Document:

EX-10.73

Exhibit 10.73

AMENDMENT TO

RESTRICTED STOCK AGREEMENT UNDER 2003 PLAN

     This Amendment, dated as of August ___, 2008, between ITC Holdings Corp. (the “Company”) and
the undersigned (“Grantee”).

     WHEREAS, the Company and Grantee have entered into a restricted stock agreement (the “Stock
Agreement”) to document a restricted stock grant made to Grantee under the Company’s 2003 Amended
and Restated Stock Purchase and Option Plan for Key Employees;

     WHEREAS, the Compensation Committee of the Company’s Board of Directors has authorized the
Company to enter into an amendment to the Stock Agreement on the terms set forth herein;

     WHEREAS, the Company and Grantee desire to amend the Stock Agreement in the manner set forth
herein;

     NOW, THEREFORE, in consideration of the premises and mutual agreements set forth in the Stock
Agreement and this Amendment, the parties hereby agree as follows:

     1. Paragraph (a) of Section 2 is modified by amending and restating clause (ii) thereof in its
entirety as follows:

(ii) the date the Employee’s employment is terminated (x) without
Cause by the Company or any of its Subsidiaries or (y) by the
Employee for Good Reason or as a result of death or Permanent
Disability, and

and is further modified by adding the following sentence to the end of paragraph (a) immediately
after clause (iii):

The Committee has irrevocably determined not to, and shall not (and
shall not permit the Board to), exercise any right it may have under
the Plan to determine that the Restricted Stock does not immediately
vest in full upon a Change of Ownership.

     2. Paragraphs (b) and (c) of Section 2 are amended and restated in their entirety as follows:

     (b) If, prior to the Vesting Reference Date, the Employee’s
employment terminates as a result of the Employee’s Retirement, and
as of any such termination no Change of Ownership has occurred, the
Restricted Stock shall become vested in increments of 20% of such
shares in respect of each one year anniversary of the date of this
Agreement prior to the date of such
termination of employment and the remaining unvested shares of
Restricted Stock shall be cancelled.

 

 

     (c) If, prior to the Vesting Reference Date, the Employee’s
employment with the Company or any of its Subsidiaries is terminated
(i) for Cause by the Company or its Subsidiaries or (ii) by the
Employee without Good Reason (which shall not include termination as
a result of the Employee’s death, Permanent Disability or
Retirement), and as of any such termination no Change of Ownership
has occurred, the Restricted Stock shall, to the extent not then
vested, be forfeited by the Employee without consideration therefor.

     2. Paragraph (d) of Section 2 is amended by adding the definitions of “Employment Date” and
“Retirement” to such paragraph to read as follows:

     “Employment Date” shall mean the day of the year on which the
Vesting Reference Date occurs, without regard to the actual year of
the Vesting Reference Date.

     “Retirement” shall mean the termination of Employee’s
employment, by the Company or by Employee, on or after Employee’s
65th birthday other than due to death, Permanent
Disability or termination by the Company for Cause.

     3. The term “Agreement” as used in the Stock Agreement shall be deemed to refer to the Stock
Agreement as amended through the date hereof, including without limitation this Amendment.

     4. This Amendment may be executed in two or more counterparts, each of which shall be deemed
an original, but all of which together shall constitute one and the same instrument.

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

ITC HOLDINGS CORP.

By:                                         

Name:                                         

Title:                                         

                                                            

(signature)

                                                            

(print Grantee name)

2EX-10.74

Exhibit 10.74

AMENDMENT TO

MANAGEMENT STOCKHOLDER’S AGREEMENT

     This Amendment, dated as of August ___, 2008, to the Management Stockholder’s Agreement, as
amended (the “MSA”), between ITC Holdings Corp. (the “Company”) and the undersigned (“Optionee”).

     WHEREAS, the Company and Optionee have entered into one or more stock option agreements or
restricted stock agreements to document option or restricted stock grants made to Optionee under
the Company’s 2003 Amended and Restated Stock Purchase and Option Plan for Key Employees;

     WHEREAS, the Compensation Committee of the Company’s Board of Directors has authorized the
Company to enter into an amendment to the MSA on the terms set forth herein and also to modify such
stock option agreements and restricted stock agreements;

     WHEREAS, the Company and Optionee desire to amend the MSA in accordance with Section 18
thereof and are contemporaneously amending such stock option agreements and restricted stock
agreements;

     NOW, THEREFORE, in consideration of the premises and mutual agreements set forth in the MSA
and this Amendment, the parties hereby agree as follows:

     1. Clause (ii) of Section 6(a) of the MSA is amended and restated in its entirety as follows:

     (ii) the Management Stockholder’s active employment with the
Company (and/or if applicable, its subsidiaries) is terminated by
the Management Stockholder without Good Reason other than due to
Retirement (as defined in the Management Stockholder’s Stock Option
Agreement or Restricted Stock Agreement),

     2. Clauses (i) and (ii) of Section 6(b) of the MSA are amended and restated in their entirety
as follows:

(i) by the Management Stockholder with Good Reason (other than upon
Retirement) or due to death or Permanent Disability; or (ii) by the
Company (and/or, if applicable, its subsidiaries) without Cause
prior to the Management Stockholder’s 65th birthday
(each, a “Section 6(b) Call Event”), then the Company may:

     3. Section 6(c) of the MSA is amended and restated in its entirety as follows:

     (c) Termination upon Retirement. Except as otherwise provided
herein, if, prior to the fifth anniversary of the Effective
Date, the Management Stockholder’s employment with the Company
(and/or, if applicable, its subsidiaries) is terminated as a

 

 

result
of Retirement (a “Section 6(c) Call Event”), then the
Company may, with respect to the Stock, purchase all or any portion
of the shares of Stock then held by the applicable Management
Stockholder Entities, at a per share price equal to the Fair Market
Value Per Share.

     4. All references in Section 6(e) of the MSA to Section 6(c) are hereby deleted.

     5. The term “Agreement” as used in the MSA shall be deemed to refer to the MSA as amended
through the date hereof, including without limitation this Amendment.

     6. This Amendment may be executed in two or more counterparts, each of which shall be deemed
an original, but all of which together shall constitute one and the same instrument.

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

ITC HOLDINGS CORP.

	 	 	 	 	 
	By:
	 	 	 	 
	Name:

	 	 

	 	 
	 

	 	 	 	 
	Title:
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 
	 	 	 
	(signature)	 	 
	 
	 	 	 	 
	 	 	 
	(print Optionee name)	 	 

2EX-10.75

Exhibit 10.75

AMENDMENT TO

STOCK OPTION AGREEMENTS UNDER 2006 LTIP

     This Amendment, dated as of August ___, 2008, between ITC Holdings Corp. (the “Company”) and
the undersigned (“Optionee”).

     WHEREAS, the Company and Optionee have entered into one or more Stock Option Agreements (the
“Agreements”) to document option grant(s) made to Optionee under the Company’s 2006 Long Term
Incentive Plan;

     WHEREAS, the Compensation Committee of the Company’s Board of Directors has authorized the
Company to amend the Agreements on the terms set forth herein;

     WHEREAS, the Company and Optionee desire to amend the Agreements in accordance with Section
5.3 thereof;

     NOW, THEREFORE, in consideration of the premises and mutual agreements set forth in the
Agreements and this Amendment, the parties hereby agree as follows:

     1. The preamble to Section 3.1(a) of the Agreements is amended and restated in its entirety as
follows:

     (a) So long as the Optionee continues to be employed by the
Company or any of its Subsidiaries, or in the event Optionee’s
employment terminates due to Retirement, the Option shall become
exercisable pursuant to the following schedule:

     2. Section 3.1(b) of the Agreements is amended and restated in its entirety as follows:

     (b) Notwithstanding the foregoing, the Option shall become
immediately exercisable as to 100% of the shares of Common Stock
subject to such Option (but only to the extent such Option has not
otherwise terminated or become exercisable) (i) if the Optionee
ceases to be employed due to Optionee’s death or Disability, or (ii)
immediately prior to a Change in Control; provided, however, that
this Section 3.1(b)(ii) is subject to the Committee’s rights, in the
event of a Change in Control, to cash out the Option pursuant to
Section 9.2(b) of the Plan. The Committee has irrevocably
determined not to, and shall not (and shall not permit the Board
to), exercise any right it may have under the Plan, including
without limitation under such Section 9.2(c), to determine that the
Option shall not become immediately exercisable upon a Change in
Control.

     3. Paragraphs (a), (b) and (c) of Section 3.2 of the Agreements are amended and restated in
their entirety as follows:

1

 

     (a) If, prior to the date when the Option first becomes
exercisable, Optionee’s employment terminates for any reason other
than death, Disability or Retirement, Optionee’s right to exercise
the Option shall terminate and all rights thereunder shall cease; or

     (b) If, on or after the date when the Option first becomes
exercisable, Optionee’s employment terminates for any reason other
than death, Disability or Retirement, Optionee shall have the right,
within three months after termination of employment to exercise the
Option to the extent that it was exercisable and unexercised on the
date of Optionee’s termination of employment, subject to any other
limitation on the exercise of the Option in effect on the date of
exercise.

If Optionee’s employment terminates due to death, Disability or
Retirement before the tenth anniversary of the Grant Date, Optionee
or the person or persons to whom the Option shall have been
transferred by will or the laws of descent and distribution shall
have the right within the exercise period specified in this
Agreement to exercise the Option, subject to any other limitation on
exercise in effect on the date of exercise.

     4. A new Section 3.4 is hereby added to the Agreements, which shall read in its entirety as
follows:

     3.4. Retirement. “Retirement” as used in this
Agreement shall mean the termination of the Optionee’s employment,
by the Company or by Optionee, on or after Optionee’s
65th birthday, other than due to death or Disability.

     5. The term “Agreement” as used in the Agreements shall be deemed to refer to such Agreement
as amended through the date hereof, including without limitation this Amendment.

     6. This Amendment may be executed in two or more counterparts, each of which shall be deemed
an original, but all of which together shall constitute one and the same instrument.

2

 

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

	 	 	 	 	 
	ITC HOLDINGS CORP.	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	Name:

	 	 

	 	 
	Title:

	 	 

	 	 
	 

	 	 

	 	 

	 	 	 
	 

(signature)

	 	 
	 
	 	 
	 

(print Optionee name)

	 	 

3

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