Document:

EX-10.02

 EXHIBIT 10.02 
 ITT CORPORATION 
 2011 OMNIBUS INCENTIVE PLAN 

NON-QUALIFIED STOCK OPTION AWARD AGREEMENT (Band A) 
 THIS AGREEMENT (the “Agreement”), effective as of the 5th day of March, 2013 by and between ITT Corporation (the “Company”) and name (the “Optionee”), WITNESSETH:

 WHEREAS, the Optionee is now employed by the Company or an Affiliate (as defined in the Company’s 2011 Omnibus Incentive Plan, as
approved by the Board of Directors on February 23, 2011 and effective May 11, 2011 (the “Plan”)) as an employee, and in recognition of the Optionee’s valued services, the Company, through the Compensation and Personnel
Committee of its Board of Directors (the “Committee”), desires to provide an opportunity for the Optionee to acquire or enlarge stock ownership in the Company, 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 Options. In accordance with, and subject to, the terms and conditions of the Plan and this Agreement, the Company hereby confirms the
grant on March 5, 2013, (the “Grant Date”) to the Optionee of the option to purchase from the Company all or any part of an aggregate of XX,XXX Shares (the “Option”), at the purchase price of
$[    ] per share (the “Option Price” or “Exercise Price”). The Option shall be a Nonqualified Stock Option. 

  

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

  

	 	(a)	 Expiration Date. The Option shall expire on March 5, 2023, or, if the Optionee’s employment terminates before that date, on the date
specified in subsection (f) below. 

  

	 	(b)	 Exercise of Option. The Option may not be exercised until it has become vested. 

 

	 	(c)	 Vesting. Subject to subsections 2(a) and 2(f), the Option shall vest in full upon the first to occur of the following events:

  

	 	(i)	 March 5, 2016; or 

  

	 	(ii)	 an Acceleration Event (as defined in the Plan). 

  

	 	(d)	 Payment of Exercise Price. Permissible methods for payment of the Exercise Price upon exercise of the Option are described in Section 6.6 of the
Plan, or, if the Plan is amended, successor provisions. In addition to the methods of exercise permitted by Section 6.6 of the Plan, the Optionee may exercise all or part of the Option by way of (i) broker-assisted cashless exercise in a
manner consistent with the Federal Reserve Board’s Regulation T, unless the Committee determines that such exercise method is prohibited by law, or (ii) net-settlement, whereby the Optionee directs the Company to withhold Shares that
otherwise would be issued upon exercise of the Option having an aggregate 

	 	 
Fair Market Value on the date of the exercise equal to the Exercise Price, or the portion thereof being exercised by way of net-settlement (rounding up to the nearest whole Share).

  

	 	(e)	 Tax Withholding. The Company shall have the power and the right to deduct or withhold, or require the Optionee to remit to the Company, all applicable
federal, state, and local taxes, domestic or foreign, required by law or regulation to be withheld with respect to the exercise of the Option. The Optionee may elect to satisfy the withholding requirement, in whole or in part, by having the Company
withhold Shares that otherwise would be issued upon exercise of the Option, with the number of Shares withheld 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 (rounding up to the nearest whole Share). Any such election shall be subject to any restrictions or limitations that the Committee, in its sole discretion, deems appropriate. 

 

	 	(f)	 Effect of Termination of Employment. 

 If the Optionee’s employment terminates before March 5, 2023, the Option shall expire on the date set forth below, as applicable: 

 

	 	(i)	 Termination due to Death. If the Optionee’s employment is terminated as a result of the Optionee’s death, the Option shall expire on the
earlier of March 5, 2023, or the date three years after the termination of the Optionee’s employment due to death. If the Option is not vested at the time of the Optionee’s termination of employment due to death, the Option
shall immediately become 100% vested. 

  

	 	(ii)	 Termination due to Disability. If the Optionee’s employment is terminated as a result of the Optionee’s Disability (as defined below), the
Option shall expire on the earlier of March 5, 2023, or the date five years after the termination of the Optionee’s employment due to Disability. If the Option is not vested at the time of the termination of Optionee’s
employment due to Disability, the Option shall immediately become 100% vested. 

  

	 	(iii)	 Termination due to Retirement. If the Optionee’s employment is terminated as a result of the Optionee’s Retirement (as defined below), the
Option shall expire on the earlier of March 5, 2023, or the date five years after the termination of the Optionee’s employment due to Retirement. If the Option is not vested at the time of the Optionee’s termination of
employment due to Retirement, a prorated portion of the Option shall immediately vest as of the date of the termination of employment (see “Prorated Vesting Upon Retirement” below). Any remaining unvested portion of the Option shall expire
as of the date of the termination of the Optionee’s employment. For purposes of this subsection 2(f)(iii), the Optionee shall be considered employed during any period in which the Optionee is receiving severance payments (disregarding any
delays required to comply with tax or other requirements), and the date of the termination of the Optionee’s employment shall be the last day of any such severance period. 

 

	 	(iv)	 Cause. If the Optionee’s employment is terminated by the Company (or an Affiliate, as the case may be) for cause (as determined by the Committee),
the vested and unvested portions of the Option shall expire on the date of the termination of the Optionee’s employment. 

  

	 	(v)	 Voluntary Termination or Other Termination by the Company. If the Option is vested and the Optionee’s employment is terminated by the Optionee or
terminated by the Company (or an Affiliate, as the case may be) for other than cause (as determined by the Committee), and not because of the Optionee’s Retirement, Disability, or death, the Option shall expire on the earlier of
March 5, 2023, or the date three months after the termination of the Optionee’s employment. If the Option is not vested on the date the Optionee’s employment terminates, the Option shall expire immediately in full on the date
of termination of employment, and the Option shall not thereafter be exercisable. For purposes of this subsection 2(f)(v), the Optionee shall be considered employed during any period in which the Optionee is receiving severance payments, and the
date of the termination of the Optionee’s employment shall be the last day of any such severance period. 

  
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 Notwithstanding the foregoing, if an Optionee’s employment is terminated on or
after an Acceleration Event (A) by the Company (or an Affiliate, as the case may be) for other than cause (as determined by the Committee), and not because of the Optionee’s Retirement, Disability, or death, or (B) by the Optionee
because the Optionee in good faith believed that as a result of such Acceleration Event he or she was unable effectively to discharge his or her present duties or the duties of the position the Optionee occupied just prior to the occurrence of such
Acceleration Event, the Option shall in no event expire before the earlier of the date that is 7 months after the Acceleration Event or March 5, 2023. 

Retirement. For purposes of this Agreement, the term “Retirement” shall mean any termination of the
Grantee’s employment after (A) the date the Grantee attains age 55 and completes 10 or more years of Effective Service (as such term is defined in the new ITT Corporation Retirement Savings Plan for Salaried Employees) or, if earlier,
(B) the date the Grantee attains age 65. 
 Disability. For purposes of this Agreement, the term
“Disability” shall mean the complete and permanent inability of the Optionee to perform all of his or her duties under the terms of his or her employment, as determined by the Committee upon the basis of such evidence, including
independent medical reports and data, as the Committee deems appropriate or necessary. 
 Prorated Vesting Upon
Retirement. The prorated portion of an Option that vests upon termination of the Optionee’s employment due to the Optionee’s Retirement shall be determined by multiplying the total number of unvested Shares subject to the Option at the
time of the termination of the Optionee’s employment by a fraction, the numerator of which is the number of full months the Optionee has been continually employed since the Grant Date and the denominator of which is 36. For this purpose,
full months of employment shall be based on monthly anniversaries of the Grant Date, not calendar months. 
  

	 	(g)	 Compliance with Laws and Regulations. The Option shall not be exercised at any time when its exercise or the delivery of Shares hereunder would
be in violation of any law, rule, or regulation that the Company may find to be valid and applicable. 

  
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	 	(h)	 Optionee Bound by Plan and Rules. The Optionee hereby acknowledges receipt of a copy of the Plan and this Agreement and agrees to be bound by the terms
and provisions thereof as amended from time to time. The Optionee agrees to be bound by any rules and regulations for administering the Plan as may be adopted by the Committee during the life of the Option. Terms used herein and not otherwise
defined shall be as defined in the Plan. 

  

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

 By signing a copy of this Agreement, the Optionee acknowledges that s/he has received a copy of the Plan, and that
s/he has read and understands the Plan and this Agreement and agrees to the terms and conditions thereof. The Optionee further acknowledges that the Option awarded pursuant to this Agreement must be exercised prior to its expiration as set forth
herein, that it is the Optionee’s responsibility to exercise the Option within such time period, and that the Company has no further responsibility to notify the Optionee of the expiration of the exercise period of the Option. 

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 5th day of March, 2013. 
  

									
	Agreed to:	 		  	ITT Corporation
			
	                             
                               	 		  	
	Optionee	 		  	
	(Online acceptance constitutes agreement)	  	
					
	Dated:	 	  
	 		 		  	Dated:  March 5, 2013

 Enclosures 

  
 4EX-10.03

 EXHIBIT 10.03 
 ITT CORPORATION 
 2011 OMNIBUS INCENTIVE PLAN 

RESTRICTED STOCK UNIT AGREEMENT 
 THIS AGREEMENT (the “Agreement”), effective as of the 5th day of March, 2013, by and between ITT Corporation. (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 March 5, 2013 (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

  
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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 March 5, 2016, 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, 

  
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	 	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 36 in the aggregate), and the denominator of which is 36 (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 any termination of the Grantee’s employment after
(A) the date the Grantee attains age 55 and completes 10 or more years of Effective Service (as such term is defined in the new ITT Corporation Retirement Savings Plan for Salaried Employees) or, if earlier, (B) the date the Grantee
attains age 65. 
  

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

  
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	 	(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 5th day of March, 2013. 

 

									
	Agreed to:	 		  	ITT CORPORATION
			
	                             
                       	 		  	
	Grantee	 		  	
		
	(Online acceptance constitutes agreement)	  	
					
	Dated:	 	  
	 		 		  	Dated: March 5, 2013

 Enclosures 

  
 4

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