EXHIBIT
10.27
Grant #
«Number»
PERFORMANCE-BASED
RESTRICTED STOCK UNIT AGREEMENT
This
Performance-Based Restricted Stock Unit Agreement
(“Agreement”) is made and entered into as of
«Option_Date_x» (the “Grant
Date”) by and between Computer Sciences Corporation ,
a Nevada corporation (the “Company”), and
«Name_x», a full-time employee of the Company
and/or one or more of its subsidiaries (the
“Employee”).
WHEREAS,
pursuant to the Company’s «Plan_x» Stock
Incentive Plan (the “Plan”), the Company granted to the
Employee, and the Employee accepted, a restricted stock unit
redeemable in shares of common stock, par value $1.00 per share, of
the Company (the “Common Stock”), upon the terms and
conditions set forth in the Performance-Based Restricted Stock Unit
Agreement, dated May 27, 2008, which terms, conditions and
restrictions were approved by the committee of the Board of
Directors administering the Plan (the “Committee”)
(such grant hereinafter referred to as the “Prior
Grant”);
WHEREAS, the
Committee has determined to cancel the Prior Grant and to replace
it with the Replacement Grant, as defined below;
WHEREAS,
pursuant to the Company’s Plan, the Company desires to grant
to the Employee, and the Employee desires to accept, the
Replacement Grant upon the terms and conditions set forth herein,
which terms, conditions and restrictions have been approved by the
Committee;
NOW, THEREFORE,
in consideration of the foregoing recital and the covenants set
forth herein, the parties hereto hereby agree as
follows:
The Company
hereby grants to the Employee, and the Employee hereby accepts, a
restricted stock unit redeemable by the delivery of shares of
Common Stock, together with Dividend Equivalents (as hereinafter
defined) to the Employee (or after the Employee's death, the
beneficiary designated by the Employee for such purpose), which
restricted stock unit shall be subject to all of the terms and
conditions set forth in this Agreement, including, without
limitation, those set forth in Schedule “RSU6-2PS”
attached hereto and incorporated herein by this reference (the
“RSU” and sometimes referred to herein as the
“Replacement Grant”). The Committee has
designated the RSU as a "Performance-Based Award" under the
Plan.
The number of
shares of Common Stock to be delivered upon redemption of the RSU
("RSU Shares") shall be between 0% and 200%, inclusive, of
«Shares_Granted_x» shares (the "Target
Shares") and, except as otherwise provided in this Agreement, shall
be determined by the Committee pursuant to Appendix A to this
Agreement based on the Company's performance during FY2010 ("Fiscal
Year 1") and FY2011 ("Fiscal Year 2").
Except as
otherwise provided in this Agreement, the RSU shall be redeemed on
the earlier of (a) the third Trading Day (as hereinafter
defined) after the date upon which the Company files with the U.S.
Securities and Exchange Commission the Company's Annual Report on
Form 10-K for Fiscal Year 2, or (b) March 15 of the calendar
year following the calendar year in which Fiscal Year 2 ends (the
"Scheduled Redemption Date").
The term
“Dividend Equivalents” shall mean, with respect to each
RSU Share being delivered by the Company upon redemption of the
RSU, or cancelled by the Company in payment of withholding taxes,
an amount in cash equal to the aggregate amount of all regular cash
dividends paid on a share of Common Stock during the period between
the Grant Date and the date of such redemption or cancellation,
together with interest thereon at the rate credited to amounts
deferred under the Company’s Deferred Compensation Plan, as
such rate may be changed from time to time.
The term
"Trading Day" means a day that the principal United States national
securities exchange on which the Common Stock is listed or admitted
to trading is open.
In
consideration of the receipt of the Replacement Grant, the Employee
waives all rights under, and agrees to the cancellation of, the
Prior Grant.
COMPUTER
SCIENCES CORPORATION
/s/ Michael W.
Laphen
By
______________________________
Michael
W. Laphen
President
and Chief Executive Officer
/s/ Michael J.
Mancuso
By
______________________________
Michael J. Mancuso
Vice
President and Chief Financial Officer
IN WITNESS
WHEREOF, the parties hereto have caused this Agreement to be duly
executed as of the Grant Date.
EMPLOYEE
___________________________________________
«Name_x»
|
The Employee
acknowledges receipt of the Plan and a Prospectus relating to the
RSU, and further acknowledges that he or she has reviewed this
Agreement and the related documents and accepts the provisions
thereof.
|
___________________________________________
«Name_x»
«Address_Line_1»
«Address_Line_2»
«Address_Line_3»
«Address_Line_4»
«Address_Line_5»
PERFORMANCE-BASED
RESTRICTED STOCK UNIT SCHEDULE RSU6-2PS
ADDITIONAL
TERMS AND CONDITIONS
1.
Forfeiture
Obligations .
(a)
Certain
Definitions . For purposes of this Agreement, the
following terms shall have the following meanings:
(i)
“Redemption
Date” shall mean, with respect to each RSU Share, the date
upon which the RSU was redeemed by the delivery of such RSU Share
to the Employee or the date upon which such RSU Share was cancelled
in payment of Taxes (as hereinafter defined).
(ii)
“Measurement
Period” shall mean, with respect to each Redemption Date, the
period set forth in Section 1(c)(i) or (ii) hereof,
respectively.
(iii)
The “Fair
Market Value” of an RSU Share on any date shall be equal to
the last sale price, regular way, of a share of Common Stock on
such date (or in case the principal United States national
securities exchange on which the Common Stock is listed or admitted
to trading is not open on such date, the next preceding date upon
which it is open), or in case no such sale takes place on such day,
the average of the closing bid and asked prices, regular way, in
either case as reported in the principal consolidated transaction
reporting system with respect to securities listed or admitted to
trading on such securities exchange.
(b)
Refund of Stock
Value . If any of the events set forth in
Section 1(c)(i) or (ii) hereof shall occur during the
Measurement Period for any Redemption Date, then the Employee shall
immediately deliver to the Company an amount in cash equal to the
aggregate Fair Market Value, determined as of such Redemption Date,
of all RSU Shares which were delivered to the Employee or cancelled
in payment of Taxes on such Redemption Date.
(c)
Triggering
Events . The events referred to in Section 1(b)
hereof are as follows:
(i)
Competing With
the Company after Voluntary Termination of Employment and Prior to
Six Months after a Redemption Date . The Employee
participating, as a director, officer, employee, agent, consultant
or greater than 5% equityholder (collectively,
“Participating”), in any of the following during the
period of time commencing on the date upon which the Employee's
status as a full-time employee of the Company or its affiliates is
voluntarily terminated (the “Voluntary Employment Termination
Date”), there being a presumption that any termination of
employment is voluntary, and continuing until six months after a
Redemption Date (for the purpose of such event, and with respect to
each such Redemption Date, the “Measurement
Period”):
(A)
Participating in
any manner in any enterprise that competes with, or is becoming a
competitor of, the Company (if the Employee is a Corporate
Employee) or any operating business unit of the Company in which
the Employee has been employed within one year prior to the
Voluntary Employment Termination Date (if the Employee is not a
Corporate Employee) in any city in which the Company or such
business unit, respectively, provides services or products on the
Voluntary Employment Termination Date; or
(B)
Participating in
any other organization or business, which organization or business,
or which Participation therein, is or is becoming otherwise
prejudicial to or in conflict with the interests of the
Company.
(ii)
Engaging in
Certain Activities after Voluntary or Involuntary Termination of
Employment and Prior to One Year after a Redemption Date
. The Employee engaging in any of the following
activities during the period of time commencing on the date upon
which the Employee's status as a full-time employee of the Company
or its affiliates is voluntarily or involuntarily terminated (the
“Employment Termination Date”) and continuing until one
year after a Redemption Date (for the purpose of such events, and
with respect to each such Redemption Date, the “Measurement
Period”):
(A)
Solicitation of
Customers or Prospective Customers . Directly or
indirectly soliciting any of the following with respect to any of
the services or products that the Company or any of its affiliates
then provide to customers:
(1)
any person or
entity that the Employee knew to be a customer of the Company or
any of its affiliates; or
(2)
any person or
entity whose business the Employee solicited on behalf of the
Company or its affiliates during the one-year period preceding the
Employment Termination Date.
(B)
Solicitation or
Hiring of Employees . Directly or indirectly
soliciting or hiring any person who then is an employee of the
Company or any of its affiliates.
(C)
Disclosure of
Confidential Information . Use, or disclosure,
communication or delivery to any person or entity, of any
confidential business information or trade secrets that the
Employee obtained during the course of his or her employment with
the Company or any of its affiliates (collectively,
“Confidential Information”). Confidential
Information includes, without limitation, the
following:
(1)
non-public
financial information;
(2)
non-public
operational information, including, without limitation, information
relating to business or market strategies, pricing policies and
methodologies, research and development plans, or the introduction
of new services or products;
(3)
information
regarding employees, including, without limitation, names,
addresses, contact information and compensation;
(4)
information
regarding customers and suppliers, including, without limitation,
names, addresses, contact information and requirements, and the
terms and conditions of the business arrangements with such
customers and suppliers;
(5)
information
regarding potential acquisitions or dispositions of businesses or
products; and
(6)
information
relating to proprietary technological or intellectual property, or
the operational or functional features or limitations
thereof.
(d)
Release of
Forfeiture Obligations .
(i)
Notwithstanding
the foregoing, the Employee shall be released from (A) all of his
or her obligations under Section 1(b) hereof in the event that a
Change of Control (as hereinafter defined) occurs within three
years prior to the Employment Termination Date, and (B) some or all
of his or her obligations under Section 1(b) hereof in the
event that the Committee (if the Employee is an executive officer
of the Company) or the Company's Chief Executive Officer (if the
Employee is not an executive officer of the Company) shall
determine, in their respective sole discretion, that such release
is in the best interests of the Company.
(ii)
“Change in
Control” shall mean the consummation of a “change in
the ownership” of Computer Sciences Corporation, a
“change in effective control” of Computer Sciences
Corporation or a “change in the ownership of a substantial
portion of the assets” of Computer Sciences Corporation, in
each case, as defined in Section 409A of the U.S. Internal Revenue
Code and the regulations thereunder.
(e)
Effect on Other
Rights and Remedies . The rights of the Company set
forth in this Section 1 shall not limit or restrict in any manner
any rights or remedies which the Company or any of its affiliates
may have under law or under any separate employment,
confidentiality or other agreement with the Employee or otherwise
with respect to the events described in Section 1(c)
hereof.
(f)
Reasonableness . The Employee agrees that the
terms and conditions set forth in this Agreement are fair and
reasonable and are reasonably required for the protection of the
interests of the Company. If, however, in any judicial
proceeding any provision of this Agreement is found to be so broad
as to be unenforceable, the Employee and the Company agree that
such provision shall be interpreted to be only so broad as to be
enforceable.
2.
Accelerated
Redemption of the RSU; Cancellation of the RSU .
(a)
Termination of
Employment at Age 62 or Older Other than for Cause with at least 10
Years of Service; Approved Termination .
(i)
If, prior to the
redemption of the RSU in full: