Document:

exv10w2

 

Exhibit 10.2

TELEDYNE TECHNOLOGIES INCORPORATED

ADMINSTRATIVE RULES OF THE 2008 INCENTIVE AWARD PLAN

RELATED TO NON-EMPLOYEE DIRECTOR STOCK COMPENSATION

(As of February 19, 2008)

ARTICLE I.

GENERAL

     1.1. Purpose. The terms of the Company’s 2008 Stock Incentive Plan shall be applied in
accordance with the following Rules for the purpose of providing an opportunity for Non-Employee
Directors to elect to receive Options and/or Common Stock in lieu of Director’s Retainer Fee
Payments and Meeting Fees, the automatic payment of a portion of the Director’s Retainer Fee
Payment in the form of Common Stock to those Non-Employee Directors not electing to receive such
portion in the form of Options and/or Common Stock and granting each Non-Employee Director annually
an option covering 4,000 shares of Common Stock. It is the purpose of these Rules to promote the
interests of the Company and its stockholders by attracting, retaining and providing an incentive
to Non-Employee Directors through the acquisition of a proprietary interest in the Company and an
increased personal interest in its performance. It is recognized that Non-Employee Directors
dedicate time and provide significant and valuable services to the Company, its subsidiaries and
its stockholders.

     1.2. Adoption and Term. These Rules have been approved by the Personnel and
Compensation Committee of the Board and shall become effective as of the Effective Date (as
hereinafter defined). These Rules shall terminate without further action upon the earlier of (a)
the tenth anniversary of the effective date of the Plan, and (b) the first date upon which no
shares of Common Stock remain available for issuance under these Rules.

     1.3. Definitions. Capitalized terms not otherewise defined herein shall have the same
meaning as those terms defined in the Plan. As used herein the following terms have the following
meanings:

(a) “Annual Options” means the Options issuable under Section 4.4(a) of these Rules.

(b) “Board” means the Board of Directors of the Company.

(c) “Code” means the Internal Revenue Code of 1986, as amended. References to a section of
the Code shall include that section and any comparable section or sections of any future
legislation that amends, supplements or supersedes said section.

(d) “Committee” means the Nominating and Governance Committee of the Board.

 

 

(e) “Common Stock” means the common stock, par value $0.01 per share, of the Company.

(f) “Company” means Teledyne Technologies Incorporated, a Delaware corporation, and any
successor thereto.

(g) “Compensation Year” means each calendar year or portion thereof during which these
Rules are in effect.

(h) “Director” means a member of
the Board.

(i) “Director’s Retainer Fee Payment” means the dollar value of that portion of the annual
retainer fee payable by the Company to a Non-Employee Director for serving as a Director
and for serving as the chair of the Board or any committee of the Board as of a particular
Payment Date, as established by the Board and in effect from time to time.

(j) “Effective Date” means the date the 2008 Incentive Award Plan is approved by the
stockholders of the Company.

(k) “Employee” means any employee of the Company or an affiliate.

(l) “Exchange Act” means the Securities Exchange Act of 1934, as amended. References to a
section of the Exchange Act or rule promulgated thereunder shall include that section or
rule and any comparable section(s) or rule(s) of any future legislation or rulemaking that
amends, supplements or supersedes said section or rule.

(m) “Non-Employee Director” means a Director who is not an Employee.

(n) “Non-Employee Director Notice” means a written notice delivered in accordance with
Section 4.2.

(o) “Payment Date” means the first business day of January and July of each Compensation
Year on which the Director’s Retainer Fee Payment for serving as a Director is paid by the
Company and the first business day of January of each Compensation Year on which the
Director’s Retainer Fee Payment for serving as the chair of the Board or any committee of
the Board is paid by the Company.

(p) “Plan” means the Teledyne Technologies Incorporated 2008 Incentive Award Plan, as it
may hereafter be amended from time to time.

(q) “Retainer Fee Options” means the Options issuable under Section 4.3 of these Rules.

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(r) “Rules” means these administrative rules under the Teledyne Technologies Incorporated
2008 Incentive Award Plan, as they may hereafter be amended from time to time.

(s) “TDY Deferred Compensation Plan” shall mean the Teledyne Technologies Incorporated
Executive Deferred Compensation Plan, as amended and as may be amended from time to time

     1.4. Shares Subject to these Rules. The shares to be offered under the Plan pursuant
to these Rules shall consist of the Company’s authorized but unissued Common Stock or treasury
shares that are available to be offered under the Plan and, subject to adjustment as provided in
Section 5.1 hereof, the aggregate amount of such stock which may be issued or subject to Options
issued hereunder shall not exceed 200,000 shares. If any Option granted under the Plan pursuant to
these Rules shall expire or terminate for any reason, without having been exercised or vested in
full, as the case may be, the unpurchased shares subject thereto shall again be available for
issuance under the Plan pursuant to these Rules. Options granted under the Plan pursuant to these
Rules will not be qualified as “incentive stock options” under Section 422 of the Code.

ARTICLE II.

ADMINISTRATION

     2.1. The Committee. Subject to the provisions of these Rules and the Plan, the
Committee shall interpret the Rules, promulgate, amend, and rescind other rules and regulations
relating to the Rules and make all other determinations necessary or advisable for their
administration and implementation. Interpretation and construction of any provision of these Rules
by the Committee shall be final and conclusive. Notwithstanding the foregoing, the Committee shall
have or exercise no discretion with respect to the selection of persons eligible to participate
hereunder, the determination of the number of shares of Common Stock or number of Options issuable
to any person or any other aspect of the administration of the Rules with respect to which such
discretion is not permitted in order for grants of shares of Common Stock and Options to be exempt
under Rule 16b-3 promulgated under the Exchange Act.

ARTICLE III.

PARTICIPATION

     3.1. Participants. Each Non-Employee Director shall participate in the Plan pursuant
to these Rules on the terms and conditions hereinafter set forth.

ARTICLE IV.

PAYMENT OF DIRECTOR’S FEES

     4.1. General. The Director’s Retainer Fee Payment shall be paid to each Non-Employee
Director, as of each Payment Date, as set forth in these Rules and subject to such other payment
policies and procedures as the Board may establish from time to

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time. If, for the applicable Compensation Year, a Non-Employee Director has not made an
election pursuant to Section 4.2 to receive Options or Common Stock in lieu of at least twenty-five
percent (25%) of the Director’s Retainer Fee Payment, then seventy-five percent (75%) of such
Director’s Retainer Fee Payment shall be paid in cash and twenty-five percent (25%) of the
Director’s Retainer Fee Payment shall be paid in the form of Common Stock.

     4.2. Non-Employee Director Notice. A Non-Employee Director may file with the Secretary
of the Company or other designee of the Board of Directors prior to the commencement of a
Compensation Year a Non-Employee Director Notice making an election to receive either twenty-five
percent (25%), fifty percent (50%), seventy-five percent (75%) or one hundred (100%) of his or her
Director’s Retainer Fee Payment in the form of Options and/or Common Stock with the balance to be
paid in cash. Notwithstanding the foregoing, elections to receive Common Stock or Options may be
made at any time during a Compensation Year so long as such elections are made irrevocably in
advance of receiving the corresponding Common Stock or Options and approved in accordance with Rule
16b-3 under the Exchange Act.

     4.3 Conversion of Retainer Fee Payment to Shares. Each Non-Employee Director who
pursuant to Section 4.1 or 4.2 is to receive Common Stock as all or part of his or her Director’s
Retainer Fee Payment with respect to a Compensation Year and who is elected or reelected or is a
continuing Non-Employee Director as of the date of commencement of such Compensation Year as of the
applicable Payment Date, shall receive as of each Payment Date during such Compensation Year a
number of shares of Common Stock equal to the quotient obtained by dividing (i) the amount of the
Director’s Retainer Fee Payment to be paid in the form of Common Stock by (ii) the Fair Market
Value of the Common Stock per share on such Payment Date. Cash shall be paid in lieu of any
fractional shares.

     4.4 Options.

(a) Annual Option Grants. An Annual Option covering 4,000 shares of Common Stock will be
granted to each Non-Employee Director automatically at the conclusion of each Company Annual
Meeting. If, after the Effective Date, a director first becomes a Non-Employee Director on a date
other than an Annual Meeting date, an Annual Option covering 2,000 shares of Common Stock will be
granted to such director on his or her first date of Board service. The purchase price of the
Common Stock covered by each Annual Option will be the Fair Market Value of a share of Common Stock
as of the date of grant of the Annual Option.

(b) Retainer Fees Options. Retainer Fee Options will be granted on the Payment Dates of
each Compensation Year. The number of shares of Common Stock to be subject to a Retainer Fee Option
shall be equal to the nearest number of whole shares determined by multiplying the Fair Market
Value of a share of Company Common Stock on the date of grant by 0.3333 and dividing the result
into the applicable portion of the Director’s Retainer Fee Payment elected to be received as
Options by the Non-Employee Director

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for the Compensation Year. The purchase price of each share covered by each Retainer Fee Option
shall be equal to the Fair Market Value of a share of Common Stock on the date of grant of the
Retainer Fee Option multiplied by 0.6666. The Retainer Fee Options shall be deemed granted at Fair
Market Value and any difference between Fair Market Value and the recorded exercise price of the
Retainer Fee Option shall be as a result of the prepayment of a portion of the aggregate exercise
price of the Retainer Fee Option equal to the amount of the Retainer Fee paid.

(c) Duration and Exercise of Options. Subject to Section 4.4(f) below, Annual Options and
Retainer Fee Options become exercisable on the first anniversary of the date on which they were
granted. Options shall terminate upon the expiration of ten years from the date of grant. No
Options may be exercised for a fraction of a share and no partial exercise of any Options may be
for less than one hundred (100) shares. The Committee shall determine the time period, including
the time period following a Termination of Service, during which the Non-Employee Director has the
right to exercise the vested Options issued pursuant to these Rules, which time period may not
extend beyond the term of the Option term. Except as limited by requirements of Section 409A or
Section 422 of the Code and regulations and rulings thereunder, the Committee may extend the term
of any outstanding Option issued pursuant to these Rules, and may extend the time period during
which vested Options issued under these Rules may be exercised, in connection with any Termination
of Service of the Non-Employee Director, and may amend any other term or condition of such Option
issued under these Rules relating to such a Termination of Service.

(d) Purchase Price. The purchase price for the shares shall be paid in full at the time of
exercise (i) in cash or by check payable to the order of the Company, (ii) by delivery of shares of
Common Stock of the Company already owned by, and in the possession of Options holder, or (iii) by
delivering a properly executed exercise notice together with irrevocable instructions to a broker
to deliver promptly to the Company the amount of sale or loan proceeds to pay the Options price (in
which case the exercise will be effective upon receipt of such proceeds by the Company). Shares of
Common Stock used to satisfy the exercise price of an Option shall be valued at their Fair Market
Value on the date of exercise.

(e) Transferability. Options granted hereunder shall not be transferable, other than by
will or the laws of descent and distribution, and shall be exercisable during a Options holder’s
lifetime only by the Options holder or by his or her guardian or legal representative, except to
the extent transfer is permitted by Rule 16b-3 promulgated under the Exchange Act and approved by
the Board or its designee. Subject to the foregoing, Options shall not be assigned, pledged or
otherwise encumbered by the holder thereof, either voluntarily or by operation of law.

(f) Termination of Directorship. If a director ceases to be a director of the Company for
any reason other than death or removal by the Board of Directors or the stockholders, the
director’s Options shall continue to vest as provided in Section 4.4 (c) above and the right of the
holder of the Option to exercise such Options shall continue until the options

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expire in accordance with Section 4.4(c). In no event may an Options be exercised after the
expiration of the period specified in Section 4.4(c). In the event of death of a director or former
director who holds an outstanding Options, all unvested Options shall automatically become fully
vested as of the date of death and the right of his or her estate or beneficiary to exercise the
Options shall terminate upon the expiration of twelve months from the date of death, but in no
event may a Options be exercised after the expiration of the term of the Option. In the event of
removal of a director from the Board of Directors, all rights of such director in a Options that
the director was entitled to exercise on the date of removal shall terminate on the 30th day (or,
if such day is not a business day, on the next business day) after the date of removal, but in no
event may such Options be exercised after the expiration of the term of the Option.

     4.5 Meeting Fees.

(a) General. A Non-Employee Director may elect to have all fees paid by the Company to a
Non-Employee Director for attending meetings of the Board or Committees of the Board during a
Compensation Year (“Meeting Fees”) either one hundred percent (100%) (i) in cash, (ii) in the form
of Common Stock, (iii) in the form of Options, or (iv) deferred under and in accordance with the
TDY Deferred Compensation Plan. If a Non-Employee Director has not made an election pursuant to
Section 4.5(b) below, Meeting Fees shall be paid in cash.

(b) Notice. A Non-Employee Director may file with the Secretary of the Company or other
designee of the Board prior to commencement of a Compensation Year written notice making an
election to receive any and all Meeting Fees for a Compensation Year either one hundred percent
(100%) (i) in cash, (ii) in the form of Common Stock, (iii) in the form of Options, or (iv)
deferred under and in accordance with the TDY Deferred Compensation Plan. Notwithstanding the
foregoing, in the case of a new Non-Employee Director, elections to receive Common Stock or Options
or to defer under the TDY Deferred Compensation Plan must be made within 30 days of the
commencement of status as a Non-Employee Director for the applicable Compensation Year.

(c) Common Stock. Each Non-Employee Director who pursuant to Section 4.5(b) is to receive
Common Stock as all of his or her Meeting Fees with respect to a Compensation Year shall receive as
of each Meeting Date during such Compensation Year a number of shares of Common Stock equal to the
quotient obtained by dividing (i) the amount of the Meeting Fee to be paid in Common Stock by (ii)
the Fair Market Value of the Common Stock per share on such Meeting Date. Cash shall be paid in
lieu of any fractional share.

(d) Meeting Fee Options. Meeting Fee Options will be granted on the Meeting Dates of each
Compensation Year. The number of shares of Common Stock to be subject to a Meeting Fee Options
shall be equal to the nearest number of whole shares determined by multiplying the Fair Market
Value of a share of Common Stock on the date of grant by 0.3333 and dividing the result into the
Meeting Fee elected to be received as Options by the Non-Employee Director for the applicable
Meeting Date for the Compensation Year. The purchase price of each share covered by each Meeting Fee Options shall be equal to

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the Fair
Market Value of a share of Common Stock on the date of grant of the Meeting Fee Option multiplied
by 0.6666. The provisions of clauses (c), (d), (e) and (f) of Section 4.4 of these Rules regarding
Annual Options and Retainer Fee Options shall apply to Options paid in respect of Meeting Fees.
The Meeting Fee Options shall be deemed granted at Fair Market Value and any difference between
Fair Market Value and the recorded exercise price of the Meeting Fee Option shall be as a result of
the prepayment of a portion of the aggregate exercise price of the Meeting Fee Option equal to the
amount of the Meeting Fee paid.

(e) Meeting Date Defined. “Meeting Date” means the date on which the meeting of the Board
or the Committee of the Board is held for which a Meeting Fee is payable.

     4.6. Deferral of Director’s Retainer Fee Payment

(a) Permitted Deferral of Director’s Retainer Fee Payment. Notwithstanding anything in
Article IV or these Rules to the contrary, a Non-Employee Director may elect to defer payment of,
as of a Payment Date for an applicable Compensation Year, twenty-five percent (25%), fifty percent
(50%) or seventy-five percent (75%) of his or her Director’s Retainer Fee Payment under and in
accordance with the TDY Deferred Compensation Plan.

(b) Notice of Deferral. A Non-Employee Director may file with the Secretary of the Company
or other designee of the Board prior to commencement of a Compensation Year written notice making
an election to defer payment of twenty-five percent (25%), fifty percent (50%) or seventy-five
percent (75%) of his or her Director’s Retainer Fee Payment under and in accordance with the TDY
Deferred Compensation Plan. If, for an applicable Compensation Year, a Non-Employee Director has
not made an election pursuant to Section 4.2 to receive Options or Common Stock in lieu of at least
twenty-five percent (25%) of his or her Director’s Retainer Fee Payment or an election to defer
payment of a permitted percentage of his or her Director’s Retainer Fee Payment, then seventy-five
percent (75%) of such Director’s Retainer Fee Payment shall be paid in cash and twenty-five percent
(25%) shall be paid in the form of Common Stock.

(c) TDY Deferred Compensation Plan. Once the notice specified in Section 4.5(b) is timely
filed, permitted elected deferrals of a Director’s Retainer Fee Payment shall be subject to the
terms and conditions, including without limitation investment elections and distribution
requirements, of the TDY Deferred Compensation Plan.

     4.7 Deferral of Meeting Fees

(a) Permitted Deferral of Meeting Fees. Notwithstanding anything in Article IV or these
Rules to the contrary, a Non-Employee Director may elect to defer one hundred percent (100%) of his
or her Meeting Fees as of applicable Meeting Dates for any applicable Compensation Year.

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(b) Notice of Deferral. A Non-Employee Director may file with the Secretary of the Company
or other designee of the Board prior to commencement of a Compensation Year written notice making
an election to defer payment of one hundred percent (100%) of his or her Meeting Fees under and in
accordance with the TDY Deferred Compensation Plan.

(c) TDY Deferred Compensation Plan. Once the notice specified in Section 4.7(b) is timely
filed to defer payment of Meeting Fees under the TDY Deferred Compensation Plan, such permitted
elected deferrals of Meeting Fees shall be subject to the terms and conditions, including without
limitation investment elections and distribution requirements, of the TDY Deferred Compensation
Plan.

ARTICLE V.

MISCELLANEOUS

     5.1. Adjustments Upon Changes in Common Stock. The number and kind of shares available
for issuance under the Plan pursuant to these Rules, and the number and kind of shares subject to,
and the exercise price of, outstanding Options, shall be appropriately adjusted to prevent dilution
or enlargement of rights by reason of any stock dividend, stock split, combination or exchange of
shares, recapitalization, merger, consolidation or other change in capitalization with a similar
substantive effect upon the Plan or the shares issuable under the Plan.

     5.2. Amendment and Termination. The Committee shall have complete power and authority
to amend these Rules at any time; provided, however, that the Committee shall not, without the
affirmative approval of the shareholders of the Company, make any amendment which requires
shareholder approval under any applicable law or regulation of a national stock exchange on which
the Common Stock is traded. The Committee shall have the right and the power to terminate these
Rules at any time. No amendment or termination of the Rules may, without the consent of the
Non-Employee Director, adversely affect the right of such Non-Employee Director with respect to any
Options then outstanding.

     5.3. Requirements of Law. The issuance of Common Stock under the Plan pursuant to
these Rules shall be subject to all applicable laws, rules and regulations and to such approval by
governmental agencies as may be required.

     5.4. No Guarantee of Membership. Nothing in these Rules or in the Plan shall confer
upon a Non-Employee Director any right to continue to serve as a Director.

     5.5 Construction. Words of any gender used in these Rules shall be construed to
include any other gender, unless the context requires otherwise.

     5.6 Governing Law. These Rules shall be governed by, construed and interpreted in
accordance with the laws of the State of Delaware, without regard to its principles of

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conflict of law, as to all matters, including matters of validity, construction, effect,
performance and remedies.

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Exhibit 10.1

Cooper US, Inc.

Executive Stock Incentive Agreement

This Agreement is made as of the 11th day of February 2008 between Cooper US, Inc., a
Delaware corporation, having its principal place of business in Houston, Texas (the “Company”) and
«Fname» «Lname», an Executive of the Company (“Executive”). All capitalized terms used in this
Agreement are as defined in the Cooper Industries Stock Incentive Plan (the “Plan”), unless
otherwise defined in this Agreement.

     1. Performance Share Award

          (a) Performance Period. For purposes of this Agreement, the “Performance Period”
shall be January 1, 2008 to December 31, 2010.

          (b) Performance Share Grant. Pursuant to Section IX of the Plan and subject to
Paragraph 6 of this Agreement, the Company hereby grants to the Executive, as of the date hereof,
an award of Performance Shares that may be earned based on the financial performance of the Company
during the Performance Period, subject to the restrictions and conditions set forth in this
Agreement (“Performance Share Grant”). The Committee has established Performance Goals such that
if the Company achieves a cumulative annual growth rate of earnings per share (“EPS”) for the
Performance Period of four (4) percent or greater, then the Executive will be issued Performance
Shares in accordance with the following chart:

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Fully Diluted EPS	 	 
	 	 	Annual EPS	 	Cumulative Total Over	 	Performance Shares
	Performance Goal	 	Growth Rate	 	   Performance Period   	 	That May Be Earned
	Threshold
	 	 	4	%	 	$	10.19	 	 	«Thresh»
	Good
	 	 	7	%	 	$	10.80	 	 	«Good»
	Target
	 	 	10	%	 	$	11.43	 	 	«Target»
	Maximum
	 	 	14	%	 	$	12.31	 	 	«Max»

          The number of shares appearing under the heading “Performance Shares That May Be Earned” shall
constitute the number of Performance Shares which may be earned by the Executive based upon
achievement of that specific Performance Goal as established by the Committee based on cumulative EPS performance during the Performance Period (Threshold,

 

 

Good,
Target or Maximum). In the event the Company’s actual annual growth rate of EPS for the
Performance Period exceeds the Threshold level of 4% but is lower than the Maximum level of 14%,
the number of Performance Shares earned by the Executive shall be determined by interpolation. In
the event the Company’s actual annual growth rate of EPS for the Performance Period is below the
Threshold (4%) level, no Performance Shares will be earned. The Maximum number of Performance
Shares will be earned if the annual growth rate of EPS equals or exceeds 14% during the Performance
Period.

          At the end of the Performance Period, the Committee shall determine the Performance Goal
achieved and the number of Performance Shares, if any, earned by the Executive. Except for shares
withheld by the Company as provided in Paragraph 4, the Company shall then cause its parent, Cooper
Industries, Ltd., to issue a stock certificate or book entry shares in the Executive’s name for the
number of shares of Common Stock equal to the Performance Shares earned by the Executive upon lapse
of the forfeiture restrictions set forth in Paragraph 3(a). The Company shall then provide stock
certificate or book-entry shares to the Executive.

     2. Dividends. Upon distribution of earned Performance Shares to Executive, the
Company shall pay to the Executive in cash an amount equal to the aggregate amount of cash
dividends that the Executive would have received had the Executive been the owner of record of all
such earned Performance Shares, including shares withheld as provided under Paragraph 4, if any,
from the effective date of this Agreement to the date of distribution.

     3. Restrictions and Limitations. The Executive hereby accepts the Performance Share
Grant and agrees to the following restrictions and conditions.

          (a) Forfeiture. Except as provided in (b) below, if the Executive’s active
employment with the Company terminates for any reason prior to the effective date upon which the
Committee determines the number of Performance Shares, if any, earned by the Executive, all earned
and unearned Performance Shares granted under this Agreement shall be forfeited by the Executive
and this Performance Share Grant shall be null and void.

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          (b) Termination Upon Death or Disability. In the event of the Executive’s death or
permanent and total disability under Cooper’s Group Long-Term Disability Benefit Plan (or such
other disability program or plan in which the Executive participates) on or after January 1, 2010,
the Executive or his heirs or beneficiaries shall receive a pro-rata share of the Performance
Shares which would have been earned by the Executive under this Agreement had he or she remained
actively employed throughout the Performance Period. In determining the pro-rata Performance
Shares for which the Executive or his heirs or beneficiaries may be eligible, the Company will
multiply the total Performance Shares earned during the Performance Period by a fraction the
numerator of which is the months in the Performance Period during which Executive was actively
employed and the denominator is thirty-six (36). Any Performance Shares earned and awarded under
this provision shall be approved by the Committee and distributed at the conclusion of the
Performance Period.

          (c) Limitations on Transferability. The Executive shall not sell, exchange,
transfer, pledge, hypothecate or otherwise dispose of this Performance Share Grant prior to the
conclusion of the Performance Period and distribution of earned Performance Shares in accordance
with Paragraph 1 of this Agreement.

     4. Tax. Upon the issuance of Common Shares to the Executive for Performance Shares
earned under this Agreement, the Executive shall pay the Company any taxes required to be withheld
by reason of the receipt of compensation resulting from the issuance of such Common Shares. In
lieu thereof, the Company shall have the right to retain, or the Executive may direct the Company
to retain, a sufficient number of Common Shares to satisfy the Company’s withholding obligations,
provided the value of the Common Shares used to satisfy the withholding obligations does not exceed
the minimum required tax withholding for the transaction. The value of any Common Shares used to
satisfy the tax withholding requirement shall be determined by the closing price of the Common
Shares on the New York Stock Exchange on the date the restrictions lapse (or if shares are not
traded on the Exchange on such date, then on the immediately preceding trading date).

     5. Change in Control. In the event of a Change in Control, the Performance Share
Grant shall be deemed earned at the Target level, all restrictions on those Performance Shares

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shall immediately lapse and distribution of the Target level of Performance Shares shall be
governed by the terms of the Plan.

     6. Consideration. The parties agree that the consideration for any issuance of Common
Shares for Performance Shares earned hereunder shall be past services by the Executive having a
value not less than the par value of such Common Shares.

     7. Plan Incorporated. In order to be a participant in the Plan, the participant shall
execute the Executive Employment Agreement (the “Agreement”), incorporated herein by reference, in
which the participant agrees to the terms and conditions set forth in the Agreement. Participant’s
failure to execute the Agreement for any reason will render the participant ineligible to
participate in the Plan. The Executive acknowledges receipt of a copy of the Plan, which is
incorporated by reference into this Agreement. The Executive agrees that this Award shall be
subject to all of the terms and provisions of the Plan.

     8. Binding Effect. This Agreement shall be binding upon and inure to the benefit of
any successors to the Company and all persons lawfully claiming under the Executive.

     IN WITNESS WHEREOF, the Company has caused this Agreement to be duly executed by an officer
thereunto duly authorized, and the Executive has executed this Agreement, all as of the date first
above written.

	 	 	 	 	 
	 

	 	COOPER US, INC.	 	 
	 
	 	 	 	 
	 

	 		 	 
	 

	 	 

John W. Sparrow
	 	 
	 

	 	Vice President, Compensation & Benefits	 	 

	 	 	 	 	 
	 

	 	EXECUTIVE	 	 
	 
	 	 	 	 
	 

	 	 

«Fname» «Lname»
	 	 
	 

	 	«Title»	 	 

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