Document:

AGREEMENT OF RESIGNATION, APPOINTMENT & ACCEPTANCE

 Exhibit 4.2 
  

AGREEMENT OF RESIGNATION, APPOINTMENT AND ACCEPTANCE, dated as of April 1, 2005 by and among Raytheon Company, a corporation duly organized and
existing under the laws of the state of Delaware and having its principal office at 870 Winter Street, Waltham, MA 02451 (the “Issuer”), The Bank of New York, (the “Prior Trustee”), the The Bank of New York Trust Company, N.A.,
(the “Successor Trustee”). 
  
  
 RECITALS: 
  
 WHEREAS, the Issuer and Prior Trustee entered into a Trust Indenture dated as of July 3, 1995 and a Supplemental Indenture dated as of May 9, 2001 by and between the Issuer and the Prior Trustee (the “Indentures”);

  
 WHEREAS, the 8.25% Equity Security Units (the
“Units”) were originally authorized and issued under the Indentures; 
  
 WHEREAS, the Issuer desires to appoint Successor Trustee as Trustee, Paying Agent and Registrar to succeed Prior Trustee in such capacities under the Indentures; and 
  
 WHEREAS, Successor Trustee is willing to accept such appointment as
Successor Trustee, Paying Agent and Registrar under the Indentures; 
  
 NOW, THEREFORE, the Issuer, Prior Trustee and Successor Trustee, for and in consideration of the premises of other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, hereby consent and
agree as follows: 
  
  
  
 ARTICLE I 
  
 THE PRIOR TRUSTEE 
  
 SECTION 1.01 Prior Trustee hereby resigns as Trustee under the Indentures. 
  
 SECTION 1.02 Prior Trustee hereby assigns, transfers, delivers and confirms to Successor Trustee all right, title and
interest of Prior Trustee in and to the trusts of the Trustee under the Indentures and all the rights, powers and trusts of the Trustee under the Indentures: provided, however Prior Trustee shall continue to be entitled to the expense reimbursement
and indemnity provisions thereunder with respect to the period prior to the effective date hereof. Prior Trustee shall at the expense of the Successor Trustee execute and deliver such further instruments and shall do such other things as Successor
Trustee may reasonably require so as to more fully and certainly vest and confirm in Successor Trustee all the rights, powers and trust hereby assigned, transferred, delivered and confirmed to Successor Trustee as Trustee, Paying Agent and
Registrar. 
  
  
 ARTICLE II 
  
 THE
ISSUER 
  
 SECTION 2.01 The Issuer hereby accepts
the resignation of Prior Trustee as Trustee, Paying Agent and Registrar under the Indentures. 

 SECTION 2.02 All conditions relating to the appointment of The Bank of New York Trust Company,
N.A., as Successor Trustee, Paying Agent and Registrar under the Indentures have been met and the Issuer hereby appoints Successor Trustee as Trustee, Paying and Registrar under the Indentures with like effect as if originally named as Trustee,
Paying Agent and Registrar in the Indentures. 
  
  
 ARTICLE III 
  
 THE SUCCESSOR TRUSTEE 
  
 SECTION 3.01 Successor Trustee hereby represents and warrants to Prior Trustee and to the Issuer that Successor Trustee is not disqualified to act as Trustee under the Indentures. 
  
 SECTION 3.02 Successor Trustee hereby accepts its appointment as
Successor Trustee, Paying Agent and Registrar under the Indentures and accepts the rights, powers, duties and obligations of Prior Trustee as Trustee, Paying Agent and Registrar under the Indentures, upon the terms and conditions set forth therein,
with like effect as if originally named as Trustee, Paying Agent and Registrar under the Indentures. 
  
  
 ARTICLE IV 
  
 MISCELLANEOUS 
  
 SECTION 4.01 This Agreement and the resignation, appointment and acceptance effected hereby shall be effective as of the opening of business on
April 1, 2005. 
  
 SECTION 4.02 This Agreement shall be
governed by and construed in accordance with the laws of the State of New York. 
  
 SECTION 4.03 This Agreement may be executed in any number of counterparts each of which shall be an original, but such counterparts shall together constitute but one and the same instrument. 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement of Resignation, Appointment and Acceptance to be duly
executed and acknowledged all as of the day and year first above written. 
  
  
 Raytheon Company, 
             as Issuer 
  
 By:    /s/    Richard
Goglia                                     
 Name:    Richard Goglia 
 Title:    Vice President and Treasurer 
  
  
 The Bank of New York,

         as Prior Trustee 
  
 By:    /s/    Kisha A.
Holder                                     
 Name:    Kisha A. Holder 
 Title:    Assistant Vice President 
  
  
 The Bank of New York Trust
Company, N.A., 
         as Successor Trustee 
  
 By:    /s/    Peter M.
Murphy                                     
 Name:    Peter M. Murphy 
 Title:    Vice PresidentFORM OF PERFORMACE SHARE AWARD AGREEMENT

 Exhibit 10.1 
 Raytheon 2001 Stock Plan 
 2005 Performance Share Award 
  
 Raytheon Company hereby grants to you, the recipient identified below, an award of stock
units with respect to its common stock, par value $0.01 per share (the “Stock”), pursuant to the Raytheon 2001 Stock Plan (as amended from time to time, the “Plan”) on the following terms and conditions: 
  
 1. Details of Award 
  

			
	Recipient	  	 
	Total Target Number of Shares of Stock	  	 
	Performance Cycle	  	Calendar years 2005 through 2007

  
 2. Conditions to Award

 Pursuant to this Award, you will entitled to payment of up to one-half of the total target number of shares set out above based on Raytheon’s
“free cash flow” per share over the Performance Cycle, and up to one-half of the total target number of shares set out above based on the total return to Raytheon’s shareholders (compounded annually), relative to that of its
“peers,” over the Performance Cycle. The precise extent to which any such shares will have been earned will be determined by the Management Development and Compensation Committee of Raytheon’s Board of Directors (the
“Committee”) as soon as possible following the close of the Performance Cycle from the following tables: 
  

			
	 Cumulative 3-Year Free Cash
 Flow per share

	  	 Target Share Award Multiplier

	 	  	1.000
	 	  	0.875
	 	  	0.750
	 	  	0.625
	 	  	0.500
	 	  	0.375
	 	  	0.250
	 	  	No Award

  

					
	Total Return to Shareholders

	Percentile

	 	Rank vs. Peers

	 	Target Share Award Multiplier

	 	 	 	 	1.000
	 	 	 	 	1.000
	 	 	 	 	0.875
	 	 	 	 	0.750
	 	 	 	 	0.500
	 	 	 	 	0.375
	 	 	 	 	0.250
	 	 	 	 	No Award
	 	 	 	 	No Award

  
 “Internal Free Cash
Flow:” Raytheon’s cash from operations per share, after capital expenditures and interest payments, all as determined in accordance with generally accepted accounting principles and rounded to the nearest cent per share.

  
 “Peers:” Boeing, General Dynamics, Goodrich, Honeywell, L-3
Communications, Lockheed Martin, Northrop Grumman, Rockwell Collins, Textron, and United Technologies. In the event of any mergers or other corporate events affecting the foregoing companies during the Performance Cycle, the Committee may make such
adjustments to the peer group of companies, the total return calculations of the affected companies and the metrics set out above as it may determine in its sole discretion would most nearly carry out the original purposes and intent of this Award.

  
  

 3. Effect of Termination of Employment, Etc. 
 You must remain an employee until the end of the Performance Cycle in order to be entitled to any payment pursuant to this Award, except as provided in Section 4 and except as follows. If your employment with Raytheon
ends during the Performance Cycle on account of your Retirement, as that term is defined in the Plan, or because you become disabled or die, after the end of the Performance Cycle, you (or in the event of your death, your estate) will be entitled to
a pro rata portion of the number of shares of Stock you would have received, if any, had you remained employed until the end of the Performance Cycle. The pro rata portion will be based on the number of full months in the Performance Cycle during
which you were employed as compared to the total number of months in the Cycle. 
  
 4. Effect of Change of Corporate Control 
 If a Change of Corporate Control, as defined in the Plan, should occur during the Performance
Cycle, the Award will terminate. However, at or immediately following the Change of Corporate Control, you will be entitled to receive a pro rata portion of the total target number of shares covered by this Award, without regard to the extent to
which the performance conditions of Section 2 have been satisfied. The pro rata portion will be based on the number of full months in the Performance Cycle preceding the Change of Corporate Control as compared to the total number of months in the
Cycle. 
  
 5. Payment 

	 	A.	Timing. Promptly following determination of the number of shares of Stock you have earned under this Award, such number, if any, will be paid to you together with a dividend
equivalent amount of shares calculated in accordance with the following paragraph. However, you will not be entitled to any payment with respect to shares of Stock covered by this Award until you have made satisfactory arrangements with Raytheon to
satisfy any tax or other withholding obligations which might arise in connection with payment and all payments will be net of any such withholding. 

  

	 	B.	Dividend Equivalents. The dividend equivalent amount will be a number of shares calculated assuming that the dividends, if any, paid by Raytheon on the shares of Stock which
you ultimately become entitled to under this Award (and on any prior dividend equivalent amount attributable to such shares), had been reinvested in additional shares of Stock as of the respective payment dates of each dividend. You will not be
entitled to any dividend equivalent amount on shares of Stock covered by this Award which are not ultimately earned. 

  

	 	C.	Form of Payment. As provided in the Plan, at the election of the Committee earned shares and any dividend equivalent amount will be paid in the form of shares of Stock.
Although LTPP payouts are intended to be made in shares of Raytheon stock, the Company, at its discretion, reserves the right to make payments under the LTPP in awards of stock or cash, or both. 

  
 6. Other Provisions 

	 	A.	Other Conditions of Plan Apply. This Award is subject to all of the remaining terms and conditions of the Plan, including but not limited to the provisions relieving
Raytheon of any obligation to issue shares of Stock until all applicable securities laws have been complied with and providing that the grant of awards under the Plan, including this Award, will not interfere with or limit in any way Raytheon’s
right to terminate your employment at any time. The Plan is administered and interpreted by the Committee, whose determinations are final and binding on all persons concerned. 

  

	 	B.	No Guaranty of Future Awards. This Award in no way guarantees you the right to or expectation that you may receive similar awards with respect to any other similar
performance cycle or period which the Committee may, in its discretion, establish and as to which the Committee may elect grant awards under the Plan. 

  

	 	C.	No Rights as Stockholder. You will not be considered a shareholder of Raytheon with respect to the shares of Stock covered by this Award or any dividend
equivalent amount of shares unless and until shares of Stock are actually issued and certificates therefor delivered to you. 

  

	 	D.	Governing La w. This Award shall be governed by, construed and administered in accordance with applicable federal law; provided, however, that to the extent not
in conflict with federal law, this Award shall be governed by, construed and administered in accordance with the laws of the State of Delaware, other than its laws respecting choice of law. 

  

	 	E.	Counterparts. This Award may be executed in one or more counterparts all of which together shall constitute but one instrument. 

  
 RAYTHEON COMPANY 
  

									
					
	By:	 	/s/    William H. Swanson	 	 	 	 	 	 
					
	Title:	 	Chairman and CEO	 	 	 	 	 	Signature of Recipient

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