Document:

Exhibit 10.2

 

DRS TECHNOLOGIES, INC.

1996 OMNIBUS PLAN

STOCK OPTION AGREEMENT

 

STOCK OPTION AGREEMENT, made as of the date
set forth on the Notice of Stock Option Grant, attached hereto as Schedule A,
by and between DRS Technologies, Inc., a Delaware corporation (the “Company”),
pursuant to the DRS Technologies, Inc. 1996 Omnibus Plan (as amended, the “Plan”)
and the employee or director of the Company named on Schedule A hereto
(the “Participant”).  Except as otherwise
expressly set forth herein, this Agreement shall be construed in accordance
with the provisions of the Plan and any capitalized terms not otherwise defined
in this Agreement shall have the definitions set forth in the Plan.

 

WITNESSETH

 

In consideration of the mutual promises and
covenants made herein and the mutual benefits to be derived herefrom, the
parties hereto agree as follows:

 

1.                                       Definitions.

 

Capitalized terms used but not defined herein
shall have the meaning set forth in the DRS Technologies, Inc. 1996
Omnibus Plan (the “Plan”).

 

2.                                       Grant
of Options.

 

Subject to the provisions of this Agreement
and the provisions of the Plan, the Company hereby grants to the Participant,
pursuant to the Plan, the right and option (the “Options”) to purchase all or
any part of the number of shares of common stock, par value $.0l per share (“Company
Stock”), of the Company set forth on Schedule A at the price per share and
on the other terms set forth on Schedule A.

 

3.                                       Vesting
and Exercisability of Options.

 

The Options shall vest and become exercisable
in accordance with the vesting schedule set forth on Schedule A,
provided that no Partial Exercise of an Option shall be for an aggregate
exercise price of less than $1,000.

 

4.                                       Method
of Exercise of the Options.

 

(a)                                  The
Options which are then vested and exercisable shall be exercisable by either (i) delivery
to the Company of a written notice signed by the Participant or other person
then having the right to exercise the Option, to the attention of the Company’s
Secretary, specifying the number of shares of Company Stock with respect to
which the Option is being exercised and

 

 

the effective
date of the proposed exercise; or (ii) such other method as may be
prescribed by the Committee, in its sole discretion.

 

(b)                                 The
exercise price shall be paid by one or a combination of the following means: (i) in
cash or by personal check, certified check, bank cashier’s check or wire
transfer; (ii) subject to the approval of the Committee, in shares of
Company Stock owned by the Participant for at least six months prior to the
date of exercise and valued at their Fair Market Value on the effective date of
such exercise; or (iii) by such other provision as the Committee may from
time to time authorize.  Any payment in
shares of Company Stock shall be effected by the delivery of such shares to the
Secretary of the Company, duly endorsed in blank or accompanied by stock powers
duly executed in blank, together with any other documents and evidences as the
Secretary of the Company shall require.

 

(c)                                  Reasonably
promptly following Option exercise, unless otherwise determined by the
Committee, the Company, in its sole discretion, may either (i) issue a
stock certificate, registered in the name of the Participant, evidencing such
shares or (ii) deposit such shares in such Participant’s or the
Participant’s personal representative’s brokerage account via electronic
transfer.

 

5.                                       Termination
of Employment or Service.

 

(a)                                  Unless
otherwise provided on Schedule A, in the event that the employment of a
Participant with the Company shall terminate for any reason other than Cause,
Disability or Death, (i) Options granted to such Participant, to the
extent that they are exercisable at the time of such termination, shall remain
exercisable until the date that is three months after such termination, on
which date they shall expire, and (ii) Options granted to such
Participant, to the extent that they were not exercisable at the time of such
termination, shall expire at the close of business on the date of such
termination.  This three-month period
described shall be extended to one year from the date of such termination in
the event of the Participant’s death during such three month period.  Notwithstanding the foregoing, no Option
shall be exercisable after the expiration of its term.

 

(b)                                 Unless
otherwise provided on Schedule A, in the event that the employment of a
Participant with the Company shall terminate on account of the Disability or
Death of the Participant, (i) Options granted to such Participant, to the
extent that they were exercisable at the time of such termination, shall remain
exercisable until the first anniversary of such termination, on which date they
shall expire, and (ii) Options granted to such Participant, to the extent
that they were not exercisable at the time of such termination, shall expire at
the close of business on the date of such termination; provided, however, that
no Option shall be exercisable after the expiration of its term.

 

2

 

(c)                                  In
the event of the termination of a Participant’s employment for Cause, all
outstanding Options granted to such Participant shall expire at the
commencement of business on the date of such termination.

 

6.                                       Transferability
of Options.

 

During a Participant’s lifetime, the Committee
may permit the transfer, assignment or other encumbrance of an outstanding
Option unless (y) such Option is an Incentive Stock Option and the Committee
and the Participant intends that it shall retain such status, or (z) such
Option is meant to qualify for the exemptions available under Rule 16b-3,
nontransferability is necessary under Rule l6b-3 in order for the award to
so qualify and the Committee and the Participant intend that it shall continue
to so qualify. Subject to any conditions set forth on Schedule A, a
Participant may, upon providing written notice to the Secretary of the Company,
elect to transfer any or all Options granted to such Participant pursuant to
the Plan to members of his or her immediate family, including, but not limited to,
children, grandchildren and spouse or to trusts for the benefit of such
immediate family members or to partnerships in which such family members are
the only partners; provided, however, that no such transfer by any Participant
may be made in exchange for consideration.

 

7.                                       Other
Restrictions.

 

(a)                                  Notwithstanding
anything in this Agreement to the contrary, the Company shall not be obligated
to cause to be issued or delivered any certificates evidencing shares of
Company Stock pursuant to the Plan unless and until the Company is advised by
its counsel that the issuance and delivery of such certificates is in
compliance with all applicable laws, regulations of governmental authority and
the requirements of any securities exchange on which shares of Company Stock
are traded. The Committee may require, as a condition of the issuance and
delivery of certificates evidencing shares of Company Stock pursuant to the
Plan, that the recipient of such shares make such agreements and
representations, and that such certificates bear such legends, as the
Committee, in its sole discretion, deems necessary or desirable.

 

(b)                                 The
transfer of any shares of Company Stock hereunder shall be effective only at
such time as counsel to the Company shall have determined that the issuance and
delivery of such shares is in compliance with all applicable laws, regulations
of governmental authority and the requirements of any securities exchange on
which shares of Company Stock are traded. 
The Committee may, in its sole discretion, defer the effectiveness of
any transfer of shares of Company Stock hereunder in order to allow the
issuance of such shares to be made pursuant to registration or an exemption
from registration or other methods for compliance available under federal or
state securities laws.  The Committee
shall inform the Participant in writing of its decision to defer the
effectiveness of a transfer.  During the
period of such deferral in

 

3

 

connection
with the exercise of an Option, the Participant may, by written notice,
withdraw such exercise and obtain the refund of any amount paid with respect
thereto.

 

8.                                       Taxes
and Withholdings.

 

Whenever shares of Company Stock are to be
delivered pursuant to the exercise of an Option, the Company shall have the
right to require the Participant to remit to the Company in cash an amount
sufficient to satisfy any federal, state and local withholding tax requirements
related thereto.  With the approval of
the Committee, a Participant may satisfy the foregoing requirement by electing
to have the Company withhold from delivery shares of Company Stock having a
value equal to the amount of tax to be withheld.  Such shares shall be valued at their Fair
Market Value on the date of which the amount of tax to be withheld is
determined.  Fractional share amounts
will be settled in cash.  Such a
withholding election may be made with respect to all or any portion of the
shares to be delivered pursuant to the exercise of an Option.

 

9.                                       Notices.

 

(a)                                  Any
notice to be given under the terms of this Agreement shall be in writing and
addressed to the Company at 5 Sylvan Way, Parsippany, New Jersey 07054;
Attention: Corporate Secretary and to the Participant at the address set forth
on Schedule A or at such other address as either party may hereafter
designate in writing to the other by like notice.

 

(b)                                 In
lieu of issuing documents in paper
format, to the fullest extent permitted by law, the Committee may, in its
discretion provide for electronic delivery of any documents that the Company
may be required to deliver (including, but not limited to, prospectuses,
prospectus supplements, grant or award notifications and agreements, account
statements, annual and quarterly reports, and all other forms or communications)
in connection with the grant of awards and any other prior or future incentive
award or program made or offered by the Company or its predecessors or
successors.  Electronic delivery of a
document to Participant may be via a Company e-mail system or by reference to a
location on a Company intranet site to which Participant has access.

 

(c)                                  The
Participant hereby agrees to notify the Company within ten days of any
dispositions of shares of Company Stock issued pursuant to the exercise of
Incentive Stock Options under the Plan which constitute “disqualifying
dispositions” within the meaning of Section 421(b) of the Code (or
any successor provision thereto).

 

4

 

10.                                 Effect
of Agreement.

 

Except as otherwise provided hereunder, this
Agreement shall be binding upon and shall inure to the benefit of any successor
or successors of the Company.

 

11.                                 Conflicts
and Interpretation.

 

In the event of any ambiguity in this
Agreement, any term which is not defined in this Agreement or any matters as to
which this Agreement is silent, the Plan (which is incorporated herein by
reference) shall govern.

 

12.                                 Amendment.

 

This Agreement may not be amended in any
manner which adversely affects the rights of the Participant except by an
instrument in writing signed by both parties hereto.  The waiver by either party of compliance with
any provision of this Agreement shall not operate or be construed as a waiver
of any other provision of this Agreement or of any subsequent breach by such
party of a provision of this Agreement.

 

IN WITNESS WHEREOF, the Company has caused
this Agreement to be executed on its behalf by a duly authorized officer and
the Participant has hereunto set the Participant’s hand.

 

 

	
   

  	
  DRS Technologies, Inc.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Richard A.
  Schneider

  
	
   

  	
   

  	
  Executive
  Vice President/CFO

  
	
   

  	
   

  
	
  Participant

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
					

 

5

 

SCHEDULE A

 

DRS
TECHNOLOGIES, INC.

1996
OMNIBUS PLAN

Notice
of Stock Option Grant

 

Identification

 

Name of Participant:

Address of Participant:

 

 

Date of Stock Option Agreement:

 

Stock Options Granted

 

Number of Stock Options:

 

Grant Date:

 

Exercise Price Per Share:

 

Vesting Schedule:

 

6Exhibit 10.3

 

DRS TECHNOLOGIES, INC.

1996 OMNIBUS PLAN

RESTRICTED STOCK AGREEMENT

 

RESTRICTED STOCK AGREEMENT, made as of the
date set forth on the Notice of Grant of Restricted Stock, attached hereto as Schedule A
(the “Notice”), by and between DRS Technologies, Inc., a Delaware
corporation (the “Company”), pursuant to the DRS Technologies, Inc. 1996
Omnibus Plan (as amended, the “Plan”) and the employee or director of the
Company named on the Notice (the “Participant”).  Except as otherwise expressly set forth
herein, this Agreement shall be construed in accordance with the provisions of
the Plan and any capitalized terms not otherwise defined in this Agreement
shall have the definitions set forth in the Plan.

 

WHEREAS, the Committee has granted (as of the
Issue Date as specified on the Notice) to the Participant the shares of
Restricted Stock as set forth in the Notice.

 

NOW, THEREFORE, in consideration of the
mutual covenants hereinafter set forth and for other good and valuable
consideration, the parties hereto have agreed and do hereby agree as follows:

 

1.                                       Grant
of Award.  Pursuant to Section 10
of the Plan, the Company grants to the Participant, subject to the terms and
conditions of the Plan and subject further to the terms and conditions set
forth herein, the number of shares of Restricted Stock as shown on the Notice.

 

2.                                       Vesting.  The Notice shall set forth the Issue
Date.  The shares of Restricted Stock
granted to the Participant shall vest on the third anniversary of the Issue
Date (the “Vesting Date”), provided that, as of the Vesting Date, the
Participant has not incurred a termination of employment or service with the
Company.  No vesting shall occur after
the termination of the Participant’s employment or service with the Company for
any reason.

 

3.                                       Restrictions
on Transfer.  Prior to the vesting of
a share of Restricted Stock, no transfer of the Participant’s rights with
respect to such share, whether voluntary or involuntary, by operation of law or
otherwise, shall be permitted. 
Immediately upon any attempt to transfer such rights, such share, and
all of the rights related thereto, shall be forfeited by the Participant.

 

4.                                       Issuance
of Certificate.  Reasonably promptly
after the Issue Date with respect to shares of Restricted Stock, unless otherwise
determined by the Committee, the Company, in its sole discretion, may either (i) issue
a stock certificate, registered in the name of the Participant, evidencing such
shares; provided, however that the Company shall not cause such a stock
certificate to be issued unless it has received a stock power duly endorsed in
blank with respect to such shares; and provided further that unless determined
otherwise by the Committee such stock certificates shall be held by the Company
or its representative or (ii) establish and

 

 

maintain, or cause a representative to
establish and maintain, an account to record the shares of Restricted Stock
granted to the Participant and transactions and events affecting such stock.

 

The Participant agrees that any certificate
issued for Restricted Stock prior to the lapse of any outstanding restrictions
relating thereto will be inscribed with the following legend:

 

THE TRANSFERABILITY OF THIS CERTIFICATE AND
THE SHARES OF STOCK REPRESENTED HEREBY ARE SUBJECT TO THE RESTRICTIONS, TERMS
AND CONDITIONS (INCLUDING FORFEITURE PROVISIONS AND RESTRICTIONS AGAINST
TRANSFER) CONTAINED IN THE DRS TECHNOLOGIES, INC. 1996 OMNIBUS PLAN, AS
AMENDED, AND AN AGREEMENT ENTERED INTO BETWEEN THE REGISTERED OWNER OF SUCH
SHARES AND DRS. A COPY OF THE PLAN AND AGREEMENT IS ON FILE IN THE OFFICE OF
THE SECRETARY OF DRS, 5 SYLVAN WAY, PARSIPPANY, NEW JERSEY 07054.

 

Such legend shall not be removed until such
shares vest pursuant to the terms hereof.

 

5.                                       No
Rights as a Stockholder.  The
Participant shall not have any rights as a stockholder with respect to any
shares of Company Stock covered by or relating to a grant of Restricted Stock
until (i) the date of issuance of a stock certificate or (ii) the
establishment of an account to record the shares of Restricted Stock granted to
the Participant.  Upon the issuance of
the certificate or the creation of an account, each as described in Section 4
above, the Participant shall have all of the rights of a stockholder with
respect to the shares of Restricted Stock, including the right to vote on all
matters with respect to which the stockholders of the Company have the right to
vote and the right to receive dividends thereon.

 

6.                                       Dividends.  Any dividends paid on shares of Restricted
Stock shall be paid out to the Participant immediately, whether or not the
Restricted Stock has vested.

 

7.                                       Consequences
of Vesting.  Upon the vesting of a
share of Restricted Stock pursuant to the terms hereof, the restrictions set
forth in Section 3, as well as any additional restrictions set forth on
the Notice, shall lapse with respect to such share.  Reasonably promptly after a share of
Restricted Stock vests, the Company shall either (i) issue a stock
certificate, registered in the name of the Participant, evidencing such shares,
free of the legend set forth in Section 4 or (ii) deposit such
shares, free of restrictions, in such Participant’s or the Participant’s
personal representative’s brokerage account via electronic transfer.

 

2

 

8.                                       Approvals.  No shares of Company Stock shall be issued
under this Agreement unless and until all legal requirements applicable to the
issuance of such shares have been complied with to the satisfaction of the
Committee.  The Committee shall have the
right to condition any issuance of shares to the Participant on the Participant’s
undertaking in writing to comply with such restrictions on the subsequent
disposition of such shares as the Committee shall deemed necessary or advisable
as a result of any applicable law or regulation.

 

9.                                       Change
in Control.  Upon the occurrence of a
Change in Control, all outstanding shares of Restricted Stock granted pursuant
to this Agreement shall immediately vest and all restrictions on such shares
shall immediately lapse.

 

10.                                 Effect
of Termination of Employment or Service other than for Cause.  Upon the termination of the Participant’s
employment or service for any reason other than Cause, any and all shares to
which restrictions on transferability apply shall be immediately forfeited by
the Participant and transferred to, and reacquired by, the Company.  Notwithstanding the foregoing, the Committee
may, in its sole discretion, decide not to terminate the Participant’s rights
in such shares and the Participant shall continue to be the owner of such
shares.  If the Committee elects not to
terminate the Participant’s rights in the Restricted Stock, the Committee will
notify the Participant within thirty (30) days after the Participant’s
termination of employment or service with the Company and will set forth the
restrictions that will apply to the Participant’s continued ownership of the
Restricted Stock.  In the event of a
forfeiture of shares pursuant to this section, the Company shall repay to the
Participant (or the Participant’s estate) any amount paid by the Participant
for such shares.  In the event that the
Company requires a return of shares, it shall also have the right to require
the return of all dividends paid on such shares, whether by termination of any
escrow arrangement under which such dividends are held or otherwise.

 

11.                                 Effect
of Termination of Employment or Service for Cause.  If the employment or service of the
Participant is terminated by the Company for Cause, all shares of Restricted
Stock granted to such Participant which have not vested as of the date of such
termination shall immediately be returned to the Company, together with any
dividends paid on such shares, in return for which the Company shall repay to
the Participant any amount paid by the Participant for such shares.

 

12.                                 Taxes.  The Participant shall pay to the Company
promptly upon request, and in any event at the time the Participant recognizes
taxable income in respect to the shares of Restricted Stock (or, if the
Participant makes an election under Section 83(b) of the Code in
connection with such grant, on or about the date of grant), an amount equal to
the federal, state and/or local taxes the Company determines it is required to
withhold under applicable tax laws with respect to the shares of Restricted
Stock.  With the approval of the
Committee, the Participant may satisfy the foregoing requirement by electing to
have the Company withhold from delivery shares of Company Stock having a value
equal to the minimum amount of tax to be withheld.  Such shares shall be valued at their Fair
Market Value on

 

3

 

the Tax Date.  Fractional share amounts shall be settled in
cash. Such a withholding election may be made with respect to all or any portion
of the shares to be delivered pursuant to a grant of Restricted Stock.  The Participant understands that the
Participant (and not the Company) shall be responsible for any tax liability
that may arise as a result of the transactions contemplated by this Restricted
Stock Agreement.

 

THE PARTICIPANT ACKNOWLEDGES THAT IT IS THE
PARTICIPANT’S SOLE RESPONSIBILITY AND NOT THE COMPANY’S TO FILE TIMELY THE
ELECTION UNDER SECTION 83(b) OF THE CODE, IN THE EVENT THAT THE
PARTICIPANT DESIRES TO MAKE THE ELECTION.

 

13.                                 Compliance
with Law and Regulations.  The
Restricted Stock granted pursuant to this Agreement, and any obligation of the
Company hereunder, shall be subject to all applicable federal, state and local
laws, rules and regulations and to such approvals by any government or
regulatory agency as may be required.

 

14.                                 Incorporation
of Plan.  This Agreement is made
under the provisions of the Plan (which is incorporated herein by reference)
and shall be interpreted in a manner consistent 
with it.  To the extent that this
Agreement is silent with respect to, or in any way inconsistent with, the terms
of the Plan, the provisions of the Plan shall govern and this Agreement shall
be deemed to be modified accordingly.

 

15.                                 Notices.  Any notices required or permitted hereunder
shall be addressed to the Company, at 5 Sylvan Way, Parsippany, New Jersey
07054, or to the Participant at the address then on record with the Company, as
the case may be, and deposited, postage prepaid, in the United States mail.  Either party may, by notice to the other
given in the manner aforesaid, change his/her or its address for future notices

 

16.                                 Consent
to Electronic Delivery.  In lieu of issuing documents in paper format, to
the fullest extent permitted by law, the Committee may, in its discretion
provide for electronic delivery of any documents that the Company may be
required to deliver (including, but not limited to, prospectuses, prospectus
supplements, grant or award notifications and agreements, account statements,
annual and quarterly reports, and all other forms or communications) in
connection with the grant of awards and any other prior or future incentive
award or program made or offered by the Company or its predecessors or
successors.  Electronic delivery of a
document to Participant may be via a Company e-mail system or by reference to a
location on a Company intranet site to which Participant has access.

 

17.                                 Binding
Agreement; Successors.  This
Agreement shall bind and inure to the benefit of the Company, its successors
and assigns, and the Participant and the Participant’s personal representatives
and beneficiaries.

 

4

 

18.                                 Governing
Law.  This Agreement shall be
governed by and construed in accordance with the laws of the State of
Delaware.  The Committee shall have final
authority to interpret and construe the Plan and this Agreement and to make any
and all determinations under them, and its decision shall be binding and
conclusive upon all Persons.

 

19.                                 Amendment.  This Agreement may be amended or modified by
the Company at any time; provided that notice is provided to the Participant in
accordance with Section 15; and provided further that no amendment or
modification that is adverse to the rights of the Participant as provided by
this Agreement shall be effective unless set forth in a writing signed by the
parties hereto.

 

5

 

IN WITNESS WHEREOF, the Company has caused this Agreement to be duly
executed by its officer thereunder duly authorized and the Participant has
hereunto set his hand, all as of the day and year set forth below.

 

 

	
  DRS TECHNOLOGIES, INC.

  
	
   

  
	
   

  
	
   

  	
   

  
	
  Name:

  
	
  Title:

  

 

 

The undersigned hereby acknowledges having read this Agreement and the
Plan and hereby agrees to be bound by all provisions set forth herein and in
the Plan.

 

 

	
   

  	
   

  
	
  Participant

  	
  Date

  
			

 

6

 

SCHEDULE A

 

DRS
TECHNOLOGIES, INC.

1996
OMNIBUS PLAN

Notice
of Grant of Restricted Stock

 

 

Identification

 

Name of Participant:

Address of Participant:

 

 

Participant’s Social Security Number:

 

Date of Restricted Stock Agreement:

 

Restricted Stock Granted

 

Number of shares of Restricted Stock:

 

Issue Date:

 

Vesting Date:

 

[Performance-Based Vesting:]

 

7

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