First Amendment to DRS Technologies, Inc. Incentive Compensation Plan (Effective November 8, 2007)
This amendment updates the DRS Technologies, Inc. Incentive Compensation Plan by revising the section on when and how incentive payments are made. Payments for awards will generally be made in cash after the performance period ends, but no later than the 15th day of the third month following the end of the relevant taxable year. For certain employees, payments require certification that performance goals have been met. The amendment also references compliance with IRS regulations for unforeseen events.
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Exhibit 10.2
First Amendment to the DRS Technologies, Inc. Incentive Compensation Plan
(effective as of November 8, 2007)
The First Amendment deletes Section 6 in its entirety and replaces it with the following:
6. Time and Form of Payment. Unless otherwise determined by the Committee, all payments in respect of Awards granted under this Plan shall be made, in cash, within a reasonable period after the end of the Performance Period; provided, however, that in no event shall such payments be made later than the 15th day of the third month following the end of the taxable year (of the Company or the Participant, whichever is later) in which the Performance Goals have been achieved (except in the case of certain unforeseen events, as set forth in regulations issued under Section 409A). In addition, in the case of Participants who are Covered Employees, unless otherwise determined by the Committee, such payments shall be made only after achievement of the Performance Goals has been certified by the Committee.
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- Exhibit 10.2
