Terms of Director Grants under the 2011 Long-Term Incentive Stock Plan (Northrop Grumman)

Summary

This document outlines the terms for stock unit awards granted to independent directors of Northrop Grumman Corporation under the 2011 Long-Term Incentive Stock Plan. It states that, unless amended by the Board, the existing provisions from the Stock Plan for Non-Employee Directors will continue to apply. Starting in 2012, the number of stock units awarded each quarter will be based on the NYSE closing price of the company's common stock on the last day of that quarter.

EX-10.(J)(II) 2 d250683dex10jii.htm EX-10.(J)(II) EX-10.(j)(ii)

EXHIBIT 10(j)(ii)

Terms of Director Grants under the 2011 Long-Term Incentive Stock Plan

December 21, 2011

 

 

Except as set forth below, the terms of the equity award provisions under the Northrop Grumman Corporation Stock Plan for Non-Employee Directors, as amended, will continue in effect for stock unit awards, both mandatory and elective, made to the independent directors’ under the 2011 Long-Term Incentive Stock Plan unless and until the Board of Directors amends those provisions; and

 

 

For purposes of determining the number of mandatory or elective stock units to be awarded to independent directors each quarter, beginning with compensation for the year 2012, the fair market value will be determined based on the NYSE closing price of a share of the Company’s common stock on the last day of the applicable quarter.