ITC Holdings Corp.
EX-10.75
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<TYPE>EX-10.75
<SEQUENCE>6
<FILENAME>k35026exv10w75.htm
<DESCRIPTION>EX-10.75
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<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><I>Exhibit&nbsp;10.75</I>
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<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>AMENDMENT TO<BR>
STOCK OPTION AGREEMENTS UNDER 2006 LTIP</B>
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Amendment, dated as of August &#95;&#95;&#95;, 2008, between ITC Holdings Corp. (the &#147;Company&#148;) and
the undersigned (&#147;Optionee&#148;).
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Company and Optionee have entered into one or more Stock Option Agreements (the
&#147;Agreements&#148;) to document option grant(s) made to Optionee under the Company&#146;s 2006 Long Term
Incentive Plan;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Compensation Committee of the Company&#146;s Board of Directors has authorized the
Company to amend the Agreements on the terms set forth herein;
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Company and Optionee desire to amend the Agreements in accordance with Section
5.3 thereof;
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW, THEREFORE, in consideration of the premises and mutual agreements set forth in the
Agreements and this Amendment, the parties hereby agree as follows:
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;The preamble to Section&nbsp;3.1(a) of the Agreements is amended and restated in its entirety as
follows:
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) So long as the Optionee continues to be employed by the
Company or any of its Subsidiaries, or in the event Optionee&#146;s
employment terminates due to Retirement, the Option shall become
exercisable pursuant to the following schedule:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;Section&nbsp;3.1(b) of the Agreements is amended and restated in its entirety as follows:
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the foregoing, the Option shall become
immediately exercisable as to 100% of the shares of Common Stock
subject to such Option (but only to the extent such Option has not
otherwise terminated or become exercisable) (i)&nbsp;if the Optionee
ceases to be employed due to Optionee&#146;s death or Disability, or (ii)
immediately prior to a Change in Control; provided, however, that
this Section&nbsp;3.1(b)(ii) is subject to the Committee&#146;s rights, in the
event of a Change in Control, to cash out the Option pursuant to
Section&nbsp;9.2(b) of the Plan. The Committee has irrevocably
determined not to, and shall not (and shall not permit the Board
to), exercise any right it may have under the Plan, including
without limitation under such Section&nbsp;9.2(c), to determine that the
Option shall not become immediately exercisable upon a Change in
Control.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;Paragraphs (a), (b)&nbsp;and (c)&nbsp;of Section&nbsp;3.2 of the Agreements are amended and restated in
their entirety as follows:
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<P align="center" style="font-size: 10pt"><!-- Folio -->1<!-- /Folio -->
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If, prior to the date when the Option first becomes
exercisable, Optionee&#146;s employment terminates for any reason other
than death, Disability or Retirement, Optionee&#146;s right to exercise
the Option shall terminate and all rights thereunder shall cease; or
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If, on or after the date when the Option first becomes
exercisable, Optionee&#146;s employment terminates for any reason other
than death, Disability or Retirement, Optionee shall have the right,
within three months after termination of employment to exercise the
Option to the extent that it was exercisable and unexercised on the
date of Optionee&#146;s termination of employment, subject to any other
limitation on the exercise of the Option in effect on the date of
exercise.
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">If Optionee&#146;s employment terminates due to death, Disability or
Retirement before the tenth anniversary of the Grant Date, Optionee
or the person or persons to whom the Option shall have been
transferred by will or the laws of descent and distribution shall
have the right within the exercise period specified in this
Agreement to exercise the Option, subject to any other limitation on
exercise in effect on the date of exercise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;A new Section&nbsp;3.4 is hereby added to the Agreements, which shall read in its entirety as
follows:
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4. <U>Retirement.</U> &#147;Retirement&#148; as used in this
Agreement shall mean the termination of the Optionee&#146;s employment,
by the Company or by Optionee, on or after Optionee&#146;s
65<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> birthday, other than due to death or Disability.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;The term &#147;Agreement&#148; as used in the Agreements shall be deemed to refer to such Agreement
as amended through the date hereof, including without limitation this Amendment.
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;This Amendment may be executed in two or more counterparts, each of which shall be deemed
an original, but all of which together shall constitute one and the same instrument.
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed, all as
of the day and year first above written.
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<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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    <TD width="1%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
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<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">ITC HOLDINGS CORP.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Name:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Title:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
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</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
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<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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    <TD width="64%">&nbsp;</TD>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
(signature)
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    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
(print Optionee name)
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    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
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