Document:

SEC Exhibit

Ex. 10.7

AWARD AGREEMENT
This Award Agreement (the “Agreement”) is made as of the _____ day of ________, between SIFCO Industries, Inc., an Ohio corporation (the “Company”), and, a member of the Board of Directors of the Company (the “Director”). 
WHEREAS, the Company has heretofore adopted the SIFCO Industries, Inc. 2007 Long-Term Incentive Plan (the “Plan”); and
WHEREAS, it is a requirement of the Plan that an Award Agreement be executed to evidence the Restricted Stock granted to the Director. 
NOW, THEREFORE, in consideration of the mutual covenants hereinafter set forth, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto have agreed, and do hereby agree as follows: 
1.Grant and Issuance of Restricted Stock.  The Company hereby grants to the Director _____ shares of the common stock, par value $1.00 per share, of the Company (the “Restricted Stock”) on the terms and conditions set forth herein and in the Plan.  The Company shall cause the Restricted Stock to be evidenced by a book entry account maintained by the Company’s stock transfer agent (the “Transfer Agent”).  Simultaneous with the execution of this Agreement, the Director shall deliver to the Company an executed stock power, the form of which is attached hereto as Exhibit “A.”  Upon the date the Restricted Stock is evidenced in a book entry account maintained by the Transfer Agent, the Director shall be a shareholder with respect to the Restricted Stock and shall have all of the rights of a shareholder with respect to the Restricted Stock, including the right to vote the Restricted Stock and to receive any dividends and other distributions paid with respect to the Restricted Stock.  The executed stock power shall be held by the Company 

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in its control for the account of the Director until the restrictions set forth in Section 2(a) of this Agreement lapse and the Director's right to the Restricted Stock vests pursuant to Section 2(b) of this Agreement (at which time the Restricted Stock shall be delivered to the Director) or, if earlier, until the Restricted Stock is forfeited to the Company and cancelled as provided in Section 2(c) of this Agreement.  
2.    Restrictions on and Vesting of the Restricted Stock.
(a)    Except as otherwise provided in this Agreement, none of the Restricted Stock held in a book entry account maintained by the Transfer Agent (including any Restricted Stock issuable, but not yet issued) with respect to which the vesting requirements set forth in Section 2(b) of this Agreement have not been satisfied may be sold, exchanged, transferred, pledged, hypothecated or otherwise disposed of.  In the event that the Director purports or attempts to sell, exchange, transfer, pledge, hypothecate or otherwise dispose of any of his Restricted Stock in contravention of the previous sentence, then (i) such purported transfer, encumbrance or disposition shall be null and void, and (ii) all of such disposed (or purportedly disposed) Restricted Stock shall be immediately forfeited to the Company without notice for no consideration.  
(b)    The Director’s right to the Restricted Stock shall vest, and the restrictions set forth in Section 2(a) of this Agreement will lapse, on the earliest of (i) the day immediately preceding the one year anniversary of the date of this Agreement, provided that the Director is a member of the Board as of such date, (ii) the date the Director ceases to be a member of the Board due to his death or disability or (iii) the day immediately preceding the date of a Corporate Transaction (as defined in the Plan), provided that the Director is a member of the Board as of such date (the “Vesting Date”).

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(c)    In the event that the Director resigns from the Board (other than by reason of disability) or is removed from the Board, in either case prior to the Vesting Date, the Restricted Stock shall be immediately and automatically forfeited to the Company without notice for no consideration.  
3.    Taxes.  The Company shall have the right to require a person entitled to receive the Restricted Stock to pay the Company the amount of any taxes which the Company is or will be required to withhold with respect to such Restricted Stock (either upon vesting or upon the filing of any election under Section 83(b) of the Code with respect to the Restricted Stock) before such Restricted Stock is evidenced by a book entry account.
4.    Delivery of Restricted Stock.  Entry of the Restricted Stock in a book entry account maintained by the Transfer Agent, pursuant to this Agreement may be postponed by the Company for such period as may be required for it with reasonable diligence to comply with any applicable requirements of any federal, state or local law or regulation or any administrative or quasi-administrative requirement applicable to the sale, issuance, delivery or distribution of the Restricted Stock.  The Committee may, in its sole discretion, require the Director to furnish the Company with appropriate representations and a written investment letter prior to the entry of the Restricted Stock in a book entry account maintained by the Transfer Agent.
5.    No Right to Board Membership.  Nothing in this Agreement shall confer upon the Director any right to continue to serve on the Board or interfere with or restrict in any way with the right of the Company to remove him or her from the Board for any reason whatsoever. 
6.    Acknowledgement.  Director acknowledges that neither the Company nor any of the Company’s affiliates, officer, members, Directors, agents or representatives has provided or is providing the undersigned with tax advice regarding the receipt, vesting and ownership of the 

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Restricted Stock subject to this Agreement or any other matter, and the Company has urged the Director to consult with his or her own tax advisor with respect to the income taxation consequences of receiving, holding and disposing of the Restricted Stock subject to this Agreement.  
7.    Incorporation of Provisions of the Plan.  All of the provisions of the Plan pursuant to which the Restricted Stock is granted are hereby incorporated by reference and made a part hereof as if specifically set forth herein, and to the extent of any conflict between this Agreement and the terms contained in the Plan, the Plan shall control.  To the extent any capitalized terms are not otherwise defined herein, they shall have the meanings set forth in the Plan. 
8.    Invalidity of Provisions.  The invalidity or unenforceability of any provision of this Agreement as a result of a violation of any state or federal law, or of the rules or regulations of any governmental regulatory body, shall not affect the validity or enforceability of the remainder of this Agreement. 
9.    Waiver and Modification.  The provisions of this Agreement may not be waived or modified unless such waiver or modification is in writing and signed by the parties hereto. 
10.    Interpretation.  All decisions or interpretations made by the Committee with regard to any question arising under the Plan or this Agreement as provided by Section 3.1 of the Plan, shall be binding and conclusive on the Company and the Director. 
11.    Multiple Counterparts.  This Agreement may be signed in multiple counterparts, all of which together shall constitute an original agreement.  The execution by one party of any counterpart shall be sufficient execution by that party, whether or not the same counterpart has been executed by any other party. 

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Ex. 10.7

12.    Governing Law.  This Agreement shall be governed by the laws of the State of Ohio. 
IN WITNESS WHEREOF, the Company has caused this Agreement to be duly executed, and the Director has hereunto set his or her hand, all as of the day and year first above written. 

	
			
	 
	 
	 

	SIFCO INDUSTRIES, INC.

	 
	 
	 

	 
	 
	 

	By:
	 
	 

	 
	 
	 

	Its:
	Chief Executive Officer
	 

	 
	 
	 

	 
	 
	 

	 
	 
	 

	 Director Signature

	 
	 
	 

	 
	 
	 

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Ex. 10.7

Exhibit “A”
Stock Power

FOR VALUE RECEIVED, _________ hereby sells, assigns and transfers unto SIFCO Industries, Inc. _________, ________ (_____) shares of common stock, no par value, of SIFCO Industries, Inc. (the “Company”), evidenced in a book entry account maintained by the Company’s stock transfer agent, and does hereby irrevocably constitute and appoint the Secretary of the Company to transfer the said stock on the books of the within named corporation with full power of substitution in the premises.

	
					
	 
	 
	 
	 
	 

	Dated:
	 
	 
	 
	 

	 
	 
	 
	Director SignatureSEC Exhibit

EXHIBIT 4.2

ITT CORPORATION,
ITT INC.
AND
MUFG UNION BANK, N.A. as Trustee

First Supplemental Indenture

(Supplemental to the Indenture,  
dated as of May 1, 2009, 
Providing for Issuance of Debt Securities)

Dated as of May 16, 2016

THIS FIRST SUPPLEMENTAL INDENTURE, dated as of May 16, 2016, among ITT Corporation, an Indiana corporation having its principal office at 1133 Westchester Avenue, White Plains, New York 10604 (herein called “ITT”), ITT Inc., an Indiana corporation having its principal office at 1133 Westchester Avenue, White Plains, New York 10604 (herein called “New ITT”), and MUFG Union Bank, N.A. (formerly known as Union Bank, N.A.), a national banking association, as trustee (herein called the “Trustee”), under the Indenture referred to below is made and entered into as of this 16th day of May, 2016.
RECITALS OF THE COMPANY
WHEREAS, ITT and the Trustee have heretofore executed and delivered an Indenture (Providing for Issuance of Debt Securities), dated as of May 1, 2009 (the “Indenture”), providing for the issuance from time to time of ITT’s unsecured debentures, notes, bonds and other evidences of indebtedness, to be issued in one or more series as provided in the Indenture;
WHEREAS, on the date hereof ITT and its subsidiaries intend to complete a holding company reorganization within the meaning of Section 23-1-40-9 of the Indiana Business Corporation Law (the “Reorganization”), pursuant to which (i) ITT will merge with and into ITT LLC, an Indiana limited liability company and direct wholly owned subsidiary of New ITT and (ii) ITT will transfer to New ITT, and New ITT will acquire from ITT, substantially all of the consolidated assets of ITT within the meaning of Section 8.01(a) of the Indenture;
WHEREAS, Section 8.01 of the Indenture provides that a Person shall be permitted to acquire substantially all of the consolidated assets of ITT provided that upon any such acquisition such transferee shall expressly assume the due and punctual payment of principal, premium, if any, and interest on all debt securities outstanding under the Indenture and the performance of every covenant in the Indenture on the part of ITT to be performed or observed by executing and delivering to the Trustee a supplemental indenture;
WHEREAS, Section 9.01(a) of the Indenture provides that, without the consent of the Holders of any Securities, the parties hereto may enter into one or more supplemental indentures to evidence the succession of another corporation to ITT, and the assumption by such successor of the covenants, agreements and obligations of ITT pursuant to Article 8 of the Indenture;
WHEREAS, Section 9.01(c) of the Indenture provides that, without the consent of the Holders of any Securities, the parties hereto may enter into one or more supplemental indentures to make any provision with respect to matters or questions arising under this Indenture that do not adversely affect the interests of the Holders of the Securities in any material respect;
WHEREAS, in connection with the Reorganization, ITT and New ITT desire to execute and deliver this First Supplemental Indenture in accordance with Sections 8.01, 9.01(a) and 9.01(c) of the Indenture, and by this First Supplemental Indenture, upon effectiveness of the Reorganization, to amend and supplement the Indenture in certain respects to evidence the succession of New ITT to ITT and the express assumption by New ITT of (i) the due and punctual payment of the principal, premium, if any, and interest on the Securities and (ii) the 

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performance of every covenant in the Indenture and contained in the Securities to be performed or observed by ITT; 
WHEREAS, ITT and New ITT have requested that the Trustee join with them in the execution and delivery of this First Supplemental Indenture, and pursuant to Section 9.03 of the Indenture, the Trustee is authorized to execute and deliver this First Supplemental Indenture; and
WHEREAS, effective simultaneously with the effectiveness of the Reorganization all things necessary to make this First Supplemental Indenture a valid agreement of New ITT, in accordance with its terms, have been complied with, done and performed.
NOW, THEREFORE, THIS FIRST SUPPLEMENTAL INDENTURE WITNESSETH:
For and in consideration of the premises, agreements and obligations set forth herein, it is mutually covenanted and agreed as follows, for the equal and proportionate benefit of all Holders from time to time of the Securities or any series thereof, as the case may be: 
ARTICLE ONE 
DEFINITIONS AND OTHER PROVISIONS 
OF GENERAL APPLICATION
		
	SECTION 1.1
	Definitions.

Capitalized terms used but not defined in this First Supplemental Indenture shall have the meanings ascribed thereto in the Indenture.
		
	SECTION 1.2
	General References.

The words “herein,” “hereof” and “hereunder” and other words of similar import refer to this First Supplemental Indenture as a whole and not to any particular Article, Section or other subdivision.
		
	SECTION 1.3
	Effect of Headings.

The Article and Section headings herein are for convenience only, and shall not affect the construction of any provision of this First Supplemental Indenture.
ARTICLE TWO
AMENDMENTS
		
	SECTION 2.1
	Reorganization.

Pursuant to, and in compliance and accordance with, Sections 8.01, 9.01(a) and 9.01(c) of the Indenture, effective simultaneously with the Reorganization, New ITT hereby expressly assumes (i) the due and punctual payment of the principal, premium, if any, and interest, if any, on the Securities and (ii) the performance of every covenant, agreement or obligation in the Indenture and contained in the Securities to be performed or observed by ITT.

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	SECTION 2.2
	Successor Substituted.

Pursuant to Sections 8.01, 8.02, 9.01(a) and 9.01(c) of the Indenture, effective simultaneously with the Reorganization, New ITT shall succeed to and be substituted for, and may exercise every right and power of, ITT under the Indenture, with the same effect as if New ITT had been named as “the Company” therein and ITT shall thereupon be released from all obligations under the Indenture and the Securities.
		
	SECTION 2.3
	Representations of New ITT.

New ITT represents and warrants that (i) it is a corporation duly organized and validly existing under the laws of the State of Indiana, (ii) as a result of the Reorganization, it has acquired substantially all of the consolidated assets of ITT and (iii) immediately after giving effect to the Reorganization, no Event of Default, and no event which, after notice or lapse of time, or both, would become an Event of Default, has occurred and is continuing.
ARTICLE THREE
MISCELLANEOUS
		
	SECTION 3.1
	Effectiveness of First Supplemental Indenture 

This First Supplemental Indenture shall be effective simultaneously with the effectiveness of the Reorganization, following the execution and delivery hereof by ITT, New ITT and the Trustee.
		
	SECTION 3.2
	Relationship to Existing Indenture.

The First Supplemental Indenture is a supplemental indenture within the meaning of the Indenture. Except as specifically amended and supplemented by this First Supplemental Indenture, the Indenture shall remain in full force and effect and is hereby ratified and confirmed. This First Supplemental Indenture shall form a part of the Indenture for all purposes, and every Holder of Securities heretofore or hereafter authenticated and delivered shall be bound hereby.
		
	SECTION 3.3
	Governing Law.

This First Supplemental Indenture 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 First Supplemental Indenture to the substantive law of another jurisdiction.
		
	SECTION 3.4
	Counterparts.

This First Supplemental Indenture may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all of which shall together constitute but one and the same instrument.

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	SECTION 3.5
	Severability.

In case any provision in this First Supplemental Indenture shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.
		
	SECTION 3.6
	Trust Indenture Act.

This First Supplemental Indenture shall conform to the requirements of the Trust Indenture Act as currently in effect. If any provision of this First Supplemental Indenture limits, qualifies, or conflicts with any provision of the Trust Indenture Act that is required under the Trust Indenture Act to be part of and govern any provision of this First Supplemental Indenture, the provision of the Trust Indenture Act shall control. 
		
	SECTION 3.7
	Acceptance by Trustee; Trustee Not Responsible for Recitals.

The Trustee accepts the amendment of the Indenture effected by this First Supplemental Indenture and agrees to execute the trust created by the Indenture as hereby amended, but only upon the terms and conditions set forth in the Indenture, including the terms and provisions defining and limiting the liabilities and responsibilities of the Trustee, which terms and provisions shall in like manner define and limit its liabilities and responsibilities in the performance of the trust created by the Indenture as hereby amended. Without limiting the generality of the foregoing, the Trustee shall not be responsible in any manner whatsoever for or with respect to any of the recitals contained herein, all of which are made solely by ITT and New ITT. The Trustee makes no representations for or with respect to (a) the validity or sufficiency of this First Supplemental Indenture or any of the terms or provisions hereof, (b) the due authorization hereof by ITT and New ITT by corporate action or otherwise, or (c) the due execution hereof by ITT and New ITT, and the Trustee makes no representation with respect to any such matters.

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IN WITNESS WHEREOF, the parties hereto have caused this First Supplemental Indenture to be duly executed all as of the day and year first above written.

ITT CORPORATION

By: /s/ Malcolm Miller            
Name: Malcolm Miller
Title: Vice President and Treasurer

ITT INC. 

By: /s/ Malcolm Miller            
Name: Malcolm Miller
Title: Vice President and Treasurer

MUFG UNION BANK, N.A., 
as Trustee 

By: /s/ Fernando Moreyra            
Name: Fernando Moreyra
Title: Vice President

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