Option Surrender Agreement between TransDigm Group Incorporated and Raymond Laubenthal
TransDigm Group Incorporated and Raymond Laubenthal have agreed that Mr. Laubenthal will surrender 64,500 unvested stock options previously granted to him under the company's 2006 Stock Incentive Plan. These surrendered options, along with any related dividend rights, are terminated and void. The remaining options will continue to vest according to the original agreement's schedule. This amendment is effective as of January 1, 2015.
Exhibit 10.1
OPTION SURRENDER AGREEMENT
WHEREAS, TransDigm Group Incorporated (“Company”) has granted to Raymond Laubenthal (“Optionee”) 107,500 options (the “Options”) pursuant to a Stock Option Grant Notice and Stock Option Agreement dated November 19, 2012 pursuant to Company’s 2006 Stock Incentive Plan, as amended;
WHEREAS, none of the Options have vested;
WHEREAS, Optionee has agreed to surrender 64,500 Options, including any dividend equivalent rights associated therewith;
NOW, THEREFORE, the undersigned agree as follows:
64,500 Options granted under the Option Agreement shall be deemed surrendered by Optionee, terminated and void for all purposes. The remaining options will be eligible to vest ratably over the vesting period in accordance with the terms of the Option Agreement.
IN WITNESS WHEREOF, this Amendment is effective as of the 1st day of January, 2015.
| TRANSDIGM GROUP INCORPORATED | ||
| By | /s/ W. Nicholas Howley | |
| Name: W. Nicholas Howley | ||
| Title: Chairman and Chief Executive Officer | ||
| /s/ Raymond Laubenthal | ||
| RAYMOND LAUBENTHAL | ||
