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Bonus Agreement

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Title:

Bonus Agreement

Entities:

IT Group, Inc.

Date:

2000

Size:

17KB total

Price:

$35

ID:

#682456

► Compensation ► Bonus Agreements
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THE IT GROUP, INC.

BONUS AGREEMENT

This Bonus Agreement (this Agreement ) is made and entered into effective as of by and between The IT Group, Inc. (the Company) and (the Key Individual). Capitalized terms used but not otherwise defined in this Agreement that are defined in the Plan (as defined below) shall have the meanings specified in the Plan.

WITNESSETH:

WHEREAS, the Key Individual is currently employed by the Company in the capacity of ;

WHEREAS, the Company has adopted the IT Group, Inc. Executive Bonus Plan (the Plan), effective as of , which provides certain additional incentives to certain key executives of the Company or its affiliates;

WHEREAS, the Key Individual has been selected by the Compensation Committee of the Board of Directors (the Compensation Committee or the Committee) to be eligible to participate in the Plan; and

WHEREAS, the Key Individual desires to become a participant of the Plan.

NOW, THEREFORE, in consideration of the mutual covenants contained herein, the Company and Key Individual agree as follows:

1. TERM OF AGREEMENT. This Agreement shall continue in effect until the earlier occurrence of the following events: (i) the Key Individuals failure to satisfy any eligibility requirement of the Plan due to a decrease in the hours of service performed by Key Individual or as a result of any other circumstance; (ii) the Key Individuals termination of employment with the Company or its affiliate whether voluntarily or involuntarily; or (iii) the termination of the Plan by the Board of Directors.

2. CONTINUED SERVICE BONUS

(a) Subject to the terms of the Plan and the continued existence of the Plan, if Key Individual is a Full-Time Employee of the Company in good standing for each anniversary of November 17, 1998 (the Bonus Date) during the term of the Plan, Key Individual shall receive a Continued Service Bonus in an amount as set forth in Exhibit A.

(b) Notwithstanding the foregoing, the occurrence of the following events will affect Key Individual s eligibility for a Continued Service Bonus as follows:

THE IT GROUP, INC.

BONUS AGREEMENT

(i) Termination of Employment for Cause; Voluntary Termination. Key Individual shall not be eligible for any Continued Service Bonus under this Agreement following a separation from service if such separation was due to termination by the Company or an affiliate for Cause or a voluntary termination by Key Individual.

(ii) Termination Without Cause. Subject to Section 2(b)(v), below, in the event that Key Individuals employment with the Company or an affiliate is terminated by either without Cause during the consecutive twelve-month period prior to an anniversary of the Bonus Date, the Termination Date for purposes of determining Key Individuals eligibility for a Continued Service Bonus shall be deemed to have occurred six (6) months following Key Individuals actual Termination Date.

(iii) Retirement of Key Individual. In the event Key Individuals employment terminates on or after [his/her] Retirement Date during the consecutive twelve-month period prior to an anniversary of the Bonus Date, Key Individual shall be immediately eligible to receive any Continued Service Bonus for any outstanding anniversary or anniversaries of the Bonus Date as if [he/she] had remained a Full-Time Employee through the last anniversary date on which a Continued Service Bonus is to be awarded.

(iv) Death or Disability of Key Individual. In the event Key Individual dies or becomes Permanently Disabled while employed by the Company or an affiliate during the consecutive twelve-month period prior to an anniversary of the Bonus Date, Key Individual shall be immediately eligible to receive any Continued Service Bonus for any outstanding anniversary or anniversaries of the Bonus Date as if [he/she] had remained a Full-Time Employee through the last anniversary date on which a Continued Service Bonus is to be awarded.

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