First Amendment to Moody's Corporation Career Transition Plan
This amendment updates the Moody's Corporation Career Transition Plan by adding a requirement for employees eligible for benefits under Section 409A of the tax code. Eligible employees must return a signed Severance and Release Agreement within 60 days of their termination date. If this 60-day period spans two calendar years, any benefits subject to Section 409A will not be paid until the second year. This change is effective as of the adoption date of the amendment.
EXHIBIT 10.42
FIRST AMENDMENT TO THE
MOODY’S CORPORATION CAREER TRANSITION PLAN
Section 2.2 of the Moody’s Corporation Career Transition Plan is hereby amended by adding the following new sentence to the end thereof, effective as of the date this First Amendment is adopted:
If the Eligible Employee’s benefits hereunder are subject to Section 409A of the Code, the Eligible Employee must return the executed Severance and Release Agreement no later than sixty (60) days following the date of the Eligible Termination and, if such 60-day period includes two calendar years, no benefits hereunder subject to Section 409A of the Code shall be paid to the Eligible Employee until the second calendar year.
| MOODY’S 2012 10-K |
