Document:

FORM OF STOCK APPRECIATION RIGHT AGREEMENT FOR THE 2010 LONG-TERM INCENTIVE PLAN

 Exhibit 4.7 
 GRANT NO.                         

LIFEVANTAGE CORPORATION 
 2010 LONG-TERM INCENTIVE PLAN 
 SAR AGREEMENT 

The Company hereby grants a Stock Appreciation Right with respect to its Shares to the Participant named below. The terms and conditions of the SAR are
set forth in this cover sheet, in the attached SAR Agreement and in the 2010 Long-Term Incentive Plan as it may be amended from time to time (the “Plan”). This cover sheet is incorporated into and a part of the attached SAR Agreement
(together, the “Agreement”). 
  
 Date of Award:
                    , [YEAR] 
 Name of Participant:
                                        

 Participant’s Social Security Number:
            -            -            

 Number of Shares Subject to SAR:              

Exercise Price per Share:
$            .             
 Fair Market Value of a Share on Date of Award:
$            .             
 Expiration Date:             , [YEAR] 
 Vesting Calculation Date:             , [YEAR] 
 Vesting Schedule: [TAILOR BELOW VESTING AS DESIRED AND DETERMINE WHETHER OR NOT ACCELERATED VESTING WILL BE PROVIDED IN ANY CIRCUMSTANCES] 
 Subject to all the terms of the Agreement and your continued Service through the applicable dates of vesting, your right to exercise this SAR shall vest as to one-fourth (1/4) of the total number of
Shares covered by this SAR, as shown above, on the first anniversary of the Vesting Calculation Date. Thereafter, the number of Shares which may be exercised under this SAR shall vest at the rate of one-forty-eighth (1/48) of the total number
of Shares covered by this SAR per calendar month on the last day of each of the thirty-five (35) months following the month of the first anniversary of the Vesting Calculation Date and the final one-forty-eighth (1/48) of the total number
of Shares covered by this SAR shall vest on the fourth anniversary of the Vesting Calculation Date. In all cases, the resulting aggregate number of vested Shares will be rounded down to the nearest whole number. No Shares subject to this SAR will
vest after your Service has terminated for any reason. 
 By signing this cover sheet, you agree to all of the terms and
conditions described in the Agreement and in the Plan and the Plan’s prospectus. You are also acknowledging receipt of this Agreement and a copy of the Plan and the Plan’s prospectus, a copy of which is also enclosed. 

 

							
	Company:	 	 	  	 	  	Participant:
				
	 By:
	 	  
	  		  	  

	Its:	 	  
	  		  	

 Attachments 

 LIFEVANTAGE CORPORATION 

2010 LONG-TERM INCENTIVE PLAN 
 SAR AGREEMENT 
  

					
			
	1.	  	The Plan and
Other Agreements	  	 The text of the Plan is incorporated in this Agreement by this reference. You and the Company agree to
execute such further
instruments and to take such further action as may reasonably be necessary to carry
out the intent of this Agreement. Unless otherwise defined in this Agreement, certain capitalized terms
used in this Agreement and the attached Notice of
Exercise are defined in the Plan.
  
 This Agreement, the attached Exhibits
and the Plan constitute the entire understanding between you and
the Company regarding this SAR. Any prior agreements, commitments or negotiations concerning this
SAR are superseded.

			
	2.	  	Code Section 409A	  	This SAR is not intended to constitute nonqualified deferred compensation under section 409A of the Code and will be interpreted accordingly.
			
	3.	  	Vesting	  	This SAR is only exercisable before it expires and then only with respect to the vested portion of the SAR. This SAR will vest according to the Vesting Schedule described in the
cover sheet of this Agreement.
			
	4.	  	Term	  	Your SAR will expire in all cases no later than the close of business at Company headquarters on the Expiration Date, as shown on the cover sheet. Your SAR may expire earlier if
your Service terminates, as described below or on the date on which the SAR is cancelled (and not substituted or assumed) pursuant to a Change in Control or merger or acquisition or reorganization or similar transaction involving the Company. You
are solely responsible for determining whether and when to exercise any vested portion of this SAR and also for keeping track of when your SAR expires and when it therefore can no longer be exercised. The Company has no obligation (and does not
intend) to provide you with any further notice of your SAR’s expiration dates. The Company will have no liability to you or to any other person if all or any portion of your SAR is not exercised before it expires for any
reason.
			
	5.	  	Termination of Service - General	  	If, while the SAR is outstanding, your Service terminates for any reason, other than being terminated by the Company for Cause or due to your death or Disability, then the
unvested portion of your SAR shall be forfeited without consideration and shall immediately expire on your Termination Date and the vested portion of your SAR will expire at the earlier of (i) the close of business at Company headquarters on the
date that is three (3) months after your Termination Date, (ii) the Expiration Date set forth in the attached cover sheet and further described in the Term section above, or (iii) the date on which the SAR is cancelled (and not substituted or
assumed) pursuant to a Change in Control or merger or acquisition or reorganization or

  
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	 	  	 	  	similar transaction involving the Company. In no event is the SAR exercisable after the Expiration Date.
			
	6.	  	Termination of Service for Cause	  	If your Service is terminated by the Company for Cause or if you commit an act(s) of Cause while this SAR is outstanding, as determined by the Committee in its sole discretion,
then you shall immediately forfeit all rights to your SAR without consideration, including any vested portion of the SAR, and the entire SAR shall immediately expire, and any rights, payments and benefits with respect to the SAR shall be subject to
reduction or recoupment in accordance with the Clawback Policy and the Plan. For avoidance of doubt, your Service shall also be deemed to have been terminated for Cause by the Company if, after your Service has otherwise terminated, facts and
circumstances are discovered that would have justified a termination for Cause, including, without limitation, your violation of Company policies or breach of confidentiality or other restrictive covenants or conditions that may apply to you prior
to or after your Termination Date.
			
	7.	  	Termination of Service due to Death or Disability	  	If your Service terminates because of your death or Disability, then the unvested portion of your SAR shall be forfeited without consideration and shall immediately expire on
your Termination Date and the vested portion of your SAR will expire at the earlier of (i) the close of business at Company headquarters on the date that is twelve (12) months after your Termination Date, (ii) the Expiration Date set forth in the
attached cover sheet and further described in the Term section above, or (iii) the date on which the SAR is cancelled (and not substituted or assumed) pursuant to a Change in Control or merger or acquisition or similar transaction involving the
Company. In no event is the SAR exercisable after the Expiration Date. If your Service terminated due to your death, then your estate may exercise the vested portion of your SAR during the foregoing post-Service exercise period.
			
	8.	  	Leaves of Absence	  	 For purposes of this SAR, your continuous Service does not terminate when you go on a bona fide leave of absence that was
approved by the Company in writing, if the terms of the leave provide for continued Service crediting, or when continued Service crediting is required by applicable law. Your continuous Service terminates in any event when the approved leave ends
unless you immediately return to active work.
  
 The Company determines
which leaves count for this purpose (along with determining the effect of a leave of absence on vesting of the SAR), and when your continuous Service terminates for all purposes under the Plan.

			
	9.	  	Notice of Exercise	  	 When you wish to exercise this SAR, you must notify the Company by filing a “Notice of Exercise” form at the address given
on the form. Your notice must specify the number of Shares you wish to exercise. Your notice must also specify how your Shares (if any Shares will be issued) should be registered (in your name only or in your and your spouse’s names as
community property or as joint tenants with right of survivorship). The

  
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	 	  	 	  	 notice can only become effective after it is received by the Company.

 
 If someone else wants to exercise this SAR after your death, that person must prove
to the Company’s
satisfaction that he or she is entitled to do so.

			
	10.	  	Form of Payment	  	Following exercise of a vested SAR, you will receive payment for the difference between the aggregate Fair Market Value of the Shares with respect to which the SAR is exercised
and the aggregate Exercise Price. This payment will be made as soon as reasonably practicable following your exercise and the receipt or retention of applicable withholding taxes by the Company. The form of payment will either be in cash and/or
Shares in the discretion of the Company having an aggregate equivalent fair market value.
			
	11.	  	Withholding Taxes	  	 You will be solely responsible for payment of any and all applicable taxes associated with this SAR.

You will not be allowed to exercise this SAR unless you make acceptable arrangements to pay any withholding or other taxes that may be due as a result of
the grant, exercise, vesting or dispositions of this SAR or the underlying Shares. Unless you make other arrangements, all applicable withholding taxes will be made from the payment described in the prior paragraph.

			
	12.	  	Restrictions on Exercise and Resale	  	 By signing this Agreement, you agree not to (i) exercise this SAR (“Exercise Prohibition”), or (ii) sell, transfer, dispose
of, pledge, hypothecate, make any short sale of, or otherwise effect a similar transaction of any Shares acquired under this SAR (each a “Sale Prohibition”) at a time when applicable laws, regulations or Company or underwriter trading
policies prohibit the exercise or disposition of Shares. The Company will not permit you to exercise this SAR to acquire Shares if the issuance of Shares at that time would violate any law or regulation. The Company shall have the right to designate
one or more periods of time, each of which generally will not exceed one hundred eighty (180) days in length (provided however, that such period may be extended in connection with the Company’s release (or announcement of release) of earnings
results or other material news or events), and to impose an Exercise Prohibition and/or Sale Prohibition, if the Company determines (in its sole discretion) that such limitation(s) is needed in connection with a public offering of Shares or to
comply with an underwriter’s request or trading policy, or could in any way facilitate a lessening of any restriction on transfer pursuant to the Securities Act or any state securities laws with respect to any issuance of securities by the
Company, facilitate the registration or qualification of any securities by the Company under the Securities Act or any state securities laws, or facilitate the perfection of any exemption from the registration or qualification requirements of the
Securities Act or any applicable state securities laws for the issuance or transfer of any securities. The Company may issue stop/transfer instructions and/or appropriately legend any stock certificates issued pursuant to this SAR in order to ensure
compliance with the foregoing. Any such Exercise

  
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	 	  	 	  	 Prohibition shall not alter the vesting schedule set forth in this Agreement other than to limit the periods
during which this SAR
shall be exercisable for the acquisition of Shares.
  
 If the sale of Shares
under the Plan is not registered under the Securities Act, but an exemption is available
which requires an investment or other representation, you shall represent and agree at the time of exercise that
the Shares being acquired upon exercise
of this SAR are being acquired for investment, and not with a view to
the sale or distribution thereof, and shall make such other representations as are deemed necessary or
appropriate by the Company and its counsel.

 
 You may also be required, as a condition of exercise of this SAR, to enter into any
Company shareholder
agreement or other agreements that are applicable to shareholders.

			
	13.	  	Transfer of SAR	  	Prior to your death, only you may exercise this SAR. You cannot transfer, assign, alienate, pledge, attach, sell, or encumber this SAR. For instance, you may not sell this SAR or
use it as security for a loan. If you attempt to do any of these things, this SAR will immediately become invalid and forfeited. You may, however, dispose of this SAR in your will or it may be transferred by the laws of descent and distribution.
Regardless of any marital property settlement agreement, the Company is not obligated to honor a notice of exercise from your spouse or former spouse, nor is the Company obligated to recognize such individual’s interest in your SAR in any other
way.
			
	14.	  	Retention Rights	  	 Your SAR or this Agreement does not give you the right to be retained by the Company (or any Parent or any Subsidiaries or
Affiliates) in any capacity. The Company (or any Parent and any Subsidiaries or Affiliates) reserves the right to terminate your Service at any time and for any reason.
  

This SAR and the Shares subject to the SAR are not intended to constitute or replace any pension rights or compensation and are not to be considered
compensation of a continuing or recurring nature, or part of your normal or expected compensation, and in no way represent any portion of your salary, compensation or other remuneration for any purpose, including but not limited to, calculating any
severance, resignation, termination, redundancy, dismissal, end of service payments, bonuses, long-service awards, pension or retirement benefits or similar payments.

			
	15.	  	Shareholder Rights	  	You, or your estate, shall have no rights as a shareholder of the Company with regard to the SAR until you have been issued the applicable Shares by the Company and have
satisfied all other conditions specified in Section 4(g) of the Plan. No adjustment shall be made for cash or stock dividends or other rights for which the record date is prior to the date when such applicable Shares are issued, except as provided
in the Plan.

  
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	16.	  	Adjustments	  	In the event of a stock split, a stock dividend or a similar change in the Company stock, the number of Shares
covered by this SAR (rounded down to the nearest whole number) and
the Exercise Price per Share may be
adjusted pursuant to the Plan. Your SAR shall be subject to the terms of the agreement of merger, liquidation
or reorganization in the event the Company is subject to such corporate
activity.
			
	17.	  	Legends	  	All certificates representing the Shares issued under this Award (if any) may, where applicable, have endorsed thereon the following legends and any other legends the Company
determines appropriate:
			
		  		  	 “THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER AND OPTIONS TO PURCHASE SUCH SHARES SET FORTH IN AN
AGREEMENT BETWEEN THE COMPANY AND THE REGISTERED HOLDER, OR HIS OR HER PREDECESSOR IN INTEREST. A COPY OF SUCH AGREEMENT IS ON FILE AT THE PRINCIPAL OFFICE OF THE COMPANY AND WILL BE FURNISHED UPON WRITTEN REQUEST TO THE SECRETARY OF THE COMPANY BY
THE HOLDER OF RECORD OF THE SHARES REPRESENTED BY THIS CERTIFICATE.”

			
		  		  	 “THE SHARES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD, PLEDGED, OR OTHERWISE
TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION THEREOF UNDER SUCH ACT OR AN OPINION OF COUNSEL, SATISFACTORY TO THE COMPANY AND ITS COUNSEL, THAT SUCH REGISTRATION IS NOT REQUIRED.”

			
	18.	  	Applicable Law	  	This Agreement will be interpreted and enforced under the laws of the State of Colorado without reference to the conflicts of law provisions thereof and any action relating to this
Agreement must be brought in state or federal courts located in Salt Lake County, Utah.
			
	19.	  	Binding Effect; No Third Party Beneficiaries	  	This Agreement shall be binding upon and inure to the benefit of the Company and you and any respective heirs, representatives, successors and permitted assigns. This Agreement
shall not confer any rights or remedies upon any person other than the Company and you and any respective heirs, representatives, successors and permitted assigns. The parties agree that this Agreement shall survive the settlement or termination of
the Award.
			
	20.	  	Voluntary Participant	  	You acknowledge that you are voluntarily participating in the Plan.
			
	21.	  	No Rights to Future Awards	  	Your rights, if any, in respect of or in connection with this SAR or any other Awards are derived solely from the discretionary decision of the Company to permit you to participate
in the Plan and to benefit from a discretionary

  
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	 	  	 	  	future Award. By accepting this SAR, you expressly acknowledge that there is no obligation on the part of the
Company to continue the Plan and/or grant any additional Awards to
you or benefits in lieu of SARs or any
other Awards even if Awards have been granted repeatedly in the past. All decisions with respect to future
Awards, if any, will be at the sole discretion of the Committee.
			
	22.	  	Future Value	  	The future value of the underlying Shares is unknown and cannot be predicted with certainty. If the underlying Shares do not increase in value after the Date of Award, the SAR will
have little or no value. If you exercise the SAR and obtain Shares, the value of the Shares acquired upon exercise may increase or decrease in value, even below the Exercise Price.
			
	23.	  	No Advice Regarding Grant	  	The Company has not provided any tax, legal or financial advice, nor has the Company made any recommendations regarding your participation in the Plan, or your acquisition or sale
of the underlying Shares. You are hereby advised to consult with your own personal tax, legal and financial advisors regarding your participation in the Plan before taking any action related to the Plan.
			
	24.	  	No Right to Damages	  	You will have no right to bring a claim or to receive damages if any portion of the SAR is cancelled or expires unexercised. The loss of existing or potential profit in the SAR will
not constitute an element of damages in the event of the termination of your continuous Service for any reason, even if the termination is in violation of an obligation of the Company or a Parent or a Subsidiary or an Affiliate to
you.
			
	25.	  	Data
Privacy	  	You hereby explicitly and unambiguously consent to the collection, use and transfer, in electronic or other
form, of your personal data as described in this document by the
Company for the exclusive purpose of
implementing, administering and managing your participation in the Plan. You understand that the Company
holds certain personal information about you, including, but not limited to, name, home address and
telephone
number, date of birth, social security or insurance number or other identification number, salary, nationality,
job title, any shares of stock or directorships held in the Company, details of all Awards or any other
entitlement to
Shares awarded, cancelled, purchased, exercised, vested, unvested or outstanding in your favor
for the purpose of implementing, managing and administering the Plan (“Data”). You understand that the Data
may be transferred to any
third parties assisting in the implementation, administration and management of the
Plan, that these recipients may be located in your country or elsewhere and that the recipient country may have
different data privacy laws and protections
than your country. You authorize the recipients to receive, possess,
use, retain and transfer the Data, in electronic or other form, for the purposes of implementing, administering
and managing your participation in the Plan, including any
requisite transfer of such Data, as may be required
to a broker or other third party with whom you may elect to deposit any Shares acquired under the Plan.

  
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	26.	  	Other Information	  	You agree to receive shareholder information, including copies of any annual report, proxy statement and periodic report, from the Company’s website at www.lifevantage.com, if
the Company wishes to provide such information through its website. You acknowledge that copies of the Plan, Plan prospectus, Plan information and stockholder information are also available upon written or telephonic request to the Committee and/or
the Board.
			
	27.	  	Nondisclosure of Confidential Information	  	 You acknowledge that the businesses of the Company is highly competitive and that the Company’s strategies, methods, books,
records, and documents, technical information concerning its products, equipment, services, and processes, procurement procedures and pricing techniques, the names of and other information (such as credit and financial data) concerning former,
present or prospective customers and business affiliates, all comprise confidential business information and trade secrets which are valuable, special, and unique assets which the Company uses in its business to obtain a competitive advantage over
competitors. You further acknowledge that protection of such confidential business information and trade secrets against unauthorized disclosure and use is of critical importance to the Company in maintaining its competitive position. You
acknowledge that by reason of your duties to and association with the Company, you have had and will have access to and have and will become informed of confidential business information which is a competitive asset of the Company. You hereby agree
that you will not, at any time during or after employment, make any unauthorized disclosure of any confidential business information or trade secrets of the Company, or make any use thereof, except in the carrying out of services responsibilities.
You shall take all necessary and appropriate steps to safeguard confidential business information and protect it against disclosure, misappropriation, misuse, loss and theft. Confidential business information shall not include information in the
public domain (but only if the same becomes part of the public domain through a means other than a disclosure prohibited hereunder). The above notwithstanding, a disclosure shall not be unauthorized if (i) it is required by law or by a court of
competent jurisdiction or (ii) it is in connection with any judicial, arbitration, dispute resolution or other legal proceeding in which your legal rights and obligations as a service provider or under this Agreement are at issue; provided, however,
that you shall, to the extent practicable and lawful in any such events, give prior notice to the Company of your intent to disclose any such confidential business information in such context so as to allow the Company an opportunity (which you will
not oppose) to obtain such protective orders or similar relief with respect thereto as may be deemed appropriate. Any information not specifically related to the Company would not be considered confidential to the Company.

 
 The Company will be entitled to enforce its rights under this Agreement
specifically, to recover damages by reason of any breach of any provision of

  
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	 	  	 	  	this Agreement and to exercise all other rights to which it may be entitled. You agree and acknowledge that
money damages may not be an adequate remedy for breach of the
provisions of this Agreement and that the
Company may in its sole discretion apply to any court of law or equity of competent jurisdiction for specific
performance and/or injunctive relief in order to enforce or prevent any violations of the
provisions of this
Agreement.
			
	28.	  	Further Assistance	  	You agree to provide assistance reasonably requested by the Company in connection with actions taken by you while providing services to the Company, including but not limited to
assistance in connection with any lawsuits or other claims against the Company arising from events during the period in which you rendered service to the Company.
			
	29.	  	Notice	  	All notices, requests, demands, claims, and other communications under this Agreement shall be in writing. Any notice, request, demand, claim, or other communication under this
Agreement shall be deemed duly given if (and then two business days after) it is sent by registered or certified mail, return receipt requested, postage prepaid, and addressed to the intended recipient at the address set forth below the
recipient’s signature to this Agreement. Either party to this Agreement may send any notice, request, demand, claim, or other communication under this Agreement to the intended recipient at such address using any other means (including personal
delivery, expedited courier, messenger service, telecopy, ordinary mail, or electronic mail), but no such notice, request, demand, claim, or other communication shall be deemed to have been duly given unless and until it actually is received by the
intended recipient. Either party to this Agreement may change the address to which notices, requests, demands, claims, and other communications hereunder are to be delivered by giving the other party notice in the manner set forth in this
section.

  
  

In consideration of the Company granting you this SAR, please acknowledge your agreement to fully comply with all of the terms and
conditions described above and in the Plan and Plan prospectus by signing this Agreement in the space provided in the cover sheet and returning it promptly to: 
 LIFEVANTAGE CORPORATION 
 Attention: Corporate Secretary 

9815 S. MONROE STREET, SUITE 100 
 SANDY, UTAH 84070 

  
 9 

 LIFEVANTAGE CORPORATION 

NOTICE OF EXERCISE OF STOCK APPRECIATION RIGHT (“SAR”) BY PARTICIPANT 

Lifevantage Corporation 
 9815 S. Monroe Street,
Suite 100 
 Sandy, Utah 84070 

Attention: Corporate Secretary 
  

					
	Re:	  	Exercise of SAR	  	 
		  	  
	  	
		  	[PRINT NAME OF PARTICIPANT]	  	

 Pursuant to the SAR Agreement dated
            ,             between Lifevantage Corporation, a Colorado corporation, (the “Company”) and me, made
pursuant to the 2010 Long-Term Incentive Plan (the “Plan”), I hereby request to exercise my SAR with respect to             shares (whole number only and must be not less than
twenty-five Shares or the remaining number of vested Shares subject to this SAR) of common stock of the Company (the “Shares”), at the exercise price of $            per Share. I
further understand and agree that I will timely satisfy any and all applicable tax withholding obligations as a condition of this SAR exercise. 
 If Shares will be issued to me as a result of this exercise of my SAR, with the number of any Shares determined by the Committee, then please issue such Shares as follows: 

 

							
	Check one:	  	 ̈	  	The Shares certificate is to be issued and registered in my name only.
			
		  	 ̈	  	The Shares certificate is to be issued and registered in my name and my spouse’s name.
				
		  		  	  
	  	
		  		  	[PRINT SPOUSE’S NAME, IF CHECKING SECOND BOX]
		  		  	Check one (if checked second box above):	  	
			
		  		  	 ̈ Community Property or  ̈ Joint Tenants
With Right of Survivorship

 I acknowledge that I have received, understand and continue to be bound by all of the terms and
conditions set forth in the Plan, Plan prospectus and in the SAR Agreement. 
  

					
	Dated:
                                        
	  	 	  	 
	  
	  		  	  

	(Participant’s Signature)	  		  	(Spouse’s Signature)**
		  		  	 **Spousemust sign this Notice of Exercise if listed above.

	  
	  		  	  

	(Full Address)	  		  	(Full Address)

  

	*THIS	NOTICE OF EXERCISE MAY BE REVISED BY THE COMPANY AT ANY TIME WITHOUT NOTICE.Amended and Restated Exelis Inc. 2011 Omnibus Incentive Plan

 Exhibit 4.3 
 Exelis Inc. 
 2011 OMNIBUS INCENTIVE PLAN 

AS AMENDED AND RESTATED 
 ESTABLISHMENT, PURPOSE, AND DURATION 
 Establishment. Exelis Inc., an Indiana
corporation (hereinafter referred to as the “Company”), amends and restates the established incentive compensation plan known as the 2011 Omnibus Incentive Plan (hereinafter referred to as the “Plan”), as set forth in this
document. The Plan permits the grant of Nonqualified Stock Options, Incentive Stock Options, Stock Appreciation Rights (SARs), Restricted Stock, Restricted Stock Units and Other Awards. 
 The Plan first became effective October 31, 2011 (the “Effective Date”) following the Spin-Off of Exelis Inc. from ITT Corporation (the “Predecessor Corporation”) on
October 31, 2011. The Predecessor Corporation maintained a similar plan prior to the Spin-Off (the “Predecessor Plan”), and the Plan was created to govern the awards under the Predecessor Plan, as revised to reflect the Spin-Off from
the Predecessor Corporation. The Plan shall remain in effect as provided in Section 1.3 hereof, and Participants shall receive full credit for their service and participation with the Predecessor Corporation as provided in Section 5.3
hereof. 
 Purpose of the Plan. The purpose of the Plan is to promote the long-term interests of the Company and its shareholders by
strengthening the Company’s ability to attract and retain Employees of the Company and its Affiliates and members of the Board of Directors upon whose judgment, initiative, and efforts the financial success and growth of the business of the
Company largely depend, and to provide an additional incentive for such individuals through share ownership and other rights that promote and recognize the financial success and growth of the Company and create value for shareholders. 

Duration of the Plan. The Plan commenced as of the Effective Date, as described in Section 1.1 hereof, and shall remain in effect,
subject to the right of the Compensation and Personnel Committee of the Board, (the “Committee”) to amend or terminate the Plan at any time pursuant to Article 14 hereof, until all Shares subject to it shall have been purchased or acquired
according to the Plan’s provisions. 
 DEFINITIONS 
 Whenever used in the Plan, the following terms shall have the meanings set forth below, and when the meaning is intended, the initial letter of the word shall be capitalized. 

“Acceleration Event” shall be deemed to have occurred as of the first day that any one or more of the following conditions have been
satisfied: 
 a report on Schedule 13D shall be filed with the Securities and Exchange Commission pursuant to
Section 13(d) of the Exchange Act disclosing that any Person, other than the Company or a Subsidiary or any employee benefit plan sponsored by the Company or a Subsidiary (or related trust), is the Beneficial Owner directly or indirectly of
twenty percent (20%) or more of the outstanding Shares; 
 any Person, other than the Company or a
Subsidiary, or any employee benefit plan sponsored by the Company or a Subsidiary (or related trust), shall purchase shares pursuant to a tender offer or exchange offer to acquire any Shares (or securities convertible into Shares) for cash,
securities or any other consideration, provided that after consummation of the offer, the Person in question is the Beneficial Owner, directly or indirectly, of twenty percent (20%) or more of the outstanding Shares (calculated as provided in
paragraph (d) of Rule 13d-3 under the Exchange Act in the case of rights to acquire Shares); 
 the
consummation of: 
 any consolidation, business combination or merger involving the Company, other than a
consolidation, business combination or merger involving the Company in which holders of Shares immediately prior to the consolidation, business combination or merger (x) hold fifty percent (50%) or more of the combined voting power of the
Company (or the corporation resulting from the consolidation, business combination or merger or the parent of such corporation) after the merger and (y) have the same proportionate ownership of common stock of the Company (or the corporation
resulting from the consolidation, business combination or merger or the parent of such corporation), relative to other holders of Shares immediately prior to the consolidation, business combination or merger, immediately after the consolidation,
business combination or merger as immediately before; or 
 any sale, lease, exchange or other transfer (in one
transaction or a series of related transactions) of all or substantially all the assets of the Company; 

 there shall have been a change in a majority of the members of the Board
within a 12-month period unless the election or nomination for election by the Company’s shareholders of each new director during such 12-month period was approved by the vote of two-thirds of the directors then still in office who
(x) were directors at the beginning of such 12-month period or (y) whose nomination for election or election as directors was recommended or approved by a majority of the directors who were directors at the beginning of such 12-month
period; or 
 any Person, other than the Company or a Subsidiary or any employee benefit plan sponsored by the
Company or a Subsidiary (or related trust), becomes the Beneficial Owner of twenty percent (20%) or more of the Shares. 

“Affiliate” means any Subsidiary and any other Person that directly, or indirectly through one or more intermediaries, controls, or is
controlled by, or is under common control with, the Person specified. 
 “Award” means, individually or collectively, a grant
under this Plan of Nonqualified Stock Options, Incentive Stock Options, SARs, Restricted Stock, Restricted Stock Units, Converted Awards and Other Awards. 
 “Award Agreement” means either (i) an agreement entered into by the Company and a Participant setting forth the terms and provisions applicable to Awards granted under this Plan, or
(ii) a statement issued by the Company to a Participant describing the terms and conditions of such Award. 
 “Beneficial
Owner” shall have the meaning ascribed to such term in Rule 13d-3 of the General Rules and Regulations under the Exchange Act. 

“Benefits and Compensation Matters Agreement” means the Benefits and Compensation Matters Agreement by and among the Company, the
Predecessor Corporation and Exelis Inc. 
 “Board” or “Board of Directors” means the Board of Directors of the
Company. 
 “Code” means the U.S. Internal Revenue Code of 1986, as amended from time to time. 

“Committee” means the Compensation and Personnel Committee of the Board. 
 “Company” means Exelis Inc., an Indiana corporation, and any successor thereto as provided in Article 16 herein; provided, however, that for purposes of grants made under the Predecessor
Plan, Company shall mean the Predecessor Corporation as the original grantor. 
 “Converted Award” means Nonqualified Stock
Options, Incentive Stock Options, SARs, Restricted Stock, Restricted Stock Units and Other Awards denominated in Shares that were originally granted to a Participant under any of the Predecessor Corporation Equity Plans, as adjusted pursuant to the
terms of the Benefits and Compensation Matters Agreement. 
 “Covered Employee” means a Participant who is a “Covered
Employee,” as defined in Code Section 162(m) and the regulations promulgated under Code Section 162(m), or any successor statute. 
 “Director” means any individual who is a member of the Board of Directors. 

“Employee” means any employee of the Company or its Affiliates. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, or any successor act thereto. 
 “Fair Market Value” means a price that is based on the opening, closing, actual, high, low, or average selling prices of a Share on the New York Stock Exchange (“NYSE”) or other
established stock exchange (or exchanges) on the applicable date, the preceding trading day, the next succeeding trading day, or an average of trading days, as determined by the Committee in its discretion. 

Such definition of Fair Market Value may differ depending on whether Fair Market Value is in reference to the grant, exercise, vesting, or settlement or
payout of an Award. If, however, the accounting standards used to account for equity awards granted to Participants are substantially modified subsequent to the Effective Date of the Plan, the Committee shall have the ability to determine an
Award’s Fair Market Value based on the relevant facts and circumstances. If Shares are not traded on an established stock exchange, Fair Market Value shall be determined by the Committee based on objective criteria. 

“Freestanding SAR” means a SAR that is granted independently of any Options, as described in Article 7 herein. 

“Full Value Award” means an Award other than an Option granted with an Option Price equal to at least Fair Market Value on the date of
grant or a SAR with a Grant Price equal to at least Fair Market Value on the date of grant. 
 “Grant Price” means the amount
to which the Fair Market Value of a Share is compared pursuant to Section 7.6 to determine the amount of payment that should be made upon exercise of a SAR. 
 “Incentive Stock Option” or “ISO” means an Option that meets the requirements of Code Section 422, or any successor provision, and that is not designated as a
Nonqualified Stock Option. 
 “Insider” means an individual who is, on the relevant date, an officer, Director, or more than
ten percent (10%) Beneficial Owner of any class of the Company’s equity securities that is registered pursuant to Section 12 of the Exchange Act, as determined by the Board or the Committee in accordance with Section 16 of the
Exchange Act. 

 “Nonqualified Stock Option” or “NQSO” means an Option that is not intended
to meet the requirements of Code Section 422, or that otherwise does not meet such requirements. 
 “Option” means an
Incentive Stock Option or a Nonqualified Stock Option to purchase Shares, as described in Article 6 herein. 
 “Option Price”
means the price at which a Share may be purchased by a Participant pursuant to an Option. 
 “Other Award” means an Award
granted to a Participant pursuant to Article 9 herein. 
 “Participant” means an Employee or Director who has been selected to
receive an Award or who has an outstanding Award granted under the Plan. 
 “Performance-Based Compensation” means an Award
that is qualified as Performance-Based Compensation under Code Section 162(m). 
 “Performance Measures” means measures as
described in Article 10, the attainment of which may determine the amount of payout and/or vesting with respect to Awards. 

“Performance Period” means the period of time during which the performance goals must be met in order to determine the amount of payout
and/or vesting with respect to an Award. 
 “Period of Restriction” means the period when Restricted Stock or Restricted Stock
Units are subject to a substantial risk of forfeiture (based on the passage of time, the achievement of performance goals, or upon the occurrence of other events as determined by the Committee, at its discretion) and transfer restrictions, as
provided in Article 8 herein. 
 “Person” shall have the meaning given in Section 3(a) (9) of the Exchange Act, as
modified and used in Sections 13(d) and 14(d) thereof. 
 “Plan Year” means the fiscal year of the Company. 

“Plan” means the Exelis 2011 Omnibus Incentive Plan, as amended and restated; provided, however, that for purposes of grants made under
the Predecessor Plan, Plan shall mean the Predecessor Plan as it existed on the date of such grant. 
 “Predecessor Corporation Equity
Plan” means any of the plans maintained by the Predecessor Corporation under which equity or equity-based awards were granted, including the ITT 2003 Equity Incentive Plan, ITT Corporation 1997 Long-Term Incentive Plan, 1994 ITT Incentive
Stock Plan, ITT 1996 Restricted Stock Plan for Non-Management Directors, and 2002 ITT Stock Option Plan for Non-Management Directors. 

“Restricted Stock” means an Award granted to a Participant pursuant to Article 8 herein. 

“Restricted Stock Unit” means an Award granted to a Participant pursuant to Article 8 herein. 

“Share” means a share of common stock of the Company, $1.00 par value per share. 

“Stock Appreciation Right” or “SAR” means an Award granted to a Participant pursuant to Article 7 herein. 

“Subsidiary” means any corporation, partnership, joint venture, limited liability company, or other entity (other than the Company) in
an unbroken chain of entities beginning with the Company if each of the entities other than the last entity in the unbroken chain owns at least fifty percent (50%) of the total combined voting power in one of the other entities in such chain.

 “Tandem SAR” means a SAR that is granted in connection with a related Option pursuant to Article 7. 

ADMINISTRATION 
 General. The
Committee shall be responsible for administering the Plan. The Committee may employ attorneys, consultants, accountants, and other persons, and the Committee, the Company, and its officers and Directors shall be entitled to rely upon the advice,
opinions, or valuations of any such persons. All actions taken and all interpretations and determinations made by the Committee shall be final and binding upon the Participants, the Company, and all other interested persons. 

Authority of the Committee. The Committee shall have full and exclusive discretionary power to interpret the terms and the intent of the Plan
and to determine eligibility for Awards and to adopt such rules, regulations, and guidelines for administering the Plan as the Committee may deem necessary or proper. Such authority shall include, but not be limited to, selecting Award recipients,
establishing all Award terms and conditions and, subject to Article 14, adopting modifications and amendments to the Plan or any Award Agreement, including without limitation, any that are necessary to comply with the laws of the countries in which
the Company and its Affiliates operate. 

 Delegation. The Committee may delegate to one or more of its members or to one or more agents or
advisors such administrative duties as it may deem advisable, and the Committee or any person to whom it has delegated duties as aforesaid may employ one or more persons to render advice with respect to any responsibility the Committee or such
person may have under the Plan. The Committee may, by resolution, authorize one or more officers of the Company to do one or both of the following: (a) designate Employees and Directors to be recipients of Awards; and (b) determine the
size of the Award; provided, however, the Committee shall not delegate such responsibilities to any such officer for Awards granted to an Employee that is considered an elected officer of the Company, or to the extent it would
unintentionally cause Performance-Based Compensation to lose its status as such. 
 SHARES SUBJECT TO THE PLAN AND MAXIMUM AWARDS

 Number of Shares Available for Awards. Subject to adjustment as provided in Section 4.2 herein, the number of Shares
hereby reserved for issuance to Participants under the Plan shall be forty million (40,000,000). For purposes of the prior sentence, Shares subject to outstanding awards under the Predecessor Plan shall not be considered available for issuance under
the Predecessor Plan. Any Shares related to Awards under the Plan or awards under the Predecessor Plan that terminate by expiration, forfeiture, cancellation, or otherwise without the issuance of such Shares, are settled in cash in lieu of Shares,
or are exchanged with the Committee’s permission for Awards not involving Shares, shall be available again for grant under the Plan. Notwithstanding the foregoing, (a) upon the exercise of a stock-settled Stock Appreciation Right or
net-settled Option, the number of Shares subject to the Award (or portion of the Award) that is then being exercised shall be counted against the maximum aggregate number of Shares that may be issued under the Plan as provided above, on the basis of
one Share for every Share subject thereto, regardless of the actual number of Shares issued upon exercise and (b) any Shares withheld with respect to an Award (or, with respect to Restricted Stock, returned) in satisfaction of tax withholding
obligations shall be counted as Shares issued. 
 Subject to adjustment as provided in Section 4.2 herein, the number of Shares hereby
reserved for issuance under the Plan for Full Value Awards granted after December 31, 2011 shall not exceed twelve million, nine hundred thousand (12,900,000). In addition, any Shares related to Full Value Awards under the Plan or the
Predecessor Plan that terminate by expiration, forfeiture, cancellation, or otherwise without the issuance of such Shares, are settled in cash in lieu of Shares, or are exchanged with the Committee’s permission for Awards not involving Shares,
shall be available again for grant of Full Value Awards under the Plan. 
 All of the reserved Shares may be used as ISOs. 

The Shares available for issuance under the Plan may be authorized and unissued Shares or treasury Shares. 

The following limits (“Award Limits”) shall apply to Awards (other than Converted Awards), dividends and dividend equivalent intended to
qualify as Performance-Based Compensation: 
 Options: The maximum aggregate number of Shares that
may be granted in the form of Options, pursuant to any Award granted in any one Plan Year to any one Participant shall be fifteen million (15,000,000). 
 SARs: The maximum number of Shares that may be granted in the form of Stock Appreciation Rights, pursuant to any Award granted in any one Plan Year to any one Participant shall be fifteen
million (15,000,000). 
 Restricted Stock or Restricted Stock Units: The maximum aggregate grant with
respect to Awards of Restricted Stock or Restricted Stock Units granted in any one Plan Year to any one Participant shall be three million (3,000,000). 
 Other Awards: The maximum aggregate number of Shares with respect to which Other Awards may be granted in any one Plan Year to any one Participant shall be three million (3,000,000) and
the maximum aggregate cash that may be payable with respect to Other Awards granted in any one Plan Year to any one Participant shall be twelve million ($12,000,000) dollars. 

Dividends and Dividend Equivalents: The maximum aggregate value of cash dividends (other than large,
nonrecurring cash dividends) or dividend equivalents that any one Participant may receive pursuant to Awards in any one Plan Year shall not exceed five million ($5,000,000) dollars. 
 Adjustments in Authorized Shares. In the event of any equity restructuring (within the meaning of FASB Accounting Standards Codification (ASC) 718 (formerly FAS 123R) that causes the per share
value of Shares to change, such as a stock dividend, stock split, spin off, rights offering, or recapitalization through a large, nonrecurring cash dividend, the Committee shall cause there to be made an equitable adjustment to: (a) the number
and, if applicable, kind of shares that may be issued under the Plan or pursuant to any type of Award under the Plan, (b) the Award Limits, (c) the number and, if applicable, kind of shares subject to outstanding Awards and (d) as
applicable, the Option Price or Grant Price of any then outstanding Awards. In the event of any other change in corporate structure or capitalization, such as a merger, consolidation, any reorganization (whether or not such reorganization comes
within the definition of such term in Section 368 of the Code) or any partial or complete liquidation of the Company, the Committee, in its sole discretion, in order to prevent dilution or enlargement of Participants’ rights under the
Plan, shall cause there to be made such equitable adjustments described in the foregoing sentence. Any fractional shares resulting from adjustments made pursuant to this Section 4.2 shall be eliminated. Any adjustment made pursuant to this
Section 4.2 shall be conclusive and binding for all purposes of the Plan. 

 Except to the extent it would unintentionally cause Performance Based Compensation to fail to qualify for
the performance based exception to Code Section 162(m), appropriate adjustments may also be made by the Committee in the terms of any Awards under the Plan to reflect such changes or distributions and to modify any other terms of outstanding
Awards on an equitable basis, including modifications of performance goals and changes in the length of Performance Periods. The determination of the Committee as to the foregoing adjustments, if any, shall be conclusive and binding on Participants
under the Plan. 
 Subject to the provisions of Article 13, without affecting the number of Shares reserved or available hereunder, the
Committee may authorize the issuance or assumption of benefits under this Plan in connection with any merger, consolidation, acquisition of property or stock, share exchange, amalgamation, reorganization or similar transaction upon such terms and
conditions as it may deem appropriate; provided, however, that no such issuance or assumption shall be made without affecting the number of Shares reserved or available hereunder if it would prevent the granting of ISOs under the Plan. 

ELIGIBILITY AND PARTICIPATION 

Eligibility. Individuals eligible to participate in this Plan include all Employees and Directors. 

Actual Participation. Subject to the provisions of the Plan, the Committee may, from time to time, select from all eligible individuals,
those to whom Awards shall be granted and shall determine the form and amount of each Award. 
 Prior Participation. Notwithstanding
any other provision of the Plan to the contrary, all prior service and participation by a Participant with the Predecessor Corporation shall be credited in full towards a Participant’s service and participation with the Corporation. 

STOCK OPTIONS 
 Grant of
Options. Subject to the terms and provisions of the Plan, Options may be granted to Participants in such number, and upon such terms, and at any time and from time to time as shall be determined by the Committee. 

ISOs may not be granted following the ten-year (10) anniversary of the date the Plan was last approved by shareholders in a manner that satisfies
the shareholder approval requirements applicable to ISOs. ISOs may be granted only to Employees. 
 Award Agreement. Each Option
grant shall be evidenced by an Award Agreement that shall specify the Option Price, the duration of the Option, the number of Shares to which the Option pertains, the conditions upon which an Option shall become vested and exercisable, and such
other provisions as the Committee shall determine which are not inconsistent with the terms of the Plan. The Award Agreement also shall specify whether the Option is intended to be an ISO or an NQSO. 

Option Price. The Option Price for each grant of an Option under this Plan shall be as determined by the Committee; provided, however, the
Option Price shall not be less than one hundred percent (100%) of the Fair Market Value of a Share on the date the Option is granted. 

Duration of Options. Each Option granted to a Participant shall expire at such time as the Committee shall determine at the time of grant;
provided, however, no Option shall be exercisable later than the tenth (10th) anniversary of its grant. 
 Exercise of
Options. Options granted under this Article 6 shall be exercisable at such times and be subject to such terms and conditions as the Committee shall in each instance approve, which need not be the same for each grant or for each Participant.

 Payment. Options granted under this Article 6 shall be exercised by the delivery of notice of exercise to an agent designated by
the Company or by complying with any alternative procedures which may be authorized by the Committee, setting forth the number of Shares with respect to which the Option is to be exercised. 
 A condition of the issuance of the Shares as to which an Option shall be exercised shall be the payment of the Option Price. The Option may be exercised (and the Option Price may be satisfied) by
(a) delivering cash or its equivalent, (b) tendering (either by actual delivery or attestation) previously acquired Shares having an aggregate Fair Market Value at the time of exercise equal to the Option Price, (c) broker-assisted
cashless exercise, (d) net exercise, (e) a combination of the foregoing or (f) by any other method approved by the Committee in its sole discretion. The Committee shall determine acceptable methods for tendering Shares as payment upon
exercise of an Option and may impose such limitations and prohibitions on the use of Shares to exercise an Option as it deems appropriate. 

Subject to any governing rules or regulations, as soon as practicable after receipt of written notification of exercise and full payment (including
satisfaction of any applicable tax withholding), the Company shall deliver to the Participant evidence of book entry Shares, or upon the Participant’s request, Share certificates in an appropriate amount based upon the number of Shares
purchased under the Option(s). 
 Unless otherwise determined by the Committee, all payments under the methods indicated above shall be
paid in United States dollars. 

 Restrictions on Share Transferability. The Committee may impose such restrictions on any Shares
acquired pursuant to the exercise of an Option granted under this Article 6 as it may deem advisable, including, without limitation, restrictions under applicable federal securities laws, under the requirements of any stock exchange or market upon
which such Shares are then listed and/or traded, and under any blue sky or state securities laws applicable to such Shares. 
 Termination of
Employment or Service as a Director. The impact of a termination of a Participant’s employment on an Option’s vesting and exercise period shall be determined by the Committee, in its sole discretion, in the Participant’s
Award Agreement, and need not be uniform among Option grants or Participants. The impact of a termination on a Participant’s service as a Director on an Option’s vesting and exercise period shall be determined by the Committee, in its sole
discretion, in the Participant’s Award Agreement, and need not be uniform among Option grants or Participants. 
 Transferability of
Options. During his or her lifetime, only the Participant shall have the right to exercise the Options. After the Participant’s death, the Participant’s estate or beneficiary shall have the right to exercise such Options.

 Incentive Stock Options. No ISO granted under the Plan may be sold, transferred, pledged,
assigned, or otherwise alienated or hypothecated, other than by will or by the laws of descent and distribution. 

Nonqualified Stock Options. Except as otherwise provided in a Participant’s Award Agreement, no NQSO
granted under this Article 6 may be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, other than by will or by the laws of descent and distribution. Under no circumstances may an NQSO be transferable for value or
consideration. 
 Notification of Disqualifying Disposition. If any Participant shall make any disposition of Shares issued pursuant
to the exercise of an ISO under the circumstances described in Section 421(b) of the Code (relating to certain disqualifying dispositions), such Participant shall notify the Company of such disposition within ten (10) days thereof.

 STOCK APPRECIATION RIGHTS 

Grant of SARs. Subject to the terms and conditions of the Plan, SARs may be granted to Participants at any time and from time to time as shall
be determined by the Committee. The Committee may grant Freestanding SARs, Tandem SARs, or any combination of these forms of SARs. 
 Subject to
the terms and conditions of the Plan, the Committee shall have complete discretion in determining the number of SARs granted to each Participant and, consistent with the provisions of the Plan, in determining the terms and conditions pertaining to
such SARs. 
 The SAR Grant Price for each grant of a Freestanding SAR shall be determined by the Committee and shall be specified in the Award
Agreement. The SAR Grant Price shall not be less than one hundred percent (100%) of the Fair Market Value of a Share on the date the SAR is granted. The Grant Price of Tandem SARs shall be equal to the Option Price of the related Option.

 SAR Agreement. Each SAR Award shall be evidenced by an Award Agreement that shall specify the Grant Price, the term of the SAR,
and such other provisions as the Committee shall determine. 
 Term of SAR. The term of a SAR granted under the Plan shall be
determined by the Committee, in its sole discretion, provided that, no SAR shall be exercisable later than the tenth (10th) anniversary of its grant. 
 Exercise of Freestanding SARs. Freestanding SARs may be exercised upon whatever terms and conditions the Committee, in its sole discretion, imposes upon them; provided, however, such terms and
conditions shall be subject to Section 7.1 as to grant price and Section 7.3 as to the term of the SAR. 
 Exercise of Tandem
SARs. Tandem SARs may be exercised for all or part of the Shares subject to the related Option upon the surrender of the right to exercise the equivalent portion of the related Option. A Tandem SAR may be exercised only with respect to the
Shares for which its related Option is then exercisable. 
 Notwithstanding any other provision of this Plan to the contrary, with respect to a
Tandem SAR granted in connection with an ISO: (a) the Tandem SAR will expire no later than the expiration of the underlying ISO; (b) the value of the payout with respect to the Tandem SAR may be for no more than one hundred percent
(100%) of the difference between the Option Price of the underlying ISO and the Fair Market Value of the Shares subject to the underlying ISO at the time the Tandem SAR is exercised; and (c) the Tandem SAR may be exercised only when the
Fair Market Value of the Shares subject to the ISO exceeds the Option Price of the ISO. 
 Payment of SAR Amount. Upon the exercise
of a SAR, a Participant shall be entitled to receive payment from the Company in an amount determined by multiplying: 
 The difference between the Fair Market Value of a Share on the date of exercise over the Grant Price; by 
 The number of Shares with respect to which the SAR is exercised. 
 At the discretion of the
Committee, the payment upon a SAR exercise may be in cash, in Shares of equivalent value, in some combination thereof, or in any other manner approved by the Committee at its sole discretion. The Committee’s determination regarding the form of
SAR payout shall be set forth in the Award Agreement pertaining to the grant of the SAR. 

 Termination of Employment or Service as a Director. The impact of a termination of a
Participant’s employment on a SAR’s vesting and exercise period shall be determined by the Committee, in its sole discretion, in the Participant’s Award Agreement, and need not be uniform among SAR grants or Participants. The impact
of a termination on a Participant’s service as a Director on a SAR’s vesting and exercise period shall be determined by the Committee, in its sole discretion, in the Participant’s Award Agreement, and need not be uniform among SAR
grants or Participants. 
 Nontransferability of SARs. Except as otherwise provided in a Participant’s Award Agreement, no SAR
granted under the Plan may be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, other than by will or by the laws of descent and distribution. Under no circumstances may a SAR be transferable for value or consideration.
Further, except as otherwise provided in a Participant’s Award Agreement, all SARs granted to a Participant under the Plan shall be exercisable during his or her lifetime only by such Participant. 

Other Restrictions. The Committee shall impose such other conditions and/or restrictions on any Shares received upon exercise of a SAR
granted pursuant to the Plan as it may deem advisable. This includes, but is not limited to, requiring the Participant to hold the Shares received upon exercise of a SAR for a specified period of time. 

RESTRICTED STOCK AND RESTRICTED STOCK UNITS 
 Grant of Restricted Stock or Restricted Stock Units. Subject to the terms and conditions of the Plan, the Committee, at any time and from time to time, may grant Shares of Restricted Stock
and/or Restricted Stock Units to Participants in such amounts as the Committee shall determine. Restricted Stock Units shall be similar to Restricted Stock except that no Shares are actually awarded to the Participant on the date of grant.

 Restricted Stock or Restricted Stock Unit Agreement. Each Restricted Stock and/or Restricted Stock Unit grant shall be evidenced
by an Award Agreement that shall specify the Period(s) of Restriction, the number of Shares of Restricted Stock or the number of Restricted Stock Units granted, and such other provisions as the Committee shall determine. 

Transferability. Except as provided in this Article 8, the Shares of Restricted Stock and/or Restricted Stock Units granted herein may not be
sold, transferred, pledged, assigned, or otherwise alienated or hypothecated until the end of the applicable Period of Restriction established by the Committee and specified in the Award Agreement (and in the case of Restricted Stock Units until the
date of delivery or other payment), or upon earlier satisfaction of any other conditions, as specified by the Committee, in its sole discretion, and set forth in the Award Agreement. 
 Other Restrictions. The Committee shall impose such other conditions and/or restrictions on any Shares of Restricted Stock or Restricted Stock Units granted pursuant to the Plan as it may deem
advisable including, without limitation, a requirement that Participants pay a stipulated purchase price for each Share of Restricted Stock or each Restricted Stock Unit, restrictions based upon the achievement of specific performance goals,
time-based restrictions on vesting following the attainment of the performance goals, time-based restrictions, and/or restrictions under applicable federal or state securities laws. 
 To the extent deemed appropriate by the Committee, the Company may retain the certificates representing Shares of Restricted Stock in the Company’s possession until such time as all conditions and/or
restrictions applicable to such Shares have been satisfied or lapse. 
 Except as otherwise provided in this Article 8, Shares of Restricted
Stock covered by each Restricted Stock Award shall become freely transferable by the Participant after all conditions and restrictions applicable to such Shares have been satisfied or lapse (including satisfaction of any applicable tax withholding
obligations), and Restricted Stock Units shall be paid in cash, Shares, or a combination of cash and Shares as the Committee, in its sole discretion shall determine. 
 Voting Rights. To the extent permitted or required by law, as determined by the Committee, Participants holding Shares of Restricted Stock granted hereunder may be granted the right to
exercise full voting rights with respect to those Shares during the Period of Restriction. A Participant shall have no voting rights with respect to any Restricted Stock Units granted hereunder. 

Dividends and Other Distributions. During the Period of Restriction, Participants holding Shares of Restricted Stock or Restricted Stock
Units granted hereunder may, if the Committee so determines, be credited with dividends paid with respect to the underlying Shares or dividend equivalents while they are so held in a manner determined by the Committee in its sole discretion. The
Committee may apply any restrictions to the dividends or dividend equivalents that the Committee deems appropriate. The Committee, in its sole discretion, may determine the time and form of payment of dividends or dividend equivalents, including
cash, Shares, Restricted Stock, or Restricted Stock Units; provided, however, that if dividends or dividend equivalents are granted with respect to any Shares of Restricted Stock or Restricted Share Units that are subject to performance goals, the
dividends or dividend equivalents shall be accumulated or reinvested and paid following the time such performance goals are met, as set forth by the Committee in the applicable Award Agreement. 

 Termination of Employment or Service as a Director. The impact of a termination of a
Participant’s employment on a Restricted Stock or Restricted Stock Unit’s vesting and settlement shall be determined by the Committee, in its sole discretion, in the Participant’s Award Agreement, and need not be uniform among
Restricted Stock or Restricted Stock Unit grants or Participants. The impact of a termination of a Participant’s service as a Director on a Restricted Stock or Restricted Stock Unit’s vesting and settlement shall be determined by the
Committee, in its sole discretion, in the Participant’s Award Agreement, and need not be uniform among Restricted Stock or Restricted Stock Unit grants or Participants. 
 Section 83(b) Election. The Committee may provide in an Award Agreement that the Award of Restricted Stock is conditioned upon the Participant making or refraining from making an election
with respect to the Award under Section 83(b) of the Code. If a Participant makes an election pursuant to Section 83(b) of the Code concerning a Restricted Stock Award, the Participant shall be required to file promptly a copy of such
election with the Company. 
 OTHER AWARDS 
 The Committee may grant Other Awards, which may include, without limitation, unrestricted Shares, the payment of Shares in lieu of cash, the payment of cash based on attainment of Performance Goals,
service conditions or other goals established by the Committee and the payment of Shares in lieu of cash under other Company incentive or bonus programs. Payment under or settlement of any such Other Awards shall be made in such manner, at such
times and subject to such terms and conditions as the Committee may determine. 
 PERFORMANCE MEASURES 

Unless and until the Committee proposes for shareholder vote and the shareholders approve a change in the general Performance Measures set forth in this
Article 10, the performance goals upon which the payment or vesting of an Award to a Covered Employee that is intended to qualify as Performance-Based Compensation shall be limited to one or more of the following Performance Measures: 

Net earnings; 

Earnings per share; 
 Net sales growth; 
 Net income (before or after taxes); 

Net operating profit; 
 Return measures (including, but not limited to, return on assets, capital, equity, or sales); 
 Cash flow (including, but not limited to, operating cash flow and free cash flow); 

Cash flow return on capital; 
 Earnings before or after taxes, interest, depreciation, and/or amortization; 

Gross or operating margins; 
 Productivity ratios; 
 Share price (including, but not limited to, growth measures
and total shareholder return); 
 Expense targets; 
 Margins; 
 Operating efficiency; 

Customer satisfaction; 
 Employee satisfaction metrics; 
 Human resources metrics; 

Working capital targets; and 
 EVA®. 
 Any Performance Measure(s) may be used to measure the performance of the Company or an Affiliate as a whole or any business unit of the Company or an Affiliate or any combination thereof, as the Committee
may deem appropriate, or any of the above Performance Measures as compared to the performance of a group of comparator companies, or published or special index that the Committee, in its sole discretion, deems appropriate, or the Company may select
Performance Measure (l) above as compared to various stock market indices. The Committee also has the authority to provide for accelerated vesting of any Award based on the achievement of performance goals pursuant to the Performance Measures
specified in this Article 10. 

 The Committee may provide in any such Award that any evaluation of performance may include or exclude any of
the following events that occurs during a Performance Period: (a) asset write-downs, (b) litigation or claim judgments or settlements, (c) the effect of changes in tax laws, accounting principles, or other laws or provisions affecting
reported results, (d) any reorganization and restructuring programs, (e) extraordinary nonrecurring items as described in Accounting Principles Board Opinion No. 30 and/or in management’s discussion and analysis of financial
condition and results of operations appearing in the Company’s annual report to shareholders for the applicable year, (f) acquisitions or divestitures, and (g) foreign exchange gains and losses. To the extent such inclusions or
exclusions affect Awards to Covered Employees, they shall be prescribed in a form that meets the requirements of Code Section 162(m) for deductibility. 
 Awards that are designed to qualify as Performance-Based Compensation, and that are held by Covered Employees, may not be adjusted upward. The Committee shall retain the discretion to adjust such Awards
downward. 
 In the event that applicable tax and/or securities laws change to permit Committee discretion to alter the governing Performance
Measures without obtaining shareholder approval of such changes, the Committee shall have sole discretion to make such changes without obtaining shareholder approval. 
 BENEFICIARY DESIGNATION 
 Each Participant under the Plan may, from time to time, name any
beneficiary or beneficiaries (who may be named contingently or successively) to whom any benefit under the Plan is to be paid in case of his or her death before he or she receives any or all of such benefit. Each such designation shall revoke all
prior designations by the same Participant, shall be in a form prescribed by the Committee, and will be effective only when filed by the Participant in writing with the Company during the Participant’s lifetime. In the absence of any such
designation, benefits remaining unpaid at the Participant’s death shall be paid to the Participant’s estate. 
 RIGHTS OF
PARTICIPANTS 
 Employment. Nothing in the Plan or an Award Agreement shall interfere with or limit in any way the right of the
Company and/or its Affiliates to terminate any Participant’s employment or of the Board of Directors to terminate service as a Director at any time or for any reason not prohibited by law, nor confer upon any Participant any right to continue
his or her employment or service as a Director for any specified period of time. 
 Neither an Award nor any benefits arising under this Plan
shall constitute an employment contract with the Company and, accordingly, subject to Article 3 and Section 14.1, this Plan and the benefits hereunder may be terminated at any time in the sole and exclusive discretion of the Committee without
giving rise to any liability on the part of the Company, its Affiliates, and/or its Subsidiaries. 
 Participation. No individual
shall have the right to be selected to receive an Award under this Plan, or, having been so selected, to be selected to receive a future Award. 

Rights as a Shareholder. Except as otherwise provided in Section 8 of the Plan or in an Award Agreement, a Participant shall have none
of the rights of a shareholder with respect to Shares covered by any Award until the Participant becomes the record holder of such Shares. 

ACCELERATION EVENT 
 The Compensation
Committee shall specify in each Participant’s Award Agreement the treatment of outstanding Awards upon an Acceleration Event; provided that any Converted Award will continue to apply the definition of “change in control” or
“acceleration event” as provided in the Predecessor Corporation Equity Plan under which such Converted Award was originally granted, as adjusted pursuant to the terms of the Benefits and Compensation Matters Agreement. 

AMENDMENT, MODIFICATION, SUSPENSION, AND TERMINATION 
 Amendment, Modification, Suspension, and Termination. Subject to Section 14.3, the Committee may, at any time and from time to time, alter, amend, modify, suspend, or terminate the Plan
and any Award Agreement in whole or in part; provided, however, that, except for a change or adjustment made pursuant to Section 4.2, no Option Price of an outstanding Option or Grant Price of an outstanding SAR shall be reduced
(whether through amendment, cancellation or replacement of Awards with other Awards or other payments of cash or property) without shareholder approval. 
 Adjustment of Awards Upon the Occurrence of Certain Unusual or Nonrecurring Events. The Committee may make adjustments in the terms and conditions of, and the criteria included in, Awards in
recognition of unusual or nonrecurring events (including, without limitation, the events described in Section 4.2 hereof) affecting the Company or the financial statements of the Company or of changes in applicable laws, regulations, or
accounting principles, whenever the Committee determines that such adjustments are appropriate in order to prevent unintended dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan. The
determination of the Committee as to the foregoing adjustments, if any, shall be conclusive and binding on Participants under the Plan. 

 Awards Previously Granted. Notwithstanding any other provision of the Plan to the contrary, no
termination, amendment, suspension, or modification of the Plan or an Award Agreement shall adversely affect in any material way any Award previously granted under the Plan, without the written consent of the Participant holding such Award.

 WITHHOLDING 
 Tax
Withholding. The Company shall have the power and the right to deduct or withhold, or require a Participant to remit to the Company, the minimum statutory amount to satisfy federal, state, and local taxes, domestic or foreign, required by
law or regulation to be withheld with respect to any taxable event arising as a result of this Plan. 
 Share Withholding. With
respect to withholding required upon the exercise of Options, or SARs, upon the lapse of restrictions on Restricted Stock and Restricted Stock Units, or any other taxable event arising as a result of Awards granted hereunder, Participants may elect,
subject to the approval of the Committee, to satisfy the withholding requirement, in whole or in part, by having the Company withhold Shares having a Fair Market Value on the date the tax is to be determined equal to the minimum statutory total tax
that could be imposed on the transaction. All such elections shall be irrevocable, made in writing, and signed by the Participant, and shall be subject to any restrictions or limitations that the Committee, in its sole discretion, deems appropriate.

 SUCCESSORS 
 All obligations
of the Company under the Plan with respect to Awards granted hereunder shall be binding on any successor to the Company, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of
all or substantially all of the business and/or assets of the Company. 
 GENERAL PROVISIONS 

Forfeiture Events. The Committee may specify in an Award Agreement that the Participant’s rights, payments, and benefits with respect to
an Award shall be subject to reduction, cancellation, forfeiture, or recoupment upon the occurrence of certain specified events, in addition to any otherwise applicable vesting or performance conditions of an Award. Such events shall include, but
shall not be limited to, termination of employment for cause, violation of material Company and/or Affiliate policies, breach of noncompetition, confidentiality, or other restrictive covenants that may apply to the Participant, or other conduct by
the Participant that is detrimental to the business or reputation of the Company and/or its Affiliates. 
 Legend. The certificates
for Shares may include any legend which the Committee deems appropriate to reflect any restrictions on transfer of such Shares. 
 Gender and
Number. Except where otherwise indicated by the context, any masculine term used herein also shall include the feminine, the plural shall include the singular, and the singular shall include the plural. 

Severability. In the event any provision of the Plan shall be held illegal or invalid for any reason, the illegality or invalidity shall not
affect the remaining parts of the Plan, and the Plan shall be construed and enforced as if the illegal or invalid provision had not been included. 
 Requirements of Law. The granting of Awards and the issuance of Shares under the Plan shall be subject to all applicable laws, rules, and regulations, and to such approvals by any governmental
agencies or national securities exchanges as may be required. 
 Securities Law Compliance. With respect to Insiders, transactions
under this Plan are intended to comply with all applicable conditions of Rule 16b-3 or its successor under the Exchange Act. To the extent any provision of the Plan or action by the Committee fails to so comply, it shall be deemed null and void, to
the extent permitted by law and deemed advisable by the Committee. 
 Registration and Listing. The Company may use reasonable
endeavors to register Shares allotted pursuant to the exercise of an Award with the United States Securities and Exchange Commission or to effect compliance with the registration, qualification, and listing requirements of any national securities
laws, stock exchange, or automated quotation system. 
 Delivery of Title. The Company shall have no obligation to issue or deliver
evidence of title for Shares issued under the Plan prior to: 
 Obtaining any approvals from governmental
agencies that the Company determines are necessary or advisable; and 
 Completion of any registration or other
qualification of the Shares under any applicable national or foreign law or ruling of any governmental body that the Company determines to be necessary or advisable. 
 Inability to Obtain Authority. The inability of the Company to obtain authority from any regulatory body having jurisdiction, which authority is deemed by the Company’s counsel to be
necessary to the lawful issuance and sale of any Shares hereunder, shall relieve the Company of any liability in respect of the failure to issue or sell such Shares as to which such requisite authority shall not have been obtained. 

 Employees or Directors Based Outside of the United States. Notwithstanding any provision of the
Plan to the contrary, in order to comply with the laws in other countries in which the Company and its Affiliates operate or have Employees or Directors, the Committee, in its sole discretion, shall have the power and authority to: 

Determine which Affiliates shall be covered by the Plan; 

Determine which Employees and/or Directors outside the United States are eligible to participate in the Plan; 

Modify the administrative terms and conditions of any Award granted to Employees and/or Directors outside the United
States to comply with applicable foreign laws; 
 Establish subplans and modify exercise procedures and other
terms and procedures, to the extent such actions may be necessary or advisable. Any subplans and modifications to Plan terms and procedures established under this Section 17.10 by the Committee shall be attached to this Plan document as
appendices; and 
 Take any action, before or after an Award is made, that it deems advisable to obtain approval
or comply with any necessary local government regulatory exemptions or approvals. 
 Notwithstanding the above, the Committee may not take any
actions hereunder, and no Awards shall be granted, that would violate the Exchange Act, the Code, any securities law, or governing statute or any other applicable law. 
 Uncertificated Shares. To the extent that the Plan provides for issuance of certificates to reflect the transfer of Shares, the transfer of such Shares may be effected on a noncertificated
basis, to the extent not prohibited by applicable law or the rules of any stock exchange. 
 Unfunded Plan. Participants shall have
no right, title, or interest whatsoever in or to any investments that the Company may make to aid it in meeting its obligations under the Plan. Nothing contained in the Plan, and no action taken pursuant to its provisions, shall create or be
construed to create a trust of any kind, or a fiduciary relationship between the Company and any Participant, beneficiary, legal representative, or any other person. To the extent that any person acquires a right to receive payments from the Company
under the Plan, such right shall be no greater than the right of an unsecured general creditor of the Company. All payments to be made hereunder shall be paid from the general funds of the Company and no special or separate fund shall be established
and no segregation of assets shall be made to assure payment of such amounts except as expressly set forth in the Plan. The Plan is not subject to ERISA. 
 No Fractional Shares. No fractional Shares shall be issued or delivered pursuant to the Plan or any Award. The Committee shall determine whether cash, Awards, or other property shall be issued
or paid in lieu of fractional Shares or whether such fractional Shares or any rights thereto shall be forfeited or otherwise eliminated. 

Retirement and Welfare Plans. The value of compensation paid under this Plan will not be included as “compensation” for purposes of
computing the benefits payable to any participant under the Company’s retirement plans (both qualified and non-qualified) or welfare benefit plans unless such other plan expressly provides that such compensation shall be taken into account in
computing a participant’s benefit. 
 Governing Law. The Plan and each Award Agreement shall be governed by 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 the Plan to the substantive law of another jurisdiction. Unless otherwise provided in the Award Agreement,
recipients of an Award under the Plan are deemed to submit to the exclusive jurisdiction and venue of the federal or state courts of New York, to resolve any and all issues that may arise out of or relate to the Plan or any related Award Agreement.

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