SEC Contract Filing

Filing Date: 2018-02-22

Document Content:
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<TYPE>EX-10.23
<SEQUENCE>2
<FILENAME>h10050817x1_ex10-23.htm
<DESCRIPTION>EXHIBIT 10.23
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 Exhibit 10.23</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">L3 TECHNOLOGIES, INC.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">AMENDED AND RESTATED</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">2008 LONG TERM PERFORMANCE PLAN</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">RESTRICTED STOCK UNIT AGREEMENT</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">(Senior Executive Version 2017-2)</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; TEXT-INDENT: 36pt">This Restricted Stock Unit Agreement (this &#8220;Agreement&#8221;), effective as of the Grant Date (as defined below), is between L3 Technologies, Inc., a Delaware corporation (the &#8220;Corporation&#8221;), and the Participant (as defined below).</div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">1.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"><u>Definitions</u></font>.&#160; The following terms shall have the following meanings for purposes of this Agreement:</font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#8220;Award Letter&#8221; shall mean the letter to the Participant attached hereto as Exhibit A.</font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#8220;Code&#8221; shall mean the Internal Revenue Code of 1986, as amended from time to time.</font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">(c)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#8220;Determination Date&#8221; shall mean the date on which the Committee determines whether the Performance Condition (as defined below) has been satisfied.</font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">(d)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#8220;Free Cash Flow&#8221; shall mean (1) the Corporation&#8217;s net cash from operating activities, minus (2) capital expenditures, plus (3) dispositions of property, plant and equipment, in each case from continuing operations, determined in accordance with GAAP and as derived from the Corporation&#8217;s audited consolidated financial statements prepared in the ordinary course of business; provided, that Free Cash Flow shall be calculated so as to eliminate the effect of: (i) discretionary contributions to pension plans that exceed the contributions forecasted in the Corporation&#8217;s internal plan for the year as presented to the Board of Directors in February 2018; (ii) premiums and other payments in excess of principal and accrued interest associated with the retirement of debt; and (iii) tax payments or benefits associated with gains or losses on business divestitures in calculating net cash from operating activities;</font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">(e)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#8220;GAAP&#8221; shall mean generally accepted accounting principles in the United States.</font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">(f)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#8220;Grant Date&#8221; shall mean the &#8220;Grant Date&#8221; listed in the Award Letter.</font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">(g)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#8220;Participant&#8221; shall mean the &#8220;Participant&#8221; listed in the Award Letter.</font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">(h)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">