Document:

ex1032016stipplandocumen

EXHIBIT 10.3      FEDERAL SIGNAL CORPORATION   SHORT TERM INCENTIVE BONUS PLAN      WHEREAS, Federal Signal Corporation (the “Company”) has previously established the   Federal Signal Corporation 2015 Executive Incentive Compensation Plan (the “2015 Plan”);     WHEREAS, pursuant to Section 12 of the 2015 Plan, the Compensation Committee (as   defined herein) has the authority to issue cash incentive and bonus awards to any Participant (as   defined herein).  Such awards are intended to qualify as “performance-based compensation”   under Section 162(m) of the Code (as defined herein); and         WHEREAS, the Compensation Committee, pursuant to the authority granted to it in the   2015 Plan, hereby establishes the Federal Signal Corporation Short Term Incentive Bonus Plan   (this “Plan”), as a sub-plan under the 2015 Plan, as an incentive for selected employees of the   Company to improve corporate performance by providing each participating employee with an   opportunity to receive a cash bonus payment based upon the attainment of certain performance   criteria.      1. Definitions.  The following terms shall have the meanings indicated when used in this   Plan:   (a) “Affiliate” means any entity that, directly or indirectly, is in control of, is   controlled by, or is under common control with, the Company.  The term   “control,” as used in this Plan, means the power to direct or cause the direction of   the management and policies of such Person, directly or indirectly, whether   through the ownership of voting securities, by contract or otherwise. “Controlled”   and “controlling” have meanings correlative to the foregoing.   (b) “Annual Operating Plan” or “AOP” means and represents management’s view   of the potential performance of the Company as a whole and its individual   businesses for a particular year based on identified challenges, risks and   opportunities.  The AOP process culminates with a Board review of each   business’ annual plan during which the Board assesses the credibility of the plan.    Based on the final annual plans of the businesses, management prepares the   Company’s annual operating plan, which is also reviewed and approved by the   Board of Directors.   (c) “Bonus Award” means the annual bonus award calculated and distributed   pursuant to this Plan.   (d) “Board” means the Board of Directors of the Company.   (e) “Code” means the Internal Revenue Code of 1986, as amended, and any   successor thereto. Reference in this Plan to any section of the Code shall be   deemed to include any regulations or other interpretative guidance under such   section, and any amendments or successor provisions to such section, regulations   or guidance.     

 

 - 2 -   (f) “Company” means Federal Signal Corporation, a Delaware corporation, and its   subsidiaries.   (g) “Compensation Committee” means the Compensation and Benefits Committee   of the Board or subcommittee thereof as may be appointed pursuant to Section   4(a) of the 2015 Plan, or such other committee of the Board consisting of at least   two people as the Board may appoint to administer the 2015 Plan, or, if no such   committee has been appointed by the Board, the Board.   (h)  “Disability” means with respect to any Participant, the meaning ascribed to such   term in a long-term disability plan applicable to such Participant except as   otherwise provided in an award agreement issued hereunder.    (i) “Eligible Employee” means any executive officer of the Company, as defined   under Rule 3-b(7)  of the Securities Exchange Act of 1934, as amended, or any   individual employed by the Company or an Affiliate.    (j)  “Financial Performance Component(s)” has the meaning ascribed thereto in   Section 6(a) below.   (k) “Individual Objective Component(s)” shall have the meaning ascribed thereto   in Section 6(b) below.   (l) “Maximum Bonus Percentage” means and refers to 200% of the Target Bonus   Percentage.   (m) “Maximum Financial Performance” means and refers to the financial   performance required to receive the Maximum Bonus Percentage Payout.   (n) “Negative Discretion” means the discretion authorized by the 2015 Plan, and   adopted in this Plan, to be applied by the Compensation Committee to eliminate   or reduce the size of a Bonus Award consistent with Section 162(m) of the Code   and the 2015 Plan.    (o) “Participant” means an Eligible Employee selected and designated by the   Compensation Committee to participate in this Plan.   (p) “Performance Period” means the period beginning on January 1 and ending on   December 31 of the same year.   (q) “Plan” has the meaning ascribed thereto in the recitals above.   (r) “Severance Plan(s)” shall mean and refer collectively to the Company’s   Executive General Severance Plan, the General Severance Pay Plan, and the   Federal Signal Corporation Executive Change in Control Agreement, as the same   may be amended from time to time, and any successor plans to any of the   foregoing.     

 

 - 3 -   (s) “Target Financial Performance” means and refers to the financial goals set   forth in the AOP, achievement of which qualifies Participants for distribution at   the Target Bonus Percentage.   (t) “Target Bonus Percentage” means the percentage of base salary distributed to a   Participant upon achievement of the Target Financial Performance goals.   (u) “Threshold Bonus Percentage” means and refers to 50% of the Participant’s   Target Bonus Percentage.   (v) “Threshold Financial Performance” means and refers to the financial   performance required to receive the Threshold Bonus Percentage payout.   (w) “162(m) Performance Criteria” has the meaning ascribed thereto in Section 9(d)   below.   2. Participation in this Plan.  The Compensation Committee from time to time shall select   those Eligible Employees who shall be designated as Participants.   3. Bonus Awards.  Bonus Awards under this Plan shall be granted on an annual basis, and   each Bonus Award shall be based on the accomplishment of the performance criteria set   forth below.   4. Establishing Financial Performance Ranges.  Financial performance ranges will be   developed after the approval of the AOP and shall be approved by the Compensation   Committee.  The financial performance ranges will include: Threshold Financial   Performance, Target Financial Performance and Maximum Financial Performance.   5. Establishing Target Bonus Percentages.  Each Participant shall have a Target Bonus   Percentage established annually which shall in most cases be the same for all Participants   in the same salary grade level.  The applicable Target Bonus Percentages will be   determined by the Compensation Committee based on market data.     6. Bonus Award Criteria.  The Bonus Award is based upon two components: (i) the   Financial Performance Component, which is based upon the extent to which actual   financial results meet AOP objectives; and (ii) the Individual Objective Component,   which is related to the numerical score achieved by the Participant in his/her annual   performance review. The Compensation Committee shall periodically determine the   weighting between these components as applied to the Bonus Award, which weightings   may vary among Participants taking into account job responsibilities, salary grade level   and ability to impact Company performance.     (a) Financial Performance.  The Financial Performance Component of the Bonus   Award shall be calculated based on financial measures to be selected periodically   by resolution of the Compensation Committee. The Compensation Committee   retains discretion regarding adjustments to financial measures as permitted by the   2015 Plan.     

 

 - 4 -   (b) Individual Objectives.  The Individual Objective Component of the Participant’s   Bonus Award is calculated based on the numerical rating that the Participant   receives on his or her annual performance review.  The Compensation Committee   shall determine the performance rating/bonus opportunity scale for the Individual   Objective Component of the Bonus Award and communicate it to Participants.   Bonus Award payments shall be made as soon as practicable after the Compensation   Committee makes the certifications described in Section 9(d) of this Plan, but in no event   later than the March 15th immediately following the end of the applicable Performance   Period.  The Compensation Committee shall have absolute discretion regarding the form   and timing (subject to the preceding sentence) of payment of the Bonus Award.   7. Termination of Employment.   (a) Except as provided in Section 7(b) and (c) below, a Participant must be employed   by the Company or an Affiliate on the date payment of awards for the   Performance Period is made to earn a Bonus Award, unless otherwise expressly   approved by the Compensation Committee.  If a Participant’s employment is   terminated for any reason other than as set forth in Section 7(b) and (c) below   prior to the date payment of awards for the Performance Period is made, the   Participant shall forfeit any right to earn and  receive payment in respect of such   Bonus Award, unless otherwise expressly approved by the Compensation   Committee.   (b) If the Company or an Affiliate terminates the employment of a Participant such   that the Participant is eligible for benefits under a Severance Plan (it being   understood that this shall not include a termination of the Participant’s   employment by the Company or an Affiliate due to the death or Disability of such   Participant), the Participant shall receive Bonus Award payments to the extent   provided and in accordance with the terms of the applicable Severance Plan.  In   no event shall the Participant be entitled to claim Bonus Awards under both this   Plan and the applicable Severance Plan.  A Participant whose employment has   been terminated by the Company or an Affiliate prior to date payment of awards   for the Performance Period is made and who is not eligible to receive severance   benefits under the applicable Severance Plan shall forfeit any right to earn and   receive payment in respect of such Bonus Award, unless otherwise expressly   approved by the Compensation Committee.   (c) If the Participant’s employment with the Company or an Affiliate is terminated   due to the Participant’s death or Disability, the Participant shall receive a Bonus   Award payment in an amount equal to the Participant’s unpaid Bonus Award at   the Target Bonus Percentage established for the Performance Period during which   such termination occurs, multiplied by a fraction, the numerator of which shall be   the number of days from the beginning of Performance Period to and including   the date of termination and the denominator of which shall be 365.  Such payment   shall be paid as soon as administratively feasible following termination of   employment.     

 

 - 5 -   8. Beneficiaries.  Each Participant may file with the Compensation Committee a written   designation of one or more persons as the beneficiary(ies) who shall be entitled to receive   the amounts due under this Plan upon his or her death. A Participant may, from time to   time, revoke or change his or her beneficiary designation without the consent of any prior   beneficiary by filing a new designation with the Compensation Committee. The last such   designation received by the Compensation Committee shall be controlling; provided,   however, that no designation, or change or revocation thereof, shall be effective unless   received by the Compensation Committee prior to the Participant’s death, and in no event   shall it be effective as of a date prior to such receipt. If no beneficiary designation is filed   by a Participant, the beneficiary shall be deemed to be his or her spouse or, if the   Participant is unmarried at the time of death, his or her estate.   9. Administration.   (a) This Plan shall be administered by the Compensation Committee.   (b) The Compensation Committee shall have complete authority and discretion to   interpret this Plan, to prescribe, amend, and rescind rules and regulations relating   to this Plan and to make all other determinations deemed necessary or advisable   for the administration of this Plan.  Determinations made by the Compensation   Committee in good faith shall be binding and conclusive on all persons.  Benefits   under this Plan will be paid only if the Compensation Committee decides in its   discretion that the claimant is entitled to them.   (c) In addition to any other powers set forth in this Plan, the Compensation   Committee has the following powers:   (i) To establish, amend and rescind appropriate rules and regulations relating   to this Plan;   (ii) To contest on behalf of the Company or Participants, at the expense of the   Company, any ruling or decision on any matter relating to this Plan or to   any Bonus Awards; and   (iii) Generally, to administer this Plan, and to take all such steps and make all   such determinations in connection with this Plan and the Bonus Awards   granted thereunder as it may deem necessary or advisable.   (d) In addition to satisfaction of the Bonus Award criteria set forth in Section 6   above, no Bonus Award shall be paid hereunder for any applicable performance   period unless the performance criteria for the Participants and targets identified   annually by the Compensation Committee under the 2015 Plan for purposes of   this Plan under Section 162(m) of the Code (the “162(m) Performance Criteria”)   have also been achieved and properly certified.    Following the completion of a performance period, the Compensation Committee   shall review and certify in writing whether, and to what extent, the performance   goals and other material terms have been achieved and, if so, calculate and certify     

 

 - 6 -   in writing that amount of the Bonus Awards earned for the period based upon the   components set forth in the 162(m) Performance Criteria and in Section 6.  In   determining the actual amount of a Bonus Award for a Performance Period, the   Compensation Committee may reduce or eliminate the amount of the Bonus   Award through the use of Negative Discretion if, in its sole judgment, such   reduction or elimination is appropriate.  In no event shall a Bonus Award exceed   the maximum amount allowed to be payable to any single Participant under   Section 5(b) of the 2015 Plan.    10. Amendment or Termination of this Plan.  The Compensation Committee or its   authorized designee may from time to time amend or revise the terms of this Plan in   whole or in part, or may terminate this Plan at any time.  Notwithstanding the foregoing,   the Compensation Committee or its authorized designee reserves the right to terminate   this Plan and cancel any Bonus Awards granted before termination in its sole discretion,   at any time and for any reason.   11. Effective Date.  This Plan is effective as of January 1, 2016.  This Plan replaces the   Federal Signal Corporation 2009 Short Term Incentive Bonus Plan (as amended and   restated in March 2013) as of the Effective Date.   12. Withholding Taxes.  The obligations of the Company to make Bonus Award payments   under this Plan shall be subject to applicable federal, state, and other taxes and   withholding obligations.   13. Non-Exclusivity of Plan.  The adoption of this Plan by the Board shall not be construed   as creating any limitations on the power of the Board to adopt such other incentive   arrangements as it may deem desirable, including, without limitation, the granting of   stock options or other awards otherwise than under this Plan, and such arrangements may   be either applicable generally or only in specific cases.   14. Non-Alienation.  No interest under this Plan may be assigned, alienated, pledged,   attached, sold or otherwise transferred or encumbered by a Participant other than by will   or by the laws of descent and distribution and any such purported assignment, alienation,   pledge, attachment, sale, transfer or encumbrance shall be void and unenforceable against   the Company or any of its Affiliates; provided, that the designation of a beneficiary shall   not constitute an assignment, alienation, pledge, attachment, sale, transfer or   encumbrance.   15. No Right to Employment.  Neither this Plan nor any action taken hereunder shall be   construed as giving any Participant any right to be retained in the employ or service of   the Company or any of its Affiliates, nor shall it be construed as giving any Participant   any rights to continued service on the Board. The Company or any of its Affiliates may at   any time dismiss a Participant from employment or discontinue any consulting   relationship, free from any liability or any claim under this Plan, unless otherwise   expressly provided in this Plan or any award agreement.      

 

 - 7 -   16. Unfunded Status of Awards.  This Plan is intended to constitute an “unfunded” plan.    With respect to any payments not yet made to a Participant or his or her beneficiary, as   applicable, nothing contained in this Plan or any Bonus Award shall give any such   Participant or such beneficiary, as applicable, any rights that are greater than those of a   general creditor of the Company.   17. Recovery of Compensation.  In the event that:  (a) the payment of any Bonus Award   paid or issued under this Plan to officers designated as such under Rule 16a-1(f) of the   Securities Exchange Act of 1934, as amended, was predicated upon the achievement a   Financial Performance Component or other financial or performance results; (b)   subsequent to such payment, the Company is required to prepare an accounting   restatement with respect to such financial results or it is otherwise determined by the   Board that such performance results were materially inaccurate; and (c) based upon the   restated financial results or otherwise corrected performance results, the amount of such   Bonus Award based upon a Financial Performance Component would have been less than   the amount previously paid to such executive officer, then the Board, to the extent   practicable, shall require reimbursement from each such executive officer, in an amount   equal to the amount by which such executive officer’s Bonus Award based upon a   Financial Performance Component for the relevant period exceeded the lower payment   that would have been made based on the restated financial results or corrected   performance results, plus a reasonable rate of interest.   All Bonus Awards (including any proceeds, gains or other economic benefit actually or   constructively received by a Participant upon any receipt of any Bonus Award) shall be   subject to the provisions of any additional clawback policy implemented by the   Company, including, without limitation, any clawback policy adopted to comply with the   requirements of applicable law, including without limitation the Dodd-Frank Wall Street   Reform and Consumer Protection Act and any rules or regulations promulgated   thereunder, to the extent set forth in such clawback policy and/or applicable award   agreement.   18. General.   (a) Relationship with 2015 Plan. If there is any inconsistency between the terms of   this Plan and the terms of the 2015 Plan, the 2015 Plan’s terms shall completely   supersede and replace the conflicting terms of this Plan.    (b) Award Agreement.  Each Bonus Award under this Plan shall be evidenced by an   award agreement, which may be a certificate or statement, which shall be   delivered to the Participant (whether in paper or electronic medium (including   email or the posting on a web site maintained by the Company or a third party   under contract with the Company)) and shall specify Bonus Award criteria and   any other terms and conditions of the Bonus Award.  The terms of any Bonus   Award issued hereunder shall be binding upon the executors, administrators,   beneficiaries, successors and assigns of the Participant.     

 

 - 8 -   (c) Governing Law and Venue.  Except to the extent that provisions of this Plan are   governed by applicable provisions of the Code or other substantive provisions of   Federal law, this Plan shall be governed by and construed in accordance with the   internal laws of the State of Delaware applicable to contracts made and performed   wholly within the State of Delaware, without giving effect to the conflict of laws   provisions thereof.    (d) Severability.  If any provision of this Plan is determined to be illegal or invalid   for any reason, the remaining provisions are to continue in full force and effect   and to be construed and enforced as if the illegal or invalid provision did not exist,   unless the continuance of this Plan in such circumstances is not consistent with its   purposes.   (e) Undefined Terms.  Unless the context requires another meaning, any term not   specifically defined in this Plan shall be used in the sense given to it by the Code.   (f) Headings.  All headings in this Plan are for reference only and are not to be   utilized in construing this Plan.   (g) Conformity with Section 409A of the Code.  This Plan is intended to be exempt   from coverage from Section 409A of the Code and shall be interpreted and   construed in a manner consistent with such intention.  There shall be no   acceleration or subsequent deferral of the time or schedule of any payment under   this Plan except as permitted under Section 409A and the express terms of this   Plan.   (h) Gender.  Unless clearly inappropriate, all nouns of whatever gender refer   indifferently to persons of any gender.   (i) Singular and Plural.  Unless clearly inappropriate, singular terms refer also to   the plural and vice versa.ex104deferredrsuagreemen

EXHIBIT 10.4   6282050.3   Federal Signal Corporation   2015 Executive Incentive Compensation Plan    Restricted Stock Unit and Dividend Equivalent – Award Agreement   (Directors)      You have been selected to receive a grant of Restricted Stock Units and an equal number   of Dividend Equivalents pursuant to the Federal Signal Corporation 2015 Executive Incentive   Compensation Plan (the “Plan”), as specified below:      Participant:     Date of Award:    Number of Restricted Stock Units and Dividend Equivalents Granted:          This Award shall be subject to the terms and conditions prescribed in the Federal Signal   Corporation 2015 Executive Incentive Compensation Plan and in the Federal Signal Corporation   Restricted Stock Unit and Dividend Equivalent Award Agreement No. 2016 attached hereto.        This document constitutes part of the prospectus covering securities   that have been registered under the Securities Act of 1933.      IN WITNESS WHEREOF, the parties have caused this Award Agreement to be   executed on this ____________ day of ___________________________.         FEDERAL SIGNAL CORPORATION      Title: President and Chief Executive Officer                  By: ____________________________________    [Participant]          Please sign and return one copy of this agreement in the enclosed postage-paid envelope.    

 

    - 2 -   FEDERAL SIGNAL CORPORATION   RESTRICTED STOCK UNIT AND DIVIDEND EQUIVALENT   AWARD AGREEMENT NO. 2016      Federal Signal Corporation (the “Company”) established the Federal Signal Corporation   2015 Executive Incentive Compensation Plan (the “Plan”) pursuant to which options, stock   appreciation rights, restricted stock and stock units, performance shares and dividend equivalents   covering an aggregate of 7,800,000 shares of the Stock of the Company may be granted to   employees and directors of the Company and its subsidiaries;       The Board of Directors of the Company, and the Administrator of the Plan appointed by   the Board of Directors, has determined that the interests of the Company will be advanced by   encouraging and enabling members of the Board of Directors to own shares of the common stock   of the Company;      NOW, THEREFORE, in consideration of services rendered and the mutual covenants   herein contained, the parties agree as follows:      Section 1. Definitions       As used in this Agreement, the following terms shall have the following meanings:      A. “Award” means the award provided for in Section 2.      B. “Board of Directors” means the Board of Directors of the Company.      C. “Date of Award” of Restricted Stock Units and Dividend Equivalents   means the date set forth on the Award instrument applicable to those Units and Dividend   Equivalents.      D. “Dividend Equivalent” means the right to receive the equivalent of all of   the cash dividends that would be payable with respect to the Stock represented by a Restricted   Stock Unit to which the Dividend Equivalent relates, as provided in this Agreement.      E. “Participant” means the individual shown as the recipient of an award of   Restricted Stock Units and Dividend Equivalents, as set forth on the Award instrument   applicable to those Units and Dividend Equivalents.      F. “Restricted Stock Unit” means the obligation of the Company to transfer   one share of Stock to Participant at the time provided in Section 5 of this Agreement.      G. “Stock” means the common stock of the Company.      H. “Termination of Service” means separation from service with the   Company and its affiliates (generally 50% common control with the Company), as defined in   IRS regulations under Section 409A of the Internal Revenue Code of 1986, as amended.        

 

    - 3 -   Section 2. Award      Subject to the terms of this Agreement, the Company awarded to Participant the number   of Restricted Stock Units set forth on the Award instrument applicable to those Units, and an   equal number of Dividend Equivalents, effective as of the Date of Award set forth on such   instrument.        This award of Restricted Stock Units and Dividend Equivalents shall not confer any right   to the Participant (or any other Participant) to be granted Restricted Stock Units, Dividend   Equivalents or other Awards in the future under the Plan.      Section 3. Bookkeeping Accounts      The Company shall credit the number of Restricted Stock Units granted hereunder to a   bookkeeping account for Participant (the “Restricted Stock Unit Account”).  Participant’s   Restricted Stock Unit Account shall be debited by the number of Restricted Stock Units with   respect to which Stock is distributed to Participant in accordance with Section 5 with respect to   such Restricted Stock Units.  Participant’s Restricted Stock Units also shall be adjusted from   time to time for stock dividend, stock splits and other such transactions in accordance with   Section 9.      As of any date that the Company pays a cash dividend on its Stock, the Company shall   credit Participant with a dollar amount equal to (i) the per share cash dividend paid by the   Company on its Stock on such date, multiplied by (ii) the total number of Restricted Stock Units   credited to Participant’s Restricted Stock Unit Account immediately prior to the record date for   that dividend (the “Dividend Equivalent Account”).      Section 4. Vesting      The Restricted Stock Units and Dividend Equivalents shall be fully vested on the Date of   Award.      Section 5. Distribution of Shares of Stock      A. Unless otherwise deferred pursuant to subsection B hereof, shares of Stock   equal to the number of Restricted Stock Units credited to the Restricted Stock Unit Account of   Participant shall become distributable to the Participant on the date specified by the Participant in   a written election filed with the Company on or before the last day of the calendar year preceding   the calendar year which contains the Date of Award in accordance with such election.  If the   Participant did not specify a distribution date on such written election, such shares shall become   distributable on the Participant’s Termination of Service with the Company’s Board of Directors   and the election under subsection B shall not be available.      B. If the Participant elected a specified date for distribution of Stock as   described above, the Participant may elect to defer the distribution date of such shares of Stock   by filing a written election with the Company in the form prescribed by the Company.  The   deferred distribution date must be at least five years later than the scheduled distribution date.    Such election must be filed at least 12 months before the then scheduled distribution date for the     

 

    - 4 -   shares of Stock to which the election applies. In addition, any election will have no effect until   twelve months after the date such election is made.        Such shares shall be distributed as soon as administratively feasible after the applicable   date prescribed above, but not later than the later of the end of the calendar year in which the   specified date occurs or the 15th day of the third calendar month following such specified date.      Section 6. Payment of Dividend Equivalents; No Other Shareholder Rights      The amount credited to Participant’s Dividend Equivalent Account pursuant to each   Dividend Equivalent shall be payable in cash to the Participant at the same time as the Restricted   Stock Unit to which such amount relates becomes distributable in Stock.  Such payment shall be   subject to the same payment terms, conditions and restrictions as the Restricted Stock Units to   which the payment relates (including the election of the time of payment described in Section   5.A or 5.B, as applicable); provided, however, that any amount with respect to a Dividend   Equivalent shall be paid in cash.  Such amount shall be paid as soon as administratively feasible   after the applicable date prescribed above, but not later than the later of the end of the calendar   year in which the specified date occurs or the 15th day of the third calendar month following such   specified date.      Participant shall not have any of the rights of a shareholder of the Company with respect   to Restricted Stock Units, such as the right to vote or, except as explicitly provided herein with   respect to Dividend Equivalents, the right to dividends.      Section 7. Death Benefits      In the event of the death of Participant, the Company shall transfer: (a) shares of Stock   equal in number to the Restricted Stock Units credited to Participant’s Restricted Stock Unit   Account; and (b) cash equal to the amount credited to Participant’s Dividend Equivalent Account   to Participant’s Beneficiary or Beneficiaries.  Such distribution shall be made as soon as   administratively feasible after the Participant’s death, but no later than the later of: (i) two and   one-half months after the death of the Participant; and (ii) the end of the calendar year in which   the Participant’s death occurs.       Participant may designate a Beneficiary or Beneficiaries (contingently, consecutively, or   successively) of such death benefit and, from time to time, may change his or her designated   Beneficiary.  A Beneficiary may be a trust.  A beneficiary designation shall be made in writing in   a form prescribed by the Company and delivered to the Company while the Participant is alive.    If there is no designated Beneficiary surviving at the death of a Participant, payment of any death   benefit of the Participant shall be made to the Participant’s surviving spouse, and if no surviving   spouse, to the estate of the Participant.        

 

    - 5 -   Section 8. Units and Equivalents Non-Transferable      Restricted Stock Units and related Dividend Equivalent Rights awarded hereunder shall   not be transferable by Participant.  Except as may be required by the federal income tax with-   holding provisions of the Code or by the tax laws of any State or foreign sovereign, the interests   of Participant and his Beneficiaries under this Agreement are not subject to the claims of their   creditors and may not be voluntarily or involuntarily sold, transferred, alienated, assigned,   pledged, anticipated, or encumbered.  Any attempt by Participant or a Beneficiary to sell,   transfer, alienate, assign, pledge, anticipate, encumber, charge or otherwise dispose of any right   to benefits payable hereunder shall be void.      Section 9. Adjustment in Certain Events      If there is any change in the Stock by reason of stock dividends, split-ups, mergers,   consolidations, reorganizations, combinations or exchanges of shares or the like, the number of   Restricted Stock Units credited to Participant’s Restricted Stock Unit Account shall be adjusted   appropriately so that the number of Restricted Stock Units credited to Participant’s Restricted   Stock Unit Account after such an event shall equal the number of shares of Stock a shareholder   would own after such an event if the shareholder, at the time such an event occurred, had owned   shares of Stock equal to the number of Restricted Stock Units credited to Participant’s Restricted   Stock Unit Account immediately before such an event.  As of the date of such adjustment to the   Restricted Stock Unit Account, the number of Participant’s Dividend Equivalents shall be   adjusted to equal the number of Restricted Stock Units credited to Participant’s Restricted Stock   Unit Account following the adjustment.        Section 10. Source of Payment      Shares of Stock transferable to Participant, or his Beneficiary, under this Agreement may   be either Treasury shares, authorized but unissued shares, or any combination of such Stock.    The Company shall have no duties to segregate or set aside any assets to secure Participant’s   right to receive shares of Stock (or cash payments with respect to Dividend Equivalents) under   this Agreement.  Participant shall not have any rights with respect to transfer of shares of Stock   (or cash payment with respect to Dividend Equivalents) under this Agreement other than the   unsecured right to receive shares of Stock (or cash payments with respect to Dividend   Equivalents) from the Company.      Section 11. Continuation as a Director      This Agreement shall not confer upon the Participant any right to continue as a Director   of the Company for any period of time, or at any particular rate of compensation.      Section 12.  Amendment      This Agreement may be amended by mutual consent of the parties hereto by written   agreement.        

 

    - 6 -   Section 13. Governing Law      The terms and provisions of this Agreement shall be construed according to the   principles, and  in the priority, as follows: first, in accordance with the meaning under, and which   will bring the Agreement into conformity with, section 409A of the Internal Revenue Code of   1986, as amended; and secondly, in accordance with the laws of the State of Illinois.  This   Agreement shall be deemed to contain the provisions necessary to comply with such laws.       

 

    - 7 -   FEDERAL SIGNAL CORPORATION   RESTRICTED STOCK UNIT AND DIVIDEND EQUIVALENT      BENEFICIARY DESIGNATION         Participant: _______________________________ Social Security No.: _________________________   Address: _________________________________ Date of Birth: ______________________________      _________________________________      Participant hereby designates the following individual(s) or entity(ies) as his or her   beneficiary(ies) pursuant to Federal Signal Corporation 2015 Equity Incentive Plan (Insert Name, Social   Security Number, Relationship, Date of Birth and Address of Individuals and/or fully identify any trust   beneficiary by the Name of the Trust, Date of Execution of the Trust, the Trustee’s Name, the address of   the trust, and the employer identification number of the trust):      Primary Beneficiary(ies)      ____________________________________________________      ____________________________________________________         Contingent Beneficiary(ies)      ____________________________________________________      ____________________________________________________         The Participant hereby reserves the right to change this Beneficiary Designation, and any such change   shall be effective when the Participant has executed a new or amended Beneficiary Designation form, and   the receipt of such form has been acknowledged by the Company, all in such manner as specified by the   Company from time to time, or on a future date specified by any such new or amended Beneficiary   Designation form.      IN WITNESS WHEREAS, the Participant has executed this Beneficiary Designation on the date   designated below.         Date: ______________________________, _____ _______________________________________   Signature of Participant      Received:   FEDERAL SIGNAL CORPORATION         Date: ______________________________, _____ By:  ___________________________________

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