Document:

Exhibit 10.1

 

 
	
  

 	
  

 	
  

 
	
 Notice of
 Grant of Restricted Stock

 And Restricted Stock Agreement – 

 Director

 	
  

 	
 MTS SYSTEMS CORPORATION

 
	
  

 	
 ID: 41-0908057

 
	
  

 	
 14000 Technology Drive

 
	
  

 	
 Eden Prairie, MN 55344

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 
	
 «First» «MI»
 «Last»

 	
  

 	
 Plan:

 	
 2011

 
	
 «Address»

 	
  

 	
 ID:

 	
 «ID»

 
	
 «M_2nd_Line»

 	
  

 	
  

 	
  

 
	
 «City» «Rg» «Postal_code»

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 

Effective «Grant_Date», you (the “Participant”) have been granted «Shares»
shares of MTS SYSTEMS CORPORATION (the “Company”) common stock pursuant to the
Company’s 2011 Stock Incentive Plan (the “Plan”), subject to restrictions on
your right to transfer the Shares.

The
total value of the Shares on the date of grant is $__________

The
dates for lapse of the restrictions shown below are for illustration purposes
only, based on the anticipated dates for future Shareholder
Meetings. Restriction on Shares under this Grant will lapse with respect
to the number of Shares on the actual date of the Annual Shareholders
Meeting each year, without regard to the dates listed below, and are subject to
earlier lapse as described in the Plan:

	
  

 	
  

 
	
 Shares

 	
 Date Restriction Lapse

 
	
 «SharesY1»

 	
 «DateY1»

 
	
 «SharesY2»

 	
 «DateY2»

 
	
 «SharesY2»

 	
 «DateY3»

 

By accepting this grant via your signature below, you and the Company
agree that the Restricted Stock evidenced by this Restricted Stock Agreement is
subject to the following:

	
  

 	
  

 	
  

 	
  

 
	
  

 	
 A.

 	
 This Agreement and the Shares are governed by all the terms,
 provisions and conditions set forth in the Company’s 2011 Stock Incentive Plan and by Uniform Terms and Conditions Applicable
 to Director Restricted Stock Grants adopted by the Compensation
 Committee (the “Committee”) of the Board of Directors of the Company, which
 are incorporated herein. 

 	
  

 
	
  

 	
 B.

 	
 If you serve as a director of the Company for ten or more years and
 thereafter retire as a director, all restrictions on transfer shall lapse
 immediately on the date you cease to be a director (other than your removal
 for Cause as defined in the Plan).

 	
  

 
	
  

 	
 C.

 	
 The Company may amend or terminate the Plan and this Agreement at any
 time, provided that no such action shall impair any rights that have accrued
 under this Agreement at the time of amendment or termination without your
 consent. 

 	
  

 

	
  

 	
  

 	
  

 
	
 

 	
  

 	
 «Grant_Date»

 
	
 MTS SYSTEMS CORPORATION

 	
  

 	
 Date

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 
	
 EMPLOYEE

 	
  

 	
 DateExhibit 10.2

 

 
	
  

 	
  

 	
  

 
	
 Notice of Grant of Restricted
 Stock Units

 And Restricted Stock
 Agreement –

 Non-employee Director

 	
  

 	
 MTS SYSTEMS
 CORPORATION

 
	
  

 	
 ID: 41-0908057

 
	
  

 	
 14000 Technology Drive

 
	
  

 	
 Eden Prairie, MN 55344

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Plan:

 	
 2011

 
	
  

 	
  

 	
 ID:

 	
  

 
	
  

 	
  

 	
  

 	
  

 

As a Non-employee Director of MTS SYSTEMS CORPORATION (the Company),
you have been granted Restricted Stock Units (Units) of the common stock of the
Company pursuant to Section 7.8 of the Company’s 2011 Stock Incentive Plan (the
“Plan”), subject to restrictions on your right to transfer the Units as
provided in the Plan and the Uniform Terms
and Conditions Applicable to Non-employee Director Restricted Stock Unit Grants,
adopted by the Board of Directors, which are incorporated herein.

	
  

 	
  

 	
  

 
	
 Date of Grant of Restricted
 Stock Units:

 	
  

 	
  [DATE]

 
	
  

 	
  

 	
   

 
	
 Number of Restricted Stock
 Units:

 	
  

 	
  [NUMBER]

 
	
  

 	
  

 	
   

 
	
 The value of a Unit, based
 on the value of the common stock of the Company on the date of grant:

 	
  

 	
  [SHARE PRICE]

 

By accepting this grant via your signature below, you and the Company
agree that the Units evidenced by this Restricted Stock Unit Agreement are
subject to the following:

	
  

 	
  

 	
  

 	
  

 
	
  

 	
 A.

 	
 This Agreement and the Shares issuable hereunder are governed by all
 the terms, provisions and conditions set forth in the Company’s 2011 Stock
 Incentive Plan and by Uniform Terms and
 Conditions Applicable to Restricted Stock Unit Grants, including the right to dividend
 equivalents on such Units and the right to elect to defer receipt of
 the Shares upon vesting under the terms of the Company’s Executive Deferred
 Compensation Plan (2005 Restatement), as amended.

 	
  

 
	
  

 	
 B.

 	
 All restrictions shall lapse on the date of the next regular annual
 shareholder meeting following the date of grant, if you continue to serve as
 a director of the Company through such annual meeting. A pro-rata portion of
 the Units shall vest if you cease to be a director of the Company prior to
 the date that the restrictions would otherwise lapse. 

 	
  

 
	
  

 	
 C.

 	
 All restrictions shall lapse upon or immediately prior to the occurrence
 of a Change in Control as set forth in the Uniform Terms and Conditions
 Applicable to Non-employee Director Restricted Stock Unit Grants.

 	
  

 
	
  

 	
 D.

 	
 Any Units you elect to defer under the Deferred Compensation Plan
 shall be subject to the terms and conditions of the Plan and the Deferred
 Compensation Plan after the date of deferral.

 	
  

 
	
  

 	
 E.

 	
 The Company may amend or terminate the Plan and this Agreement at any
 time, provided that no such action shall impair any rights that have accrued
 at the time of amendment or termination without your consent. 

 	
  

 

	
  

 	
  

 	
  

 
	
  

 	
  

 	
 «Grant_date»

 
	
 MTS
 SYSTEMS CORPORATION

 	
  

 	
 Date

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 
	
 DIRECTOR

 	
  

 	
 DateExhibit 10.3

UNIFORM TERMS AND CONDITIONS APPLICABLE TO

NON-EMPLOYEE DIRECTOR RESTRICTED STOCK UNIT GRANTS UNDER

THE MTS SYSTEMS CORPORATION 2011 STOCK INCENTIVE PLAN

Pursuant to the authority set forth in Section 7.8 of the MTS Systems
Corporation 2011 Stock Incentive Plan (the “Plan”), as amended, the
Compensation Committee (the “Committee”) of the Board of Directors (the
“Board”) adopts the following
terms and conditions to apply to any and all awards
of Restricted Stock Units granted under the Plan to Non-employee Directors (the
“Participant”) in addition to the terms set forth in the Plan (Section
references are to Sections of the Plan):

	
  

 	
  

 	
  

 
	
  

 	
 1.

 	
 The terms and conditions set forth below govern the issuance to the
 Participant of the number of units (“Units”), which represent the right to
 receive shares of MTS Common Stock, $.25 par value per share (the “Shares”)
 set forth in a separate Notice of Grant of Restricted Stock Units (the
 “Notice”), and, subject to the election as provided in Paragraph 6, the issuance
 of Shares upon the vesting of the Units. This document and the Notice
 constitute the Restricted Stock Unit Agreement. 

 
	
  

 	
  

 	
  

 
	
  

 	
 2.

 	
 The Units will vest on the date of the next regular annual
 shareholder meeting following the date of grant, if the Participant continues
 to serve as a director of MTS through such annual meeting (known as the
 “Restriction Period”). In the event that the Participant ceases to be a
 director due to death or disability during the Restriction Period, all
 restrictions will immediately lapse (Section 7.1(f)). In the event that the
 Participant ceases to be a director for reasons other than death or
 disability during the Restriction Period, a pro-rata portion of the Units
 shall vest, based on the number of calendar days since the date of grant over
 365 days, rounded to the nearest whole Unit; all Units that are not vested as
 previously described shall be forfeited to MTS without payment therefore.

 
	
  

 	
  

 	
  

 
	
  

 	
 3.

 	
 Notwithstanding Paragraph 2 above, all Units that have not vested in
 accordance with the Notice shall immediately fully (100%) vest upon the
 occurrence of a Change in Control (as defined in the Plan) provided that the
 terms of the agreements effectuating the Change in Control do not provide for
 the assumption or substitution of the Units (Section 11.2).

 
	
  

 	
  

 	
  

 
	
  

 	
 4.

 	
 Prior to the vesting of the Units described in Paragraphs 2 and 3
 above, MTS shall pay the Participant a cash amount (the “Dividend
 Equivalent”) equal to the amount of any dividend or similar distribution in
 cash paid to holders of with respect to one Share of MTS Common Stock, times
 the number of Units set forth in the Notice. Such Dividend Equivalent shall
 be paid as soon as practicable after the date of payment of the amount to the
 stockholders of MTS.

 
	
  

 	
  

 	
  

 
	
  

 	
 5.

 	
 Unless the Participant make an election as provided in Paragraph 6,
 no later than 30 days from the date of vesting as to any Units, MTS shall
 make a book entry of the issuance of such Shares to the Participant on MTS’s
 stock records in settlement of the Participant’s rights to Units under this
 Agreement. Upon the request of the Participant, MTS shall deliver to the
 Participant certificated Shares representing the number of vested Shares in
 certificated form as requested. 

 
	
  

 	
  

 	
  

 
	
  

 	
 6.

 	
 The Participant may, in accordance with the provisions under the MTS
 Systems Corporation Executive Deferred Compensation Plan (2005 Restatement),
 as amended (the “Deferred Compensation Plan”), elect to defer part or all of
 the Units granted under the Notice (rounded to the nearest whole Unit), and
 if such an election is made, issuance of Shares for such Units shall be
 deferred as of the date such Units otherwise vest as provided above. From and
 after the date of deferral, the issuance of Shares shall be governed solely
 by the terms of the Plan and the Deferred Compensation Plan, and the terms of
 this Agreement shall cease and be of no further force and effect. Except as
 provided in this Paragraph 6 or under the terms of the Deferred Compensation
 Plan, no payment or issuance of Shares shall be subject to deferral.

 

	
  

 	
  

 	
  

 
	
  

 	
 7.

 	
 Until Shares are issued in settlement of the vested Units in
 accordance with Paragraph 5 or under the terms of the Deferred Compensation
 Plan, the Participant will not be deemed for any purpose to be, or have
 rights as, a shareholder of MTS, or to exercise, directly or by proxy, voting
 rights with respect to the Shares issuable prior to or concurrent with the
 vesting of the Units. From and after the date of settlement, the Participant
 shall have all rights and privileges of any other shareholder with respect to
 the Shares issued in settlement of the vested Units.

 
	
  

 	
  

 	
  

 
	
  

 	
 8.

 	
 MTS may make an equitable adjustment in the number of Units that have
 not vested in the event of any change in the capital structure of MTS,
 including but not limited to such changes as stock dividends or stock splits
 (Section 3.4). Any additional Units issued to the Participant as a result of
 any of the foregoing events shall continue to be subject to the terms set
 forth herein to the same extent as the Units giving rise to the right to
 receive such additional Units.

 
	
  

 	
  

 	
  

 
	
  

 	
 9.

 	
 Nothing in this Agreement shall modify or reduce the rights or
 discretions of the Committee set forth in the Plan, including but not limited
 to amending the terms and conditions of any Award consistent with Section
 12.3.

 
	
  

 	
  

 	
  

 
	
  

 	
 10.

 	
 Prior to the issuance or the deferral of Units as set forth above,
 the Units shall represent an unfunded promise to issue Shares in the future
 and Participant shall have no rights other than as a general creditor of MTS
 with respect to the issuance of Shares. Except as otherwise provided in
 Section 7.1(h), a Participant shall not sell, transfer, pledge, assign or
 otherwise encumber any of the Units, whether voluntarily, involuntarily or by
 operation of law. Any purported transfer, pledge or encumbrance of such Units
 shall be void and unenforceable against MTS, and no purported transferee
 shall acquire any right or interest with respect to the Shares as a result. 

 
	
  

 	
  

 	
  

 
	
  

 	
 11.

 	
 Nothing in this Agreement shall be construed as constituting a
 commitment, guaranty, agreement or understanding of any kind or nature that
 MTS or its shareholders will retain the services of the Participant as a
 Non-employee Director, and this Agreement shall not affect in any way the
 right of MTS or its shareholders, or the Participant to end the services as a
 Non-employee Director at any time or for any reason in accordance with the
 procedures governing such termination, without any liability except as set
 forth in this Agreement.

 
	
  

 	
  

 	
  

 
	
  

 	
 12.

 	
 The Committee shall exercise any authority and discretion in the
 interpretation of this Agreement in accordance with the terms of the Plan.
 Prior to the deferral of any Units as provided in Paragraph 6, this Agreement
 is intended to be exempt from the requirements of Section 409A of the Code
 and shall be construed and interpreted in accordance with such intent. Any
 provision of this Agreement that would fail to satisfy the exemption for a
 short-term deferral for purposes of Section 409A of the Code shall be amended
 to so comply on a timely basis.

 

Except to the extent specifically provided in this Agreement, this
award shall be subject to and governed by the terms and conditions of the Plan,
which shall be incorporated as though fully set forth herein. The foregoing terms
and conditions shall remain in effect until further modified by action of the
Committee, either in the form of a modification of these terms and conditions
or by a written term or condition set forth in any individual award approved by
the Committee subsequent to the date of adoption of these terms and conditions,
provided that no change shall adversely affect any accrued right of the
Participant without the Participant’s written consent.

 2

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