Document:

exv10w2

EXHIBIT 10.2

VISTEON CORPORATION 2010 INCENTIVE PLAN

[Participant Name]

FORM OF TERMS AND CONDITIONS OF INITIAL RESTRICTED STOCK GRANTS

     Visteon Corporation, a Delaware corporation (together with its subsidiaries, the “Company”),
subject to the terms of the Visteon Corporation 2010 Incentive Plan (the “Plan”) and this
Agreement, hereby grants to the Participant shares of common stock of the Company subject to
restrictions (“Restricted Shares”) as further described herein.

     1. Grant of Restricted Stock.

          The Company hereby grants to the Participant _______ Restricted Shares upon the Effective Date
of the Revised Fifth Amended Joint Plan of Reorganization of Visteon Corporation and the Debtor
Affiliates Pursuant to Chapter 11 of the United States Bankruptcy Code (the “Effective Date”) and
subject to the terms and conditions of the Plan and such restrictions set forth herein. In the
event of certain corporate transactions, the number of Restricted Shares covered by this Agreement
shall be adjusted by the Organization and Compensation Committee of the Board of Directors of the
Company (the “Committee”) as further described in Section 13 of the Plan.

     2. Lapsing of Restrictions and Release of Shares.

          a. During the Participant’s continuous employment with the Company, the restrictions on the
Restricted Shares will lapse in accordance with the following release schedule:

	 	(i)	 	The restrictions on one-sixth of the Restricted
Shares will lapse on the 21st day after the Effective Date;
	 
	 	(ii)	 	The restrictions on one-sixth of the Restricted
Shares will lapse on the first anniversary of the Effective Date;
	 
	 	(iii)	 	The restrictions on one-third of the
Restricted Shares will lapse on the second anniversary of the Effective
Date; and
	 
	 	(iv)	 	The restrictions on one-third of the Restricted
Shares will lapse on the third anniversary of the Effective Date.

          b. In the event that application of the release schedule results in the release of a fraction
of a Restricted Share, only whole shares will be considered released.

          c. Upon a Change in Control of the Company, the Restricted Shares subject to restrictions will
be released to the Participant, provided the Participant is employed by the Company, as of the date
immediately preceding the date on which the Change in Control occurs. If the Participant is
subject to another agreement governing the Participant’s employment, such other agreement will
govern the Participant’s rights with respect to the Restricted Shares to the

 

 

extent that such agreement provides greater rights to the Participant upon a Change in Control
of the Company.

     3. Termination of Employment.

          a. Unless provided otherwise under the remaining provisions of this Paragraph 3, if the
Participant’s employment with the Company is terminated for any reason, the Participant will
forfeit any and all rights to Restricted Shares with restrictions that have not lapsed on the
termination date.

          b. Notwithstanding the provisions of Paragraph 3a, if the Participant is placed on an approved
leave of absence, with or without pay, the Restricted Shares will be released in accordance with
the provisions of Paragraph 2 as if the Participant was actively employed.

          c. Notwithstanding the provisions of Paragraph 3a, if the Participant’s employment with the
Company is terminated by reason of death, involuntary termination by the Company without Cause, or
voluntary termination for Good Reason, the Restricted Shares that are still subject to restriction
will be released to the Participant as of the date of such termination.

          d. Notwithstanding the provisions of Paragraph 3a, if the Participant’s employment with the
Company is terminated by reason of disability (as defined in the Company’s long-term disability
plan) or voluntary retirement for other than Good Reason, the Restricted Shares that are still
subject to restrictions shall be released to the Participant in accordance with the provisions of
Paragraph 2 as if the Participant had continued to be actively employed. For purposes of this
Agreement, “retirement” means the Participant termination of employment either (1) after attaining
age 55 and completion of at least 10 years of service, or (2) after completion of at least 30 years
of service, regardless of age.

     4. Restricted Share Account.

          a. The Company will hold the Restricted Shares in an account in the name of the Participant.
As soon as practicable following the lapse of restrictions on the Restricted Shares, said shares
shall be released to the Participant, less applicable withholding and brokerage fees associated
with the sale of any Restricted Shares to pay applicable withholding. As soon as practicable
following the date on which there occurs any event that results in the Participant ceasing to
accrue service toward satisfaction of restrictions for the Restricted Shares, the Company shall
release to the Participant the number of Restricted Shares, if any, to which the Participant is
entitled, less applicable withholding and brokerage fees associated with the sale of Restricted
Shares to pay applicable withholding, and the remaining Restricted Shares shall be forfeited.

          b. The Company may retain the services of a third-party administrator to perform
administrative services in connection with the Plan. To the extent the Company has retained such
an administrator, any reference to the Company shall be deemed to refer to any such third-party
administrator retained by the Company, and the Company may require the Participant to exercise the
Participant’s rights under this Agreement only through such third-party administrator.

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     5. Dividends.

          Any dividends paid on Restricted Shares prior to the date on which the Participant forfeits
such shares shall be distributed to the Participant, subject to applicable withholding, fees and
expenses.

     6. Withholding.

          a. Upon the release of previously granted Restricted Shares pursuant to Paragraphs 3 and 4
above, the Company may satisfy its tax withholding obligations in any manner determined by the
Committee, including by withholding a portion of the Participant’s cash compensation or by
withholding stock having a “fair market value”, as determined by the Committee, equal to the amount
required to be withheld. The “fair market value” of any fractional share of stock remaining after
the withholding requirements are satisfied will be paid to the Participant in cash. The “fair
market value” for purposes of this Paragraph 6 shall be (i) for Restricted Shares for which the
restrictions lapse pursuant to sub-Paragraph 2a(i) (or Paragraph 3c if such termination of
employment is prior to the release date set forth in sub-Paragraph 2a(i)), the average of the
closing prices for shares of common stock of the Company as reported on any applicable
over-the-counter market on which shares of common stock of the Company are traded or reported for
the five consecutive trading day preceding the date of determination, or (ii) for all other
Restricted Shares, the closing price for shares of common stock of the Company as reported on any
applicable market on which shares of common stock of the Company are traded or reported on date of
determination (or the immediately preceding trading date if such determination date is not a
trading day). The Company may also require the Participant to deliver a check in the amount of any
tax withholding obligation, or to otherwise indemnify the Company, as a condition to the issuance
of any stock hereunder.

          b. Dividends paid on Restricted Shares prior to the lapse of the restrictions are subject to
applicable tax withholding as described in Paragraph 6(a). Dividends paid on Restricted Shares
after restrictions have lapsed are not subject to tax withholding.

     7. Nontransferability.

          Except as provided in Paragraph 8 of this Agreement, the Participant has no right to sell,
assign, transfer, pledge, or otherwise alienate the Restricted Shares prior to the date on which
the Restricted Shares are transferred to the Participant free and clear of the restrictions, and
any attempted sale, assignment, transfer, pledge or other conveyance will be null and void.

     8. Beneficiary.

          The Participant may designate a beneficiary to receive stock that may be delivered on or after
the Participant’s death on the form or in the manner prescribed for such purpose by the Committee.
Absent such designation, the Participant’s beneficiary will be the Participant’s estate. The
Participant may from time to time revoke or change the beneficiary designation without the consent
of any prior beneficiary by filing a new designation with the Company. If a Participant designates
his or her spouse as beneficiary, such designation automatically shall become null and void on the
date of the Participant’s divorce or legal separation from such

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spouse. The last such designation received by the Company will be controlling; provided,
however, that no designation, or change or revocation thereof, will be effective unless received by
the Company prior to the Participant’s death, and in no event will any designation be effective as
of a date prior to such receipt. If the Committee is in doubt as to the identity of the
beneficiary, the Committee may deem the Participant’s estate as the beneficiary, or the Company may
apply to any court of appropriate jurisdiction and such application will be a complete discharge of
the liability of the Company therefor.

     9. Securities Law Restrictions.

          a. The Participant acknowledges that the Restricted Shares granted under this Agreement, and
any stock that may be transferred to the Participant, are being acquired for investment purposes
only and not with a view to resale or other distribution thereof to the public in violation of the
Securities Act of 1933, as amended (the “Act”). The Participant agrees and acknowledges, with
respect to any stock that has not been registered under the Act, that (a) the Participant will not
sell or otherwise dispose of such stock except pursuant to an effective registration statement
under the Act and any applicable state securities laws, or in a transaction which in the opinion of
counsel for the Company is exempt from such registration, and (b) a legend may be placed on the
certificates for the stock to such effect. As further conditions to the issuance of the stock, the
Participant agrees for himself or herself, the Participant’s beneficiary, and the Participant’s
heirs, legatees and legal representatives, prior to such issuance, to execute and deliver to the
Company such investment representations and warranties, and to take such other actions, as the
Committee determines may be necessary or appropriate for compliance with the Act and any applicable
securities laws.

          b. Notwithstanding anything herein to the contrary, the Committee, in its sole and absolute
discretion, may delay transferring stock or may impose restrictions or conditions on the
Participant’s (or any beneficiary’s) ability to directly or indirectly sell, hypothecate, pledge,
loan, or otherwise encumber, transfer or dispose of the stock, if the Committee determines that
such action is necessary or desirable for compliance with any applicable state, federal or foreign
law, the requirements of any stock exchange on which the stock is then traded, or is requested by
the Company or the underwriters managing any underwritten offering of the Company’s securities
pursuant to an effective registration statement filed under the Act.

     10. Voting Rights.

          The Restricted Shares may be voted by the Participant.

     11. Limited Interest.

          a. The grant of the Restricted Shares shall not be construed as giving the Participant any
interest other than as provided in this Agreement.

          b. The grant of the Restricted Shares shall not confer on the Participant any right to
continue as an employee or continue in service of the Company, nor interfere in any way with the
right of the Company to terminate the Participant’s employment at any time.

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          c. The grant of the Restricted Shares shall not affect in any way the right or power of the
Company to make or authorize any or all adjustments, recapitalizations, reorganizations, or other
changes in the Company’s capital structure or its business, or any merger, consolidation or
business combination of the Company, or any issuance or modification of any term, condition, or
covenant of any bond, debenture, debt, preferred stock or other instrument ahead of or affecting
the stock or the rights of the holders thereof, or the dissolution or liquidation of the Company,
or any sale or transfer of all or any part of its assets or business or any other Company act or
proceeding, whether of a similar character or otherwise.

          d. The Participant acknowledges and agrees that the Plan is discretionary in nature and
limited in duration, and may be amended, cancelled, or terminated by the Company, in its sole
discretion, at any time. The grant of the Restricted Shares under the Plan is a one-time benefit
and does not create any contractual or other right to receive a grant of Restricted Shares or
benefits in lieu of Restricted Shares in the future. Future grants, if any, will be at the sole
discretion of the Committee, including, but not limited to, the timing of any grant, the number of
shares to be granted, and restrictions placed on such shares.

     12. Consent to Transfer of Personal Data.

          The Participant voluntarily acknowledges and consents to the collection, use, processing and
transfer of personal data as described in this paragraph. The Participant is not obliged to
consent to such collection, use, processing and transfer of personal data. However, failure to
provide the consent may affect the Participant’s ability to participate in the Plan. The Company
holds certain personal information about the Participant, including the Participant’s name, home
address and telephone number, date of birth, social security number or other employee
identification number, salary, nationality, job title, any shares of stock or directorships held in
the Company, details of all options or any other entitlement to shares of stock awarded, canceled,
purchased, vested, unvested or outstanding in the Participant’s favor, for the purpose of managing
and administering the Plan (“Data”). The Company and/or its subsidiaries will transfer Data
amongst themselves as necessary for the purpose of implementation, administration and management of
the Participant’s participation in the Plan, and the Company may further transfer Data to any third
parties assisting the Company in the implementation, administration and management of the Plan.
These recipients may be located in the European Economic Area, or elsewhere throughout the world,
such as the United States. The Participant authorizes them to receive, possess, use, retain and
transfer the Data, in electronic or other form, for the purposes of implementing, administering and
managing the Participant’s participation in the Plan, including any requisite transfer of such Data
as may be required for the administration of the Plan and/or the subsequent holding of shares of
stock on the Participant’s behalf to a broker or other third party with whom the Participant may
elect to deposit any shares of stock acquired pursuant to the Plan. The Participant may, at any
time, review Data, require any necessary amendments to it or withdraw the consents herein in
writing by contacting the Company; however, withdrawing consent may affect the Participant’s
ability to participate in the Plan.

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     13. Incorporation by Reference.

          The terms of the Plan are expressly incorporated herein by reference. Capitalized terms that
are not defined in this Agreement will have the meaning ascribed to them under the Plan. In the
event of any conflict between this Agreement and the Plan, the Plan shall govern.

     14. Governing Law.

          This Agreement shall be governed by and construed in accordance with the laws of the State of
Delaware, without reference to any conflict of laws principles thereof.

     15. Severability.

          In the event any provision of the Agreement is held illegal or invalid for any reason, the
illegality or invalidity will not affect the remaining provisions of the Agreement, and the
Agreement shall be construed and enforced as if the illegal or invalid provision has not been
inserted.

     16. Amendment.

          Except as otherwise permitted under the Plan, this Agreement may not be amended, modified,
terminated or otherwise altered except by the written consent of the parties thereto.

     17. Counterparts.

          This Agreement may be executed in one or more counterparts, each of which will be deemed to be
an original but all of which together will constitute one and the same instrument.

     18. Definition of Certain Terms.

          a. “Cause” for termination by the Company of the Participant’s employment shall mean (i) the
willful and continued failure by the Participant to substantially perform the Participant’s duties
with the Company (other than any such failure resulting from the Participant’s incapacity due to
physical or mental illness or any such actual or anticipated failure after the Participant provides
notice to the Company of the Participant’s termination for Good Reason) after a written demand for
substantial performance is delivered to the Participant by (A) if the Participant is an executive
officer of the Company, the Board of Directors, or (B) if the Participant is not an executive
officer of the Company, the head of the Company’s global human resources department, of the
Company, which demand specifically identifies the manner in which the Company believes that the
Participant has not substantially performed the Participant’s duties, or (ii) the willful engaging
by the Participant in conduct which is demonstrably and materially injurious to the Company,
monetarily or otherwise. For purposes of clauses (i) and (ii) of this definition, (x) no act, or
failure to act, on the Participant’s part shall be deemed “willful” unless done, or omitted to be
done, by the Participant not in good faith and without reasonable belief that the Participant’s
act, or failure to act, was in the best interest of the Company, and (y) in the event of a dispute
concerning the application of this provision, no claim

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by the Company that Cause exists shall be given effect unless the Company establishes by clear
and convincing evidence that Cause exists.

          b. “Good Reason” for termination by the Participant of the Participant’s employment shall mean
the occurrence (without the Participant’s express written consent), of any one of the following
acts by the Company, or failures by the Company to act, unless, in the case of any act or failure
to act described in paragraph (i), (iv), or (v) below, such act or failure to act is corrected
prior to the date of termination specified in the notice of termination given by the Participant to
the Company in respect thereof:

	 	(i)	 	the assignment to the Participant of any duties
inconsistent with or a material adverse alteration in the nature or
status of the Participant’s responsibilities with from those in effect
on the Effective Date (including, without limitation, the Participant
ceasing to be an executive officer of a public company if such
Participant was an executive officer of the Company as of the Effective
Date);
	 
	 	(ii)	 	a reduction by the Company in the Participant’s
annual base salary as in effect on the Effective Date or as the same
may be increased from time to time, except for across the board salary
reductions similarly affecting all employees of the Company who are
employed at the same level, or in the case of non-executive officers of
the Company, employed at the same level within the same geographic
region;
	 
	 	(iii)	 	the relocation of the Participant’s principal
place of employment to a location more than 50 miles from the
Participant’s principal place of employment on the Effective Date or
the Company’s requiring the Participant to be based anywhere other than
such principal place of employment (or permitted relocation thereof)
except for required travel on the Company’s business to an extent
substantially consistent with the Participant’s business travel
obligations as of the Effective Date; provided, however, that
non-executive officers of the Company may be relocated to another
location if the previous place of employment is no longer used by the
Company and the cost of such relocation would be reimbursed by the
Company in accordance with its relocation reimbursement policies;
	 
	 	(iv)	 	the failure by the Company to pay to the
Participant any portion of the Participant’s current compensation
(other than changes to such Participant’s compensation contemplated by
the Company’s joint plan of reorganization filed with the U.S.
bankruptcy court on August 27, 2010 (as such plan may be supplemented
or amended from time to time)), or to pay to the Participant any
portion of an installment of deferred compensation under any deferred

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	 	 	 	compensation program of the Company, within seven days of the date
such compensation is due, unless such payment would be prohibited by
applicable law;
	 	(v)	 	the failure by the Company to continue to
provide the Participant with benefits substantially similar to the
material benefits enjoyed by the Participant under any of the Company’s
pension, savings, life insurance, medical, health and accident, or
disability plans in which the Participant was participating on the
Effective Date, the taking of any other action by the Company which
would directly or indirectly materially reduce any of such benefits or
deprive the Participant of any material fringe benefit enjoyed by the
Participant on the Effective Date, or the failure by the Company to
provide the Participant with the number of paid vacation days to which
the Participant is entitled on the basis of years of service with the
Company in accordance with the Company’s normal vacation policy in
effect on the Effective Date, except for across the board changes
similarly affecting all employees of the Company who are employed at
the same level and within the same geographic region, and changes
contemplated by the Company’s joint plan of reorganization filed with
the U.S. bankruptcy court on August 27, 2010 (as such plan may be
supplemented or amended from time to time).

The Participant’s right to terminate the Participant’s employment for Good Reason is
contingent upon the Participant providing to the Company a notice of termination which shall
indicate the specific Good Reason condition relied upon and shall set forth in reasonable
detail the facts and circumstances claimed to provide a basis for Good Reason termination of
the Participant under the condition so indicated. The notice of termination shall specify a
termination date, which shall not be less than 15 days nor more than 60 days from the date
such notice of termination is given. The Participant’s right to terminate the Participant’s
employment for Good Reason shall not be affected by the Participant’s incapacity due to
physical or mental illness. The Participant’s continued employment shall not constitute
consent to, or a waiver of rights with respect to, any act or failure to act constituting
Good Reason hereunder. For purposes of any determination regarding the existence of Good
Reason, any claim by the Participant that Good Reason exists shall be presumed to be correct
unless the Company establishes by clear and convincing evidence that Good Reason does not
exist.

	 	 	 	 	 
	 	VISTEON CORPORATION

 	 
	 	By:  	 	 
	 	 	 	 
	 	 	Title:  	 	 
	 	 	 	 
	 	 	Date:  	 	 
	 

8exv10w3

EXHIBIT 10.3

VISTEON CORPORATION 2010 INCENTIVE PLAN

[Participant Name]

FORM OF TERMS AND CONDITIONS OF INITIAL RESTRICTED STOCK UNIT GRANTS

     Visteon Corporation, a Delaware corporation (together with its subsidiaries, the “Company”),
subject to the terms of the Visteon Corporation 2010 Incentive Plan (the “Plan”). and this
Agreement, hereby grants to the Participant restricted stock units (the “Restricted Stock Units”)
as further described herein.

     1. Grant of Restricted Stock Units.

          The Company hereby grants to the Participant _______ Restricted Stock Units upon the Effective
Date of the Revised Fifth Amended Joint Plan of Reorganization of Visteon Corporation and the
Debtor Affiliates Pursuant to Chapter 11 of the United States Bankruptcy Code (the “Effective
Date”) and subject to the terms and conditions of the Plan and such restrictions set forth herein.
In the event of certain corporate transactions, the number of Restricted Stock Units covered by
this Agreement shall be adjusted by the Organization and Compensation Committee of the Board of
Directors of the Company (the “Committee”) as further described in Section 13 of the Plan.

     2. Vesting of Restricted Stock Units.

          a. During the Participant’s continuous employment with the Company, the Restricted Stock Units
will vest in accordance with the following vesting schedule:

	 	(i)	 	One-sixth of the Restricted Stock Units will
vest on the 21st day after the Effective Date;
	 
	 	(ii)	 	One-sixth of the Restricted Stock Units will
vest on the first anniversary of the Effective Date;
	 
	 	(iii)	 	One-third of the Restricted Stock Units will
vest on the second anniversary of the Effective Date; and
	 
	 	(iv)	 	One-third of the Restricted Stock Units will
vest on the third anniversary of the Effective Date.

          b. In the event that application of the vesting schedule would result in the vesting of a
fraction of a Restricted Stock Unit, only whole units will be considered vested.

          c. Upon a Change in Control of the Company, outstanding Restricted Stock Units that have not
previously been forfeited will vest, provided the Participant is employed by the Company, as of the
date immediately preceding the date on which the Change in Control occurs. If the Participant is
subject to another agreement governing the Participant’s employment, such other agreement will
govern the Participant’s rights with respect to the

 

 

Restricted Stock Units to the extent that such agreement provides greater rights to the
Participant upon a Change in Control of the Company.

     3. Termination of Employment.

          a. Unless provided otherwise under the remaining provisions of this Paragraph 3, if the
Participant’s employment with the Company is terminated for any reason, the Participant will
forfeit any and all rights to Restricted Stock Units that have not vested on the termination date.

          b. Notwithstanding the provisions of Paragraph 3a, if the Participant is placed on an approved
leave of absence, with or without pay, the Restricted Stock Units will vest in accordance with the
provisions of Paragraph 2 as if the Participant was actively employed.

          c. Notwithstanding the provisions of Paragraph 3a, if the Participant’s employment with the
Company is terminated by reason of death, involuntary termination by the Company without Cause, or
voluntary termination for Good Reason, the Restricted Stock Units that have not previously been
forfeited will vest as of the date of such termination.

          d. Notwithstanding the provisions of Paragraph 3a, if the Participant’s employment with the
Company is terminated by reason of disability (as defined in the Company’s long-term disability
plan) or voluntary retirement for other than Good Reason, the Restricted Stock Units that have not
previously been forfeited shall vest in accordance with the provisions of Paragraph 2 as if the
Participant had continued to be actively employed. For purposes of this Agreement, “retirement”
means the Participant termination of employment either (1) after attaining age 55 and completion of
at least 10 years of service, or (2) after completion of at least 30 years of service, regardless
of age.

     4. Restricted Stock Unit Account and Payment of Vested Units.

          a. The Company will credit the Restricted Stock Units in a hypothetical Restricted Stock Unit
Account that shall be the record of Restricted Stock Units granted to the Participant under the
Plan and shall be for record-keeping purposes only. The Company shall have no obligation to
segregate any assets for the benefit of the Participant. As soon as practicable following each
date on which the Participant becomes vested in some or all of the Restricted Stock Units, the
Company shall pay to the Participant a single lump sum cash award equal to the number of Restricted
Stock Units in the Participant’s Restricted Stock Unit Account that have become vested on such
vesting date multiplied by the “fair market value” on the vesting date of a share of the common
stock of Visteon Corporation, less applicable withholding taxes. The “fair market value” for
purposes of this Paragraph 4 shall be (i) for Restricted Stock Units that become vested pursuant to
sub-Paragraph 2a(i) (or Paragraph 3c if such termination of employment is prior to the release date
set forth in sub-Paragraph 2a(i)), the average of the closing prices for shares of common stock of
the Company as reported on any applicable over-the-counter market on which shares of common stock
of the Company are traded or reported for the five consecutive trading day preceding the date of
determination, or (ii) for all other Restricted Stock Units, the closing price for shares of common
stock of the Company as reported on any applicable over-the counter market or other applicable
market on which shares of

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common stock of the Company are traded or reported on date of determination (or the
immediately preceding trading date if such determination date is not a trading day).
Notwithstanding the foregoing, in lieu of a cash settlement of vested Restricted Stock Units, the
Company may, at its election, deliver a number of shares of common stock of the Company equal to
the number of Restricted Stock Units that have been become vested, less applicable withholding
taxes. Any shares of common stock of the Company shall be issued in book-entry form, registered in
the Participant’s name or in the name of the Participant’s legal representatives, beneficiaries or
heirs, as the case may be. The Company will not deliver any fractional share of common stock of
the Company but will pay, in lieu thereof, cash equal to the “fair market value” of such fractional
share. All Restricted Stock Units that have become vested and are settled shall be cancelled.

          b. The Company may retain the services of a third-party administrator to perform
administrative services in connection with the Plan. To the extent the Company has retained such
an administrator, any reference to the Company shall be deemed to refer to any such third-party
administrator retained by the Company, and the Company may require the Participant to exercise the
Participant’s rights under this Agreement only through such third-party administrator.

     5. Dividend Equivalents.

          With respect to each Restricted Stock Unit that remains outstanding but that is not yet
vested, the Participant shall be entitled to receive payment of the same amount of cash that such
Participant would have received as cash dividends, as if, on each record date during the period
that the Restricted Stock Unit remains outstanding, such Participant had been the holder of record
of a number of shares of common stock of Visteon Corporation equal to the number of such Restricted
Stock Units, subject to applicable taxes.

     6. Withholding.

          a. Upon the vesting of previously granted Restricted Stock Units pursuant to Paragraph 3
above, the Company may satisfy its tax withholding obligations in any manner determined by the
Committee, including by withholding a portion of the Participant’s cash compensation or by
withholding from the cash settlement proceeds with respect to the Restricted Stock Units or by
withholding common stock of the Company that would otherwise be issued with respect to the
Restricted Stock Units having a fair market value, as determined by the Committee, equal to the
amount required to be withheld. The fair market value of any fractional Restricted Stock Unit
remaining after the withholding requirements are satisfied will be paid to the Participant in cash.
The Company may also require the Participant to deliver a check in the amount of any tax
withholding obligation, or to otherwise indemnify the Company, as a condition to the issuance or
payment of any Final Award hereunder.

          b. Dividend Equivalents paid on Restricted Stock Units are subject to applicable tax
withholding as described in Paragraph 6(a).

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     7. Nontransferability.

          Except as provided in Paragraph 8 of this Agreement, the Participant has no right to sell,
assign, transfer, pledge, or otherwise alienate the Restricted Stock Units, and any attempted sale,
assignment, transfer, pledge or other conveyance will be null and void.

     8. Beneficiary.

          The Participant may designate a beneficiary to receive any Final Award that may be paid (or
shares of common stock of the Company that may be delivered) on or after the Participant’s death on
the form or in the manner prescribed for such purpose by the Committee. Absent such designation,
the Participant’s beneficiary will be the Participant’s estate. The Participant may from time to
time revoke or change the beneficiary designation without the consent of any prior beneficiary by
filing a new designation with the Company. If a Participant designates his or her spouse as
beneficiary, such designation automatically shall become null and void on the date of the
Participant’s divorce or legal separation from such spouse. The last such designation received by
the Company will be controlling; provided, however, that no designation, or change or revocation
thereof, will be effective unless received by the Company prior to the Participant’s death, and in
no event will any designation be effective as of a date prior to such receipt. If the Committee is
in doubt as to the identity of the beneficiary, the Committee may deem the Participant’s estate as
the beneficiary, or the Company may apply to any court of appropriate jurisdiction and such
application will be a complete discharge of the liability of the Company therefor.

     9. Securities Law Restrictions.

          Notwithstanding anything herein to the contrary, the Committee, in its sole and absolute
discretion, may delay payment of (or delivery of shares of common stock of the Company to satisfy)
a Final Award to the Participant (or a beneficiary) or may impose restrictions or conditions on the
Participant’s (or any beneficiary’s) receipt of a Final Award, if the Committee determines that
such action is necessary or desirable for compliance with any applicable state, federal or foreign
law, the requirements of any stock exchange on which the stock of the Company is then traded, or is
requested by the Company or the underwriters managing any underwritten offering of the Company’s
securities pursuant to an effective registration statement filed under the Securities Act of 1933.

     10. Voting Rights.

          The Participant shall have no voting rights with respect to the Restricted Stock Units.

     11. Limited Interest.

          a. The grant of the Restricted Stock Units shall not be construed as giving the Participant
any interest other than as provided in this Agreement. The Participant shall have no rights as a
shareholder as a result of the grant or vesting of the Restricted Stock Units unless and until
shares of common stock of the Company are issued in settlement of vested Restricted Stock Units.

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          b. The grant of the Restricted Stock Units shall not confer on the Participant any right to
continue as an employee or continue in service of the Company, nor interfere in any way with the
right of the Company to terminate the Participant’s employment at any time.

          c. The grant of the Restricted Stock Units shall not affect in any way the right or power of
the Company to make or authorize any or all adjustments, recapitalizations, reorganizations, or
other changes in the Company’s capital structure or its business, or any merger, consolidation or
business combination of the Company, or any issuance or modification of any term, condition, or
covenant of any bond, debenture, debt, preferred stock or other instrument ahead of or affecting
the stock or the rights of the holders thereof, or the dissolution or liquidation of the Company,
or any sale or transfer of all or any part of its assets or business or any other Company act or
proceeding, whether of a similar character or otherwise.

          d. The Participant acknowledges and agrees that the Plan is discretionary in nature and
limited in duration, and may be amended, cancelled, or terminated by the Company, in its sole
discretion, at any time. The grant of the Restricted Stock Units under the Plan is a one-time
benefit and does not create any contractual or other right to receive a grant of Restricted Stock
Units or benefits in lieu of Restricted Stock Units in the future. Future grants, if any, will be
at the sole discretion of the Committee, including, but not limited to, the timing of any grant,
the number of Restricted Stock Units to be granted, and restrictions placed on such Restricted
Stock Units.

     12. Consent to Transfer of Personal Data.

          The Participant voluntarily acknowledges and consents to the collection, use, processing and
transfer of personal data as described in this paragraph. The Participant is not obliged to
consent to such collection, use, processing and transfer of personal data. However, failure to
provide the consent may affect the Participant’s ability to participate in the Plan. The Company
holds certain personal information about the Participant, including the Participant’s name, home
address and telephone number, date of birth, social security number or other employee
identification number, salary, nationality, job title, any shares of stock or directorships held in
the Company, details of all options or any other entitlement to shares of stock awarded, canceled,
purchased, vested, unvested or outstanding in the Participant’s favor, for the purpose of managing
and administering the Plan (“Data”). The Company and/or its subsidiaries will transfer Data
amongst themselves as necessary for the purpose of implementation, administration and management of
the Participant’s participation in the Plan, and the Company may further transfer Data to any third
parties assisting the Company in the implementation, administration and management of the Plan.
These recipients may be located in the European Economic Area, or elsewhere throughout the world,
such as the United States. The Participant authorizes them to receive, possess, use, retain and
transfer the Data, in electronic or other form, for the purposes of implementing, administering and
managing the Participant’s participation in the Plan, including any requisite transfer of such Data
as may be required for the administration of the Plan and/or the subsequent holding of shares of
stock on the Participant’s behalf to a broker or other third party with whom the Participant may
elect to deposit any shares of stock acquired pursuant to the Plan. The Participant may, at any
time, review Data, require any necessary amendments to it or withdraw the consents herein in
writing by contacting the Company; however, withdrawing consent may affect the Participant’s
ability to participate in the Plan.

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     13. Incorporation by Reference.

          The terms of the Plan are expressly incorporated herein by reference. Capitalized terms that
are not defined in this Agreement will have the meaning ascribed to them under the Plan. In the
event of any conflict between this Agreement and the Plan, the Plan shall govern.

     14. Governing Law.

          This Agreement shall be governed by and construed in accordance with the laws of the State of
Delaware, without reference to any conflict of laws principles thereof.

     15. Severability.

          In the event any provision of the Agreement is held illegal or invalid for any reason, the
illegality or invalidity will not affect the remaining provisions of the Agreement, and the
Agreement shall be construed and enforced as if the illegal or invalid provision has not been
inserted.

     16. Amendment.

          Except as otherwise permitted under the Plan, this Agreement may not be amended, modified,
terminated or otherwise altered except by the written consent of the parties thereto.

     17. Counterparts.

          This Agreement may be executed in one or more counterparts, each of which will be deemed to be
an original but all of which together will constitute one and the same instrument.

     18. Definition of Certain Terms.

          a. “Cause” for termination by the Company of the Participant’s employment shall mean (i) the
willful and continued failure by the Participant to substantially perform the Participant’s duties
with the Company (other than any such failure resulting from the Participant’s incapacity due to
physical or mental illness or any such actual or anticipated failure after the Participant provides
notice to the Company of the Participant’s termination for Good Reason) after a written demand for
substantial performance is delivered to the Participant by (A) if the Participant is an executive
officer of the Company, the Board of Directors of the Company, or (B) if the Participant is not an
executive officer of the Company, the head of the Company’s global human resources department,
which demand specifically identifies the manner in which the Company believes that the Participant
has not substantially performed the Participant’s duties, or (ii) the willful engaging by the
Participant in conduct which is demonstrably and materially injurious to the Company, monetarily or
otherwise. For purposes of clauses (i) and (ii) of this definition, (x) no act, or failure to act,
on the Participant’s part shall be deemed “willful” unless done, or omitted to be done, by the
Participant not in good faith and without reasonable belief that the Participant’s act, or failure
to act, was in the best interest of the Company, and (y) in the event of a dispute concerning the
application of this provision, no claim

6

 

by the Company that Cause exists shall be given effect unless the Company establishes by clear
and convincing evidence that Cause exists.

          b. “Good Reason” for termination by the Participant of the Participant’s employment shall mean
the occurrence (without the Participant’s express written consent), of any one of the following
acts by the Company, or failures by the Company to act, unless, in the case of any act or failure
to act described in paragraph (i), (iv), or (v) below, such act or failure to act is corrected
prior to the date of termination specified in the notice of termination given by the Participant to
the Company in respect thereof:

	 	(i)	 	the assignment to the Participant of any duties
inconsistent with or a material adverse alteration in the nature or
status of the Participant’s responsibilities from those in effect on
the Effective Date (including, without limitation, the Participant
ceasing to be an executive officer of a public company if such
Participant was an executive officer of the Company as of the Effective
Date);
	 
	 	(ii)	 	a reduction by the Company in the Participant’s
annual base salary as in effect on the Effective Date or as the same
may be increased from time to time, except for across the board salary
reductions similarly affecting all employees of the Company who are
employed at the same level, or in the case of non-executive officers of
the Company, employed at the same level within the same geographic
region;
	 
	 	(iii)	 	the relocation of the Participant’s principal
place of employment to a location more than 50 miles from the
Participant’s principal place of employment on the Effective Date or
the Company’s requiring the Participant to be based anywhere other than
such principal place of employment (or permitted relocation thereof)
except for required travel on the Company’s business to an extent
substantially consistent with the Participant’s business travel
obligations as of the Effective Date; provided, however, that
non-executive officers of the Company may be relocated to another
location if the previous place of employment is no longer used by the
Company and the cost of such relocation would be reimbursed by the
Company in accordance with its relocation reimbursement policies;
	 
	 	(iv)	 	the failure by the Company to pay to the
Participant any portion of the Participant’s current compensation
(other than changes to such Participant’s compensation contemplated by
the Revised Fifth Amended Joint Plan of Reorganization of Visteon
Corporation and the Debtor Affiliates Pursuant to Chapter 11 of the
United States Bankruptcy Code (as such plan may be supplemented or
amended from time to time)), or to pay to the Participant any portion
of an installment of deferred compensation under any deferred

7

 

	 	 	 	compensation program of the Company, within seven days of the date
such compensation is due, unless such payment would be prohibited by
applicable law;

	 	(v)	 	the failure by the Company to continue to
provide the Participant with benefits substantially similar to the
material benefits enjoyed by the Participant under any of the Company’s
pension, savings, life insurance, medical, health and accident, or
disability plans in which the Participant was participating on the
Effective Date, the taking of any other action by the Company which
would directly or indirectly materially reduce any of such benefits or
deprive the Participant of any material fringe benefit enjoyed by the
Participant on the Effective Date, or the failure by the Company to
provide the Participant with the number of paid vacation days to which
the Participant is entitled on the basis of years of service with the
Company in accordance with the Company’s normal vacation policy in
effect on the Effective Date, except for across the board changes
similarly affecting all employees of the Company who are employed at
the same level and within the same geographic region, and changes
contemplated by the Revised Fifth Amended Joint Plan of Reorganization
of Visteon Corporation and the Debtor Affiliates Pursuant to Chapter 11
of the United States Bankruptcy Code (as such plan may be supplemented
or amended from time to time).

The Participant’s right to terminate the Participant’s employment for Good Reason is
contingent upon the Participant providing to the Company a notice of termination which shall
indicate the specific Good Reason condition relied upon and shall set forth in reasonable
detail the facts and circumstances claimed to provide a basis for Good Reason termination of
the Participant under the condition so indicated. The notice of termination shall specify a
termination date, which shall not be less than 15 days nor more than 60 days from the date
such notice of termination is given. The Participant’s right to terminate the Participant’s
employment for Good Reason shall not be affected by the Participant’s incapacity due to
physical or mental illness. The Participant’s continued employment shall not constitute
consent to, or a waiver of rights with respect to, any act or failure to act constituting
Good Reason hereunder. For purposes of any determination regarding the existence of Good
Reason, any claim by the Participant that Good Reason exists shall be presumed to be correct
unless the Company establishes by clear and convincing evidence that Good Reason does not
exist.

	 	 	 	 	 
	 	VISTEON CORPORATION

 	 
	 	By:  	 	 
	 	 	 	 
	 	 	Title:  	 	 
	 	 	 	 
	 	 	Date:  	 	 
	 

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