Document:

exv10w26

Exhibit 10.26

EXELIS INC.

2011 OMNIBUS INCENTIVE PLAN

RESTRICTED STOCK UNIT AGREEMENT

THIS AGREEMENT (the “Agreement”), effective as of the 7th day of November, 2011, by and between
Exelis Inc. (the “Company”) and [name] (the “Grantee”), WITNESSETH:

WHEREAS, the Grantee is now employed by the Company or an Affiliate (as defined in the Company’s
2011 Omnibus Incentive Plan (the “Plan”)) as an employee, and in recognition of the Grantee’s
valued services, the Company, through the Compensation and Personnel Committee of its Board of
Directors (the “Committee”), desires to provide an inducement to remain in service of the Company
and as an incentive for increased efforts during such service pursuant to the provisions of the
Plan.

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

	1.	 	Grant of Restricted Stock Units. In accordance with, and subject to, the terms and
conditions of the Plan and this Agreement, the Company hereby confirms the grant on November
7, 2011, (the “Grant Date”) to the Grantee of #,### Restricted Stock Units. The Restricted
Stock Units are notional units of measurement denominated in Shares of common stock (i.e.,
one Restricted Stock Unit is equivalent in value to one share of common stock).
	 
	 	 	The Restricted Stock Units represent an unfunded, unsecured right to receive Shares (and
dividend equivalent payments pursuant Section 2(b) hereof) in the future if the conditions
set forth in the Plan and this Agreement are satisfied.
	 
	2.	 	Terms and Conditions. It is understood and agreed that the Restricted Stock Units
are subject to the following terms and conditions:

	 	(a)	 	Restrictions. Except as otherwise provided in the Plan and this Agreement,
neither this Award nor any Restricted Stock Units subject to this Award may be sold,
assigned, pledged, exchanged, transferred, hypothecated or encumbered, other than to
the Company as a result of forfeiture of the Restricted Stock Units.
	 
	 	(b)	 	Voting and Dividend Equivalent Rights. The Grantee shall
not have any privileges of a stockholder of the Company with respect to the Restricted
Stock Units or any Shares that may be delivered hereunder, including without
limitation any right to vote such Shares or to receive dividends, unless and until
such Shares are delivered upon vesting of the Restricted Stock Units. Dividend
equivalents shall be earned with respect to each Restricted Stock Unit that vests.
The amount of dividend equivalents earned with respect to each such Restricted Stock
Unit that vests shall be equal to the total dividends declared on a Share where the
record date of the dividend is between the Grant Date of this Award and the date a
Share is issued upon vesting of the Restricted Stock Unit. Any dividend equivalents
earned shall be paid in cash to the Grantee when the Shares subject to the vested
Restricted Stock Units are issued. No dividend

 

 

	 	 	 	equivalents shall be earned or paid with respect to any Restricted Stock Units that
do not vest. Dividend equivalents shall not accrue interest.

	 	(c)	 	Vesting of Restricted Stock Units and Payment. Subject to earlier vesting
pursuant to subsections 2(d) and 2(e) below, the Restricted Stock Units shall vest
(meaning the Period of Restriction shall lapse and the Restricted Stock Units shall
become free of the forfeiture provisions in this Agreement) on December 31, 2012,
provided the Grantee has been continuously employed by the Company or an Affiliate on
a full-time basis from the Grant Date through the date the Restricted Stock Units
vest. Except as provided in subsections 2(i)(i) and 2(i)(ii) below, upon vesting of
the Restricted Stock Units (including vesting pursuant to subsections 2(d) or 2(e)
below), the Company will deliver to the Grantee (i) one Share for each vested
Restricted Stock Unit, with any fractional Shares resulting from proration pursuant to
subsection 2(e)(ii) to be rounded to the nearest whole Share (with 0.5 to be rounded
up) and (ii) an amount in cash attributable to any dividend equivalents earned in
accordance with subsection 2(b) above, less any Shares withheld in accordance with
subsection 2(f) below. For the avoidance of doubt, continuous employment of a Grantee
by the Company or an Affiliate for purposes of vesting in the Restricted Stock Units
granted hereunder shall include continuous employment with the Company for so long as
the Grantee continues working at such entity.
	 
	 	(d)	 	Effect of Acceleration Event. The Restricted Stock Units shall vest in full
upon an Acceleration Event.
	 
	 	(e)	 	Effect of Termination of Employment. If the Grantee’s employment with the
Company and its Affiliates is terminated for any reason and such termination
constitutes a “separation from service” within the meaning of Section 409A of the Code
and any related regulations or other effective guidance promulgated thereunder
(“Section 409A”), any Restricted Stock Units that are not vested at the time of such
separation from service shall be immediately forfeited except as follows:

	 	(i)	 	Separation from Service due to Death or Disability. If
the Grantee’s separation from service is due to death or Disability (as defined
below), the Restricted Stock Units shall immediately become 100% vested as of
such separation from service. For purposes of this Agreement, the term
“Disability” shall mean the complete and permanent inability of the Grantee to
perform all of his or her duties under the terms of his or her employment, as
determined by the Committee upon the basis of such evidence, including
independent medical reports and data, as the Committee deems appropriate or
necessary.
	 
	 	(ii)	 	Separation from Service due to Retirement or Separation
from Service by the Company for Other than Cause. If the Grantee’s
separation from service is due to Retirement (as defined below) or an
involuntary separation from service by the Company (or an Affiliate, as the
case may be) for other than cause (as determined by the Committee), a prorated
portion of the Restricted Stock Units shall immediately vest as of such
separation from service. For these purposes,

 

 

	 	A.	 	the prorated portion of the Restricted Stock
Units shall be determined by multiplying the total number of Restricted
Stock Units subject to this Award by a fraction, the numerator of which
is the number of full months during which the Grantee has been
continually employed since the Grant Date, together with any period
during which the Grantee is entitled to receive severance in the form
of salary continuation (not to exceed 14 in the aggregate), and the
denominator of which is 14 (for avoidance of doubt, the period during
which the Grantee may receive severance in the form of salary
continuation or otherwise shall not affect the determination of the
date of the Grantee’s separation from service or the date of delivery
of any Shares or dividend equivalent payments); and
	 
	 	B.	 	full months of employment shall be based on
monthly anniversaries of the Grant Date, not calendar months.

	 	 	 	For purposes of this Agreement, the term “Retirement” shall mean the
Grantee’s separation from service if, at the time of such separation from
service, the Grantee is eligible to commence receipt of retirement benefits
under a traditional formula defined benefit pension plan maintained by the
Company or an Affiliate (or would be eligible to receive such benefits if he
or she were a participant in such traditional formula defined benefit
pension plan) or if no such plan is maintained, the first day of the month
which coincides with or follows the Grantee’s 65th birthday.

	 	(f)	 	Tax Withholding. In accordance with Article 15 of the Plan, the Company may
make such provisions and take such actions as it may deem necessary for the
withholding of all applicable taxes attributable to the Restricted Stock Units and any
related dividend equivalents. Unless the Committee determines otherwise, the minimum
statutory tax withholding required to be withheld upon delivery of the Shares and
payment of dividend equivalents shall be satisfied by withholding a number of Shares
having an aggregate Fair Market Value equal to the minimum statutory tax required to
be withheld. If such withholding would result in a fractional Share being withheld,
the number of Shares so withheld shall be rounded up to the nearest whole Share.
Notwithstanding the foregoing, the Grantee may elect to satisfy such tax withholding
requirements by timely remittance of such amount by cash or check or such other method
that is acceptable to the Company, rather than by withholding of Shares, provided such
election is made in accordance with such conditions and restrictions as the Company
may establish. If FICA taxes are required to be withheld while the Award is
outstanding, such withholding shall be made in a manner determined by the Company.
	 
	 	(g)	 	Grantee Bound by Plan and Rules. The Grantee hereby acknowledges receipt of a
copy of the Plan and this Agreement and agrees to be bound by the terms and provisions
thereof. The Grantee agrees to be bound by any rules and regulations for
administering the Plan as may be adopted by the Committee prior to the date the
Restricted Stock Units vest. Terms used herein and not otherwise defined shall be as
defined in the Plan.
	 
	 	(h)	 	Governing Law. This Agreement is issued, and the Restricted Stock Units
evidenced hereby are granted, in McLean, Virginia, and shall be governed and

 

 

	 	 	 	construed in accordance with the laws of the State of New York, excluding any
conflicts or choice of law rule or principle that might otherwise refer construction
or interpretation of this Agreement to the substantive law of another jurisdiction.

	 	(i)	 	Section 409A Compliance. To the extent applicable, it is intended that the
Plan and this Agreement comply with the requirements of Section 409A, and the Plan and
this Agreement shall be interpreted accordingly.

	 	(i)	 	If it is determined that all or a portion of the Award
constitutes deferred compensation for purposes of Section 409A, and if the
Grantee is a “specified employee,” as defined in Section 409A(a)(2)(B)(i) of
the Code, at the time of the Grantee’s separation from service, then, to the
extent required under Section 409A, any Shares that would otherwise be
distributed (along with the cash value of all dividend equivalents that would
be payable) upon the Grantee’s separation from service, shall instead be
delivered (and, in the case of the dividend equivalents, paid) on the earlier
of (x) the first business day of the seventh month following the date of the
Grantee’s separation from service or (y) the Grantee’s death.
	 
	 	(ii)	 	If it is determined that all or a portion of the Award constitutes
deferred compensation for purposes of Section 409A, upon an Acceleration Event
that does not constitute a “change in the ownership” or a “change in the
effective control” of the Company or a “change in the ownership of a
substantial portion of a corporation’s assets” (as those terms are used in
Section 409A), the Restricted Stock Units shall vest at the time of the
Acceleration Event, but distribution of any Restricted Stock Units (or related
dividend equivalents) that constitute deferred compensation for purposes of
Section 409A shall not be accelerated (i.e., distribution shall occur when it
would have occurred absent the Acceleration Event).

IN WITNESS WHEREOF, the Company has caused this instrument to be executed by its Chief Executive
Officer and President, or a Vice President, as of the 7th day of November,2011.

			
	 
	Agreed to:
	 	EXELIS INC.

	_________________________________ 	 	 
	Grantee	 	 
	 	 	 
	(Online acceptance constitutes agreement)	 	 
	 	 	 
	Dated:________________________
	 	Dated: November 7, 2011
	 	 	 
	Enclosuresexv10w27

Exhibit 10.27

EXELIS INC.

2011 OMNIBUS INCENTIVE PLAN

RESTRICTED STOCK UNIT AGREEMENT

THIS AGREEMENT (the “Agreement”), effective as of the 7th day of November, 2011, by and between
Exelis Inc. (the “Company”) and [name] (the “Grantee”), WITNESSETH:

WHEREAS, the Grantee is now employed by the Company or an Affiliate (as defined in the Company’s
2011 Omnibus Incentive Plan (the “Plan”)) as an employee, and in recognition of the Grantee’s
valued services, the Company, through the Compensation and Personnel Committee of its Board of
Directors (the “Committee”), desires to provide an inducement to remain in service of the Company
and as an incentive for increased efforts during such service pursuant to the provisions of the
Plan.

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

	1.	 	Grant of Restricted Stock Units. In accordance with, and subject to, the terms and
conditions of the Plan and this Agreement, the Company hereby confirms the grant on November
7, 2011 (the “Grant Date”) to the Grantee of #,### Restricted Stock Units. The Restricted
Stock Units are notional units of measurement denominated in Shares of common stock (i.e.,
one Restricted Stock Unit is equivalent in value to one share of common stock).
	 
	 	 	The Restricted Stock Units represent an unfunded, unsecured right to receive Shares (and
dividend equivalent payments pursuant Section 2(b) hereof) in the future if the conditions
set forth in the Plan and this Agreement are satisfied.

	2.	 	Terms and Conditions. It is understood and agreed that the Restricted Stock Units
are subject to the following terms and conditions:

	 	(a)	 	Restrictions. Except as otherwise provided in the Plan and this Agreement,
neither this Award nor any Restricted Stock Units subject to this Award may be sold,
assigned, pledged, exchanged, transferred, hypothecated or encumbered, other than to
the Company as a result of forfeiture of the Restricted Stock Units.
	 
	 	(b)	 	Voting and Dividend Equivalent Rights. The Grantee shall
not have any privileges of a stockholder of the Company with respect to the Restricted
Stock Units or any Shares that may be delivered hereunder, including without
limitation any right to vote such Shares or to receive dividends, unless and until
such Shares are delivered upon vesting of the Restricted Stock Units. Dividend
equivalents shall be earned with respect to each Restricted Stock Unit that vests.
The amount of dividend equivalents earned with respect to each such Restricted Stock
Unit that vests shall be equal to the total dividends declared on a Share where the
record date of the dividend is between the Grant Date of this Award and the date a
Share is issued upon vesting of the Restricted Stock Unit.
Any dividend equivalents earned shall be paid in cash to the Grantee when the
Shares subject to the vested Restricted Stock Units are issued. No dividend

 

 

	 	 	 	equivalents shall be earned or paid with respect to any Restricted Stock Units that
do not vest. Dividend equivalents shall not accrue interest.

	 	(c)	 	Vesting of Restricted Stock Units and Payment. Subject to earlier vesting
pursuant to subsections 2(d) and 2(e) below, the Restricted Stock Units shall vest
(meaning the Period of Restriction shall lapse and the Restricted Stock Units shall
become free of the forfeiture provisions in this Agreement) on December 31, 2013,
provided the Grantee has been continuously employed by the Company or an Affiliate on
a full-time basis from the Grant Date through the date the Restricted Stock Units
vest. Except as provided in subsections 2(i)(i) and 2(i)(ii) below, upon vesting of
the Restricted Stock Units (including vesting pursuant to subsections 2(d) or 2(e)
below), the Company will deliver to the Grantee (i) one Share for each vested
Restricted Stock Unit, with any fractional Shares resulting from proration pursuant to
subsection 2(e)(ii) to be rounded to the nearest whole Share (with 0.5 to be rounded
up) and (ii) an amount in cash attributable to any dividend equivalents earned in
accordance with subsection 2(b) above, less any Shares withheld in accordance with
subsection 2(f) below. For the avoidance of doubt, continuous employment of a Grantee
by the Company or an Affiliate for purposes of vesting in the Restricted Stock Units
granted hereunder shall include continuous employment with the Company for so long as
the Grantee continues working at such entity.
	 
	 	(d)	 	Effect of Acceleration Event. The Restricted Stock Units shall vest in full
upon an Acceleration Event.
	 
	 	(e)	 	Effect of Termination of Employment. If the Grantee’s employment with the
Company and its Affiliates is terminated for any reason and such termination
constitutes a “separation from service” within the meaning of Section 409A of the Code
and any related regulations or other effective guidance promulgated thereunder
(“Section 409A”), any Restricted Stock Units that are not vested at the time of such
separation from service shall be immediately forfeited except as follows:

	 	(i)	 	Separation from Service due to Death or Disability. If
the Grantee’s separation from service is due to death or Disability (as defined
below), the Restricted Stock Units shall immediately become 100% vested as of
such separation from service. For purposes of this Agreement, the term
“Disability” shall mean the complete and permanent inability of the Grantee to
perform all of his or her duties under the terms of his or her employment, as
determined by the Committee upon the basis of such evidence, including
independent medical reports and data, as the Committee deems appropriate or
necessary.
	 
	 	(ii)	 	Separation from Service due to Retirement or Separation
from Service by the Company for Other than Cause. If the Grantee’s
separation from service is due to Retirement (as defined below) or an
involuntary separation from service by the Company (or an Affiliate, as the
case may be) for other than cause (as determined by the Committee), a prorated
portion of the Restricted Stock Units shall immediately vest as of such
separation from service. For these purposes,

2

 

	 	A.	 	the prorated portion of the Restricted Stock Units shall be
determined by multiplying the total number of Restricted Stock Units
subject to this Award by a fraction, the numerator of which is the
number of full months during which the Grantee has been continually
employed since the Grant Date, together with any period during which
the Grantee is entitled to receive severance in the form of salary
continuation (not to exceed 26 in the aggregate), and the denominator
of which is 26 (for avoidance of doubt, the period during which the
Grantee may receive severance in the form of salary continuation or
otherwise shall not affect the determination of the date of the
Grantee’s separation from service or the date of delivery of any Shares
or dividend equivalent payments); and
	 
	 	B.	 	full months of employment shall be based on
monthly anniversaries of the Grant Date, not calendar months.

	 	 	 	For purposes of this Agreement, the term “Retirement” shall mean the
Grantee’s separation from service if, at the time of such separation from
service, the Grantee is eligible to commence receipt of retirement benefits
under a traditional formula defined benefit pension plan maintained by the
Company or an Affiliate (or would be eligible to receive such benefits if he
or she were a participant in such traditional formula defined benefit
pension plan) or if no such plan is maintained, the first day of the month
which coincides with or follows the Grantee’s 65th birthday.

	 	(f)	 	Tax Withholding. In accordance with Article 15 of the Plan, the Company may
make such provisions and take such actions as it may deem necessary for the
withholding of all applicable taxes attributable to the Restricted Stock Units and any
related dividend equivalents. Unless the Committee determines otherwise, the minimum
statutory tax withholding required to be withheld upon delivery of the Shares and
payment of dividend equivalents shall be satisfied by withholding a number of Shares
having an aggregate Fair Market Value equal to the minimum statutory tax required to
be withheld. If such withholding would result in a fractional Share being withheld,
the number of Shares so withheld shall be rounded up to the nearest whole Share.
Notwithstanding the foregoing, the Grantee may elect to satisfy such tax withholding
requirements by timely remittance of such amount by cash or check or such other method
that is acceptable to the Company, rather than by withholding of Shares, provided such
election is made in accordance with such conditions and restrictions as the Company
may establish. If FICA taxes are required to be withheld while the Award is
outstanding, such withholding shall be made in a manner determined by the Company.
	 
	 	(g)	 	Grantee Bound by Plan and Rules. The Grantee hereby acknowledges receipt of a
copy of the Plan and this Agreement and agrees to be bound by the
terms and provisions thereof. The Grantee agrees to be bound by any rules and
regulations for administering the Plan as may be adopted by the Committee prior to
the date the Restricted Stock Units vest. Terms used herein and not otherwise
defined shall be as defined in the Plan.
	 
	 	(h)	 	Governing Law. This Agreement is issued, and the Restricted Stock Units
evidenced hereby are granted, in McLean, Virginia, and shall be governed and

3

 

	 	 	 	construed in accordance with the laws of the State of New York, excluding
any conflicts or choice of law rule or principle that might otherwise refer
construction or interpretation of this Agreement to the substantive law of another
jurisdiction.
	 
	 	(i)	 	Section 409A Compliance. To the extent applicable, it is intended that the
Plan and this Agreement comply with the requirements of Section 409A, and the Plan and
this Agreement shall be interpreted accordingly.

	 	(i)	 	If it is determined that all or a portion of the Award
constitutes deferred compensation for purposes of Section 409A, and if the
Grantee is a “specified employee,” as defined in Section 409A(a)(2)(B)(i) of
the Code, at the time of the Grantee’s separation from service, then, to the
extent required under Section 409A, any Shares that would otherwise be
distributed (along with the cash value of all dividend equivalents that would
be payable) upon the Grantee’s separation from service, shall instead be
delivered (and, in the case of the dividend equivalents, paid) on the earlier
of (x) the first business day of the seventh month following the date of the
Grantee’s separation from service or (y) the Grantee’s death.
	 
	 	(ii)	 	If it is determined that all or a portion of the Award constitutes
deferred compensation for purposes of Section 409A, upon an Acceleration Event
that does not constitute a “change in the ownership” or a “change in the
effective control” of the Company or a “change in the ownership of a
substantial portion of a corporation’s assets” (as those terms are used in
Section 409A), the Restricted Stock Units shall vest at the time of the
Acceleration Event, but distribution of any Restricted Stock Units (or related
dividend equivalents) that constitute deferred compensation for purposes of
Section 409A shall not be accelerated (i.e., distribution shall occur when it
would have occurred absent the Acceleration Event).

IN WITNESS WHEREOF, the Company has caused this instrument to be executed by its Chief Executive
Officer and President, or a Vice President, as of the 7th day of November, 2011.

	 	 	 

	Agreed to:

	 	EXELIS INC.
	 
	 	 
	_____________________________

Grantee
	 	 
	 
	 	 
	(Online acceptance constitutes agreement)
	 	 
	 
	 	 
	Dated: _________________

	 	Dated: November 7, 2011
	 
	 	 
	Enclosures
	 	 

4

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