EX-10.50






EXHIBIT 10.50





(For directors who have already selected a Specified Distribution Date for their non-grandfathered deferrals)




ITT CORPORATION

DEFERRED COMPENSATION PLAN

FOR NON-EMPLOYEE DIRECTORS

DEFERRAL ELECTION FORM




(2009/2010 Tenure)




Please read carefully before completing:





	 	•	 	Complete this form and return to: Attention: Vivian Houchens, The Newport Group, 3957
Westerre Parkway, Suite 401, Richmond, VA 23233, and retain a duplicate copy for your
records.
	 
	 	•	 	The Newport Group must receive your signed completed form on or before November 21, 2008
for your deferral election to be effective.





SECTION 1 – DIRECTOR INFORMATION




	 	 	 	 	 	 	 
	 
	Last Name

	 	First Name
	 	MI
	 	Social Security Number
	 
	 	 	 	 	 	 
	 
	Mailing Address

	 	 	 	 	 	Daytime Telephone
	 
	 	 	 	 	 	 





I understand that this Deferral Election Form relates to the deferral of the cash portion of my
$90,000 annual retainer (“$90,000 Annual Retainer”) to be earned as a Non-Employee Director of ITT
Corporation (the “Company”) during the period from the Annual Meeting of Shareholders in 2009 until
the day immediately preceding the date of the Annual Meeting of Shareholders in 2010 pursuant to
the ITT Corporation Deferred Compensation Plan for Non-Employee Directors (the “Plan”). Any
capitalized terms used in this Deferral Election Form, if not otherwise defined herein, will have
the same meanings as provided in the Plan.




SECTION 2 – DEFERRAL ELECTION




(select one)





	o	 	I hereby elect NOT to defer my $90,000 Annual Retainer.
	 
	o	 	Retirement Subaccount: I hereby elect to defer receipt of my $90,000 Annual Retainer and to
allocate it to my Retirement Subaccount. Amounts allocated to the Retirement Subaccount
will be distributed as a lump sum upon the earlier of your Retirement or death.
	 
	o	 	In-Service Subaccount: I hereby elect to defer receipt of my $90,000 Annual Retainer and to
allocate it to my In-Service Subaccount. Amounts allocated to the In-Service Subaccount
will be distributed as a lump sum upon the earliest of (1) [INSERT DIRECTOR’S SPECIFIED
DISTRIBUTION DATEi], which is the Specified Distribution Date you previously
elected, (2) your Retirement or (3) your death.





SECTION 3 – INVESTMENT ELECTION



I elect the following with respect to my $90,000 Annual Retainer deferral:




(select one if you have elected to defer your $90,000 Annual Retainer)





	o	 	Fixed Rate Fund. My $90,000 Annual Retainer will earn an annual rate of interest updated as
of the annual meeting date each year.
	 
	o	 	ITT Corporation Stock Fund. My $90,000 Annual Retainer will be deemed invested in ITT
Corporation common stock, including dividends.





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(For directors who have already selected a Specified Distribution Date for their non-grandfathered deferrals)




SECTION 4 – SUBSEQUENT ELECTIONS



Except as described in this Section 4, the deferral elections you make pursuant to Section 2 (which
determine when your deferrals will be paid) may not be changed after November 21, 2008.



What changes are permitted after November 21, 2008? You may, at a later date and pursuant to a
separate election form referred to as a “Subsequent Election” form, select a later “Specified
Distribution Date” for your “In-Service Subaccount,” subject to the restrictions below under
“Restrictions on Subsequent Elections.” (Your “In-Service Subaccount” includes any amounts
you have elected to allocate to that account pursuant to Section 2 as well as prior deferrals
(other than Grandfathered Deferrals) you have elected to have paid at a specified date. Amounts in
your “In-Service Subaccount” are paid on the earliest of your “Specified Distribution Date,” your
Retirement or your death.)




Restrictions on Subsequent Elections:





	•	 	Any new Specified Distribution Date you elect would have to be at least 5 years later than
the Specified Distribution Date then in effect.






For example: Your Specified Distribution Date is currently [INSERT DIRECTOR’S
SPECIFIED DISTRIBUTION DATE]. Accordingly, if you want to change that Specified
Distribution Date in the future, the new Specified Distribution Date could not be
earlier than [INSERT DATE THAT IS 5TH ANNIVERSARY OF DIRECTOR’S SPECIFIED
DISTRRIBUTION DATE].




	•	 	The Subsequent Election form would have to be delivered on or before the date that is 12
months before the Specified Distribution Date then in effect (or such earlier date as the
Administrative Committee may prescribe for Subsequent Elections).






For example: Since your Specified Distribution Date is currently [INSERT DIRECTOR’S
SPECIFIED DISTRIBUTION DATE], if you want to change that Specified Distribution Date
in the future, the Subsequent Election form you would execute with the new Specified
Distribution Date would have to be delivered on or before [INSERT DATE THAT IS 12
MONTHS BEFORE DIRECTOR’S SPECIFIED DISTRRIBUTION DATE], or such earlier date as the
Administrative Committee may prescribe for such elections.


Note that regardless of the Specified Distribution Date you select for distribution of your
In-Service Subaccount, amounts in that account will be distributed on the earliest of your
Specified Distribution Date, your Retirement or your death. Accordingly, your payments will never
be deferred beyond your Retirement or death.




SECTION 5 – BENEFICIARY DESIGNATION



I understand that if I die before the payment date I select, a lump sum payment of my combined
Retirement Subaccount and In-Service Subaccount shall be paid to my Beneficiary as designated by me
on a separate Beneficiary Designation form.




SECTION 6 – ACKNOWLEDGEMENT AND AUTHORIZATION



I acknowledge and agree that I have received and reviewed a copy of the Plan and I hereby agree to
defer payment of meeting fees as indicated in Section 2 above and I understand that I relinquish
any right to receive any such payment with respect to such deferred payment of meeting fees until
the date or event I elected.



I specifically understand and agree to the following:





	 	1)	 	My deferral election may not be revoked after November 21, 2008.
	 
	 	2)	 	All deferral elections shall be made in accordance with and governed by the
terms of the Plan.
	 
	 	3)	 	The Plan is unfunded and my rights thereunder shall be no greater than those of
a general unsecured creditor of the Company.
	 
	 	4)	 	The Company makes no assurances, and assumes no responsibility, as to the tax
effect of my participation in the Plan or any deferral election or payment thereunder.





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(For directors who have already selected a Specified Distribution Date for their non-grandfathered deferrals)





	 	5)	 	This Deferral Election Form must be filed with the Company on or before
November 21, 2008 for my deferral election to be effective.




I have read and understand this Deferral Election Form and hereby authorize the Company to take all
actions indicated on this form.




	 	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	Date

	 	Director’s Signature
	 	 








 




			
	i	 	This would be the distribution date previously selected
for non-grandfathered deferrals. If the director has not previously selected a
distribution date for non-grandfathered deferrals, use the other deferral
election form.






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