earnings in excess of the limitation on Earnings under Section 401(a)(17) of the Code (or any successor provision) paid for services performed after such election, provided that such Participant (1) submits a deferral election to the Plan Administrator within 30 days after the Participant becomes eligible to participate in the Plan, and (2) has not been eligible to participate in this Plan or in any other plan that would be aggregated with the participant deferral portion of this Plan under Treasury Regulation Section 1.409A-1(c) at any time during the 24-month period ending on the date he or she became eligible to participate in the Plan.  
ARTICLE VI     
CLAIMS PROCEDURE
SECTION 6.01      Claims.  In the event any person or his authorized representative (a "Claimant") disputes the amount of, or his entitlement to, any benefits under the Plan or their method of payment, such Claimant shall file a claim in writing with, and on the form prescribed by, the Plan Administrator for the benefits to which he believes he is entitled, setting forth the reason for his claim.  The Claimant shall have the opportunity to submit written comments, documents, records and other information relating to the claim and shall be provided, upon request and free of charge, reasonable access to and copies of all documents, records or other information relevant to the claim.  The Plan Administrator shall consider the claim and within 90 days of receipt of such claim, unless special circumstances exist which require an extension of the time needed to process such claim, the Plan Administrator shall inform the Claimant of its decision with respect to the claim.  In the event of special circumstances, the response period can be extended for an additional 90 days, as long as the Claimant receives written notice advising of the special circumstances and the date by which the Plan Administrator expects to make a determination (the "Extension Notice") before the end of the initial 90-day response period indicating the reasons for the extension and the date by which a decision is expected to be made.  If the Plan Administrator denies the claim, the Plan Administrator shall give to the Claimant (i) a written notice setting forth the specific reason or reasons for the denial 

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of the claim, including references to the applicable provisions of the Plan, (ii) a description of any additional material or information necessary to perfect such claim along with an explanation of why such material or information is necessary, and (iii) appropriate information as to the Plan's appeals procedures as set forth in Section 6.02 of the Plan.
SECTION 6.02      Appeal of Denial.  A Claimant whose claim is denied by the Plan Administrator and who wishes to appeal such denial must request a review of the Plan Administrator's decision by filing a written request with the Appeal Reviewer for such review within 60 days after such claim is denied.  Such written request for review shall contain all relevant comments, documents, records and additional information that the Claimant wishes the Appeal Reviewer to consider, without regard to whether such information was submitted or considered in the initial review of the claim by the Plan Administrator.  In connection with that review, the Claimant may examine, and receive free of charge, copies of pertinent Plan documents and submit such written comments as may be appropriate.  Written notice of the decision on review shall be furnished to the Claimant within 60 days after receipt by the Appeal Reviewer of a request for review.  In the event of special circumstances which require an extension of the time needed for processing, the response period can be extended for an additional 60 days, as long as the Claimant receives an Extension Notice.  If the Appeal Reviewer denies the claim on review, notice of the Appeal Reviewer's decision shall include (i) the specific reasons for the adverse determination, (ii) references to applicable Plan provisions, (iii) a statement that the Claimant is entitled to receive, free of charge, reasonable access to, and copies of, all documents, records and other information relevant to the claim and (iv) a statement of the Claimant's right to bring an action under Section 502(a) of ERISA following an adverse benefit determination on a review and a description of the applicable limitations period under the Plan.  The Claimant shall be notified no later than five days after a decision is made with respect to the appeal.
SECTION 6.03      Statute of Limitations.  No legal or equitable action, including, without limitation, a civil action under Section 502(a) of ERISA, for benefits under the Plan, to enforce the Claimant’s rights under the Plan, to clarify the Claimant’s right to future benefits under the Plan, or against the Plan Administrator or any other Plan fiduciary may be brought more than one year following the earlier of:  (i) the date that such one-year limitations period would commence under applicable law, (ii) the date upon which the Claimant knew or should have known that the Claimant did not receive an amount due under the Plan, or (iii) the date on which the Claimant fully exhausted the Plan’s administrative remedies.  If any such judicial proceeding is undertaken, the evidence presented shall be strictly limited to the evidence timely presented to the Plan Administrator.  Notwithstanding anything in the Plan to the contrary, a Claimant must exhaust all administrative remedies available to such Claimant under the Plan before such Claimant may seek judicial review pursuant to Section 502(a) of ERISA.
ARTICLE VII     
AMENDMENT AND TERMINATION OF PLAN
SECTION 7.01      Amendment and Termination.  The Board or the Committee or any delegate thereof may cause the Plan to be amended at any time and from time 

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to time, prospectively or retroactively; provided, however, that no amendment to the Plan may be made by the Committee that materially increases benefits to Participants.  In addition, the Board may terminate the Plan in its entirety at any time and, in connection with any such termination, may pay to each Participant or Designated Beneficiary his Benefits under the Plan, subject to and in accordance with the requirements of Treasury Regulation Section 1.409A-3(j)(4)(ix) (or any successor provision thereto).  Notwithstanding the foregoing provisions of this Section 7.01, subject to the provisions of Section 7.02 of the Plan, no amendment or termination shall reduce the Benefit or rights of any Participant except with the written consent of the Participant or other person then receiving such Benefit.
SECTION 7.02      Section 409A.  The Plan is intended to meet the requirements of Section 409A of the Code and shall be interpreted and construed consistent with such intent.  If, in the good faith judgment of the Committee, any provision of the Plan could otherwise cause any person to be subject to the interest and penalties imposed under Section 409A of the Code, such provision shall be modified by the Committee in its sole discretion to maintain, to the maximum extent practicable, the original intent of the applicable provision without causing the interest and penalties under Section 409A of the Code to apply, and, notwithstanding any provision in the Plan to the contrary, the Committee shall have broad authority to amend or to modify the Plan, without advance notice to or consent by any person, to the extent necessary or desirable to ensure that no benefit under the Plan is subject to tax under Section 409A of the Code.  Any determinations made by the Committee under this Section 7.02 shall be final, conclusive and binding on all persons.
ARTICLE VIII     
MISCELLANEOUS
SECTION 8.01      Unsecured General Creditor.  The Plan is an unfunded deferred compensation plan for a select group of management or highly compensated employees within the meaning of ERISA, and shall be construed and administered accordingly.  Participants and their Beneficiaries shall have no legal or equitable rights, interest or claims in any property or assets of the Employer.  The assets of the Employer shall not be held under any trust for the benefit of Participants or their Beneficiaries or held in any way as collateral security for the fulfilling of the obligations of the Employer under the Plan.  Any and all of the Employer's assets shall be, and remain, the general, unpledged, unrestricted assets of the Employer.  The Employer's obligation under the Plan shall be merely that of an unfunded and unsecured promise of the Employer to pay money in the future.
SECTION 8.02      Nonassignability.  Each Participant's rights under the Plan shall be nontransferable except by will or by the laws of descent and distribution and except insofar as applicable law may otherwise require.  Subject to the foregoing, neither a Participant nor any other person shall have any right to commute, sell, assign, transfer, pledge, anticipate, mortgage or otherwise encumber, transfer, hypothecate or convey in advance of actual receipt the amounts, if any, payable hereunder, or any part thereof, which are, and all rights to which are, expressly declared to be nonassignable and non-transferable.  No part of the amounts payable shall, prior to actual payment, be subject to seizure or sequestration for the payment of any debts, judgments, alimony 

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or separate maintenance owed by a Participant or any other person, nor be transferable by operation of law in the event of a Participant's or any other person's bankruptcy or insolvency.  Notwithstanding anything to the contrary in this Plan, to the extent permitted by 409A of the Code, a distribution shall be made from the Plan to an individual other than the Participant to the extent necessary to comply with a domestic relations order (as defined in Code Section 414(p)(1)(B)) as determined by the Plan Administrator in his sole discretion.
SECTION 8.03      Conditions of Payment of Benefit.  Notwithstanding any provision of the Plan to the contrary, the right of a Participant or his Designated Beneficiary to receive the Benefit otherwise payable hereunder shall cease upon the discharge of the Participant from employment with the Employer for acts which constitute fraud, embezzlement, or dishonesty, and shall be determined by the Appeal Reviewer in his sole discretion.
SECTION 8.04      Not a Contract of Employment.  The terms and conditions of the Plan shall not be deemed to constitute a contract of employment with the Participant, and the Participant (or his Designated Beneficiary) shall have no rights against the Employer except as specifically provided herein.  Moreover, nothing in the Plan shall be deemed to give a Participant the right to be retained in the service of the Employer or to interfere with the rights of the Employer to discipline or discharge him at any time.
SECTION 8.05      Binding Effect.  The Plan shall be binding upon and shall inure to the benefit of the Participant or his Designated Beneficiary, his heirs and legal representatives, and the Employer.
SECTION 8.06      Withholding.  To the extent required by the law in effect at the time payments are made, the Employer shall withhold from payments made hereunder any taxes or other amounts required to be withheld for any federal, state or local government and other authorized deductions.
SECTION 8.07      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.
SECTION 8.08      Effective Date.  The Plan is effective as of January 1, 2015 (the "Effective Date").
SECTION 8.09      Governing Law.  The Plan shall be construed under the laws of the State of New York, to the extent not preempted by federal law.
SECTION 8.10      Headings.  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 the Plan.
SECTION 8.11      Rules of Construction.  Any words herein used in the masculine shall be read and construed in the feminine where they would so apply.  Words in the 

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singular shall be read and construed as though used in the plural in all cases where they would so apply.  All references to sections are, unless otherwise indicated, to sections of the Plan.

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8048/50888-001 current/45707758v5MHFI-EX10.22-2014.12.31-Q4

Exhibit (10.22)

    

        

McGRAW HILL FINANCIAL, INC.

MANAGEMENT SUPPLEMENTAL
DEATH & DISABILITY BENEFITS PLAN

1
    

McGRAW HILL FINANCIAL, INC. 
MANAGEMENT SUPPLEMENTAL  
DEATH & DISABILITY BENEFITS PLAN

(As Amended and Restated effective as of September 23, 2014)

The Company desires to retain the services and provide rewards and incentives to members of a select group of management employees who contribute to the success of the Company.  In order to achieve this objective, the Company has adopted the following Plan to provide benefits for certain management employees who become Members of the Plan and their Beneficiaries.

    
ARTICLE I

TITLE AND EFFECTIVE DATE

SECTION 1.01.  This Plan shall be known as the McGraw Hill Financial, Inc. Management Supplemental Death and Disability Benefits Plan (hereinafter referred to as the "Plan").

SECTION 1.02.  This amendment and restatement of the Plan shall be effective as of the Effective Date.  Members and their Beneficiaries who receive benefits (or who become entitled to receive benefits) prior to the Effective Date shall be governed by the terms and conditions of the Prior Plan.

2
    

ARTICLE II

DEFINITIONS AND RULES OF CONSTRUCTION

SECTION 2.01.  As used herein, the following words and phrases shall have the meanings specified below unless a different meaning is clearly required by the context:

"Actuarially Determined" shall mean a benefit of equivalent value when computed on the basis of 7% interest compounded annually and the 1971 group mortality tables (determined separately by sex).  In the event of a Change of Control, this definition shall not be changed.

"Beneficiary" shall mean the person or persons designated in writing by the Member to receive any benefits under this Plan.  Any Beneficiary designation shall be made in a written instrument filed with the Company and shall become effective only when accepted and acknowledged in writing by the Company.  No Beneficiary designation shall be accepted by the Company if it is received after the date of death of the Member.  If no Beneficiary has been designated or survives a Member, any amounts to be paid to the Member's Beneficiary shall be paid to the Member's estate.

"Board of Directors" shall mean the Board of Directors of the Company.

"CEO" shall mean the individual serving as the Chief Executive Officer of the Company. 

"Change of Control" shall mean any of the following:

(i)    An acquisition by an individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act) (a “Person”) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 20% or more of either (1) the then outstanding shares of common stock of the Corporation (the “Outstanding Corporation Common Stock”) or (2) the combined voting power of the then outstanding voting securities of the Corporation entitled to vote generally in the election of directors (the “Outstanding Corporation Voting Securities”); excluding, however, the following: (1) any acquisition directly from the Corporation, other than an acquisition by virtue of the exercise of a conversion privilege unless the security being so converted was itself acquired directly from the Corporation; (2) any acquisition by the Corporation; (3) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Corporation or any entity controlled by the Corporation; or (4) any acquisition pursuant to a transaction which complies with clauses (1), (2) and (3) of subsection (iii) of this definition; or

3
    

(ii)    A change in the composition of the Board of Directors such that the individuals who, as of the effective date of the Plan, constitute the Board of Directors (such Board of Directors shall be hereinafter referred to as the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board of Directors; provided, however, for purposes of this definition, that any individual who becomes a member of the Board of Directors subsequent to the effective date of the Plan, whose election, or nomination for election by the Corporation’s shareholders, was approved by a vote of at least a majority of those individuals who are members of the Board of Directors and who were also members of the Incumbent Board (or deemed to be such pursuant to this proviso) shall be considered as though such individual were a member of the Incumbent Board; but, provided further, that any such individual whose initial assumption of office occurs as a result of either an actual or threatened election contest (as such terms are used in Rule 14a-11 of Regulation 14A promulgated under the Exchange Act) or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board of Directors shall not be so considered as a member of the Incumbent Board; or 

(iii)    Consummation of a reorganization, merger or consolidation or sale or other disposition of all or substantially all of the assets of the Corporation (“Corporate Transaction”); excluding, however, such a Corporate Transaction pursuant to which (1) all or substantially all of the individuals and entities who are the beneficial owners, respectively, of the Outstanding Corporation Common Stock and Outstanding Corporation Voting Securities immediately prior to such Corporate Transaction will beneficially own, directly or indirectly, more than 50% of, respectively, the outstanding shares of common stock, and the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the corporation resulting from such Corporate Transaction (including, without limitation, a corporation which as a result of such transaction owns the Corporation or all or substantially all of the Corporation’s assets either directly or through one or more subsidiaries) in substantially the same proportions as their ownership, immediately prior to such Corporate Transaction, of the Outstanding Corporation Common Stock and Outstanding Corporation Voting Securities, as the case may be, (2) no Person (other than the Corporation, any employee benefit plan (or related trust) of the Corporation or such corporation resulting from such Corporate Transaction) will beneficially own, directly or indirectly, 20% or more of, respectively, the outstanding shares of common stock of the corporation resulting from such Corporate Transaction or the combined voting power of the outstanding voting securities of such corporation entitled to vote generally in the election of directors except to the extent that such ownership existed prior to the Corporate Transaction, and (3) individuals who were members of the Incumbent Board will constitute at least a majority of the members of the board of directors of the corporation resulting from such Corporate Transaction; or

4
    

(iv)    The approval by the stockholders of the Corporation of a complete liquidation or dissolution of the Corporation.

"Committee" shall mean the Compensation and Leadership Development Committee of the Board of Directors, as the same may be constituted from time to time, and any successor to the Compensation and Leadership Development Committee designated by the Board of Directors.

"Company" shall mean McGraw Hill Financial, Inc., a New York corporation, and any successor thereto.

"Death Benefit" shall mean any benefit paid to a Beneficiary upon the death of a Member as provided under Article IV of the Plan.

"Disability" or "Disabled" shall mean eligibility for disability benefits under the terms of the Employer's Long Term Disability Plan in effect at the time the Member becomes disabled.

"Disabled Member" shall mean an individual whose employment with an Employer has terminated due to a Disability.  An individual's status as a Disabled Member will terminate upon the earlier to occur of (i) the individual's death, (ii) the date on which the individual ceases to be Disabled and (iii) the individual's Normal Retirement Date.

"Effective Date" shall mean September 23, 2014.

"Employer" shall mean the Company and each direct or indirect wholly-owned  subsidiary of the Company.

"Final Monthly Earnings" shall mean:

(i)    With respect to a Member who is classified as Grade 20 or above, (1) the greater of (A) 1.5 times such Member's annual base salary in effect immediately preceding the date of such Member's Disability or (B) the sum of (x) such Member's highest rate of annual base salary in effect during any portion of such 36-month period occurring prior to January 1, 2005, and during which such Member participated in the Plan, and (y) such Member's highest 100% target annual short-term incentive opportunity during the same portion of such 36-month period (2) divided by twelve; or

(ii)    With respect to a Member who is not classified as Grade 20 or above, (1) the greater of (A) 1.3 times such Member's annual base salary in effect immediately preceding the date of such Member's Disability or (B) the sum of (x) such Member's highest rate of annual base salary in effect during any portion of such 36-month period occurring prior to January 1, 2005, and during which such Member participated in the Plan, and (y) such Member's highest 100% target annual short-term incentive opportunity 

5
    

during the same portion of such 36-month period (2) divided by twelve; provided, however, that clause (i) of this definition shall apply to a Member who is not classified as Grade 20 or above immediately following the Grade Reclassification and who was classified as Grade 28 or above immediately prior to the Grade Reclassification.

“Grade Reclassification” shall mean the reclassification of grade levels at the Company that became effective as of the Effective Date.

"Member" shall mean an employee of an Employer who is part of a select group of management and who has become, and continues to be, a Member as provided in Article III hereof.

"Monthly Disability Income" shall mean the monthly income due a Disabled Member as provided in Article V of the Plan.

"Normal Retirement Date" shall mean the first day of the month coincident with or immediately following the Member's sixty-fifth birthday.

"Plan" shall mean McGraw Hill Financial, Inc. Management Supplemental Death and Disability Benefits Plan.

"Plan Administrator" shall have the meaning assigned to such term in Section 6.01.

"Prior Plan" shall mean the terms of the Plan as in effect prior to the Effective Date.

"Qualified Plan" shall mean the Employee Retirement Plan of McGraw Hill Financial, Inc. and Its Subsidiaries and any successor plan thereto.

"Retirement" shall mean a termination of a Member's employment other than by reason of death or Disability on or after the Member's Normal Retirement Date.

SECTION 2.02.  In construing the Plan, unless the context requires otherwise, the masculine form of a word shall be deemed to include the feminine form and the singular form of a word shall be construed to include the plural form thereof.

    

6
    

ARTICLE III

MEMBERSHIP IN THE PLAN

SECTION 3.01.  Individuals who were members of the Prior Plan immediately prior to the Effective Date shall, subject to the further provisions of this Section 3.01 and Section 3.04, continue to be eligible to participate in the Plan on and after the Effective Date.  On and after the Effective Date, the CEO and each other employee of an Employer eligible under Section 3.04 who is designated in writing by the CEO on an individual basis shall be Members of the Plan.  The CEO shall have the right to remove any Member from the Plan at any time if the Member is no longer eligible for selection as a Member in accordance with Section 3.04; provided, however, that a Member whose benefits under the Plan have commenced to be paid shall not be removed from membership in the Plan and such benefits shall not be terminated thereafter for any reason, except in the manner contemplated by Section 4.01.  Removal of a Member under this Section 3.01 shall be effective as of the date of the written notice from the Company to the Member informing the Member of such removal.

SECTION 3.02.  If a Member whose benefits under the Plan have not commenced to be paid is removed from the Plan under Section 3.01, all rights of such removed Member and such Member's Beneficiary to future payments or benefits under the Plan shall terminate as of the date of such removal without further action or notice by any person. 

SECTION 3.03.  The payment of benefits to the Member or his Beneficiary under this Plan is conditioned upon the continuous employment of the Member by the Employer (including periods of authorized leaves of absence) from the date of the Member's initial participation in the Plan until the Member's Retirement, Disability or death, whichever first occurs.  In the event that a Member's employment with an Employer terminates for any reason other than Retirement, Disability or death, all rights of such Member and such Member's Beneficiary to future payments or benefits under the Plan shall terminate as of the date of such termination of employment without further action or notice by any person.

SECTION 3.04.  Only individuals who are employees of an Employer and who are above Grade 15 shall be eligible to be selected as Members of the Plan; provided, however, that an individual who was a Member immediately prior to the Effective Date shall not cease to be a Member solely as a result of the individual being classified below Grade 15 immediately following the Effective Date solely as a result of the Grade Reclassification.

7
    

ARTICLE IV

DEATH BENEFITS

SECTION 4.01.  In the event of the death of a Member prior to the date of his Retirement or a Disabled Member prior to his Normal Retirement Date, the beneficiary of the Member or Disabled Member shall be entitled to receive a lump-sum Death Benefit within sixty days following the date of death. The amount of such benefit shall be equal to 200% of the Member's annual rate of base salary at the annual rate in effect at the time of his death or, in the case of a Disabled Member, at the time of such Disabled Member's termination of employment due to Disability.  Notwithstanding the previous sentence, if a Member ceases to be Disabled prior to his Normal Retirement Date or the date of his death and the Member does not return to active employment with an Employer following the cessation of such Member's Disability, then no Death Benefit shall  be payable under this Article IV upon the subsequent death of the Member. 

8
    

ARTICLE V

DISABILITY BENEFITS

SECTION 5.01.  If a Member is determined by the Plan Administrator to be Disabled prior to his Normal Retirement Date, the Disabled Member shall be entitled to receive Monthly Disability Income equal to an amount, if any, (not less than zero) determined in accordance with the formula [X - A - B - C], where

		
	"X"
	equals fifty percent of the Member's Final Monthly Earnings.

		
	"A"
	equals one hundred percent of the sum of the Member's monthly amounts paid (i) under the Employer's basic long-term disability plan, (ii) from Social Security, (iii) from Workers’ Compensation and (iv) any other federal, state, local, foreign or employer group insurance plans.

		
	"B"
	equals one hundred percent of his monthly income paid from the Qualified Plans.

		
	"C"
	equals one hundred percent of the benefits paid to the Member from the tax-qualified pension plans of any previous employers.

SECTION 5.02.  The amounts specified under Items B and C of Section 5.01 shall be Actuarially Determined by the Plan Administrator as a straight-life annuity payable in equal monthly installments, regardless of the actual form or timing of payment, commencing with the month that the Monthly Disability Income under Section 5.01 is scheduled to commence.  Each Member shall provide the Plan Administrator with the information necessary to calculate the Monthly Disability Income under Section 5.01 and, in the event that the information necessary to calculate the Monthly Disability Income of a Member is not provided to the Plan Administrator, the Plan Administrator may make reasonable estimates of such amounts and conclusively rely on such estimates in calculating the amount of the Monthly Disability Income. 

SECTION 5.03.  The Monthly Disability Income contemplated by this Article V shall be payable to the Member until the end of the month in which occurs the earliest of (i) the Member's sixty-fifth birthday, (ii) the date of the Member's death and (iii) the end of the Member's Disability.

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ARTICLE VI

PLAN ADMINISTRATION

SECTION 6.01.  The CEO shall have the authority to select and remove Members of the Plan in accordance with the provisions of Article III.  Except as provided in the previous sentence, the Plan shall be administered by the Executive Vice President, Human Resources or other appropriate officer or employee of the Company designated by the Committee.  For purposes of the Plan, "Plan Administrator" shall mean the Executive Vice President, Human Resources or any individual to whom the Committee has delegated administrative responsibility under this Section 6.01.  The Plan Administrator shall have full authority to construe and interpret the Plan, to establish, amend and rescind rules and regulations relating to the administration of the Plan, and to take all such actions and make all such determinations in connection with the administration of the Plan as he or she may deem necessary or desirable.

SECTION 6.02.  The Plan Administrator may from time to time establish rules and procedures for the administration of the Plan.  The Plan Administrator will have the right to construe and interpret the Plan and to decide any and all matters arising thereunder or in connection with the administration of the Plan, including, without limitation, the right (i) to determine the eligibility for, and the form, amount and method of payment of any benefit payments under the Plan, (ii) to establish the timing of benefit distributions, (iii) to settle claims according to the provisions in Article VII and (iv) to make any factual determinations related to the amount of or eligibility for benefits.  The decisions of the Plan Administrator will, to the extent permitted by law, be conclusive and binding upon all persons having or claiming to have any right or interest in or under the Plan.  The Plan Administrator may delegate any of its duties and responsibilities hereunder to one or more officers or employees of the Company or to any third party if the Plan Administrator finds that such delegation would facilitate the administration of the Plan.  The Plan Administrator may reasonably rely on the advice of attorneys, actuaries, accountants and other experts in exercising its duties and responsibilities under the Plan. 

SECTION 6.03.  The Plan Administrator shall not make any determination with respect to any benefits or other amounts payable to the Plan Administrator in its capacity as a Member.  In the event the previous sentence applies, the applicable duties and responsibilities of the Plan Administrator under the Plan shall be performed exclusively by the Committee.

SECTION 6.04.  The Company shall, to the fullest extent permitted by law, indemnify and hold harmless the CEO, the Committee, any individual acting as Plan Administrator and any officer or employee of an Employer who is delegated responsibility under the Plan from any liability or expense incurred by such person in connection with the performance of his duties under the Plan or as a result of any facts and circumstances related to the operation or administration of the Plan.

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ARTICLE VII

CLAIMS PROCEDURE

SECTION 7.01.  A claim for benefits under the Plan must be promptly filed in writing by the Member, Beneficiary, or such person's authorized representative (the "Claimant") with the Executive Vice President, Human Resources or other appropriate officer of the Company designated by the Committee for this purpose (the "Initial Reviewer").  If a claim is denied in whole or in part, the Claimant will be sent a written notice of denial from the Initial Reviewer within ninety days of receipt of the claim, unless special circumstances require an extension of time for processing the claim.  Such extension will not exceed ninety days and notice thereof will be given within the first ninety-day period.  The notice of denial of a claim will indicate the reasons for the denial (including reference to the Plan provisions on which the denial is based), will describe any additional information or material needed and the reasons why such additional information or material is necessary, and will explain the claim review procedure.

SECTION 7.02.  If a claim is denied in whole or in part (or if no decision on a claim is rendered within the limitations of time described in Section 7.01), the Claimant may request a review by the Committee of the decision of the Initial Reviewer (or of the claim, if no timely decision has been rendered by the Initial Reviewer).  This request must be submitted in writing to the Committee within sixty days of receipt of the notice of denial from the Initial Reviewer (or within sixty days following the expiration of the initial review period where no decision notice is given to the Claimant by the Initial Reviewer).  The Claimant may review pertinent documents and may submit in writing additional comments and material.  A review decision will be made by the Committee within sixty days of receipt of the request for review, unless there are special circumstances which require an extension of the time for processing.  Such extension will not exceed sixty days and notice thereof must be given within the first sixty-day period.  The review decision of the Committee will be in writing and will include specific references to the Plan provisions on which the decision is based.  The decision of the Committee on review shall be final and binding on all interested persons.

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ARTICLE VIII

MISCELLANEOUS

SECTION 8.01.  Nothing contained in this Plan shall be deemed to give any Member or employee the right to be retained in the service of the Employer or to interfere with the right of the Employer to discharge any Member or employee at any time regardless of the effect which such discharge shall have upon him as a Member of the Plan.

SECTION 8.02.  The rights of the Member, the Beneficiary of the Member, or any other person claiming through the Member under this Plan, shall be solely those of an unsecured general creditor of the Company.

SECTION 8.03.  The Plan does not involve a reduction in salary for the Member or the foregoing of an increase in future salary by the Member.

SECTION 8.04.  Except insofar as this provision may be contrary to applicable law, no sale, transfer, alienation, assignment, pledge, collateralization, or attachment of any benefits under this Plan shall be valid or recognized by the Company.

SECTION 8.05.  Subject to Article IX hereof, the Company reserves the right at any time and from time to time, by action of the Committee or its Board of Directors, to terminate, modify or amend, in whole or in part, any or all of the provisions of the Plan, including specifically the right to make any such amendments effective retroactively; provided that such action shall not reduce the benefits or rights of any Disabled Member or the Beneficiary of a deceased Member.  In addition, the Company may amend or modify any provision of this Plan as to any particular Member by agreement with such Member; provided that such agreement is in writing, is executed by both the Company and the Member, and is filed with the Plan records.  The provisions of any amendment or modification made by agreement between a Member and the Company shall apply only to the Member so agreeing and no other.

SECTION 8.06.  A Member shall have the right to change his designated Beneficiary by notifying the Company of such in writing.  Such change shall become effective upon written acknowledgment of same by the Company.  Any payments made by the Company to a Beneficiary in good faith and under the terms of the Plan shall fully discharge the Company from all further obligations with respect to such payments.

SECTION 8.07.  This Plan shall be binding upon and inure to the benefit of the Company, its successors and each Member and his heirs, executors, administrators and legal representatives.

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SECTION 8.08.  The Plan shall be governed by the laws of the State of New York, applicable to contracts to be performed entirely in such State and without regard to the choice of law provisions thereof, but only to the extent such laws are not preempted by the Employee Retirement Income Security Act of 1974, as amended.  This Plan is solely between the Company and each individual Member.  The Member, his Beneficiary or other persons claiming through the Member shall only have recourse against the Company for enforcement of the Plan.

SECTION 8.09.  The obligations of the Company under this Plan shall be subject to all applicable laws, rules and regulations, and such approvals, by governmental agencies as may be required or as the Company deems advisable.

SECTION 8.10.  The Plan is intended to satisfy the requirements of Section 409A of the Code, and shall be interpreted and administered consistent with such intent.  If, in the good faith judgment of the Committee, any provision of the Plan could cause any person to be subject to the interest and penalties imposed under Section 409A of the Code, such provision shall be modified by the Committee in its sole discretion to maintain, to the maximum extent practicable, the original intent of the applicable provision without violating the requirements of Section 409A of the Code, and, notwithstanding any provision in the Plan to the contrary, the Committee shall have broad authority to amend or to modify the Plan, without advance notice to or consent by any person, to the extent necessary or desirable to ensure that no Member be subject to tax under Section 409A of the Code.  Any determinations made by the Committee under this Section 8.10 shall be final, conclusive and binding on all persons.

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ARTICLE IX

SPECIAL RULES IN THE EVENT OF A CHANGE OF CONTROL

SECTION 9.01.  Notwithstanding anything to the contrary in any other section of this Plan, in the event a Change of Control shall occur, neither the Company nor its Board of Directors or the Committee shall thereafter terminate, modify or amend, in whole or in part, any or all of the provisions of this Plan.  In no event shall such action reduce the benefits of any Disabled Member or the Beneficiary of a deceased Member.

SECTION 9.02.  The reasonable legal fees incurred by any Member (or former Member who was a Member when the Change of Control occurred) to enforce his valid rights under this Article IX shall be paid by the Company to the Member in addition to sums otherwise due under this Plan, whether or not the Member is successful in enforcing his rights or whether or not the matter is settled.

SECTION 9.03.  The terms of this Article IX shall supersede and take precedence over the terms of any of the other Sections of this Plan.

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