Document:

exv10w04

 

    EXHIBIT 10.04

 

    ITT
    CORPORATION

    1997 LONG-TERM INCENTIVE PLAN

    AWARD AGREEMENT

 

 

    THIS AGREEMENT (the “Agreement”), effective as of the
    3rd day of March, 2011, by and between ITT Corporation (the
    “Company”) and name (the
    “Participant”), WITNESSETH:

 

    WHEREAS, the Participant is now employed by the Company or a
    Participating Company (as defined in the Company’s 1997
    Long-Term Incentive Plan, as amended and restated as of
    March 1, 2008 (the “Plan”)) as an employee, and
    in recognition of the Participant’s valued services, the
    Company, through the Compensation and Personnel Committee of its
    Board of Directors (the “Committee”), desires to
    provide an opportunity for the Participant to receive a
    performance-based long-term incentive award, pursuant to the
    provisions of the Plan.

 

    NOW, THEREFORE, in consideration of the terms and conditions set
    forth in this Agreement and the provisions of the Plan, a copy
    of which is attached hereto and incorporated herein as part of
    this Agreement, and any administrative rules and regulations
    related to the Plan as may be adopted by the Committee, the
    parties hereto hereby agree as follows:

 

    1. Grant of Target Award and Performance
    Period.  In accordance with, and
    subject to, the terms and conditions of the Plan and this
    Agreement, the Company hereby grants to the Participant a target
    Award of $xxx,xxx (the “Target Award”) for the
    Performance Period commencing January 1, 2011 and ending
    December 31, 2013. Payment of the Award is dependent upon
    the achievement during the Performance Period of certain
    performance goals more fully described in Section 2 of this
    Agreement.

 

    2. Terms and Conditions.  It
    is understood and agreed that this Award is subject to the
    following terms and conditions:

 

    (a) Determination of TSR Award Payout.

 

    (i) The amount of the TSR Award Payout, if any, for the
    Performance Period shall be determined in accordance with the
    following formula:

 

    TSR Award Payout = Payout Factor X Target Award

 

    The “Payout Factor” is based on the Company’s
    total shareholder return (defined and measured in accordance
    with paragraph (ii) below, the “TSR”) for the
    Performance Period relative to the TSR for each company in the
    S&P Industrials, determined in accordance with the
    following table:

 

	 	 	 	 	 
	
    If Company’s TSR rank against the

    
	
 
	
    Payout Factor

    
	
 

	
    S&P Industrials is
	
 
	
    (% of Target Award)
	
 

	 

	

    less than the 35th percentile

	
 
	
 
	
    0
	
    %

	

    at the 35th percentile

	
 
	
 
	
    50
	
    %

	

    at the 50th percentile

	
 
	
 
	
    100
	
    %

	

    at the 80th percentile or more

	
 
	
 
	
    200
	
    %

	

    Actual results between the 35th percentile and the 80th
    percentile numbers shown above are interpolated.

 

    (ii) TSR is the sum of the yields of the dividend and any
    other extraordinary shareholder payouts over the Performance
    Period, plus the cumulative percentage change in stock price
    from the beginning to the end of the Performance Period. For
    purposes of this Agreement, the Company’s performance will
    be measured comparing (a) the average TSR over the trading
    days in the month immediately preceding the start of the
    Performance Period (December 2010) with (b) the
    Company’s average TSR over the trading days in the last
    month of the Performance Period (December 2013). The
    Company’s TSR then is compared to the TSR of the other
    stocks comprising the S&P Industrials over the same period.

 

    (b) Form and Timing of Payment of
    Award.  Except as provided in subsection 2(f),
    payment with respect to an earned TSR Award shall be made as
    soon as practicable (but not later than March 15th) in the
    calendar year following the close of the Performance Period.
    Payment shall be made in cash.

 

    (c) Effect of Termination of
    Employment.  Except as otherwise provided below,
    if the Participant’s employment with the Company or a
    Participating Company is terminated for any reason prior to the
    end of the Performance Period, any Award subject to this
    Agreement shall be immediately forfeited.

 

    (i) Termination due to Death or
    Disability.  If the Participant’s termination
    of employment is due to death or Disability (as defined below),
    the Award shall vest and will be payable at the time and in the
    form as provided in subsection 2(b) above based on the
    Company’s TSR for the entire Performance Period relative to
    the TSR for each company in the S&P Industrials for the
    entire Performance Period.

 

    (ii) Termination due to Retirement or Termination by the
    Company for Other than Cause.  If the
    Participant’s termination of employment is due to
    Retirement (as defined below) or if the Participant’s
    employment is terminated by the Company (or a Participant
    Company, as the case may be) for other than cause (as determined
    by the Committee), a prorated portion of the Award shall vest
    (see “Prorated Vesting Upon Retirement or Termination by
    the Company for Other than Cause” below) and will be
    payable at the time and in the form as provided in subsection
    2(b) above. For purposes of this subsection 2(c)(ii), the
    Participant shall be considered employed during any period in
    which the Participant is receiving severance pay, and the date
    of the termination of the Participant’s employment shall be
    the last day of any such severance pay period.

 

    Retirement.  For purposes of this Agreement,
    the term “Retirement” shall mean the termination of
    the Participant’s employment if, at the time of such
    termination, the Participant is eligible to commence receipt of
    retirement benefits under a traditional formula defined benefit
    pension plan maintained by the Company or a Participating
    Company (or would be eligible to receive such benefits if he or
    she were a participant in such traditional formula defined
    benefit pension plan).

 

    Disability.  For purposes of this Agreement,
    the term “Disability” shall mean the complete and
    permanent inability of the Participant to perform all of his or
    her duties under the terms of his or her employment, as
    determined by the Committee upon the basis of such evidence,
    including independent medical reports and data, as the Committee
    deems appropriate or necessary.

 

    Prorated Vesting upon Retirement or Termination by the
    Company for Other than Cause.  The prorated
    portion of the Award that vests due to termination of the
    Participant’s employment due to Retirement or by the
    Company for other than cause shall be determined by multiplying
    (i) the TSR Award Payout that would have been paid based on
    the Company’s TSR for the entire Performance Period
    relative to the TSR for each company in the S&P Industrials
    for the entire Performance Period, by (ii) a fraction, the
    numerator of which is the number of full months the Participant
    has been continually employed since the beginning of the
    Performance Period and the denominator of which is 36. For this
    purpose, full months of employment shall be based on monthly
    anniversaries of the commencement of the Performance Period.

 

    (f) Acceleration Event.  Notwithstanding
    anything in the Plan to the contrary, upon the occurrence of an
    Acceleration Event during the Performance Period, (i) a
    prorated portion of the Award shall vest based on actual
    performance though the date of the Acceleration Event (such
    prorated portion to be determined as provided below in this
    subsection 2(f)) and shall be paid within 30 days following
    the Acceleration Event and (ii) the remaining portion of
    the Award (such remaining portion to be determined as provided
    below in this subsection 2(f)) shall vest and shall be paid
    within 30 days following the Acceleration Event. The
    prorated portion of the Award that vests pursuant to subpart
    (i) in the prior sentence due to the Acceleration Event
    shall be determined by multiplying (A) the TSR Award Payout
    determined based on the Company’s TSR relative to the TSR
    for each company in the S&P Industrials determined pursuant
    to subsection 2(a) based on TSR performance for the period
    beginning January 1, 2011 and ending on the date preceding
    the date on which the Acceleration Event occurs (the
    “Prorated Period”), by (B) a fraction, the
    numerator of which is the number of calendar days in the
    Prorated Period and the denominator of which is 1,095. The
    remaining portion of the Award that vests pursuant to subpart
    (ii) in the first sentence of this subsection 2(f) due to
    the Acceleration Event shall be determined by multiplying
    (A) the Target Award by (B) a fraction, the numerator
    of which is the number of calendar days remaining in the
    Performance Period as of the date of the Acceleration Event
    (including day of the Acceleration Event) and the denominator of
    which is 1,095.

 

    (g) Tax Withholding.  Payments with
    respect to Awards under the Plan shall be subject to applicable
    tax withholding obligations as described in Section 10.5 of
    the Plan, or, if the Plan is amended, successor provisions.

 

    (h) Participant Bound by Plan and
    Rules.  The Participant hereby acknowledges
    receipt of a copy of the Plan and this Agreement and agrees to
    be bound by the terms and provisions thereof. The Participant
    agrees to be bound by any rules and

 

    regulations for administering the Plan as may be adopted by the
    Committee prior to the settlement of the Award subject to this
    Agreement. Terms used herein and not otherwise defined shall be
    as defined in the Plan.

 

    (i) Governing Law.  This Agreement is
    issued in White Plains, New York, and shall be governed and
    construed in accordance with the laws of the State of New York,
    excluding any conflicts or choice of law rule or principle that
    might otherwise refer construction or interpretation of this
    Agreement to the substantive law of another jurisdiction.

 

    IN WITNESS WHEREOF, the Company has caused this instrument to be
    executed by its Chairman, President and Chief Executive Officer,
    or a Vice President, as of the 3rd day of March, 2011.

 

	 	 	 
	

    Agreed to:

	
 
	
    ITT Corporation

	
 
	
 
	
 

	
    

	
 
	
    /s/ STEVEN R. LORANGER

	
    Participant
	
 
	
 

	
 
	
 
	
 

	

    Dated: ­
    ­

	
 
	
    Dated: March 3, 2011

 

    Enclosuresexv10w1

Exhibit 10.1

OMNIBUS AMENDMENT NO. 1

     This OMNIBUS AMENDMENT NO. 1, dated as of April 28, 2011 (this “Amendment”), is
entered into among INGRAM FUNDING INC., a Delaware corporation, as seller (the “Seller”),
INGRAM MICRO INC., a Delaware corporation, as initial servicer (in such capacity, the
“Servicer”) and as originator (in such capacity, the “Originator”), THE PURCHASERS
LISTED ON THE SIGNATURE PAGES HERETO (the “Purchasers”), THE PURCHASER AGENTS LISTED ON THE
SIGNATURE PAGES HERETO (the “Purchaser Agents”) and BNP PARIBAS, a bank organized under the
laws of France, acting through its New York Branch, as program administrator (in such capacity, the
“Administrative Agent”) for each Purchaser Group.

BACKGROUND

     The parties to this Amendment are also parties to a Receivables Purchase Agreement, dated as
of April 26, 2010 (as amended, supplemented or otherwise modified from time to time, the
“Receivables Purchase Agreement”). The Originator and the Seller are also parties to a
Receivables Sale Agreement, dated as of April 26, 2010 (as amended, supplemented or otherwise
modified from time to time, the “Receivables Sale Agreement”). The parties are entering
into this Amendment to amend or otherwise modify the Receivables Purchase Agreement and the
Receivables Sale Agreement (collectively, the “Agreements”).

AGREEMENT

     1. Definitions. Capitalized terms are used in this Amendment as defined in Exhibit I
of the Receivables Purchase Agreement.

     2. Amendments to Receivables Purchase Agreement. The parties to the Receivables
Purchase Agreement agree that the Receivables Purchase Agreement is hereby amended as follows:

     (a) Exhibit I of the Receivables Purchase Agreement is hereby amended as follows:

     the definition of “Termination Date” is hereby amended by replacing the text
“April 26, 2013” with the text “April 28, 2014” where it appears therein.

     (b) Schedule X of the Receivables Purchase Agreement is hereby replaced by Schedule
X attached hereto.

     3. Amendment to Section 1.1 of the Receivables Sale Agreement. The parties to the
Receivables Sale Agreement agree that Section 1.1 of the Receivables Sale Agreement is hereby
amended as follows:

     The definition of “Purchase Termination Date” is hereby amended by replacing the text
“April 26, 2013” with the text “April 28, 2014” where it appears therein.

 

 

     The Administrative Agent and the Majority Purchasers hereby consent to such amendments to the
Receivables Sale Agreement.

     4. Conditions. The amendments described in Sections 2 and 3 above
shall become effective upon the date on which each of the following conditions shall have been
satisfied:

     (a) this Amendment shall have been executed and delivered by each party hereto;

     (b) the Administrative Agent and each Purchaser Agent shall have received certified
copies of the resolutions of the board of directors of the Seller authorizing the execution,
delivery, and performance by the Seller of this Amendment and that certain fee letter, dated
as of the date hereof, among the Originator, the Seller, the Administrative Agent and The
Bank of Nova Scotia (“BNS”); and

     (c) the Administrative Agent and each Purchaser Agent shall have received a favorable
opinion of Davis Polk & Wardwell, counsel for the Seller and the Originator, addressed to
the Administrative Agent, each Purchaser, each Purchaser Agent and each Alternate Purchaser
in form and substance reasonably satisfactory to the Administrative Agent.

     5. Reallocation. Each of the parties hereto severally and for itself agrees that on
and as of the date hereof, for good and valuable consideration, BNP Paribas, as an Alternate
Purchaser (“BNP”), hereby irrevocably sells, transfers, conveys and assigns, without
recourse, representation or warranty, to BNS, as an Alternate Purchaser, and BNS hereby irrevocably
purchases from BNP, a portion of the rights and obligations of BNP under the Receivables Purchase
Agreement and each other Transaction Document in respect of the Maximum Purchase Amount of BNP
under the Receivables Purchase Agreement such that, after giving effect to the foregoing assignment
and delegation, each Alternate Purchaser’s Maximum Purchase Amount for the purposes of the
Receivables Purchase Agreement and each other Transaction Document will be as set forth below such
Alternate Purchaser’s signature to this Amendment.

     6. Ratification. This Amendment constitutes an amendment to the Agreements. After
the execution and delivery of this Amendment, all references to the Agreements in any document
shall be deemed to refer to the Agreements as amended by this Amendment, unless the context
otherwise requires. Except as amended above, the Agreements are hereby ratified in all respects.
Except as set forth above, the execution, delivery and effectiveness of this Amendment shall not
operate as an amendment or waiver of any right, power or remedy of the parties hereto under the
Agreements, nor constitute an amendment or waiver of any provision of the Agreements. This
Amendment shall not constitute a course of dealing among the parties hereto at variance with the
Agreements such as to require further notice by any of the Administrative Agent, the Purchaser
Agents or the Purchasers to require strict compliance with the terms of the Agreements in the
future, as amended by this Amendment, except as expressly set forth herein. Each of the Seller,
the Servicer and the Originator hereby acknowledges and expressly agrees that each of the
Administrative Agent, the Purchaser Agents and the Purchasers reserves the right to, and does in
fact, require strict compliance with all terms and provisions of the Agreements, as amended herein.

 

 

     7. Miscellaneous. This Amendment may be executed by the parties hereto in separate
counterparts, each of which when so executed and delivered shall be an original, but all such
counterparts shall together constitute but one and the same instrument. THIS AMENDMENT SHALL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

 

     IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their
respective officers hereunto duly authorized as of the day and year first above written.

	 	 	 	 	 
	 	INGRAM FUNDING INC.,

as Seller

 	 
	 	By:  	/s/ Erik Smolders
 	 
	 	 	Name:  	Erik Smolders 	 
	 	 	Title:  	Treasurer 	 
	 

	 	 	 	 	 
	 	INGRAM MICRO INC.,

as Servicer and Originator

 	 
	 	By:  	/s/ Gregory M. Spierkel
 	 
	 	 	Name:  	Gregory M. Spierkel 	 
	 	 	Title:  	Chief Executive Officer 	 
	 

	 	 	 	 	 
	 	 	 
	 	By:  	/s/ William D. Humes
 	 
	 	 	Name:  	William D. Humes 	 
	 	 	Title:  	Senior Executive Vice President and Chief Financial
Officer 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	THE PURCHASER GROUPS:

BNP PARIBAS, as Purchaser Agent for the

Starbird Purchaser Group

 	 
	 	By:  	/s/ Sean Reddington
 	 
	 	 	Name:  	Sean Reddington 	 
	 	 	Title:  	Managing Director 	 
	 
	 	 	 
	 	By:  	/s/ Philippe Mojon
 	 
	 	 	Name:  	Philippe Mojon 	 
	 	 	Title:  	Director 	 
	 
	 	BNP PARIBAS,

as related Alternate Purchaser

 	 
	 	By:  	/s/ Sean Reddington
 	 
	 	 	Name:  	Sean Reddington 	 
	 	 	Title:  	Managing Director 	 
	 
	 	 	 
	 	By:  	/s/ Philippe Mojon
 	 
	 	 	Name:  	Philippe Mojon 	 
	 	 	Title:  	Director 	 
	 
	 	MAXIMUM PURCHASE AMOUNT: $250,000,000

 	 
	 	 	 
	 	 	 
	 	 	 
	 

 

 

	 	 	 	 	 
	 	STARBIRD FUNDING CORPORATION,

as Conduit Purchaser

 	 
	 	By:  	/s/ David V. DeAngelis
 	 
	 	 	Name:  	David V. DeAngelis 	 
	 	 	Title:  	Vice President 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	THE BANK OF NOVA SCOTIA, as Purchaser Agent for 
the
Liberty Street Purchaser Group

 	 
	 	By:  	/s/ John Mathews
 	 
	 	 	Name:  	John Mathews 	 
	 	 	Title:  	Director—Corporate Banking 	 
	 
	 
	 	THE BANK OF NOVA SCOTIA, as related 

Alternate
Purchaser

 	 
	 	By:  	/s/ John Mathews
 	 
	 	 	Name:  	John Mathews 	 
	 	 	Title:  	Director—Corporate Banking 	 
	 
	 
	 	MAXIMUM PURCHASE AMOUNT: $250,000,000

 	 
	 	 	 
	 	 	 
	 	 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	LIBERTY STREET FUNDING LLC,

as Conduit Purchaser

 	 
	 	By:  	/s/ Jill A. Russo
 	 
	 	 	Name:  	Jill A. Russo 	 
	 	 	Title:  	Vice President 	 
	 

 

 

	 	 	 	 	 
	 	BNP PARIBAS,

as Administrative Agent

 	 
	 	By:  	/s/ Sean Reddington
 	 
	 	 	Name:  	Sean Reddington 	 
	 	 	Title:  	Managing Director 	 
	 
	 	 	 
	 	By:  	/s/ Philippe Mojon
 	 
	 	 	Name:  	Philippe Mojon 	 
	 	 	Title:  	Director 	 
	 

 

 

SCHEDULE X

FISCAL MONTHS

Fiscal Month-End Dates for Yrs. 2010, 2011, 2012, 2013 and 2014

	 	 	 	 	 	 	 	 	 	 	 
	2010	 	Start Date	 	End Date	 	2012	 	Start Date	 	End Date
	January
	 	Jan 3, 2010	 	Jan 30, 2010	 	January	 	Jan 1, 2012	 	Jan 28, 2012
	February
	 	Jan 31, 2010	 	Feb 27, 2010	 	February	 	Jan 29, 2012	 	Feb 25, 2012
	March
	 	Feb 28, 2010	 	Apr 3, 2010	 	March	 	Feb 26, 2012	 	Mar 31, 2012
	April
	 	Apr 4, 2010	 	May 1, 2010	 	April	 	Apr 1, 2012	 	Apr 28, 2012
	May
	 	May 2, 2010	 	May 29, 2010	 	May	 	Apr 29, 2012	 	May 26, 2012
	June
	 	May 30, 2010	 	Jul 3, 2010	 	June	 	May 27, 2012	 	Jun 30, 2012
	July
	 	Jul 4, 2010	 	Jul 31, 2010	 	July	 	Jul 1, 2012	 	Jul 28, 2012
	August
	 	Aug 1, 2010	 	Aug 28, 2010	 	August	 	Jul 29, 2012	 	Aug 25, 2012
	September
	 	Aug 29, 2010	 	Oct 2, 2010	 	September	 	Aug 26, 2012	 	Sep 29, 2012
	October
	 	Oct 3, 2010	 	Oct 30, 2010	 	October	 	Sep 30, 2012	 	Oct 27, 2012
	November
	 	Oct 31 , 2010	 	Nov 27, 2010	 	November	 	Oct 28, 2012	 	Nov 24, 2012
	December
	 	Nov 28 , 2010	 	Jan 1, 2011	 	December	 	Nov 25 , 2012	 	Dec 29, 2012

	 	 	 	 	 	 	 	 	 	 	 
	2011	 	Start Date	 	End Date	 	2013	 	Start Date	 	End Date
	January
	 	Jan 2, 2011	 	Jan 29, 2011	 	January	 	Dec 30, 2012	 	Jan 26, 2013
	February
	 	Jan 30, 2011	 	Feb 26, 2011	 	February	 	Jan 27, 2013	 	Feb 23, 2013
	March
	 	Feb 27, 2011	 	Apr 2, 2011	 	March	 	Feb 24, 2013	 	Mar 30, 2013
	April
	 	Apr 3, 2011	 	Apr 30, 2011	 	April	 	Mar 31, 2013	 	Apr 27, 2013
	May
	 	May 1, 2011	 	May 28, 2011	 	May	 	Apr 28, 2013	 	May 25, 2013
	June
	 	May 29, 2011	 	Jul 2, 2011	 	June	 	May 26, 2013	 	Jun 29, 2013
	July
	 	Jul 3, 2011	 	Jul 30, 2011	 	July	 	Jun 30, 2013	 	Jul 27, 2013
	August
	 	Jul 31, 2011	 	Aug 27, 2011	 	August	 	Jul 28, 2013	 	Aug 24, 2013
	September
	 	Aug 28, 2011	 	Oct 1, 2011	 	September	 	Aug 25, 2013	 	Sep 28, 2013
	October
	 	Oct 2, 2011	 	Oct 29, 2011	 	October	 	Sep 29, 2013	 	Oct 26, 2013
	November
	 	Oct 30 , 2011	 	Nov 26, 2011	 	November	 	Oct 27 , 2013	 	Nov 23, 2013
	December
	 	Nov 27 , 2011	 	Dec 31, 2011	 	December	 	Nov 24, 2013	 	Dec 28, 2013

 

 

	 	 	 	 	 
	2014	 	Start Date	 	End Date
	January
	 	Dec 29, 2013	 	Jan 25, 2014
	February
	 	Jan 26, 2014	 	Feb 22, 2014
	March
	 	Feb 23, 2014	 	Mar 29, 2014
	April
	 	Mar 30, 2014	 	Apr 26, 2014
	May
	 	Apr 27, 2014	 	May 24, 2014
	June
	 	May 25, 2014	 	Jun 28, 2014
	July
	 	Jun 29, 2014	 	Jul 26, 2014
	August
	 	Jul 27, 2014	 	Aug 23, 2014
	September
	 	Aug 24, 2014	 	Sep 27, 2014
	October
	 	Sep 28, 2014	 	Oct 25, 2014
	November
	 	Oct 26, 2014	 	Nov 22, 2014
	December
	 	Nov 23, 2014	 	Dec 27, 2014

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