Document:

Exhibit 10.11

 

	

    	
PERFORMANCE GROWTH AWARD AGREEMENT
    
	
 
    	
 
    
	
1.
    	
 
    	
The Grant.  Alliant   Techsystems Inc., a Delaware corporation (the “Company”), hereby grants to   you, on the terms and conditions set forth in this Performance Award   Agreement (this “Agreement”) and in the Alliant Techsystems Inc. 2005 Stock   Incentive Plan (the “Plan”), a Performance Award as of the date, and for the   number of Shares (the “Performance Shares”), which the Company or its agent   provided to you separately in writing through an electronic notice and   on-line award acceptance web page (the “Electronic Notice and On-Line   Award Acceptance”).
    
	
 
    	
 
    	
 
    
	
2.
    	
 
    	
Measuring Period.  The Measuring   Period for purposes of determining whether the Company will pay you the   Performance Shares shall be fiscal   years 2015 through 2017.
    
	
 
    	
 
    	
 
    
	
3.
    	
 
    	
Performance Goals.  The Performance   Goals for purposes of determining whether the Company will pay you the   Performance Shares are set forth in the Performance Accountability Chart,   which the Company provided to you separately in writing.
    
	
 
    	
 
    	
 
    
	
4.
    	
 
    	
Payment.  The Company will pay   you the Performance Shares if and to the extent that the Performance Goals   are achieved, as set forth in the Performance Accountability Chart and as   determined by the Personnel and Compensation Committee of the Company’s Board   of Directors (the “Committee”) in its sole discretion. Notwithstanding the   foregoing, the Committee has the discretion to adjust the payment level   downward from the level of performance actually achieved. 
    
	
 
    	
 
    	
 
    
	
5.
    	
 
    	
Form and Timing of Payment. The   Company will pay you any shares payable pursuant to this Agreement in shares   of common stock of the Company (the “Shares”), with one Share issued for each   Performance Share earned. The Company will pay you the Performance Shares as   soon as practicable after the Committee determines, in its sole discretion,   after the end of the Measuring Period, whether, and the extent to which, the   Performance Goals have been achieved, but in no event later than 2 1⁄2 months   after the end of the Measuring Period.
    
	
 
    	
 
    	
 
    
	
6.
    	
 
    	
Change in Control.  After a Change   in Control (as defined in Appendix A to this Agreement), the Performance   Shares shall immediately be payable at the threshold performance level, but   prorated for your active service time with the Company during the Measuring   Period. However, if you are or become a participant in the Company’s Income   Security Plan or any successor or substitute plan (the “ISP”), the terms of   payment of the Performance Shares shall be governed by the provisions of the   ISP.
    
	
 
    	
 
    	
 
    
	
7.
    	
 
    	
Forfeiture.  In the event   of your termination of employment prior to the end of the Measuring Period,   other than by reason of death, Disability (as defined in Appendix A to this   Agreement), Retirement (as defined in Appendix A to this Agreement), or   voluntary or involuntary layoff, all of your Performance Shares and rights to   payment of any Shares shall be immediately and irrevocably forfeited. In the   event of your termination of employment prior to the end of the Measuring   Period by reason of Disability, Retirement, or voluntary or involuntary   layoff, you shall be entitled to receive, after the end of the Measuring   Period, the number of Shares determined by the Committee pursuant to this   Agreement, but prorated for your active service time with the Company during   the Measuring Period. In the event of your death prior to the end of the   Measuring Period, your estate shall be entitled to receive, within a   practicable time after your death, payment of the Performance Shares at the   threshold performance level, but prorated for your active service time with   the Company during the Measuring Period. The Committee reserves the right to   recoup Awards, or the value of Awards, from you in the event there is a   material restatement of the Company’s financial results. If the Committee   determines a recoupment is appropriate in the exercise of its discretion,   considering all the facts and circumstances, you shall forfeit and pay back   such portion, or all, of the outstanding or previously awarded Awards as determined   by the Committee in its sole discretion.This recoupment provision includes   Awards deferred into the ATK Nonqualified Deferred Compensation Plan. 
    
	
 
    	
 
    	
 
    
	
8.
    	
 
    	
Holding Requirement. You will be required   to retain at least 50% of the net number of Shares earned under the terms of   this Agreement until you cease to be an executive officer of the Company. See   the Stock Holding Policy for additional information.
    
	
 
    	
 
    	
 
    
	
9.
    	
 
    	
Rights.  Nothing herein   shall be deemed to grant you any rights as a holder of Shares unless and   until the Company actually issues the Shares to you as provided herein.
    
	
 
    	
 
    	
 
    
	
10.
    	
 
    	
Income Taxes.  You are liable   for any federal, state and local income or other taxes applicable upon the   grant of the Performance Shares, the receipt of the Shares, or subsequent   disposition of the Shares, and you acknowledge that you should consult with   your own tax advisor regarding the applicable tax consequences. Upon payment   of the Performance Shares and/or issuance of the Shares to you, the Company   will pay your required minimum statutory withholding taxes by withholding   Shares otherwise to be delivered upon the payment of the Performance Shares   with a Fair Market Value (as defined in the Plan) equal to the amount of such   taxes. Alternatively, if you notify the Company prior to the end of the   Measuring Period, you may elect to pay all or a portion of the minimum   statutory withholding taxes by (a) delivering to the Company Shares   other than Shares issuable upon the payment of the Performance Shares with a   Fair Market Value equal to the amount of such taxes or (b) paying cash,   provided that if you do not deliver such Shares or cash to the Company by the   second business day after the payment date of the Performance Shares, the   Company will pay your required minimum statutory withholding taxes by   withholding Shares otherwise to be delivered upon the payment of the   Performance Shares with a Fair Market Value equal to the amount of such   taxes.
    
	
 
    	
 
    	
 
    
	
11.
    	
 
    	
Acknowledgment.  This Award of   Performance Shares shall not be effective until you agree to the terms and   conditions of this Agreement and the Plan, and acknowledge receipt of a copy   of the Prospectus relating to the Plan, by accepting this Award in writing or   electronically as specified by the Company or its agent in the Electronic   Notice and On-Line Award Acceptance.
    
	
 
    	
 
    
	
ALLIANT TECHSYSTEM INC.
    	
 
    
	
/s/   Mark W. DeYoung
    	
 
    
	
Mark   W. DeYoung
    	
 
    
	
 
    	
 
    
	
President &   Chief Executive Officer
    	
 
    
					

 

 

Alliant Techsystems Inc. 2005 Stock Incentive Plan

 

Appendix A to Award Agreement

 

“Change in Control” means any of the following:

 

·                            The acquisition by any “person” or group of persons (a “Person”), as such terms are used in Section 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (other than the Company or a “Subsidiary” (as defined below) or any Company employee benefit plan (including its trustee)) of “beneficial ownership” (as defined in Rule 13d-3 under the Exchange Act) (“Beneficial Ownership”), directly or indirectly, of securities of the Company representing, directly or indirectly, more than 50% of the total number of shares of the Company’s then outstanding “Voting Securities” (as defined below);

 

·                            consummation of a reorganization, merger or consolidation of the Company, or the sale or other disposition of all or substantially all of the Company’s assets (a “Business Combination”), in each case, unless, following such Business Combination, the individuals and entities who were the beneficial owners of the total number of shares of the Company’s outstanding Voting Securities immediately prior to both (1) such Business Combination, and (2) any “Change Event” (as defined below) occurring within 12 months prior to such Business Combination, beneficially own, directly or indirectly, more than 50% of the total number of shares of the outstanding Voting Securities of the resulting corporation, or the acquiring corporation, as the case may be, immediately following such Business Combination (including, without limitation, the outstanding Voting Securities of any corporation which as a result of such transaction owns the Company or all or substantially all of the Company’s assets either directly or through one or more subsidiaries) in substantially the same proportions as their ownership, immediately prior to such Business Combination, of the total number of shares of the Company’s outstanding Voting Securities; or

 

·                            any other circumstances (whether or not following a Change Event) which the Company’s Board of Directors (the “Board”) determines to be a Change in Control for purposes of this Plan after giving due consideration to the nature of the circumstances then represented and the purposes of this Plan. Any such determination made by the Board shall be irrevocable except by vote of a majority of the members of the Board who voted in favor of making such determination.

 

For purposes of this definition, a “Change in Control” shall not result from any transaction precipitated by the Company’s insolvency, appointment of a conservator, or determination by a regulatory agency that the Company is insolvent.

 

For purposes of this definition:

 

·                            “Change Event” means

 

(1)                   the acquisition by any Person (other than the Company or a Subsidiary or any Company employee benefit plan (including its trustee)) of Beneficial Ownership, directly or indirectly, of securities of the Company directly or indirectly representing 15% or more of the total number of shares of the Company’s then outstanding Voting Securities (excluding the sale or issuance of such securities directly by the Company, or where the acquisition of such securities is made by such Person from five or fewer stockholders in a transaction or transactions approved in advance by the Board);

 

 

(2)                   the public announcement by any Person of an intention to acquire the Company through a tender offer, exchange offer, or other unsolicited proposal; or

 

(3)                   the individuals who are members of the Board (the “Incumbent Board”) as of the Grant Date set forth in the Award Agreement cease for any reason to constitute at least a majority of the Board; provided, however, that if the nomination for election of any new director was approved by a vote of a majority of the Incumbent Board, such new director shall, for purposes of this definition, be considered a member of the Incumbent Board.

 

·                            “Subsidiary” means a corporation as defined in Section 424(f) of the Internal Revenue Code with the Company being treated as the employer corporation for purposes of this definition.

 

·                            “Voting Securities” means any shares of the capital stock or other securities of the Company that are generally entitled to vote in elections for directors.

 

*        *        *        *

 

“Disability” means that you have been determined to have a total and permanent disability either by

 

·                            being eligible for disability for Social Security purposes, or

 

·                            being totally and permanently disabled under the Company’s long-term disability plan.

 

“Retirement” means

 

·                              if you are a current participant in a Company defined benefit plan, then “Retirement” is defined by that defined benefit plan, or

 

·                            if you are not a current participant in a Company defined benefit plan, then “Retirement” means that you have reached age 55 and have at least five years of “vesting service” as defined in the Company’s 401(k) Plan.

 

A-2Exhibit 10.12

 

Amendment to ATK Performance Growth Award Agreement

 

(Officers or Employees of Vista Outdoor Inc. (other than CEO, CFO and General Counsel)
 or Former Employees Who Were Employed in ATK’s Sporting Group)

 

This Amendment applies to any Performance Share Awards payable in shares of common stock of Alliant Techsystems Inc. (“ATK”) that you have for the following performance periods:

 

·                  Fiscal Year 2013-2015

·                  Fiscal Year 2014-2016

·                  Fiscal Year 2015-2017

 

In accordance with the terms of the Transaction Agreement, dated April 28, 2014, among Vista Outdoor Inc. (“Vista”), ATK, Vista Merger Sub Inc. and Orbital Sciences Corporation, as it may be amended from time to time (the “Transaction Agreement”) relating to the distribution of all of the outstanding shares of Vista to the stockholders of ATK (the “Spin-off”), each applicable ATK Performance Growth Award Agreement is amended as follows:

 

1.  Fiscal Year 2013-2015 Performance Period.  The Personnel and Compensation Committee of ATK’s Board of Directors has determined, in its reasonable and sole discretion in connection with the Spin-off, the level of performance achieved for the fiscal year 2013-2015 performance period to be 165% of target.  Accordingly, the number of shares of ATK common stock that may be earned in respect of your performance award has been calculated based on such performance (the “Earned Share Number”).  Immediately prior to the Spin-off, your performance shares will convert to (a) a number of Restricted Stock Units of ATK equal to the Earned Share Number and (b) a number of Restricted Stock Units of Vista equal to two times the Earned Share Number.

 

2.  Fiscal Year 2014-2016 and Fiscal Year 2015-2017 Performance Periods.  In connection with the Spin-off, the number of shares of ATK common stock that correlates to the target performance level under the terms of your performance award for each performance period has been calculated.  Immediately prior to the Spin-off, and for each award, the number of performance shares payable at the target level of performance will convert to a number of Restricted Stock Units of Vista determined by multiplying the target number of shares by the Sporting Ratio (as defined in the Transaction Agreement).  The Sporting Ratio is determined by dividing (a) ATK’s closing stock price per share (regular way trading on the New York Stock Exchange) on the last trading day prior to the Spin-off by (b) the closing stock price per share of Vista Outdoor Inc. on the New York Stock Exchange on the date on which the Vista shares are distributed to ATK’s stockholders (the “Distribution Date”).

 

3.  Vesting of Restricted Stock Units.  The Restricted Stock Units will be subject to the same vesting requirements and the other terms and conditions as in effect prior to the Spin-off for the applicable Performance Share Awards and performance periods to which they relate, provided, however, that the vesting will be based solely on continued employment with Vista and (a) the

 

 

Restricted Stock Units shall not vest upon your retirement from Vista and, in that event, shall be forfeited and (b) the Restricted Stock Units shall vest in full upon your involuntary termination of employment with Vista without cause (other than due to your Disability or death).  Upon the applicable vesting, each ATK Restricted Stock Unit shall be settled in a share of ATK common stock and each Vista Restricted Stock Unit shall be settled in a share of Vista common stock under the Vista Outdoor Inc. 2014 Stock Incentive Plan.

 

4.  Other Terms and Conditions.  For purposes of your Performance Growth Award Agreements and this Amendment, following the Spin-off, (a) references to your employment shall mean your employment with Vista, (b) any references to a Change in Control shall only mean a change in control of Vista, as defined for purposes of equity awards granted under the Vista Outdoor Inc. 2014 Stock Incentive Plan, but the Change in Control vesting provisions shall apply to both your ATK Restricted Stock Units and your Vista Restricted Stock Units and (c) references to ATK shall mean Orbital ATK, Inc.  Except as modified by this Amendment, the other terms and conditions of the applicable Performance Growth Award Agreements remain in effect.

 

5.  Acknowledgment.  This Amendment shall not be effective until you agree to the terms and conditions of this Amendment by accepting this Amendment in writing or electronically as specified by ATK or its agent in the Electronic Notice and On-Line Award Acceptance.

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