Document:

exv10w30

Exhibit 10.30

EXELIS INC.

2011 OMNIBUS INCENTIVE PLAN

RESTRICTED STOCK UNIT AGREEMENT

THIS AGREEMENT (the “Agreement”), effective as of the [XX] day of [Month, Year], by and between
Exelis Inc. (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 [Month,
Day, Year] (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 cash payments
equal to the Fair Market Value of such 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
cash payment equal to the Fair Market Value of a Share is
paid 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 [Month, Day, Year],
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) a cash amount equal to the Fair
Market Value of such Shares, with any fractional Shares resulting from proration
pursuant to subsection 2(e)(ii) to be rounded to a cash amount equal to the Fair
Market Value of 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,

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	 	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 the
Grantee’s separation from service if, at the time of such separation from
service, the Grantee is eligible to commence receipt of retirement benefits
under a traditional formula defined benefit pension plan maintained by the
Company or an Affiliate (or would be eligible to receive such benefits if he
or she were a participant in such traditional formula defined benefit
pension plan) or if no such plan is maintained, the first day of the month
which coincides with or follows the Optionee’s 65th birthday.

	 	(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 cash amount
equal to the Fair Market Value of such Shares and payment of dividend equivalents
shall be satisfied by withholding a cash amount equal to the Fair Market Value of a
number of Shares having an aggregate Fair Market Value equal to the minimum statutory
tax required to be withheld, with any fractional Shares to be rounded up to a cash
amount equal to the Fair Market Value of the nearest whole Share (with 0.5 to be
rounded up). 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 McLean, Virginia, 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.

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	 	(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 or cash payments in lieu of such Shares (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 or payments in respect 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).

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IN WITNESS WHEREOF, the Company has caused this instrument to be executed by its Chairman,
President and Chief Executive Officer, or a Vice President, as of the [XX] day of [Month, Year].

Agreed to:
EXELIS INC.

_____________________________

Grantee

(Online acceptance constitutes agreement)

Dated:
_________________
 Dated: [Month, Day,
Year]

Enclosures

5exv10w31

Exhibit 10.31

EXELIS INC.

2011 OMNIBUS INCENTIVE PLAN

RESTRICTED STOCK UNIT AWARD AGREEMENT

Non-Employee Director

NOTICE OF RESTRICTED STOCK UNIT AWARD

Exelis Inc. (the “Company”) grants to the Director named below, in accordance with the terms of the
Exelis Inc. 2011 Omnibus Incentive Plan (the “Plan”) and this Restricted Stock Unit award
agreement (this “Agreement”), the number of Restricted Stock Units (the “Restricted Stock Units” or
the “Award”) provided as follows:

	 	 	 

	DIRECTOR

	 	[Non-Employee Director Name]
	RESTRICTED STOCK UNITS GRANTED

	 	[ #,### ]
	DATE OF GRANT

	 	November 7, 2011
	VESTING SCHEDULE

	 	Except as provided in Section 3 of this
Agreement, the Restricted Stock Units will
vest on the following date(s), subject to
the Director’s continued service as a
director of the Company:

	 	 	 	 	 
	 	 	 	 	Restricted
	 	 	 	 	Stock Units
	 	 	Vesting Date(s)	 	Vesting
	 

	 	the Business Day
immediately prior to the
Exelis Inc. 2012 Annual
Meeting.
	 	100% of Award

AGREEMENT

	 	1.	 	Grant of Award. The Company hereby grants to the Director the Restricted Stock
Units, subject to the terms, definitions and provisions of the Plan and this Agreement.
All terms, provisions, and conditions applicable to the Restricted Stock Units set forth in
the Plan and not set forth herein are incorporated by reference. To the extent any
provision hereof is inconsistent with a provision of the Plan the provisions of the Plan
will govern. All capitalized terms that are used in this Agreement and not otherwise
defined herein shall have the meanings ascribed to them in the Plan.
	 
	 	2.	 	Vesting and Settlement of Award.

	 	a.	 	Right to Award. This Award shall vest in accordance with the
vesting schedule set forth above (the “Vesting Schedule”) and with the applicable
provisions of the Plan and this Agreement.

 

 

	 	b.	 	Settlement of Award. Except as otherwise provided in a
deferral agreement duly executed by the Director on a form prescribed by the
Company for such elections and timely filed with the Company, the vested portion of
this Award shall be settled (and any related dividend equivalents shall be paid) on
or as soon as practicable following the vesting date set forth in the Vesting
Schedule or in Section 3 of this Agreement, as the case may be.
	 
	 	 	 	The Company may require the Director to furnish or execute such documents as the
Company shall reasonably deem necessary (i) to evidence such settlement and (ii) to
comply with or satisfy the requirements of the Securities Act of 1933, as amended,
the Exchange Act or any applicable laws. If the Director dies before the settlement
of all or a portion of the Award, the vested but unsettled portion of the Award may
be settled by delivery of Shares (and payment of related dividend equivalents) to
the Participant’s designated beneficiary or, if no such beneficiary has been
designated, the Participant’s estate.
	 
	 	c.	 	Method of Settlement. The Company shall deliver to the
Director one Share for each vested Restricted Stock Unit in book entry form.
	 
	 	d.	 	Dividend Equivalents. If a cash dividend is declared on the
Shares, the Director shall be credited with a dividend equivalent in an amount of
cash equal to the number of Restricted Stock Units held by the Director as of the
dividend payment date, multiplied by the amount of the cash dividend paid per
Share. Any such dividend equivalents shall be paid if and when the underlying
Restricted Stock Units are settled. Dividend equivalents shall not accrue
interest.

	 	3.	 	Separation from Service. The Award shall become 100% vested prior to the
vesting date set forth in the Vesting Schedule above upon the Director’s separation from
service for any of the following reasons:

	 	a.	 	the Director’s death;
	 
	 	b.	 	the Director’s Disability (as defined below);
	 
	 	c.	 	the Director’s retirement from the Board at or after age 72; or
	 
	 	d.	 	the Director’s separation from service on account of the acceptance by
the Director of a position (other than an honorary position) in the government of
the United States, any State or any municipality or any subdivision thereof or any
organization performing any quasi-governmental function.

	 	 	 	If the Director’s service on the Board terminates for any reason other than one listed above
prior to the vesting date set forth in the Vesting Schedule above (other than in connection
with the Director’s commencement of services as a director of a Spinco), the Award shall be
forfeited immediately with respect to the number of Restricted Stock Units for which the
Award is not yet vested.
	 
	 	 	 	For purposes of this Agreement, the term “Disability” means the complete and permanent
inability of the Director to perform all of his or her duties as a member of the Board, as

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	 	 	 	determined by the Committee upon the basis of such evidence, including independent medical
reports and data, as the Committee deems appropriate or necessary.

	 	4.	 	Transferability of Award.
	 
	 	 	 	The Award may not be sold, transferred, pledged, assigned, or otherwise alienated or
hypothecated.
	 
	 	5.	 	Miscellaneous Provisions.

	 	a.	 	Rights as a Stockholder. The Director shall have no rights as
a stockholder with respect to any Shares subject to this Award, except as provided
in Paragraph 2(d), until the Award has vested and Shares, if any, have been issued.
	 
	 	b.	 	Compliance with Federal Securities Laws and Other Applicable
Laws. Notwithstanding anything to the contrary in this Agreement or in the
Plan, to the extent permitted by Section 409A of the Code and any treasury
regulations or other applicable guidance promulgated with respect thereto, the
issuance or delivery of any Shares pursuant to this Agreement may be delayed if the
Company reasonably anticipates that the issuance or delivery of the Shares will
violate Federal securities laws or other applicable law; provided that delivery or
issuance of the Shares shall be made at the earliest date at which the Company
reasonably anticipates that such delivery or issuance will not cause a violation.
	 
	 	c.	 	Choice of Law. This Agreement shall be governed by, 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.
	 
	 	d.	 	Modification or Amendment. This Agreement may only be modified
or amended by written agreement executed by the parties hereto; provided, however,
that the adjustments permitted pursuant to Section 4.2 of the Plan may be made
without such written agreement.
	 
	 	e.	 	Severability. In the event any provision of this Agreement
shall be held illegal or invalid for any reason, the illegality or invalidity shall
not affect the remaining provisions of this Agreement, and this Agreement shall be
construed and enforced as if such illegal or invalid provision had not been
included.
	 
	 	f.	 	References to Plan. All references to the Plan shall be deemed
references to the Plan as may be amended from time to time.
	 
	 	g.	 	Headings. The captions used in this Agreement are inserted for
convenience and shall not be deemed a part of this Award for construction or
interpretation.
	 
	 	h.	 	Interpretation. Any dispute regarding the interpretation of
this Agreement shall be submitted by the Director or by the Company forthwith to
the Committee,

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	 	 	 	which shall review such dispute at its next regular meeting. If the Director is a
member of the Committee, the Director shall not participate in such review. The
resolution of such dispute by the Committee shall be final and binding on all
persons.
	 
	 	i.	 	Section 409A of the Code. The provisions of this Agreement and
any payments made herein are intended to comply with, and should be interpreted
consistent with, the requirements of Section 409A of the Code, and any related
regulations or other effective guidance promulgated thereunder by the U.S.
Department of the Treasury or the Internal Revenue Service.
	 
	 	j.	 	Signature in Counterparts. This Agreement may be signed in
counterparts, each of which shall be an original, with the same effect as if the
signatures thereto and hereto were upon the same instrument.

Exelis Inc.

Date: November 7, 2011

	 	 	 	The Director represents that s/he is familiar with the terms and provisions thereof, and
hereby accepts this Agreement subject to all of the terms and provisions thereof. The
Director has reviewed the Plan and this Agreement in their entirety, has had an
opportunity to obtain the advice of counsel prior to executing this Agreement and fully
understands all provisions of this Agreement. The Director hereby agrees to accept as
binding, conclusive and final all decisions or interpretations of the Committee upon any
questions arising under the Plan or this Agreement.

	 	 	 	 	 	 

	 	Signed:
	 	 	 	 
	 	 

	 	 

Director
	 	 
	 	(Online acceptance constitutes agreement)

	 	 	 	 	 	 
	 	Dated:
	 	 	 	 
	 	 

	 	 

	 	 

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