SEC Contract Filing

Filing Date: 2022-02-23

Document Content:
<DOCUMENT>
<TYPE>EX-10.47
<SEQUENCE>20
<FILENAME>psn-ex1047_1090.htm
<DESCRIPTION>EX-10.47
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psn-ex1047_1090.htm
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Exhibit 10.47</p>
<p style="text-align:center;margin-bottom:8pt;margin-top:0pt;text-indent:0%;font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">AMENDMENT TO PARSONS CORPORATION INCENTIVE PLAN</p>
<p style="text-align:center;margin-bottom:8pt;margin-top:0pt;text-indent:0%;font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">PERFORMANCE STOCK UNIT AWARD</p>
<p style="margin-bottom:0pt;margin-top:9pt;text-indent:5.24%;font-size:12pt;font-family:Calibri;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">This Amendment to Parsons Corporation Incentive Award Plan Performance Stock Unit Award (&#8220;Amendment&#8221;) is made effective as of&#160;July 19, 2021, by and between Parsons Corporation (&#8220;Company&#8221;), and&#160;David Spille (&#8220;Employee&#8221;).</p>
<p style="margin-bottom:0pt;margin-top:9pt;text-indent:5.24%;font-size:12pt;font-family:Calibri;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">WHEREAS, the Company and Employee are parties to that certain Parsons Corporation Incentive Award Plan Performance Stock Unit Award dated as of March 5, 2020 (the &#8220;Award&#8221;);</p>
<p style="margin-bottom:0pt;margin-top:9pt;text-indent:5.24%;font-size:12pt;font-family:Calibri;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">WHEREAS, the Company and Employee are parties to that certain Parsons Corporation Change in Control Severance Agreement (&#8220;CIC Agreement&#8221;), which was amended as of July 19, 2021;</p>
<p style="margin-bottom:0pt;margin-top:9pt;text-indent:5.24%;font-size:12pt;font-family:Calibri;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">WHEREAS, the Company and Employee desire to amend the Award to incorporate and reflect any amendments to the CIC Agreement;</p>
<p style="margin-bottom:0pt;margin-top:9pt;text-indent:5.24%;font-size:12pt;font-family:Calibri;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The parties agree as follows:</p>
<p style="margin-bottom:0pt;margin-top:9pt;text-indent:5.24%;font-size:12pt;font-family:Calibri;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1.<font style="margin-left:36pt;"> </font>Paragraph 2 of Exhibit B is hereby restated as follows:</p>
<p style="margin-bottom:0pt;margin-top:9pt;text-indent:7.69%;font-style:italic;font-size:12pt;font-family:Calibri;font-weight:normal;text-transform:none;font-variant: normal;">ACCELERATED VESTING.&nbsp;&nbsp;In the event of Participant&#8217;s Termination of Service due to Retirement, death or Disability prior to the Payment Date, Participant will remain eligible to vest in and receive on the Payment Date that number of PSUs as is determined by multiplying (a) the number of PSUs that Participant would vest in as provided in Section 1 of this Exhibit B had he/she not incurred a Termination of Service prior to the Payment Date, by (b) (i) the number of months that have elapsed since January 1, 2020, divided by (ii) 36. Partial months shall be rounded up to the next whole calendar month for purposes of the numerator in this calculation.&nbsp;&nbsp;In the event the calculation results in a fractional PSU, any fractional PSU will be rounded up to the nearest whole PSU.&nbsp;&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:9pt;text-indent:7.69%;font-style:italic;font-size:12pt;font-family:Calibri;font-weight:normal;text-transform:none;font-variant: normal;">Notwithstanding the foregoing, if Participant is a party to a Change in Control Severance Agreement with the Company at the time of Participant&#8217;s Termination of Service due to Retirement, death or Disability prior to the Payment Date, and such termination occurs prior to the occurrence of a Change in Control, in lieu of the treatment in the foregoing paragraph, Participant will remain eligible to vest in and receive on the Payment Date (or, if earlier, the date of a Change in Control) that number of PSUs as is determined by multiplying (a) the number of PSUs that Participant would vested in as provided in Section 1 of this Exhibit B had he/she not incurred a Termination of Service prior to the Payment Date (or, in the event of a Change in Control prior to the Payment Date, the Target PSUs), by (b) (i) the number of months that have elapsed since January 1, 2020, divided by (ii) 36. Partial months shall be rounded up to the next whole calendar month for purposes of the numerator in this calculation.&nbsp;&nbsp;In the event the calculation results in a fractional PSU, any fractional PSU will be rounded up to the nearest whole PSU.</p>
<p style="margin-bottom:0pt;margin-top:9pt;font-style:italic;font-size:12pt;font-family:Calibri;font-weight:normal;text-transform:none;font-variant: normal;text-indent:7.69%;"><a name="_AEIOULastRenderedPageBreakAEIOU2"></a>The Award shall also be eligible for accelerated vesting as provided in Section 12.2 of the Plan; provided that, in the event Section 12.2(d) of the Plan applies, in the event of Participant's Termination of Service without "cause" (and other than as a result of Participant's </p>
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