Document:

ITT Corporation Form of 2012 Restricted Stock Unit Agreement

 EXHIBIT 10.03 
 ITT CORPORATION 
 2011 OMNIBUS INCENTIVE PLAN 

RESTRICTED STOCK UNIT AGREEMENT 
 THIS
AGREEMENT (the “Agreement”), effective as of the 8th day of March, 2012, by and between ITT Corporation. (the “Company”) and [name] (the “Grantee”), WITNESSETH: 

WHEREAS, the Grantee is now employed by the Company or an Affiliate (as defined in the Company’s 2011 Omnibus Incentive Plan (the “Plan”)) as an
employee, and in recognition of the Grantee’s valued services, the Company, through the Compensation and Personnel Committee of its Board of Directors (the “Committee”), desires to provide an inducement to remain in service of the
Company and as an incentive for increased efforts during such service pursuant to the provisions of the Plan. 
 NOW, THEREFORE, in consideration of the
terms and conditions set forth in this Agreement and the provisions of the Plan, a copy of which is attached hereto and incorporated herein as part of this Agreement, and any administrative rules and regulations related to the Plan as may be adopted
by the Committee, the parties hereto hereby agree as follows: 
  

	1.	Grant of Restricted Stock Units.    In accordance with, and subject to, the terms and conditions of the Plan and this Agreement, the Company
hereby confirms the grant on March 8, 2012 (the “Grant Date”) to the Grantee of #,### Restricted Stock Units. The Restricted Stock Units are notional units of measurement denominated in Shares of common stock
(i.e., one Restricted Stock Unit is equivalent in value to one share of common stock). 

 The Restricted Stock Units
represent an unfunded, unsecured right to receive Shares (and dividend equivalent payments pursuant Section 2(b) hereof) in the future if the conditions set forth in the Plan and this Agreement are satisfied. 

 

	2.	Terms and Conditions.    It is understood and agreed that the Restricted Stock Units are subject to the following terms and conditions:

  

	 	(a)	Restrictions.    Except as otherwise provided in the Plan and this Agreement, neither this Award nor any Restricted Stock Units subject to this Award
may be sold, assigned, pledged, exchanged, transferred, hypothecated or encumbered, other than to the Company as a result of forfeiture of the Restricted Stock Units. 

 

	 	(b)	Voting and Dividend Equivalent Rights.    The Grantee shall not have any privileges of a stockholder of the Company with respect to the Restricted
Stock Units or any Shares that may be delivered hereunder, including without limitation any right to vote such Shares or to receive dividends, unless and until such Shares are delivered upon vesting of the Restricted Stock Units. Dividend
equivalents shall be earned with respect to each Restricted Stock Unit that vests. The amount of dividend equivalents earned with respect to each such Restricted Stock Unit that vests shall be equal to the total dividends declared on a Share where
the record date of the dividend is between the Grant Date of this Award and the date a Share is issued upon vesting of the Restricted Stock Unit. Any dividend equivalents earned shall be paid in cash to the Grantee when the Shares subject to the
vested Restricted Stock Units are issued. No dividend equivalents shall be earned or paid with respect to any Restricted Stock Units that do not vest. Dividend equivalents shall not accrue interest. 

 

	 	(c)	 Vesting of Restricted Stock Units and Payment.    Subject to earlier vesting pursuant to subsections 2(d) and 2(e) below, the
Restricted Stock Units shall vest (meaning the Period of Restriction shall lapse and the Restricted Stock Units shall become free of the forfeiture provisions in this Agreement) on March 8, 2015, provided the Grantee has been
continuously employed by the Company or an Affiliate on a full-time basis from the Grant Date through the date the Restricted Stock Units vest. Except as provided in subsections 2(i)(i) and 2(i)(ii) below, upon vesting of the Restricted Stock Units
(including vesting pursuant to subsections 2(d) or 2(e) below), the Company will deliver to the Grantee (i) one 

  
 1 

	 	
Share for each vested Restricted Stock Unit, with any fractional Shares resulting from proration pursuant to subsection 2(e)(ii) to be rounded to the nearest whole Share (with 0.5 to be rounded
up) and (ii) an amount in cash attributable to any dividend equivalents earned in accordance with subsection 2(b) above, less any Shares withheld in accordance with subsection 2(f) below. For the avoidance of doubt, continuous employment of a
Grantee by the Company or an Affiliate for purposes of vesting in the Restricted Stock Units granted hereunder shall include continuous employment with the Company for so long as the Grantee continues working at such entity.

  

	 	(d)	Effect of Acceleration Event.    The Restricted Stock Units shall vest in full upon an Acceleration Event. 

 

	 	(e)	Effect of Termination of Employment.    If the Grantee’s employment with the Company and its Affiliates is terminated for any reason and such
termination constitutes a “separation from service” within the meaning of Section 409A of the Code and any related regulations or other effective guidance promulgated thereunder (“Section 409A”), any Restricted Stock Units
that are not vested at the time of such separation from service shall be immediately forfeited except as follows: 

  

	 	(i)	Separation from Service due to Death or Disability.    If the Grantee’s separation from service is due to death or Disability (as defined below),
the Restricted Stock Units shall immediately become 100% vested as of such separation from service. For purposes of this Agreement, the term “Disability” shall mean the complete and permanent inability of the Grantee to perform all of his
or her duties under the terms of his or her employment, as determined by the Committee upon the basis of such evidence, including independent medical reports and data, as the Committee deems appropriate or necessary. 

 

	 	(ii)	Separation from Service due to Retirement or Separation from Service by the Company for Other than Cause.    If the Grantee’s separation from
service is due to Retirement (as defined below) or an involuntary separation from service by the Company (or an Affiliate, as the case may be) for other than cause (as determined by the Committee), a prorated portion of the Restricted Stock Units
shall immediately vest as of such separation from service. For these purposes, 

  

	 	A.	the prorated portion of the Restricted Stock Units shall be determined by multiplying the total number of Restricted Stock Units subject to this Award by a fraction, the
numerator of which is the number of full months during which the Grantee has been continually employed since the Grant Date, together with any period during which the Grantee is entitled to receive severance in the form of salary continuation (not
to exceed 36 in the aggregate), and the denominator of which is 36 (for avoidance of doubt, the period during which the Grantee may receive severance in the form of salary continuation or otherwise shall not affect the determination of
the date of the Grantee’s separation from service or the date of delivery of any Shares or dividend equivalent payments); and 

  

	 	B.	full months of employment shall be based on monthly anniversaries of the Grant Date, not calendar months. 

For purposes of this Agreement, the term “Retirement” shall mean any termination of the Grantee’s employment after the date the
Grantee is eligible to commence receipt of retirement benefits under the provisions of the ITT Salaried Retirement Plan as in effect prior to October 31, 2011 or an Affiliate Company Retirement Plan, or would have been eligible had Grantee been
a participant in such Retirement Plan. Effective as of January 1, 2012, “Retirement” shall mean with respect to a Grantee who was not a member of the ITT Salaried Retirement Plan or an Affiliate Company Retirement Plan
immediately prior to October 31 and who becomes a Grantee on or after January 1, 2012, the termination of employment by such Grantee after the date such Grantee attains age 55 and completes 10 or more years of Service (as such term is
defined in the new ITT Corporation Retirement Savings Plan for Salaried Employees) or attains age 65, if earlier. 
  

	 	(f)	 Tax Withholding.    In accordance with Article 15 of the Plan, the Company may make such provisions and take such actions as it may
deem necessary for the withholding of all applicable taxes attributable to the Restricted Stock Units and any related dividend equivalents. Unless the Committee determines otherwise, the minimum statutory tax withholding required to be withheld upon
delivery of the Shares and 

  
 2 

 
payment of dividend equivalents shall be satisfied by withholding a number of Shares having an aggregate Fair Market Value equal to the minimum statutory tax required to be withheld. If such
withholding would result in a fractional Share being withheld, the number of Shares so withheld shall be rounded up to the nearest whole Share. Notwithstanding the foregoing, the Grantee may elect to satisfy such tax withholding requirements by
timely remittance of such amount by cash or check or such other method that is acceptable to the Company, rather than by withholding of Shares, provided such election is made in accordance with such conditions and restrictions as the Company may
establish. If FICA taxes are required to be withheld while the Award is outstanding, such withholding shall be made in a manner determined by the Company. 
  

	 	(g)	Grantee Bound by Plan and Rules.    The Grantee hereby acknowledges receipt of a copy of the Plan and this Agreement and agrees to be bound by the
terms and provisions thereof. The Grantee agrees to be bound by any rules and regulations for administering the Plan as may be adopted by the Committee prior to the date the Restricted Stock Units vest. Terms used herein and not otherwise defined
shall be as defined in the Plan. 

  

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

  

	 	(i)	Section 409A Compliance.    To the extent applicable, it is intended that the Plan and this Agreement comply with the requirements of
Section 409A, and the Plan and this Agreement shall be interpreted accordingly. 

  

	 	(i)	If it is determined that all or a portion of the Award constitutes deferred compensation for purposes of Section 409A, and if the Grantee is a “specified
employee,” as defined in Section 409A(a)(2)(B)(i) of the Code, at the time of the Grantee’s separation from service, then, to the extent required under Section 409A, any Shares that would otherwise be distributed (along with the
cash value of all dividend equivalents that would be payable) upon the Grantee’s separation from service, shall instead be delivered (and, in the case of the dividend equivalents, paid) on the earlier of (x) the first business day of the
seventh month following the date of the Grantee’s separation from service or (y) the Grantee’s death. 

  

	 	(ii)	If it is determined that all or a portion of the Award constitutes deferred compensation for purposes of Section 409A, upon an Acceleration Event that does not constitute a
“change in the ownership” or a “change in the effective control” of the Company or a “change in the ownership of a substantial portion of a corporation’s assets” (as those terms are used in Section 409A), the
Restricted Stock Units shall vest at the time of the Acceleration Event, but distribution of any Restricted Stock Units (or related dividend equivalents) that constitute deferred compensation for purposes of Section 409A shall not be
accelerated (i.e., distribution shall occur when it would have occurred absent the Acceleration Event). 

 IN
WITNESS WHEREOF, the Company has caused this instrument to be executed by its Chief Executive Officer and President, or a Vice President, as of the 8th day of March, 2012. 

 

									
	 Agreed to:
	  	ITT CORPORATION	  	
	  
	 		  	 

 
	  	
	 Grantee
	 		  	  	
	 (Online acceptance constitutes agreement)
	  	  	
		  	  	
				
	Dated:
                                        
	 		  	Dated: March 8, 2012	  	
					
	 Enclosures
	 		 		  		  	

  
 3ITT Corporation Form of 2012 TSR Award Agreement

 EXHIBIT 10.04 
 ITT CORPORATION 2011 OMNIBUS INCENTIVE PLAN 
 AWARD AGREEMENT 

THIS AGREEMENT (the “Agreement”), effective as of the 8th day of March, 2012, by and between ITT Corporation (the “Company”) and name (the “Participant”),
WITNESSETH: 
 WHEREAS, the Participant is now employed by the Company or an Affiliate Company (as defined in the Company’s 2011 Omnibus
Incentive Plan, as approved by the Board of Directors on February 23, 2011 and effective May 11, 2011 (the “Plan”)) as an employee, and in recognition of the Participant’s valued services, the Company, through the
Compensation and Personnel Committee of its Board of Directors (the “Committee”), desires to provide an opportunity for the Participant to receive a performance-based long-term incentive award, pursuant to the provisions of the Plan.

 NOW, THEREFORE, in consideration of the terms and conditions set forth in this Agreement and the provisions of the Plan, a copy of which is attached
hereto and incorporated herein as part of this Agreement, and any administrative rules and regulations related to the Plan as may be adopted by the Committee, the parties hereto hereby agree as follows: 

 

	1.	Grant of Target Award and Performance Period.    In accordance with, and subject to, the terms and conditions of the Plan and this Agreement,
the Company hereby grants to the Participant a target Award of $xxx,xxx (the “Target Award”) for the Performance Period commencing January 1, 2012 and ending December 31, 2014. Payment of the Award is dependent upon the
achievement during the Performance Period of certain performance goals more fully described in Section 2 of this Agreement. 

  

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

 

	 	(a)	Determination of TSR Award Payout. 

  

	 	(i)	The amount of the TSR Award Payout, if any, for the Performance Period shall be determined in accordance with the following formula: 

TSR Award Payout = Payout Factor X Target Award 
 The “Payout Factor” is based on the Company’s total shareholder return (defined and measured in accordance with paragraph (ii) below, the “TSR”) for the Performance Period relative to
the TSR for each company in the S&P Mid-Cap Capital Goods Index, determined in accordance with the following table: 
  

			
	 If Company’s TSR rank against the
S&P Mid-Cap Capital Goods Index
is
	  	 TSR Payout Factor

(% of Target Award)

	 less than the 35th percentile
	  	0%
	 at the 35th percentile
	  	50%
	 at the 50th percentile
	  	100%
	 at the 80th percentile or more
	  	200%

 Actual results between the 35th percentile and the 80th percentile numbers shown above are interpolated. 

 

	 	(ii)	 TSR is the sum of the yields of the dividend and any other extraordinary shareholder payouts over the Performance Period, plus the cumulative percentage change
in stock price from the beginning to the end of the Performance Period. For purposes of this Agreement, the stock price at the beginning of the Performance Period will be the average closing stock price over the

	 	
trading days in the month immediately preceding the start of the Performance Period (December 2011), and the stock price at the end of the Performance Period will be the average closing stock
price over the trading days in the last month of the Performance Period (December 2014). 

  

	 	(b)	 Form and Timing of Payment of Award.    Except as provided in subsection 2(d), payment with respect to an earned TSR Award shall be
made as soon as practicable (but not later than March 15th) in the
calendar year following the close of the Performance Period. Payment shall be made in cash. 

  

	 	(c)	Effect of Termination of Employment.    Except as otherwise provided below, if the Participant’s employment with the Company or a Participating
Company is terminated for any reason prior to the end of the Performance Period, any Award subject to this Agreement shall be immediately forfeited. 

  

	 	(i)	Termination due to Death or Disability.    If the Participant’s termination of employment is due to death or Disability (as defined below), the
Award shall vest and will be payable at the time and in the form as provided in subsection 2(b) above based on the Company’s TSR for the entire Performance Period relative to the TSR for each company in the S&P Mid-Cap Capital Goods Index
for the entire Performance Period. 

  

	 	(ii)	Termination due to Retirement or Termination by the Company for Other than Cause.    If the Participant’s termination of employment is due to
Retirement (as defined below) or if the Participant’s employment is terminated by the Company (or a Participant Company, as the case may be) for other than cause (as determined by the Committee), a prorated portion of the Award shall vest (see
“Prorated Vesting Upon Retirement or Termination by the Company for Other than Cause” below) and will be payable at the time and in the form as provided in subsection 2(b) above. For purposes of this subsection 2(c)(ii), the Participant
shall be considered employed during any period in which the Participant is receiving severance pay, and the date of the termination of the Participant’s employment shall be the last day of any such severance pay period.

  

	 	(iii)	Retirement.    For purposes of this Agreement, the term “Retirement” shall mean any termination of the Participant’s employment after
the date the Participant is eligible to commence receipt of retirement benefits under the provisions of the ITT Salaried Retirement Plan as in effect prior to October 31, 2011 or an Affiliate Company Retirement Plan, or would have been eligible
had Participant been a participant in such Retirement Plan. Effective as of January 1, 2012, “Retirement” shall mean with respect to a Participant who was not a member of the ITT Salaried Retirement Plan or an Affiliate Company
Retirement Plan immediately prior to October 31 and who becomes a Participant on or after January 1, 2012, the termination of employment by such Participant after the date such Participant attains age 55 and completes 10 or more years of
Service (as such term is defined in the new ITT Corporation Retirement Savings Plan for Salaried Employees) or attains age 65, if earlier. 

  

	 	(iv)	Disability.    For purposes of this Agreement, the term “Disability” shall mean the complete and permanent inability of the Participant to
perform all of his or her duties under the terms of his or her employment, as determined by the Committee upon the basis of such evidence, including independent medical reports and data, as the Committee deems appropriate or necessary.

  

	 	(v)	Prorated Vesting upon Retirement or Termination by the Company for Other than Cause.    The prorated portion of the Award that vests due to termination
of the Participant’s employment due to Retirement or by the Company for other than cause shall be determined by multiplying (i) the TSR Award Payout that would have been paid based on the Company’s TSR for the entire Performance
Period relative to the TSR for each company in the S&P Mid-Cap Capital Goods Index for the entire Performance Period, by (ii) a fraction, the numerator of which is the number of full months the Participant has been continually employed
since the beginning of the Performance Period and the denominator of which is 36. For this purpose, full months of employment shall be based on monthly anniversaries of the commencement of the Performance Period. 

 

	 	(d)	 Acceleration Event.    Notwithstanding anything in the Plan to the contrary, upon the occurrence of an Acceleration Event during the
Performance Period, (i) a prorated portion of the Award shall vest based on actual performance though the date of the Acceleration Event (such prorated portion to be determined as provided below in this subsection 2(d)) and shall be paid within
30 days following the 

 
Acceleration Event and (ii) the remaining portion of the Award (such remaining portion to be determined as provided below in this subsection 2(d)) shall vest and shall be paid within 30 days
following the Acceleration Event. The prorated portion of the Award that vests pursuant to subpart (i) in the prior sentence due to the Acceleration Event shall be determined by multiplying (A) the TSR Award Payout determined based on the
Company’s TSR relative to the TSR for each company in the S&P Mid-Cap Capital Goods Index determined pursuant to subsection 2(a) based on TSR performance for the period beginning January 1, 2012 and ending on the date preceding the
date on which the Acceleration Event occurs (the “Prorated Period”), by (B) a fraction, the numerator of which is the number of calendar days in the Prorated Period and the denominator of which is 1,095. The remaining portion of the
Award that vests pursuant to subpart (ii) in the first sentence of this subsection 2(d) due to the Acceleration Event shall be determined by multiplying (A) the Target Award by (B) a fraction, the numerator of which is the number of
calendar days remaining in the Performance Period as of the date of the Acceleration Event (including day of the Acceleration Event) and the denominator of which is 1,095. 

 

	 	(e)	Tax Withholding.    Payments with respect to Awards under the Plan shall be subject to applicable tax withholding obligations as described in Article
15 of the Plan, or, if the Plan is amended, successor provisions. 

  

	 	(f)	Participant Bound by Plan and Rules.    The Participant hereby acknowledges receipt of a copy of the Plan and this Agreement and agrees to be bound by
the terms and provisions thereof. The Participant agrees to be bound by any rules and regulations for administering the Plan as may be adopted by the Committee prior to the settlement of the Award subject to this Agreement. Terms used herein and not
otherwise defined shall be as defined in the Plan. 

  

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

IN WITNESS WHEREOF, the Company has caused this instrument to be executed by its Chief Executive Officer, President or a Vice President, as of
the 8th day of March, 2012. 

 

									
	 Agreed to:
	  	ITT Corporation	  	
		 		 		  	

	  	
	  
	 		  	  	
	 Participant
	  	  	
				
	 Dated:
                                        

	 		  	Dated: March 8, 2012	  	
		 		 		  		  	
	Enclosures

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