Document:

ssb_Ex10_3

		
			Exhibit 10.3
		

		
			 
		

		
			Restricted Stock Unit Agreement
		

		
			 
		

		
			This Restricted Stock Unit Agreement (the “Agreement”) is made and entered into as of _____________, 20__ (the “Date of Grant”) by and between sOUTH STATE CoRPORATION, a South Carolina corporation (the “Company”), and [EMPLOYEE NAME], an individual residing in [CITY«County», STATE] (the “Participant”).  Capitalized terms in this Agreement that are not otherwise defined shall have the same meaning as set forth in the Company’s  2019 Omnibus Incentive Plan, a copy of which is attached as Exhibit A  (as amended from time to time,  the “Plan”).
		

		
			Section 1.       Purpose. The purpose of this Agreement is to reflect the terms and conditions of the award to the Participant of restricted stock units (referred to herein as “Restricted Stock Units” or “RSUs”) in consideration of the services to be rendered by the Participant to the Company or any of its Subsidiaries.
		

		
			Section 2.        Award of Restricted Stock Units.  Pursuant to Article VIII of the Plan,  Participant is awarded an Award of Restricted Stock Units, subject to the following and the terms and conditions of this Agreement and the Plan:
		

		
			Total Restricted Stock Units Awarded:          ___________________
		

		
			 
		

		
			Date of Grant:  _____________ , 20__
		

		
			 
		

		
			Each Restricted Stock Unit represents the right to receive one share of Common Stock pursuant to the terms of the Plan and this Agreement.  
		

		
			 
		

		
			Section 3.        Vesting Conditions.
		

		
			(a)        Fundamental Condition.  Subject to any exceptions set forth in Section 4 herein, no Restricted Stock Units may be settled and delivered to a Participant prior to vesting under this Agreement.
		

		
			(b)        Determination of Vested RSUs (Cliff Vesting).  The Restricted Stock Units will vest on the fourth (4th) anniversary  of the Date of Grant  (the “Cliff Vesting Date”), subject to Participant’s continued employment through the Cliff Vesting Date and subject to acceleration of vesting in accordance with Section 4 of this Agreement.
		

		
			(c)        Settlement and Delivery of Vested RSUs.  Upon vesting of any Restricted Stock Units, vested Restricted Stock Units will be settled and delivered to the Participant in a lump sum paid no later than the March 15 of the calendar year following the calendar year in which the Restricted Stock Units vest, subject to any delay required under Section 14.10 of the Plan.
		

		
			(d)        Vesting of Whole Restricted Stock Units.  All Restricted Stock Units that are entitled to settlement and delivery will be rounded to the nearest whole number (and 0.5 shall round to 1) of Restricted Stock Units and thus shares of Common Stock.
		

		
			

		 

		

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			Section 4.        Accelerated Vesting.
		

		
			(a)        Acceleration Upon Change of Control.  If a Change of Control occurs after the Date of Grant and prior to the Participant’s termination of employment with the Company, 100% of the outstanding Restricted Stock Units shall be vested.   
		

		
			(b)        Change of Control Adjustment.  If a Change of Control occurs after the Date of Grant and if the Participant is entitled under any agreement or arrangement to receive compensation that would constitute a parachute payment (including the acceleration of rights to settlement and delivery (vesting) of Restricted Stock Units under this Agreement and any other equity award agreement with the Company) within the meaning of Code Section 280G, the acceleration of any vesting under Section 4(a) shall be cancelled or other CIC Payments (as defined below) shall be reduced to the extent necessary to cause the aggregate present value of all payments in the nature of compensation to the Participant that are contingent on a change in the ownership or effective control of the Company or in the ownership of a substantial portion of the assets of the Company (the “CIC Payments”) not to exceed 2.99 times the “base amount,” all within the meaning of Code Section 280G.  Such cancellation of vesting or other reductions in CIC Payments shall be made, in all cases: (i) if and to the extent not already provided, accelerated, granted or paid, as applicable, on account of other CIC Payments prior to the date of such cancellation, (ii) only to the least extent necessary so that no portion of the CIC Payments after such cancellation or reduction thereof shall be subject to the excise tax imposed by Code Section 4999, and (iii) in a manner that results in the best economic benefit to the Participant (in applying these principles, any cancellation of vesting or other reduction in CIC Payments shall be made in a manner consistent with the requirements of Section 409A of the Code, and where Tax Counsel (as defined below) determines that two economically equivalent amounts are subject to reduction but payable at different times, such amounts shall be reduced on a pro rata basis but not below zero). All determinations required to be made under this Section 4(b), and the assumptions to be utilized in arriving at such determinations, shall be made by “Tax Counsel” (which shall be a law firm, compensation consultant or accounting firm appointed by the Company) which shall provide its determinations and any supporting calculations to the Company within 10 business days of having made such determination. Tax Counsel shall consult with any compensation consultants, accounting firm and/or other legal counsel selected by the Company in determining which payments to, or for the benefit of, the Participant are to be deemed to be CIC Payments. In connection with making determinations under this Section 4(b), Tax Counsel shall take into account, to the extent applicable, the value of any reasonable compensation for services to be rendered (or for refraining from performing services) by the Participant before or after the Change of Control.  
		

		
			Notwithstanding the foregoing, if the Participant is a party to an employment or other agreement with the Company, or is a participant in a severance program sponsored by the Company, that contains express provisions regarding Section 280G and/or Section 4999 of the Code (or any similar successor provision) that apply to this Agreement, the Section 280G and/or Section 4999 provisions of such employment or other agreement or plan, as applicable, shall control as to this Agreement (for example, and without limitation, the Participant may be a party to an employment agreement with the Company that provides for a “gross-up” as opposed to a “cut-back” in the event that the Section 280G thresholds are reached or exceeded in connection 

		 

		

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with a Change of Control and, in such event, the Section 280G and/or Section 4999 provisions of such employment agreement shall control as to this Agreement).         
		

		
			(c)        Acceleration Upon Death.  If the Participant dies prior to the vesting of all Restricted Stock Units under Section 3(b) herein, 100% of the outstanding unvested Restricted Stock Units shall be vested.
		

		
			(d)        Definitions.  For purposes of this Agreement,  “Change of Control” means a Change of Control as defined in the Plan that occurs after the Date of Grant and that constitutes a “change in control event” with respect to the Participant as defined in U.S. Treasury Regulations Section 1.409A-3(i)(5).
		

		
			Section 5.        Forfeiture or Clawback for Misconduct.  
		

		
			(a)        Continuance of Employment Required.  Except to the extent otherwise expressly provided in Section 4  herein and this Section 5, when the Participant’s employment with the Company and its Subsidiaries terminates, all of the Restricted Stock Units not vested under Section 3(b) or Section 4  shall be cancelled and forfeited.  All Restricted Stock Units, and any shares of Common Stock issued hereunder (and any proceeds from the sale or disposition thereof), are subject to repayment, recoupment, clawback, forfeiture, ineligibility, reduction and/or elimination as set forth in Section 11(p) below.
		

		
			(b)        Non-violation of Covenants Required.  If at any point after the Date of Grant and before the final payment under Section 3(c) herein, the Participant violates the covenants set forth in Section 10 of this Agreement or in any agreement between the Company and the Participant regarding confidentiality, nonsolictation of customers or employees, or similar restrictions, all Restricted Stock Units shall be cancelled and forfeited. 
		

		
			Section 6.        Nonassignability.  Subject to any exceptions set forth in this Agreement or the Plan, during the period from the Date of Grant and until such time as the Restricted Stock Units are settled in accordance with Section 8 of this Agreement, the Restricted Stock Units or the rights relating thereto may not be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by the Participant.  Any attempt to assign, alienate, pledge, attach, sell or otherwise transfer or encumber the Restricted Stock Units or the rights relating thereto shall be wholly ineffective and, if any such attempt is made, the Restricted Stock Units will be forfeited by the Participant and all of the Participant’s rights to such units shall immediately terminate without any payment or consideration by the Company.
		

		
			Section 7.        Rights as Shareholder.
		

		
			(a)        The Participant shall not have any rights of a shareholder with respect to the Restricted Stock Units or the shares of Common Stock underlying the Restricted Stock Units (including, without limitation, any voting rights or any right to dividends paid with respect to the shares of Common Stock underlying the Restricted Stock Units) unless and until the Restricted Stock Units are settled in a specified number of Shares in accordance with Section 8 herein.
		

		
			(b)        Upon and following the settlement of the Restricted Stock Units, the Participant shall be the record owner of the shares of Common Stock underlying the Restricted Stock Units 

		 

		

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unless and until such shares are sold or otherwise disposed of, and as record owner shall be entitled to all rights of a shareholder of the Company (including voting rights). 
		

		
			Section 8.       Settlement of Restricted Stock Units.   Outstanding vested Restricted Stock Units that vest will be paid in an equivalent number of shares of Common Stock (either by delivering one or more certificates for such shares or by entering such shares in book entry form, as determined by the Company in its discretion) and will be entitled to settlement and delivery (a) with respect to Restricted Stock Units that vest under Section 3(b), as set forth in Section 3(c), and (b) with respect to Restricted Stock Units that vest under Section 4, five (5) days after the applicable date upon which they vest, and such payment shall be in complete satisfaction of such Restricted Stock Units.  Delivery of any certificates will be made to the Participant’s last address reflected on the books of the Company or its Subsidiaries unless the Company is otherwise instructed in writing.    Notwithstanding anything to the contrary in the Plan or this Agreement, it will not be a violation of the Plan or this Agreement (and the Participant will have no right to damages) if the Company delivers the appropriate number of shares of Common Stock (either by delivering one or more certificates for such shares or by entering such shares in book entry form, as determined by the Company in its discretion) during the period permitted by Section 409A of the Code.
		

		
			Section 9.        Tax Liability and Withholding.
		

		
			(a)        The Participant shall be required to pay to the Company, and the Company shall have the right to deduct from any compensation paid to the Participant pursuant to the Plan (including, for the avoidance of doubt, by withholding vested shares of Common Stock deliverable upon vesting of the Restricted Stock Units), the amount of any required withholding taxes in respect of the Restricted Stock Units and to take all such other action as the Committee deems necessary to satisfy all obligations for the payment of such withholding taxes.  Consistent with the terms of Section 14.2 of the Plan, if Participant fails to make such tax payments as required, the Company shall, to the extent permitted by law, have the right to deduct from any payment of any kind otherwise due to Participant all federal, state and local taxes of any kind required by law to be withheld with respect to the Shares.   
		

		
			(b)        Notwithstanding any action the Company takes with respect to any or all income tax, social insurance, payroll tax, or other tax-related withholding (“Tax-Related Items”), the ultimate liability for all Tax-Related Items is and remains the Participant’s responsibility and the Company (i) makes no representation or undertakings regarding the treatment of any Tax-Related Items in connection with the award, vesting or settlement of the Restricted Stock Units or the subsequent sale of any shares; and (ii) does not commit to structure the Restricted Stock Units to reduce or eliminate the Participant’s liability for Tax-Related Items.
		

		
			(c)        The Participant may elect to deliver whole, vested shares of Common Stock, to have the Company withhold whole vested shares of Common Stock deliverable upon vesting of the Restricted Stock Units  (and/or,  for the avoidance of doubt subject to Section 9(a) above, to pay cash to the Company) in order to satisfy, in whole or in part, up to the maximum applicable statutory withholding amount, if any, the Company may withhold for taxes in respect of the Restricted Stock Units (or, if applicable, such lesser amount as may be necessary to avoid classification of the award as a liability for financial accounting purposes).  Such election must be 

		 

		

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made on or before the date the amount of tax to be withheld is determined.  Once made, the election shall be irrevocable.  The fair market value of the shares to be withheld or delivered will be deemed to be the Fair Market Value as of the date the amount of tax to be withheld is determined. 
		

		
			 
		

		
			Section 10.      Protective Covenants.  The Participant acknowledges and agrees that the Company has developed and possesses intellectual property, Customer Information (as defined below), Trade Secrets (as defined below) and Confidential Information (as defined below) to assist it in its business.  The Participant further acknowledges and agrees that the Company has substantial relationships with prospective or existing customers, as well as customer goodwill associated with its ongoing business.  The Company employs or will employ the Participant in a position of trust and confidence.  The Participant therefore acknowledges and agrees that the Company has a right to protect these legitimate business interests.  Therefore, in consideration of (i) the Company entering into (and to induce the Company to enter into) this Agreement and the Company’s  agreements, covenants and obligations under this Agreement (and regardless of whether or not any Restricted Stock Units vest and become entitled to settlement and delivery), (ii) the time, investment and cost the Company has incurred and may continue to incur to develop and enhance the Participant’s skills and business contacts,  (iii) the Participant’s access to Customer Information,  Trade Secrets or Confidential Information, and (iv) the  Participant’s contact with the Company’s employees, customers and prospects, the Participant hereby agrees to the protective covenants in this Section 10.  The Participant expressly agrees that the covenants in this Section 10 shall continue in effect during the Participant’s employment with the Company and also, in accordance with the terms of the respective covenants in this Section 10, after the date the Participant’s employment with the Company terminates for any reason (regardless of whether the Participant is then entitled to receive any further payments or benefits from the Company).  For purposes of this Section 10,  references to the “Company” shall mean the Company together with its Subsidiaries.    The Participant understands and agrees that the agreements, covenants and obligations in this Section 10 exist independently of and are in addition to  (and are not in lieu of and, except for Section 10(b)(ii)(Certain Limitations), do not limit or modify) any other agreements, covenants and obligations by which the Participant may be bound by or to which the participant may be subject by contract, or by applicable law or regulation, with respect to confidential or proprietary information, noncompetition and/or or non-solicitation;  provided that, notwithstanding the foregoing, if the Participant is a party to an employment agreement, employment and noncompetition agreement, change in control agreement or similar written, executed agreement (other than a Company equity grant agreement, such as an Award Agreement) with the Company or any of its Subsidiaries that contains express confidentiality and non-solicitation provisions (for the avoidance of doubt, whether such agreement is in effect as of the date hereof or such agreement is entered into hereafter) (an “Express Restrictive Covenants Agreement”), then such Express Restrictive Covenants Agreement shall not be modified, amended or superseded by this Agreement (except for Section 10(b)(ii)(Certain Limitations)), and the confidentiality and non-solicitation provisions (and any non-compete provisions) of such Express Restrictive Covenants Agreement shall supersede this Section 6 (except for Section 10(fb)(ii)(Certain Limitations) and be in substitution for this Section 6 (except for Section 10(b)(ii)(Certain Limitations)), which shall apply to such Express Restrictive Covenants Agreement) as if incorporated herein by such reference and the Participant hereby reconfirms and agrees that the Participant will comply with the confidentiality and non-solicitation provisions (and 

		 

		

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any non-compete provisions) of such Express Restrictive Covenants Agreement (subject to Section 10(b)(ii)(Certain Limitations)).
		

		
			 
		

		
			 
		

		
			(a)        Confidential Information.  The Participant agrees at all times to hold in strictest confidence, and not to use, except for the benefit of the Company, any of the Company’s  Trade Secrets,  Customer Information or Confidential Information or to disclose to any person, firm or entity any of the Company’s  Trade Secrets,  Customer Information or Confidential Information except (i) as authorized in writing by the Company’s  Board of Directors or the Committee, (ii) as authorized by a senior executive officer of the Company, or (iii) as required by law; provided that, with respect to Confidential Information that does not constitute a Trade Secret or Customer Information, the Participant’s obligations under this Section 10(a) shall terminate on the second anniversary of the Participant’s termination of employment with the Company.  
		

		
			 
		

			
	
			
				 (i)
			For purposes of this Agreement,  “Trade Secrets” shall mean any of the Company’s  trade secrets, as such term is defined in Section 39-8-20 of the South Carolina Trade Secrets Act as in effect on the date of this Agreement.

		
			 
		

		
			(ii)        For purposes of this Agreement,  “Confidential Information” shall mean any data and information  (which includes, without limitation, Trade Secrets,  Customer Information,  methods of operation, names of customers, price lists, financial information and projections, route books, personnel data, and similar information): (A) relating to a business of the Company, regardless of whether the data or information constitutes a Trade Secret or Customer Information; (B) disclosed to Participant or of which he/she became aware of as a consequence of Participant’s relationship with the Company; (C) having value to the Company;  and (D) not generally known to competitors of the Company;  provided,  however, that Confidential Information shall not mean data or information which has been voluntarily disclosed to the public by the Company, except where such public disclosure has been made by the Participant without authorization from the Company, which has been independently developed and disclosed by others (not as a consequence of or in connection with the Participant’s relationship with the Company), or which has otherwise entered the public domain through lawful means. 
		

		
			 
		

		
			(iii)       For purposes of this Agreement,  “Customer Information” shall mean any data and information (A) relating to a customer or prospective customer of the Company, regardless of whether the data or information constitutes Confidential Information; and (B) disclosed to Participant or of which he/she became aware of as a consequence of Participant’s relationship with the Company;  provided,  however, that Customer Information shall not mean data or information which has been voluntarily disclosed to the public by the Company, except where such public disclosure has been made by the Participant without authorization from the Company (or the applicable customer or prospective customer of the Company), which has been independently developed and disclosed by others (not as a consequence of or in connection with the Participant’s relationship with the Company) or which has otherwise entered the public domain through lawful means.
		

		
			 
		

		
			

		 

		

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			(b)        Enforceability; Certain Limitations. 
		

		
			 
		

			
	
			
				 (i)
			Enforceability.  The Participant acknowledges and agrees that that should any provision or any part of a provision (including any sentence, clause, phrase, or word) of any covenant set forth in this Section 10 be held invalid, void or unenforceable in any court of competent jurisdiction, such invalidity, voidness or unenforceability shall not render invalid, void or unenforceable any other part or provision of this Agreement (including, as an example and without limitation, the remainder of the provision that contains the invalid, void or unenforceable sentence, clause, phrase or word).  The Participant acknowledges and agrees that the existence of any claim or cause of action by the Participant against the Company, whether predicated upon this or any other contract, shall not constitute a defense to the enforcement by the Company of such covenants.

		
			 
		

			
	
			
				 (ii)
			Certain Limitations. Except with respect to information covered by 17 C.F.R. 240.21F-4(b)(4)(i) or 17 C.F.R. 240.21F-4(b)(4)(ii) related to the legal representation of a Company, notwithstanding anything in this Agreement, in any Company policy or in any other agreement with the Company to the contrary, nothing in this Agreement, or in any Company policy or any other agreement with the Company shall prohibit or impede (or be enforced by the Company, or construed, in a manner that would prohibit or impede) Participant from:  (i) testifying in any lawsuit, (ii) reporting conduct to, providing truthful information to, or participating in any investigation or proceeding conducted by any federal or state government agency or self-regulatory organization in accordance with the Securities Exchange Act of 1934 or the Sarbanes-Oxley Act of 2002, or any other provisions of state or federal law or regulation, (iii) receiving an award in accordance with Section 21F of Securities Exchange Act of 1934 or Rule 21F promulgated thereunder, or (iv) engaging in any activity described in clauses (i),  (ii) or (iii) without providing notification to or prior approval by the Company.

		
			 
		

		
			(c)        Amendment.  If any portion of the provisions of this Section 10 is found to be invalid or unenforceable by a court of competent jurisdiction because its duration, scope, the definition of activities or the definition of information covered is considered to be invalid or unreasonable in scope, the Company and the Participant agree to enter into an amendment to this Agreement pursuant to which the invalid or unreasonable term shall be redefined, or a new enforceable term provided, such that the intent of the Company and the Participant in agreeing to the provisions of this Agreement will not be impaired, and the provision in question shall be enforceable, to the fullest extent of the applicable laws.
		

		
			 
		

		
			(d)        Remedy for Breach.  The Participant agrees that a breach of any of the covenants of this Section 10 would cause material and irreparable harm to the Company that would be difficult or impossible to measure, and that damages or other legal remedies available to the Company for any such injury would, therefore, be an inadequate remedy for any such breach.  Accordingly, the Participant agrees that if the Participant breaches any term of this Section 10, the Company shall be entitled, in addition to and without limitation upon all other remedies the Company may have under this Agreement, at law or otherwise, to obtain injunctive or other appropriate equitable relief, without bond or other security, to restrain any such breach.  Claims for damages and equitable relief in any court shall be available to the Company in lieu of, or prior 

		 

		

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to or pending determination in any arbitration proceeding. In the event the enforceability of any of the terms of this Agreement shall be challenged in court and the Participant is not enjoined from breaching any of the protective covenants, then if a court of competent jurisdiction finds that the challenged protective covenant is enforceable, the time periods shall be deemed tolled upon the filing of the lawsuit challenging the enforceability of this Agreement until the dispute is finally resolved and all periods of appeal have expired.
		

		
			 
		

		
			(e)        Notice of Rights Under Section 7 of the Defend Trade Secrets Act (DTSA).  This Section 10(e)  provides the Participant with notice as required under Section 7 of the Defend Trade Secrets Act that an individual will not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that is made in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney solely for the purpose of reporting or investigating a suspected violation of the law or is made in a complaint or other document filed in a lawsuit or other proceeding, if that filing is made under seal. This Section 10(e)  also provides notice that an individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use the trade secret information in court proceedings, if the individual files any document containing the trade secret under seal and does not disclose the trade secret, except under court order.
		

		
			 
		

		
			(f)        Return of information.  The Participant acknowledges that all information, the disclosure of which is prohibited by Section 10(a) above, is of a confidential and proprietary character and of great value to the Company and shall remain the exclusive property of the Company.  Upon the termination of employment with the Company, the Participant agrees to immediately deliver to the applicable Company entity all records, calculations, memoranda, papers, data, lists, and documents of any description which refer to or relate in any way to such information and to return to the applicable Company entity any of its equipment and property which may then be in the Participant’s possession or under the Participant’s  control.
		

		
			 
		

		
			(g)        No Removal of Information.  Except as necessary to perform the Participant’s  job with the Company, under no circumstances shall the Participant remove from the Company’s offices any of the Company’s  books, records, documents, blueprints, customer lists, any other stored information whether stored as paper, electronically or otherwise, or any copies thereof, without the written permission of the Company; nor shall the Participant make any copies of such books, records, documents, blueprints, customer lists, or other stored information for use outside of the Company’s offices except as specifically authorized by the Company or as necessary to perform the Participant’s  job with the Company.
		

		
			 
		

		
			Section 11.      Miscellaneous.
		

		
			(a)        As additional consideration for this Agreement, the Company hereby agrees that in the event the Participant’s employment with the Company and its Subsidiaries is terminated by the Company for any reason other than for Cause (as defined below), the Company hereby agrees to provide the Participant with 30 days’ notice of such termination; provided,  however, that the Company, in its sole discretion, may fully satisfy this notice obligation via payment to the Participant of 30 days’ base salary in lieu of such notice. For purposes of this Section 11, “Cause” shall mean: (i) Participant’s failure to failure to comply in any material respect with applicable 

		 

		

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policies, standards or regulations of the Company or any Subsidiary that employs the Participant; (ii) the commission of an act by Participant constituting dishonesty or fraud against the Company or any of its Subsidiaries; (iii)  Participant is charged with a felony; (iv) habitual absenteeism by Participant; (v) Participant is determined to have been on the job while under the influence of alcohol, unauthorized or illegal drugs, prescription drugs that have not been prescribed for the Participant, or other substances that have the potential to impair the Participant’s judgment or performance; (vi) the commission of an act by Participant involving gross negligence or moral turpitude that brings the Company or any of its Subsidiaries into public disrepute or disgrace or causes material harm to the customer relations, operations or business prospects of the Company or its Subsidiaries; (vii)  Participant brings firearms or weapons into the workplace; (viii) Participant’s engagement in conduct which is in material contravention of any federal, state or local law or ordinance other than a minor offense which does not reflect or impact upon the Company or its Subsidiaries; (ix)  the Participant’s engagement  in sexual or any other form of illegal harassment or discrimination; or (x) a failure by Participant to comply with the last sentence of Section 11(p) below (regarding clawback policies).
		

		
			(b)        The Company and the Participant hereby mutually agree that this Agreement, and any claim or controversy arising out of or in any way related to this Agreement, shall be construed, administered and governed by the laws of the State of South Carolina (without giving effect to the principles of conflicts of laws thereof), except that Section 10 (Protective Covenants) shall be construed, administered and governed by the applicable laws of the state in which the Participant resides as of the date of this Agreement (without giving effect to the principles of conflicts of laws thereof).  The Company and the Participant further consent to the non-exclusive jurisdiction of the state and federal courts of the State of South Carolina for purposes of any action arising out of or related to this Agreement. 
		

		
			(c)        This Agreement and the Plan contain the entire agreement and understanding of the parties hereto with respect to the subject matter contained herein and supersede all prior communications, representations and negotiations in respect thereto.  This Agreement may not be modified, amended, supplemented or waived except by a writing signed by the parties hereto, and such writing must refer specifically to this Agreement.
		

		
			(d)        If any event described in Article XI of the Plan occurs after the Date of Grant, the adjustment provisions as provided for under Article XI of the Plan shall apply to this Award.
		

		
			(e)        By signing this Agreement,  the Participant acknowledges that he or she has received a copy of the Plan and has had an opportunity to review the Plan and agrees to be bound by all the terms and provisions of the Plan.  This Agreement is made pursuant to and is subject to the terms and conditions of the Plan, which is incorporated herein by reference.
		

		
			(f)        This Agreement, as amended from time to time, shall be binding upon, inure to the benefit of, and be enforceable by the heirs, successors and assigns of the parties hereto; provided,  however, that this provision shall not permit any assignment in contravention of the terms contained elsewhere herein.
		

		
			(g)        Nothing in this Agreement shall confer on the Participant any right to continue in the employ of the Company or any of its Subsidiaries.
		

		
			

		 

		

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			(h)        This Agreement is subject to the Plan.  The terms and provisions of the Plan as it may be amended from time to time are hereby incorporated herein by reference.  In the event of a conflict between any term or provision contained herein and a term or provision of the Plan, the applicable terms and provisions of the Plan will govern and prevail.  The Participant understands and agrees that, in accordance with the terms of the Plan, the Committee is permitted to allocate all or any portion of its responsibilities and powers to any one or more of its members and that the Committee is permitted to delegate all or any part of its responsibilities and powers under this Agreement to any person or persons selected by the Committee.
		

		
			(i)         Any notice required to be delivered to the Company under this Agreement shall be in writing and addressed to the Treasurer of the Company at the Company’s principal corporate offices.  Any notice required to be delivered to the Participant under this Agreement shall be in writing and addressed to the Participant at the Participant’s address as shown in the records of the Company.  Either party may designate another address in writing (or by such other method approved by the Company) from time to time.
		

		
			(j)         Any dispute regarding the interpretation of this Agreement shall be submitted by the Participant or the Company to the Committee for review.  The resolution of such dispute by the Committee shall be final and binding on the Participant and the Company.
		

		
			(k)        The Company may assign any of its rights under this Agreement.  This Agreement will be binding upon and inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer set forth herein, this Agreement will be binding upon the Participant and the Participant’s beneficiaries, executors, administrators and the person(s) to whom the Restricted Stock Units may be transferred by will or the laws of descent or distribution.
		

		
			(l)         The invalidity or unenforceability of any provision (including any sentence, clause, phrase, or word) of the Plan or this Agreement (or of any applicable clawback policy or recoupment provisions referenced in Section 11(p) below) shall not render invalid, void or unenforceable any other part or provision of the Plan or this Agreement (or of any applicable clawback policy or recoupment provisions referenced in Section 11(p) below) (including, as an example and without limitation, the remainder of the provision that contains the invalid, void or unenforceable sentence, clause, phrase or word), but rather each provision of the Plan and this Agreement (and of any applicable clawback policy or recoupment provisions referenced in Section 11(p) below) shall be severable and enforceable to the extent permitted by law.
		

		
			(m)       This Agreement is intended to comply with Section 409A of the Code or an exemption thereunder and shall be construed and interpreted in a manner that is consistent with the requirements for avoiding additional taxes or penalties under Section 409A of the Code.  Notwithstanding the foregoing, the Company makes no representations that the payments and benefits provided under this Agreement comply with Section 409A of the Code and in no event shall the Company be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by the Participant on account of non-compliance with Section 409A of the Code.
		

		
			(n)        The value of the Participant’s  Restricted Stock Units is not part of his/her normal or expected compensation for purposes of calculating any severance, retirement, welfare, 

		 

		

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insurance or similar employee benefit plan (“EB Plan”) unless otherwise provided by such EB Plan.  
		

		
			(o)        This Agreement may be executed in counterparts, each of which shall be deemed an original but all of which together will constitute one and the same instrument.  Counterpart signature pages to this Agreement transmitted by facsimile transmission, by electronic mail in portable document format (pdf), or by any other electronic means intended to preserve the original graphic and pictorial appearance of a document, will have the same effect as physical delivery of the paper document bearing an original signature.
		

		
			(p)        The Company reserves the right to amend the terms of this Agreement as may be necessary or appropriate to avoid adverse tax consequences under Section 409A of the Code or to comply with any requirements under (I) any Company clawback or recoupment policy regarding incentive compensation (any such policy, including such a policy that may be adopted to address a specific situation before or after the situation occurs and any policy that provides for forfeiture, ineligibility, reduction or elimination, as a result of misconduct, with respect to the amount of incentive compensation that would otherwise be paid or delivered, is referred to as a  “clawback policy”) that is in effect as of the date of this Agreement or that may hereafter be adopted by the Company or the Committee or (II) any “clawback” requirements under the Sarbanes–Oxley Act of 2002 or the Dodd-Frank Wall Street Reform and Consumer Protection Act to which the Company may be subject.   
		

		
			The Participant agrees that (i) any incentive payments to the Participant under any Company cash bonus plan,  (ii) these Restricted Stock Units and (iii) any shares of Common Stock issued hereunder (and any proceeds from the sale or disposition thereof), shall, to the fullest extent permitted by applicable law, be subject to any clawback or recoupment provisions (and to any provisions that provide for a forfeiture, ineligibility, reduction or elimination, as a result of misconduct, with respect to incentive compensation that would otherwise be paid or delivered) contained in: (x) the Plan; (y) any written incentive plan applicable to such cash bonus plan,  these Restricted Stock Units or shares of Common Stock issued hereunder (or proceeds from the sale or disposition thereof); or (z) any clawback policy or recoupment provision that is in effect as of the date of this Agreement or that is hereafter adopted by the Company or the Committee,  in each case as and to the extent set forth in any such clawback policy or recoupment provision (or any such provisions that provide for forfeiture, ineligibility, reduction or elimination, as a result of misconduct, with respect to incentive compensation that would otherwise be paid or delivered).    By accepting this Agreement, the Participant agrees to return to the Company the full amount required by any such clawback policy or any such clawback or recoupment provisions (and agrees to any such provisions that provide for forfeiture, ineligibility, reduction or elimination, as a result of misconduct, with respect to the amount of incentive compensation that would otherwise be paid or delivered) that are or hereafter become applicable to the Participant.
		

		
			 
		

		
			

		 

		

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			[Signatures appear on following page.]
		

		
			

		 

		

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IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first set forth above.
		

		
			 
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						SOUTH STATE CORPORATION,

				
	
					
						 

					
					
						a South Carolina corporation

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By: 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Name:

				
	
					
						 

					
					
						 

					
					
						Title:

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						PARTICIPANT

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Signature

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Print Name:

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Date Signed:

				

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

			Page 13 of 15

		

		

			 

		

 

 
		

		
			 
		

		
			Exhibit A
		

		
			 
		

		
			SOUTH STATE CORPORATION 
		

		
			2019 Omnibus INCENTIVE Plan
		

		
			 
		

		 

		

			Page 14 of 15Exhibit

L3 TECHNOLOGIES, INC.
AMENDED AND RESTATED
2008 LONG TERM PERFORMANCE PLAN
RESTRICTED STOCK UNIT AGREEMENT
(Version 0008)

This Restricted Stock Unit Agreement (this “Agreement”), effective as of the Grant Date (as defined below), is between L3 Technologies, Inc., a Delaware corporation (the “Corporation”), and the Participant (as defined below).

1.    Definitions.  The following terms shall have the following meanings for purposes of this Agreement:

(a)    “Award Letter” shall mean the letter to the Participant attached hereto as Exhibit A.    

(b)    “CIC Plan” shall mean the Corporation’s Amended and Restated Change in Control Severance Plan.

(c)    “Code” shall mean the Internal Revenue Code of 1986, as amended from time to time.

(d)    “Fair Market Value” shall have the meaning assigned to such term under the Plan.

(e)    “Good Reason” shall have the meaning assigned to such term under the CIC Plan.

(f)    “Grant Date” shall mean the “Grant Date” listed in the Award Letter.

(g)    “Participant” shall mean the “Participant” listed in the Award Letter.

(h)    “Restricted Units” shall mean that number of restricted units listed in the Award Letter as “Awards Granted.”

(i)    “Section 409A Change in Control Event” shall mean a change in ownership or effective control of the Corporation, or in the ownership of a substantial portion of the assets of the Corporation, within the meaning of Section 409A(a)(2)(A)(v) of the Code.

(j)    “Shares” shall mean a number of shares of the Corporation’s Common Stock, par value $0.01 per share, equal to the number of Restricted Units.

2.    Grant of Units.  The Corporation hereby grants the Restricted Units to the Participant, each of which represents the right to receive one Share upon the expiration or termination of the Restricted Period (as defined below), subject to the terms, conditions and restrictions set forth in the L3 Technologies, Inc. Amended and Restated 2008 Long Term Performance Plan (the “Plan”) and this Agreement.

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3.    Restricted Unit Account.  The Corporation shall cause an account (the “Unit Account”) to be established and maintained on the books of the Corporation to record the number of Restricted Units credited to the Participant under the terms of this Agreement.  The Participant’s interest in the Unit Account shall be that of a general, unsecured creditor of the Corporation.

4.    Restricted Period.  Except as otherwise provided in Sections 6 and 7 hereof, the “Restricted Period” shall mean the period beginning on the Grant Date and expiring on the third anniversary of the Grant Date.  Upon the expiration or termination of the Restricted Period, the Shares shall be issued to the Participant in accordance with Section 13.

5.    Nonalienation of Benefits.  No Participant or beneficiary shall have the power or right to transfer, anticipate, or otherwise encumber the Participant’s interest under this Agreement.  The provisions of this Agreement shall inure to the benefit of the Participant and the Participant’s beneficiaries, heirs, executors, administrators or successors in interest.

6.    Termination of Employment Following Change in Control During Restricted Period.  Upon the occurrence of the Participant’s termination of employment without Cause or termination for Good Reason occurring within two years following a “change in control” that constitutes a Section 409A Change in Control Event, the Restricted Period shall automatically terminate and the Shares shall thereafter be issued to the Participant in accordance with Section 13.  In the event of the Participant’s termination of employment without Cause or termination for Good Reason occurring within two years following a “change in control” that does not constitute a Section 409 Change in Control Event, the Restricted Period shall not be immediately affected, but shall subsequently terminate (and the Shares shall thereafter be issued to the Participant in accordance with Section 13) upon the earliest to occur of: (a) a Section 409A Change in Control Event, (b) the Participant’s death, (c) the Participant’s “disability” (as defined in Section 7(c) hereof) or (d) the third anniversary of the Grant Date.  For purposes of this Agreement, a “change in control” means:

(a)    The acquisition by any person or group (including a group within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act), other than the Corporation or any of its subsidiaries, of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of a majority of the combined voting power of the Corporation’s then outstanding voting securities, other than by any employee benefit plan maintained by the Corporation;

(b)    The sale of all or substantially all the assets of the Corporation and its subsidiaries taken as a whole; 

(c)    The consummation of a merger, combination, consolidation, recapitalization or other reorganization of the Corporation with one or more other entities that are not subsidiaries if, as a result of the consummation of the merger, combination, consolidation, recapitalization or other reorganization, less than 50 percent of the outstanding voting securities of the surviving or resulting corporation shall immediately after the event be beneficially owned in the aggregate by the stockholders of the Corporation immediately prior to the event; or

(d)    The election, including the filling of vacancies, during any period of 24 months or less, of 50% or more of the members of the Board of Directors, without the approval of Continuing Directors, as constituted at the beginning of such period.  "Continuing Directors" shall mean any director of the Corporation who either (i) is a member of the Board of Directors on the Grant Date, or (ii) is no

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minated for election to the Board of Directors by a majority of the Board which is comprised of directors who were, at the time of such nomination, Continuing Directors.

7.    Termination of Employment or Disability During Restricted Period.
    
(a)    In the event that the Participant’s employment with the Corporation and its subsidiaries is terminated (other than by reason of death, “retirement” or “disability,” as defined below) prior to the expiration or termination of the Restricted Period and other than as described in Section 6, the Participant shall forfeit the Restricted Units and all of the Participant’s rights hereunder shall cease (unless otherwise provided for by the Committee in accordance with the Plan).  The Participant’s rights to the Restricted Units shall not be affected by any change in the nature of the Participant’s employment so long as the Participant continues to be an employee of the Corporation or any of its subsidiaries.

(b)    In the event the Participant terminates employment with the Corporation and its subsidiaries because of “retirement” prior to the expiration or termination of the Restricted Period (as defined in Section 4), the Restricted Period shall not be affected and shall expire with the passage of time in accordance with Section 4, except that (i) in the event that the Participant dies following retirement but prior to the expiration of the Restricted Period or (ii) in the event that such retirement occurs within two years following a Section 409A Change in Control Event, the Restricted Period shall automatically terminate and the Shares shall thereafter be delivered in accordance with Section 13.  For purposes of this Agreement, retirement means the Participant (A) terminates employment with the Corporation and its subsidiaries other than for Cause (and is not subject to termination for Cause at the time of such termination) more than one year after the Grant Date, (B) is available for consultation with the Corporation or its subsidiaries at the reasonable request of the Corporation or its subsidiaries and (C)  terminates employment either (i) on or after attaining age 60 and completing at least five years of service in the aggregate with the Corporation and its subsidiaries (which service must be continuous through the date of termination except for a single break in service that does not exceed one year in length), or (ii) on or after attaining age 65.  For purposes of this Agreement, “Cause” means the Participant’s (1) intentional failure to perform reasonably assigned duties, (2) dishonesty or willful misconduct in the performance of duties, (3) engaging in a transaction in connection with the performance of duties to the Corporation or its subsidiaries which transaction is adverse to the interests of the Corporation and is engaged in for personal profit or (4) willful violation of any law, rule or regulation in connection with the performance of duties (other than traffic violations or similar offenses).  For purposes of the “Cause” definition, an act, or failure to act, on the Participant’s part shall be deemed “willful” if done, or omitted to be done, by the Participant in bad faith and without reasonable belief that the Participant’s action or omission was in the best interest of the Corporation.

(c)    Upon Participant’s death or “disability” (as defined below), the Restricted Period shall automatically terminate and the Shares shall thereafter be issued in accordance with Section 13.  For purposes of this Agreement, disability means the Participant, (i) is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months; or (ii) is, by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, receiving income replacement benefits for a period of not less than 3 months under an accident and health plan covering employees of the Participant's employer.

(d)    Whether (and the circumstances under which) employment has been terminated and the determination of the termination date for the purposes of this Agreement (or whether, and the date 

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upon which, the Participant has suffered a disability under Section 7(c)) shall be determined by the Committee or (with respect to any employee other than an “Executive Officer” as defined under the Plan) its designee (who, at the date of this Agreement, shall be the Corporation’s Vice President of Human Resources), whose good faith determination shall be final, binding and conclusive; provided, that such designee may not make any such determination with respect to his or her own employment.

8.    Dividends.  If the Corporation pays a cash dividend on its common stock, the Participant shall accrue in his or her Dividend Account (as defined below) a cash dividend equivalent with respect to the Restricted Units credited to the Participant’s Unit Account as of the record date for the dividend, with each Restricted Unit being equivalent to one share of common stock.  The Corporation shall cause an account (the “Dividend Account”) to be established and maintained as part of the records of the Corporation to evidence the aggregate cash dividend equivalents accrued by the Participant from time to time under this Section.  No interest shall accrue on any amounts reflected in the Dividend Account.  The Participant’s interest in the amounts reflected in the Dividend Account shall be that of a general, unsecured creditor of the Corporation.  Subject to, and as promptly as practicable following, the issuance of the Shares pursuant to Section 13 hereunder, the Corporation shall pay an amount in cash (without interest and subject to applicable withholding taxes) to the Participant (or his or her beneficiaries, heirs, executors, administrators or successors in interest who are issued the Shares pursuant to Section 13 hereunder) equal to the aggregate cash dividend equivalents accrued in the Participant’s Dividend Account and the Participant’s Dividend Account shall be eliminated at that time.  In the event that the Participant forfeits his or her rights to the Restricted Units, the Participant also shall be deemed to have forfeited his or her rights to any cash dividend equivalents accrued in the Participant’s Dividend Account and the Participant’s Dividend Account shall be eliminated at that time.

9.    No Right to Continued Employment.   Nothing in this Agreement or the Plan shall be interpreted or construed to confer upon the Participant any right to continue employment by the Corporation or any of its subsidiaries, nor shall this Agreement or the Plan interfere in any way with the right of the Corporation or any of its subsidiaries to terminate the Participant’s employment at any time for any reason whatsoever, whether or not with cause.

10.    No Rights as a Stockholder.  The Participant’s interest in the Restricted Units shall not entitle the Participant to any rights as a stockholder of the Corporation.  The Participant shall not be deemed to be the holder of, or have any of the rights and privileges of a stockholder of the Corporation in respect of, the Shares unless and until such Shares have been issued to the Participant in accordance Section 13.

11.    Adjustments Upon Change in Capitalization.  In the event of any reorganization, merger, consolidation, recapitalization, reclassification, stock split, stock dividend or similar capital adjustment, as a result of which shares of any class shall be issued in respect of outstanding shares of the Corporation’s Common Stock or shares of Corporation’s Common Stock shall be changed into a different number of shares or into another class or classes or into other property or cash, the Restricted Units, the Participant’s Unit Account and/or the Shares shall be adjusted to reflect such event so as to preserve (without enlarging) the value of the award hereunder, with the manner of such adjustment to be determined by the Committee in its sole discretion.  This paragraph shall also apply with respect to any extraordinary dividend or other extraordinary distribution in respect of the Corporation’s Common Stock (whether in the form of cash or other property).

12.    General Restrictions.  Notwithstanding anything in this Agreement to the contrary, the Corporation shall have no obligation to issue or transfer the Shares as contemplated by this agreement 

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unless and until such issuance or transfer shall comply with all relevant provisions of law and the requirements of any stock exchange on which the Corporation's shares are listed for trading.

13.    Issuance of Shares.  Upon the expiration or termination of the Restricted Period and payment by the Participant of any applicable taxes pursuant to Section 14 of this Agreement, the Corporation shall, as soon as reasonably practicable (and in any event within 75 days of the termination or expiration of the Restricted Period), but subject to any delay necessary to comply with Section 12 hereof, issue the Shares to the Participant, free and clear of all restrictions.  The Corporation shall not be required to deliver any fractional Shares, but shall pay, in lieu thereof, the Fair Market Value  of such fractional Shares as of the date the remaining Shares are deemed delivered to the Participant.  The Corporation shall pay any costs incurred in connection with issuing the Shares.  Upon the issuance of the Shares to the Participant, the Participant’s Unit Account shall be eliminated.  Notwithstanding the provisions of this Section, in the event of the death of the Participant prior to the issuance of the Shares under this Section 13, the issuance of the Shares and any payment in lieu of fractional Shares shall be made to the Participant’s beneficiaries, heirs, executors, administrators or successors in interest as the case may be.  Notwithstanding the foregoing, the Corporation may, in its sole discretion, elect to pay cash in lieu of any portion or all of the Shares otherwise deliverable to the Participant hereunder, with such cash amount equal to the Fair Market Value of the corresponding Shares on the relevant deemed payment date.

14.    Tax Withholding.  Upon the expiration or termination of the Restricted Period, the Participant shall remit to the Corporation the minimum amount necessary to satisfy Federal, state, local or foreign withholding tax requirements, if any (“Withholding Taxes”) as a condition to the Corporation’s issuance of any Shares as provided in Section 13.  The payment shall be in (i) cash, (ii) the delivery of Shares, (iii) a reduction in the number of Shares otherwise issuable or deliverable or other amounts otherwise payable to the Participant pursuant to this Agreement, or (iv) a combination of (i), (ii) and/or (iii).  The value of any Shares delivered or withheld as payment in respect of withholding tax requirements shall be determined by reference to the Fair Market Value of such Shares as of the date of such deemed withholding or delivery.  In the event that Withholding Taxes are satisfied by withholding a portion of the Shares otherwise issuable or deliverable to the Participant pursuant to this Agreement, the Corporation shall not withhold any Shares in excess of the minimum number of Shares necessary to satisfy the applicable Withholding Taxes.

15.    Subsidiary.  As used herein, the term “subsidiary” shall mean, as to any person, any corporation, association, partnership, joint venture or other business entity of which 50% or more of the voting stock or other equity interests (in the case of entities other than corporations), is owned or controlled (directly or indirectly) by that entity, or by one or more of the Subsidiaries of that entity, or by a combination thereof.

16.    Plan Governs.  The Participant hereby acknowledges receipt of a copy of the Plan and agrees to be bound by its terms, all of which are incorporated herein by reference.  The Plan shall govern in the event of any conflict between this Agreement and the Plan.

17.    Modification of Agreement.  This Agreement may be not be modified, amended, suspended or terminated, and any terms or conditions may not be waived, without the approval of the Committee.  The Committee reserves the right to amend or modify this Agreement at any time without prior notice to any Participant or other interested party; provided, that except as expressly provided hereunder, any such amendment or modification may not adversely affect in any material respect the Participant’s rights or benefits hereunder except for such amendments or modifications as are required by law.

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18.    Severability.  Should any provision of this Agreement be held by a court of competent jurisdiction to be unenforceable or invalid for any reason, the remaining provisions of this Agreement shall not be affected by such holding and shall continue in full force in accordance with their terms.

19.    Governing Law.  The validity, interpretation, construction and performance of this Agreement shall be governed by the laws of the State of New York without giving effect to the conflicts of laws principles thereof.  If the Participant has received a copy of this Agreement (or the Plan or any other document related hereto or thereto) translated into a language other than English, such translated copy is qualified in its entirety by reference to the English version thereof, and in the event of any conflict the English version will govern.

20.    Successors in Interest.      This Agreement shall inure to the benefit of and be binding upon any successor to the Corporation.  This Agreement shall inure to the benefit of the Participant or the Participant’s legal representatives.  All obligations imposed upon the Participant and all rights granted to the Corporation under this Agreement shall be final, binding and conclusive upon the Participant’s heirs, executors, administrators and successors.

21.    Administration.  The Committee shall have the power to interpret the Plan and this Agreement and to adopt such rules for the administration, interpretation and application of the Plan as are consistent therewith and to interpret or revoke any such rules.  All actions taken and all interpretations and determinations made by the Committee shall be final and binding upon the Participant, the Corporation and all other interested persons.  No member of the Committee shall be personally liable for any action determination or interpretation made in good faith with respect to the Plan or the Restricted Units.  In its absolute discretion, the Board of Directors may at any time and from time to time exercise any and all rights and duties of the Committee under the Plan and this Agreement.

22.    Resolution of Disputes.      Any dispute or disagreement which may arise under, or as a result of, or in any way related to, the interpretation, construction or application of this Agreement shall be determined by the Committee.  Any determination made hereunder shall be final, binding and conclusive on the Participant and Corporation for all purposes.

23.    Data Privacy Consent.  As a condition of the grant of the Restricted Units, the Participant hereby consents to the collection, use and transfer of personal data as described in this paragraph. The Participant understands that the Corporation and its subsidiaries hold certain personal information about the Participant, including name, home address and telephone number, date of birth, social security number, salary, nationality, job title, ownership interests or directorships held in the Corporation or its subsidiaries, and details of all restricted units or other equity awards or other entitlements to shares of common stock awarded, cancelled, exercised, vested or unvested (“Data”). The Participant further understands that the Corporation and its subsidiaries will transfer Data among themselves as necessary for the purposes of implementation, administration and management of the Participant’s participation in the Plan, and that the Corporation and any of its subsidiaries may each further transfer Data to any third parties assisting the Corporation in the implementation, administration and management of the Plan. The Participant understands that these recipients may be located in the European Economic Area or elsewhere, such as the United States. The Participant hereby authorizes them to receive, possess, use, retain and transfer such Data as may be required for the administration of the Plan or the subsequent holding of shares of common stock on the Participant’s behalf, in electronic or other form, for the purposes of implementing, administering and managing the Participant’s participation in the Plan, including any requisite transfer to a broker or other third party with whom the Participant may elect to deposit any 

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shares of common stock acquired under the Plan. The Participant may, at any time, view such Data or require any necessary amendments to it.

24.    Limitation on Rights; No Right to Future Grants; Extraordinary Item of Compensation.  By accepting this Agreement and the grant of the Restricted Units contemplated hereunder, the Participant expressly acknowledges that (a) the Plan is discretionary in nature and may be suspended or terminated by the Corporation at any time; (b) the grant of Restricted Units is a one-time benefit that does not create any contractual or other right to receive future grants of restricted units, or benefits in lieu of restricted units; (c) all determinations with respect to future grants of restricted units, if any, including the grant date, the number of Shares granted and the restricted period, will be at the sole discretion of the Corporation; (d) the Participant’s participation in the Plan is voluntary; (e) the value of the Restricted Units is an extraordinary item of compensation that is outside the scope of the Participant’s employment contract, if any, and nothing can or must automatically be inferred from such employment contract or its consequences; (f) grants of restricted units are not part of normal or expected compensation for any purpose and are not to be used for calculating any severance, resignation, redundancy, end of service payments, bonuses, long-service awards, pension or retirement benefits or similar payments, and the Participant waives any claim on such basis; and (g) the future value of the underlying Shares is unknown and cannot be predicted with certainty. In addition, the Participant understands, acknowledges and agrees that the Participant will have no rights to compensation or damages related to restricted unit proceeds in consequence of the termination of the Participant’s employment for any reason whatsoever and whether or not in breach of contract.

25.    Award Administrator.  The Corporation may from time to time to designate a third party (an “Award Administrator”) to assist the Corporation in the implementation, administration and management of the Plan and any Restricted Units granted thereunder, including by sending Award Letters on behalf of the Corporation to Participants, and by facilitating through electronic means acceptance of Restricted Unit Agreements by Participants.  

26.    Section 409A.  This Agreement is intended to comply with the provisions of Section 409A of the Code and the regulations promulgated thereunder.  Without limiting the foregoing, the Committee shall have the right to amend the terms and conditions of this Agreement in any respect as may be necessary or appropriate to comply with Section 409A of the Code or any regulations promulgated thereunder, including without limitation by delaying the issuance of the Shares contemplated hereunder.

27.    Book Entry Delivery of Shares.  Whenever reference in this Agreement is made to the issuance or delivery of certificates representing one or more Shares, the Corporation may elect to issue or deliver such Shares in book entry form in lieu of certificates.

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28.    Acceptance.  This Agreement shall not be enforceable until it has been executed by the Participant.  In the event the Corporation has designated an Award Administrator, the acceptance (including through electronic means) of the Restricted Unit award contemplated by this Agreement in accordance with the procedures established from time to time by the Award Administrator shall be deemed to constitute the Participant’s acknowledgment and agreement to the terms and conditions of this Agreement and shall have the same legal effect in all respects of the Participant having executed this Agreement by hand.
 

	
		
	 
	By:      L3 TECHNOLOGIES, INC._______

	 
	
————————————————————
Christopher E. Kubasik_________________
Chief Executive Officer and President__ ___

	 
	 

	 
	
————————————————————
Ann D. Davidson______________________
Senior Vice President, General Counsel and_
Corporate Secretary__________________

Acknowledged and Agreed
as of the date first written above:

Participant ES
______________________________
Participant Signature

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Exhibit A

L3 Technologies, Inc.
Restricted Stock Unit Award Notification Letter

Participant:  Participant Name

Grant Date:  Grant Date

Awards Granted:  # Shares Restricted Units    

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