Document:

FORM OF 2006 AWARD FOR EXECUTIVE OFFICERS

 Exhibit 10.13 
 Form for Executive Officers 
 XERIUM TECHNOLOGIES, INC. 
 2006 CORPORATE AWARD UNDER THE 
 2006
CASH INCENTIVE BONUS PLAN 
 In recognition of the important contributions that
                         (the “Employee”) can make to the success of Xerium Technologies, Inc. (the
“Company”) and its affiliates, pursuant to the Xerium Technologies, Inc. 2006 Cash Incentive Bonus Plan (the “Plan”), the Company hereby grants to the Employee the award (the “Corporate Award”) set forth below.

  

	1.	The Plan. This Corporate Award is intended to be an Award under the Plan. This Corporate Award is further intended to be an Exempt Award under the Plan.

  

	2.	2006 Corporate Procedures. Reference is made to the Xerium Technologies, Inc. 2006 Corporate Cash Incentive Procedures (the “2006 Corporate Procedures”) adopted by
the Compensation Committee of the Board of Directors of the Company under the Plan and attached hereto as Exhibit A. This Corporate Award is intended to be a Corporate Award under the 2006 Corporate Procedures, the terms of which are hereby
incorporated herein by reference. 

  

	3.	The Corporate Award. You are hereby designated as a “Corporate Participant” under the 2006 Corporate Procedures. Your “Specified Percentage” for the
purposes of the 2006 Corporate Procedures is             %. 

  

	4.	General. This Corporate Award is made subject to all of the provisions of the Plan and the 2006 Corporate Procedures. Without limiting the generality of the foregoing, the
making of this Corporate Award is conditioned upon the approval of the Plan by the stockholders of the Company. 

 IN WITNESS
WHEREOF, Xerium Technologies, Inc. has executed this instrument as of the              day of
                    , 2006. 
  

			
	 Xerium Technologies, Inc.

		
	By:	 	  
		 	 Name:

		 	 Title:

 Exhibit A 
 XERIUM TECHNOLOGIES, INC. 
 2006 CORPORATE CASH INCENTIVE PROCEDURES 
 These 2006 Corporate Cash Incentive Procedures (the “Procedures”) for Xerium Technologies, Inc. (the “Company”) are
adopted under the Company’s 2006 Cash Incentive Bonus Plan (the “Plan”) on February 16, 2006. All provisions of the Plan shall apply in respect of these Procedures and awards granted hereunder, including without limitation
the limitation on the size of awards set forth in the Plan. Capitalized terms used but not defined herein are used as defined in the Plan. These Procedures are applicable for designated executive officers and other specified senior employees of the
Company and its Subsidiaries. The adoption of these Procedures, as they relate to Awards to executive officers of the Company, is conditioned upon the approval of the Plan by the stockholders of the Company. 
  

	1.	Defined Terms 

 In these Procedures, the following
terms have the following meanings: 
 (a) “Actual Operating Cash” means, for 2006, net cash provided by operating activities
of the Company and its Subsidiaries determined on a consolidated basis. For avoidance of doubt, Actual Operating Cash shall be determined without regard to Awards granted under the Plan for 2006, but shall be reduced by the amount of any
compensation awards paid in 2006. The Committee shall calculate the amount of Actual Operating Cash in a manner which is consistent with the audited financial statements of the Company for 2006, including without limitation the consolidated
statement of cash flows. 
 (b) “Adjusted EBITDA” means Adjusted EBITDA as such term is defined in the Credit Agreement as
in effect on February 17, 2006. For avoidance of doubt, Awards paid under the Plan for 2006 shall reduce Adjusted EBITDA for 2006. 
 (c) “Affiliated Person” means, with respect to any Person, any other Person that directly or indirectly, controls or is controlled by or is under common control with such Person. 
 (d) “Applicable Law” means all applicable provisions of law, domestic or foreign, applicable regulations and stock exchange rules.

 (e) “Credit Agreement” means the Credit and Guaranty Agreement, dated as of May 19, 2005, entered into by and among
the Company, certain subsidiaries of the Company, Citigroup Global Markets, Inc., CIBC World Markets Corp. and other agents and banks party thereto, as amended on February 8, 2006. 
 (f) “Corporate Award” means, as to a Corporate Participant, an Award under these Procedures. 
 (g) “Corporate Participant” means each Participant which is designated as a participant under these Procedures for 2006 as selected by
the Committee. 
  

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 (h) “Person” means any individual, partnership, limited liability company, corporation,
association, trust, joint venture, unincorporated organization, or other entity or group. 
 (i) “Specified Percentage”
means, with respect to a Corporate Participant, the percentage determined by the Committee, in its sole discretion 
 (j)
“Subsidiary” means any Person of which the Company at the time (i) owns, directly or indirectly, at least a majority of the outstanding capital stock (or other shares of beneficial interest) entitled to vote generally or
(ii) controls, directly or indirectly, the board of directors or managers (or equivalent governing body) of such Person. 
 (k)
“Target Adjusted EBITDA” means the amount established by the Committee for the purposes of these Procedures no later than 90 days after the commencement of fiscal year 2006. 
 (l) “Target Operating Cash” means the amount established by the Committee for the purposes of these Procedures no later than 90 days
after the commencement of fiscal year 2006. 
  

	2.	Administration and Amendment 

 2.1.
Administration. These Procedures shall be administered by the Committee. The Committee shall have the authority to: (a) determine the Corporate Participants, (b) determine the amount of Actual Operating Cash; (c) determine the
amount of the Adjusted EBITDA, (d) determine, modify or waive the terms and conditions of each Corporate Award; and (e) interpret these Procedures and any terms and conditions associated with any Corporate Award and to decide any questions
and settle all controversies and disputes that may arise in connection with these Procedures or any Corporate Award. In the case of any Corporate Award intended to be eligible for the performance-based compensation exception under
Section 162(m) of the Code, the Committee will exercise its discretion consistent with qualifying Corporate Awards for that exception. Determinations of the Committee made under these Procedures shall be conclusive and shall bind all parties.

 2.2. Amendment. The Committee may amend, suspend or discontinue these Procedures and/or any Corporate Award at any time or times
without the consent of any Corporate Participant, subject to Applicable Law. Any amendments to the Procedures shall be conditioned upon stockholder approval only to the extent, if any, such approval is required by Applicable Law, as determined by
the Committee. 
  

	3.	Targets and Corporate Awards 

 3.1. Adjustment
of Target Adjusted EBITDA and Target Operating Cash. The amount of the Target Adjusted EBITDA and Target Operating Cash established by the Committee may be adjusted by the Committee to reflect any significant change of circumstance, including
without limitation, the acquisition or disposition of any business by the Company or any of its Subsidiaries. 
  

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 3.2. Corporate Awards. If Adjusted EBITDA equals Target Adjusted EBITDA, each Corporate
Participant shall receive a Corporate Award equal to a Specified Percentage of such Corporate Participant’s base salary paid for 2006, subject to the provisions of Section 3.3. If Adjusted EBITDA equals or exceeds 110% percent of Target
Adjusted EBITDA, each Corporate Participant shall receive a Corporate Award of 200% of such Corporate Participant’s Specified Percentage, subject to the provisions of Section 3.3. In the event Adjusted EBITDA is greater than Target
Adjusted EBITDA but less than 110% of Target Adjusted EBITDA, each Corporate Participant shall receive a Corporate Award equal to the Specified Percentage of base salary paid plus an additional percentage of the Specified Percentage equal to
10 times the percentage (including fractions thereof) by which Adjusted EBITDA exceeds Target Adjusted EBITDA (subject to the 200% maximum), subject to the provisions of Section 3.3. By way of example, if Adjusted EBITDA is equal to 105% of
Target Adjusted EBITDA and the Corporate Participant’s Specified Percentage is 20%, the Corporate Award shall be 150% of the Specified Percentage (i.e., 30% of the Participant’s base salary paid). For the avoidance of doubt, “base
salary paid” means, for the purposes hereof, the base salary actually paid and not the base salary in effect as of a particular moment in time. 
 3.3. Adjustment of Corporate Awards; Operating Cash and Target Adjusted EBITDA Hurdles. Notwithstanding the provisions of Section 3.2, Corporate Awards shall be payable in respect of 2006 only if
(1) Actual Operating Cash exceeds the Target Operating Cash, and (2) Adjusted EBITDA, before reduction for Corporate Awards, exceeds Target Adjusted EBITDA. In no event shall payments of Corporate Awards cause Adjusted EBITDA to be less
than Target Adjusted EBITDA. 
 3.4. Application of 162(m). This Section 3.4 applies to any Corporate Award intended to qualify
as performance-based for purposes of Code Section 162(m). In the case of any Corporate Award to which this Section 3.4 applies, these Procedures and such Corporate Award will be construed to the maximum extent permitted by law in a manner
consistent with qualifying the Corporate Award for such exception. No Corporate Award to which this Section 3.4 applies may be granted if the Committee determines that in order for such Corporate Award to qualify as performance-based for
purposes of Code Section 162(m), the Plan must be submitted to and approved, or resubmitted to and approved, by the stockholders of the Company in accordance with the requirements of Code Section 162(m), unless such grant is made
contingent upon such approval. 
 3.5. No Right to Participate. Nothing in these Procedures or the Plan or any Corporate Award shall
be deemed to create any obligation on the part of the Committee to select any executive officer or senior employee as a Corporate Participant, nor confer upon any Corporate Participant the right to remain a Corporate Participant on the same terms or
conditions, or be a Corporate Participant or other Participant under the Plan at all, for any subsequent fiscal year. 
  

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	4.	Payment of Corporate Awards 

 Payment of any
Corporate Award shall be made on or before March 15, 2007. 
  

	5.	Merger or Combination. 

 If (a) the Company
merges into or combines with any other entity and, immediately following such merger or combination, any Person or group of Persons acting in concert holds 50% or more of the voting power of the entity surviving such merger or combination (other
than any Person or group of Persons which held 50% or more of the Company’s voting power immediately prior to such merger or combination or any Affiliated Person of any such Person or member of such group); (b) any Person or group of
Persons acting in concert acquires 50% or more of the Company’s voting power; or (c) the Company sells all or substantially all of its assets or business for cash or for securities of another Person or group of Persons (other than to any
Person or group of Persons which held 50% or more of the Company’s total voting power immediately prior to such sale or to any Affiliated Person of any such Person or any member of such group), then, unless the Committee provides for the
continuation or assumption of some or all unpaid Corporate Awards or for the grant of new awards in substitution therefor (which need not be payable in cash) by the surviving entity or acquiror, in each case on such terms and subject to such
conditions as the Committee may determine, with respect to any Corporate Award that is not so assumed or continued (i) the then current fiscal year shall be deemed to end on the last day which is the last day of a fiscal quarter occurring on or
prior to the effective date of the merger, combination or sale (or if the Committee in its sole discretion determines that it can make a reasonable determination of Adjusted EBITDA and Actual Operating Cash through such effective date, the current
fiscal year shall be deemed to end on such effective date); (ii) the Target Adjusted EBITDA and Target Operating Cash shall be prorated for the number of days in such shortened fiscal year; and (iii) the amount of the prorated Corporate
Awards for such shortened fiscal year shall be determined and the Company shall pay, within twelve months following the effective date of such transaction, such prorated Corporate Award to each Participant in respect of such shortened fiscal year.

  

	6.	Termination of Employment 

 6.1. Resignation or
Termination by the Company. If a Corporate Participant ceases to be employed by the Company or any of its Subsidiaries prior to the end of 2006 as a result of resignation, dismissal or any other reason, such Corporate Participant shall cease to
be a Corporate Participant on the date employment ceases and shall not receive any Corporate Award. 
 6.2. Rights upon Termination
Pursuant to Agreement. The Company may provide rights to a Corporate Participant in respect of such Corporate Participant’s Corporate Awards upon termination of such Participant’s employment that differ from those set forth in
Section 6.1 pursuant to an agreement with such Corporate Participant. Except to the extent otherwise addressed in any such agreement, the provisions of these Procedures, including Section 6.1, and the Plan shall control. 
  

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	7.	Miscellaneous 

 7.1. The Plan. In the case
of a conflict between these Procedures and the Plan, the terms of the Plan shall govern 
 7.2. Severability. Any term or provision of
these Procedures that is invalid or unenforceable in any situation in any jurisdiction will not affect the validity or enforceability of the remaining terms and provisions hereof or the validity or enforceability of the offending term or provision
in any other situation or in any other jurisdiction. In the event that any provision hereof would, under Applicable Law, be invalid or unenforceable in any respect, it is the intent of the Company that such provision will be construed by modifying
or limiting it so as to be valid and enforceable to the maximum extent compatible with, and possible under, Applicable Law. 
 7.3.
Governing Law. This Plan and all actions arising in whole or in part under or in connection herewith, will be governed by and construed in accordance with the domestic substantive laws of the State of Delaware, without giving effect to any
choice or conflict of law provision or rule that would cause the application of the laws of any other jurisdiction. 
  

 6Form of Change in Control Severance Agreement

  
 EXHIBIT 10.21

  
 Raytheon Company 
 Change In Control Severance Agreement 
  
 Agreement by and between Raytheon Company, a Delaware corporation (the “Company”), and
                         (“Executive”) dated as of
                        . 
  
 The Board of Directors of Company believes it is in the best interests of the Company and its stockholders to have the continued dedication of Executive notwithstanding
the possibility, threat or occurrence of a Change in Control (as defined in Section 1.5); to diminish the inevitable distraction of Executive due to personal uncertainties and risks created by a threatened or pending Change in Control; and to
provide Executive with compensation and benefits arrangements upon a Change in Control which are competitive with those offered by other corporations. 
  
 Therefore, the Board of Directors has caused the Company to enter into this Agreement, and the Company and Executive agree as follows: 
  
 1 DEFINITIONS 
  
 For purposes of this Agreement, the following terms have the following meanings. 
  
 1.1 “Affiliated Company” means an affiliated company as defined in Rule
12b-2 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). 
  
 1.2 “Base Salary” means Executive’s annual base salary paid or payable (including any base salary which has been earned but deferred) to Executive by the Company or an affiliated company
immediately preceding the date of a Change in Control. 
  
 1.3
“Board” means the Board of Directors of the Company. 
  
 1.4
“Cause” means Executive’s: 
  

	 	(i)	willful and continued failure to perform substantially Executive’s duties with the Company or one of its affiliates as such duties are constituted as of a Change in Control
after the Company delivers to Executive written demand for substantial performance specifically identifying the manner in which Executive has not substantially performed Executive’s duties; 

  

	 	(ii)	conviction for a felony; or 

  

	 	(iii)	willfully engaging in illegal conduct or gross misconduct which is materially and demonstrably injurious to the Company. 

  
 For purposes of this Section 1.4, no act or omission by Executive shall be considered
“willful” unless it is done or omitted in bad faith or without reasonable belief that Executive’s action or omission was in the best interests of the Company. Any act or failure to act based upon (a) authority given pursuant to a
resolution duly adopted by the Board, (b) instructions of the Chief Executive Officer or a senior officer of the Company, or (c) advice of counsel for the Company shall be conclusively presumed to be done or omitted to be done by Executive
in good faith and in the best interests of the Company. For purposes of subsections (i) and (iii) above, Executive shall not be deemed to be terminated for Cause unless and until there shall have been delivered to Executive a copy of a
resolution duly adopted by the affirmative vote of not less than three quarters of the entire membership of the Board at a meeting called and held for such purpose (after reasonable notice is provided to Executive and Executive is given an
opportunity, together with counsel, to be heard before the Board) finding that in the good faith opinion of the Board Executive is guilty of the conduct described in subsection (i) or (iii) above and specifying the particulars thereof in
detail. 
  

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 1.5 “Change in Control” of
the Company shall be deemed to have occurred as of the first day that any one or more of the following conditions shall have been satisfied: 
  

	 	(i)	Any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act) (a “Person”), other than those Persons in control of the
Company as of the date hereof or a trustee or other fiduciary holding securities under an employee benefit plan of the Company or a corporation owned directly or indirectly by the stockholders of the Company in substantially the same proportions as
their ownership of stock of the Company, becomes the beneficial owner (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing 25% or more of the combined voting power of the Company’s
then outstanding securities; or 

  

	 	(ii)	A change in the Board such that individuals who as of the date hereof constitute the Board (the “Incumbent Board”) cease for any reason to constitute at least a majority
of the Board; provided, however, that any individual becoming a director subsequent to the date hereof whose election or nomination for election by the Company’s stockholders was approved by a vote of at least a majority of the directors
then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board; or 

  

	 	(iii)	The consummation of: (a) a plan of complete liquidation of the Company; (b) an agreement for the sale or disposition of all or substantially all of the Company’s
assets; (c) a merger, consolidation or reorganization of the Company with or involving any other corporation, other than a merger, consolidation or reorganization that would result in the voting securities of the Company outstanding immediately
prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) at least 50% of the combined voting power of the voting securities of the Company (or such surviving entity)
outstanding immediately after such merger, consolidation or reorganization. 

  
 However, in no event shall a Change in Control be deemed to have occurred for purposes of this Agreement if Executive is included in a Person that consummates the Change in Control. Executive shall not be deemed to be
included in a Person by reason of ownership of (i) less than 3% of the equity in the Person or (ii) an equity interest in the Person which is otherwise not significant as determined prior to the Change of Control by a majority of the
non-employee continuing directors of the Company. 
  
 1.6 “Code”
means the Internal Revenue Code of 1986, as amended. 
  
 1.7 “Good
Reason” means any of the following acts or omissions by the Company without Executive’s express written consent: 
  

	 	(i)	assigning to Executive duties materially inconsistent with Executive’s position (including status, offices, titles and reporting requirements), authority or responsibilities
immediately prior to a Change in Control or any other action by the Company which results in a material diminution of Executive’s position, authority, duties or responsibilities as constituted immediately prior to a Change in Control;

  

	 	(ii)	requiring Executive (a) to be based at any office or location in excess of 50 miles from Executive’s office or location immediately prior to a Change in Control or
(b) to travel on Company business to a substantially greater extent than required immediately prior to a Change in Control; 

  

	 	(iii)	reducing Executive’s Base Salary; 

  

	 	(iv)	materially reducing in the aggregate Executive’s incentive opportunities under the Company’s or an affiliated company’s short- and long-term incentive programs as
such opportunities exist immediately prior to a Change in Control; 

  

	 	(v)	materially reducing Executive’s targeted annualized award opportunities and/or the degree of probability of attainment of such annualized award opportunities as such
opportunities exist immediately prior to a Change in Control; 

  

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	 	(vi)	failing to maintain Executive’s amount of benefits under or relative level of participation in the Company’s or an affiliated Company’s employee benefit or retirement
plans, policies, practices or arrangements in which the Executive participates immediately prior to a Change in Control; 

  

	 	(vii)	purportedly terminating Executive’s employment otherwise than as expressly permitted by this Agreement; or 

  

	 	(viii)	failing to comply with and satisfy Section 8.3 hereof by requiring any successor to the Company to assume and agree to perform the Company’s obligations hereunder.

  
 1.8 “Qualifying Termination” means the
occurrence of any of the following events within twenty-four (24) calendar months after a Change in Control: 
  

	 	(i)	the Company terminates the employment of Executive for any reason other than for Cause including, without limitation, forcing Executive to retire on any date not of Executive’s
choosing; 

  

	 	(ii)	Executive terminates employment with the Company for Good Reason; 

  

	 	(iii)	the Company fails to require a successor to assume, or a successor refuses to assume, the Company’s obligations as required by Section 8 hereof; or

  

	 	(iv)	the Company or any successor breaches any of the provisions hereof. 

  
 1.9 “Severance Benefits” means: 
  

	 	(i)	an amount equal to the product of Executive’s Base Salary multiplied by three (3); 

  

	 	(ii)	an amount equal to Executive’s unpaid Base Salary through a Qualifying Termination; 

  

	 	(iii)	an amount equal to the product of the greater of (a) Executive’s annual bonus earned for the fiscal year immediately prior to a Change in Control and
(b) Executive’s target annual bonus established for the plan year in which a Qualifying Termination occurs multiplied by three (3); 

  

	 	(iv)	an amount equal to the product of Executive’s unpaid targeted annual bonus established for the plan year in which a Change in Control occurs multiplied by a fraction the
numerator of which is the number of days elapsed in the current fiscal year to the Qualifying Termination and the denominator of which is 365; 

  

	 	(v)	an amount equal to the dollar value of Executive’s accrued vacation through a Qualifying Termination; 

  

	 	(vi)	an amount equal to all compensation deferred by Executive together with all interest thereon; 

  

	 	(vii)	an amount equal to the actuarial present value of the aggregate benefits accrued by Executive as of a Qualifying Termination under the Company’s supplemental retirement plan
calculated assuming that Executive’s employment continued for three years following a Qualifying Termination; provided, however, that for purposes of determining Executive’s final average pay under the supplemental retirement plan,
Executive’s actual pay history as of the Qualifying Termination shall be used; and 

  

	 	(viii)	fringe benefits pursuant to all welfare, benefit and retirement plans under which Executive and Executive’s family are eligible to receive benefits or coverage as of a Change
in Control, including but not limited to life insurance, hospitalization, disability, medical, dental, pension and thrift plans. 

  
 2 QUALIFYING TERMINATION 
  
 2.1 Severance Benefits. Following a Qualifying Termination Executive shall be entitled to all Severance Benefits, conditioned upon receipt of a written release by the Executive of any claims against the Company
or its subsidiaries, except those claims arising under this Agreement or any other written plan or agreement, which shall be specifically noted in such release. 
  

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 2.2 Payment of Benefits. The
Severance Benefits described in Sections 1.9(i) through 1.9(vii) shall be paid in cash within 30 days of a Qualifying Termination. 
  
 2.3 Duration of Benefits. The Severance Benefits described in Section 1.9(viii) shall be provided to Executive at the same premium cost as in effect
immediately prior to the Qualifying Termination. The welfare Severance Benefits described in Section 1.9(viii) shall be provided following the Qualifying Termination until the earlier of (i) the third anniversary of the Qualifying
Termination or (ii) the date Executive receives substantially equivalent welfare benefits from a subsequent employer. 
  
 3 NON-QUALIFYING TERMINATIONS 
  
 3.1 Voluntary; for Cause; Death. Following a Change in Control, if Executive’s employment is terminated (i) voluntarily by Executive without Good Reason, (ii) involuntarily by the Company for
Cause or (iii) due to death, Executive shall be entitled to Base Salary and benefits accrued through the date of termination and Executive’s entitlement to all other benefits shall be determined in accordance with the Company’s
retirement, insurance and other applicable plans, policies, practices and arrangements. Thereafter, the Company shall have no further obligations to Executive hereunder. 
  
 4 NOTICE OF TERMINATION 
  
 4.1 Notice by Executive or Company. Any termination by Executive for Good Reason or by the Company for Cause shall be communicated by written notice given to the
other in accordance with Section 9.2 hereof and which: 
  

	 	(i)	indicates the specific termination provision in this Agreement relied upon; 

  

	 	(ii)	sets forth in reasonable detail the facts and circumstances claimed to provide a basis for termination under the provision indicated to the extent possible; and

  

	 	(iii)	specifies the termination date (which date shall not be more than 30 days after the giving of such notice). 

  
 4.2 Failure to Give Notice. The failure by Executive or the Company to set forth in
the notice of termination required by Section 4.1 any fact or circumstance which contributes to a showing of Good Reason or Cause shall not waive any right of Executive or the Company, respectively, hereunder or preclude Executive or the
Company, respectively, from asserting such fact or circumstance in enforcing Executive’s or the Company’s rights hereunder. 
  
 5 TAX PAYMENTS 
  
 5.1 Excise Tax Payments. (i) Anything in this Agreement to the contrary notwithstanding and except as set forth below, if it is determined that any payment or distribution by the Company to or for the
benefit of Executive (whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise, but determined without regard to any additional payments required under this Section 5) (a “Payment”)
would be subject to the excise tax imposed by Section 4999 of the Code, or any interest or penalties are incurred by Executive with respect to such excise tax (such excise tax, together with any such interest and penalties, are hereinafter
collectively referred to as the “Excise Tax”), then Executive shall be entitled to receive an additional payment (a “Gross-Up Payment”) in an amount such that after payment by Executive of all taxes (including any interest or
penalties imposed with respect to such taxes), including, without limitation, any income taxes (and any interest and penalties imposed with respect thereto) and Excise Tax imposed upon the Gross-Up Payment, Executive retains an amount of the
Gross-Up Payment equal to the Excise Tax imposed upon the Payments. Notwithstanding the foregoing provisions of this Subsection 5(i), if it is determined that Executive is entitled to a Gross-Up Payment, but that Executive, after taking into account
the Payments and the Gross-Up Payment, would not receive a net after-tax benefit of at least $50,000 (taking into account both income taxes and any Excise Tax) as compared to the net after-tax proceeds to Executive resulting from an elimination of
the Gross-Up Payment and a reduction of the Payments, in the aggregate, to an amount (the “Reduced Amount”) such that the receipt of Payments would not give rise to any Excise Tax, then no Gross-Up Payment shall be made to Executive and
the Payments, in the aggregate, shall be reduced to the Reduced Amount. 
  

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 (ii) Subject to the provisions of Subsection
5(iii), all determinations required to be made under this Section 5, including whether and when a Gross-Up Payment is required and the amount of such Gross-Up Payment and the assumptions to be utilized in arriving at such determination, shall
be made by PricewaterhouseCoopers or such other certified public accounting firm as may be designated by Executive (the “Accounting Firm”) which shall provide detailed supporting calculations both to the Company and Executive within 15
business days of the receipt of notice from Executive that there has been a Payment, or such earlier time as is requested by the Company. If the Accounting Firm is serving as accountant or auditor for the individual, entity or group effecting the
Change in Control, Executive shall appoint another nationally recognized accounting firm to make the determinations required hereunder (which accounting firm shall then be referred to as the Accounting Firm hereunder). All fees and expenses of the
Accounting Firm shall be borne solely by the Company. Any Gross-Up Payment, as determined pursuant to this Section 5, shall be paid by the Company to Executive within five days of the receipt of the Accounting Firm’s determination. Any
determination by the Accounting Firm shall be binding upon the Company and Executive. As a result of the uncertainty in the application of Section 4999 of the Code at the time of the initial determination by the Accounting Firm hereunder, it is
possible that Gross-Up Payments which will not have been made by the Company should have been made (“Underpayment”), consistent with the calculations required to be made hereunder. If the Company exhausts its remedies pursuant to
Subsection 5(iii) and Executive thereafter is required to make a payment of any Excise Tax, the Accounting Firm shall determine the amount of the Underpayment that has occurred and any such Underpayment shall be promptly paid by the Company to or
for the benefit of Executive. 
  
 (iii) Executive shall notify the Company in
writing of any claim by the Internal Revenue Service that, if successful, would require the payment by the Company of the Gross-Up Payment. Such notification shall be given as soon as practicable but no later than ten business days after Executive
is informed in writing of such claim and shall apprise the Company of the nature of such claim and the date on which such claim is requested to be paid. Executive shall not pay such claim prior to the expiration of the 30-day period following the
date on which it gives such notice to the Company (or such shorter period ending on the date that any payment of taxes with respect to such claim is due). If the Company notifies Executive in writing prior to the expiration of such period that it
desires to contest such claim, Executive shall: 
  

	 	(a)	give the Company any information reasonable requested by the Company relating to such claim, 

  

	 	(b)	take such action in connection with contesting such claim as the Company shall reasonably request in writing from time to time, including, without limitation, accepting legal
representation with respect to such claim by an attorney reasonably selected by the Company, 

  

	 	(c)	cooperate with the Company in good faith in order effectively to contest such claim, and 

  

	 	(d)	permit the Company to participate in any proceedings relating to such claim; 

  

provided, however, that the Company shall bear and pay directly all costs and expenses (including additional interest and penalties) incurred in connection with
such contest and shall indemnify and hold Executive harmless, on an after-tax basis, for any Excise Tax or income tax (including interest and penalties with respect thereto) imposed as a result of such representation and payment of costs and
expenses. Without limitation on the foregoing provisions of this Subsection 5(iii), the Company shall control all proceedings taken in connection with such contest and, at its sole option, may pursue or forgo any and all administrative appeals,
proceedings, hearings and conferences with the taxing authority in respect of such claim and may, at its sole option, either direct Executive to pay the tax claimed and sue for a refund or to contest the claim in any permissible manner, and
Executive agrees to prosecute such contest to a determination before any administrative tribunal, in a court of initial jurisdiction and in one or more appellate courts, as the Company shall determine; provided, however, that if the Company
directs Executive to pay such claim and sue for a refund, the Company shall advance the amount of such payment to Executive, on an interest-free basis, and shall indemnify and hold Executive harmless, on an after-tax basis, from any Excise Tax or
income tax (including interest or penalties with respect thereto) imposed with respect to such advance or with respect to any imputed income with respect to such advance; and further provided that any extension of the statute of limitations
relating to payment of taxes for the taxable year of Executive with respect to which such contested amount is claimed to be due is limited solely to such contested amount. Furthermore, the 

  

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Company’s control of the contest shall be limited to issues with respect to which a Gross-Up Payment would be payable hereunder, and Executive shall be
entitled to settle or contest, as the case may be, any other issue raised by the Internal Revenue Service or any other taxing authority. 
  
 (iv) If, after the receipt by Executive of an amount advanced by the Company pursuant to Subsection 5(iii), Executive becomes entitled to receive any refund with respect
to such claim, Executive shall (subject to the Company’s complying with the requirements of Subsection 5(iii) promptly pay to the Company the amount of such refund (together with any interest paid or credited thereon after taxes applicable
thereto). If after the receipt by Executive of an amount advanced by the Company pursuant to Subsection 5(iii), a determination is made that Executive shall not be entitled to any refund with respect to such claim and the Company does not notify
Executive in writing of its intent to contest such denial of refund prior to the expiration of 30 days after such determination, then such advance shall be forgiven and shall not be required to be repaid and the amount of such advance shall offset,
to the extent thereof, the amount of Gross-Up Payment required to be paid. 
  
 5.2
Tax Withholding. The Company may withhold from any amounts payable under this Agreement such federal, state, local or foreign taxes as shall be required to be withheld pursuant to any applicable law or regulation. 
  
 6 EXTENT OF COMPANY’S OBLIGATIONS 
  
 6.1 No Set-Off, Etc. The Company’s obligation to make the payments and
perform it obligations hereunder shall not be affected by any set-off, counterclaim, recoupment, defense or other claim, right or action which the Company may have against Executive or others. All payments by the Company hereunder shall be final,
and the Company shall not seek to recover from Executive any part of any payment for any reason whatsoever. 
  
 6.2 No Mitigation. In no event shall Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to Executive under any provision hereof, and such
amounts shall not be reduced whether or not Executive obtains other employment except to the extent contemplated by Section 2.3 hereof. 
  
 6.3 Payment of Legal Fees and Costs. The Company agrees to pay as incurred, to the full extent permitted by law, all legal fees and expenses which Executive may
reasonably incur as a result of any contest (regardless of the outcome thereof) by the Company, Executive or others of the validity or enforceability of, or liability under, any provision of this Agreement or any guarantee of performance thereof
(including as a result of any contest by Executive about the amount of payment pursuant to this Agreement), plus in each case interest on any delayed payment at the applicable federal rate provided for in Section 7872(f)(2)(A) of the Code.

  
 6.4 Arbitration. Executive shall have the right to have settled by
arbitration any dispute or controversy arising in connection herewith. Such arbitration shall be conducted in accordance with the rules of the American Arbitration Association before a panel of three arbitrators sitting in a location selected by
Executive. Judgment may be entered on the award of the arbitrators in any court having proper jurisdiction. All expenses of such arbitration shall be borne by the Company in accordance with Section 6.3 hereof. 
  
 7 TERM 
  

7.1 Initial Term. The term of this Agreement shall be two years from the date hereof. 
  
 7.2 Renewal. The terms of this Agreement automatically shall be extended for successive one-year terms unless canceled by the Company
by written notice to Executive not less than six months prior to the end of any term. 
  
 7.3 Effect of Change in Control. Notwithstanding Sections 7.1 and 7.2 to the contrary, the Company may not cancel this Agreement following a Change in Control. 
  
 8 SUCCESSORS 
  
 8.1 This Agreement is personal to Executive and without the prior written consent of the Company shall not be assignable by Executive otherwise than by will or the laws
of descent and distribution. This Agreement shall inure to the 

  

 6 

  
 
benefit of and be enforceable by Executive’s legal representatives. Executive may from time to time designate in writing one or more persons or entities
as primary and/or contingent beneficiaries of any Severance Benefit owing to Executive hereunder. 
  
 8.2 This Agreement shall inure to the benefit of and be binding upon the Company and its successors and assigns. 
  
 8.3 The Company shall require any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all or substantially all of the business
and/or assets of the Company to assume expressly and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place. For purposes hereof,
“Company” means the Company as hereinbefore defined and any successor to its business and/or assets as aforesaid which assumes and agrees to perform this Agreement by operation of law or otherwise. 
  
 9 MISCELLANEOUS 
  
 9.1 Heading. The headings are not part of the provisions hereof and shall have no force or effect. 
  
 9.2 Notices. All notices and other communications hereunder shall be in writing and
shall be given by hand delivery or by registered or certified mail, return receipt required, postage prepaid, addressed as follows: 
  

			
	if to the Company:	  	Raytheon Company
	 	  	 870 Winter Street
 Waltham, Massachusetts
02451
 Attention:    General Counsel

		
	if to Executive:      	  	 

  
 or to such other address as either
party shall have furnished to the other in writing in accordance herewith. Notice and communications shall be effective when actually received. 
  
 9.3 Severability. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision
hereof. 
  
 9.4 Compliance; Waiver. Executive’s or the Company’s
failure to insist upon strict compliance with any provision hereof or failure to assert any right hereunder, including without limitation the right of Executive to terminate employment for Good Reason pursuant to Section 2.1 hereof, shall not
be deemed to be a waiver of such provision or right or any other provision or right hereof. 
  
 9.5 Employment Status. Executive and Company acknowledge that except as may otherwise be provided under any other written agreement between Executive and the Company, the employment of Executive by the Company
is “at will” and prior to a Change in Control may be terminated at any time by Executive or the Company. Following a Change in Control, the provisions of this Agreement shall supersede any other agreement between the parties with respect
to the subject matter hereof. 
  
 IN WITNESS WHEREOF, the parties have
executed this Agreement as of the date first above written. 
  

									
	Raytheon Company	 	 	 	 
					
	By:	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	    Executive

  

 7

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