<SEC-DOCUMENT>0000950123-11-023707.txt : 20110309
<SEC-HEADER>0000950123-11-023707.hdr.sgml : 20110309
<ACCEPTANCE-DATETIME>20110309172105
ACCESSION NUMBER:		0000950123-11-023707
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20110303
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
FILED AS OF DATE:		20110309
DATE AS OF CHANGE:		20110309

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ITT Corp
		CENTRAL INDEX KEY:			0000216228
		STANDARD INDUSTRIAL CLASSIFICATION:	PUMPS & PUMPING EQUIPMENT [3561]
		IRS NUMBER:				135158950
		STATE OF INCORPORATION:			IN
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-05672
		FILM NUMBER:		11675981

	BUSINESS ADDRESS:	
		STREET 1:		1133 WESTCHESTER AVENUE
		CITY:			WHITE PLAINS
		STATE:			NY
		ZIP:			10604
		BUSINESS PHONE:		914.641.2041

	MAIL ADDRESS:	
		STREET 1:		1133 WESTCHESTER AVENUE
		CITY:			WHITE PLAINS
		STATE:			NY
		ZIP:			10604

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ITT CORP
		DATE OF NAME CHANGE:	20060705

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ITT INDUSTRIES INC
		DATE OF NAME CHANGE:	19951220

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ITT CORP
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>y90197e8vk.htm
<DESCRIPTION>FORM 8-K
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<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, DC 20549</B>
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<DIV align="center" style="font-size: 12pt"><B><DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></B>
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<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM 8-K</B>
</DIV>


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<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>CURRENT REPORT<BR>
Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Date of Report (Date of earliest event reported): March&nbsp;3, 2011</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B><DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></B>
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<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>ITT CORPORATION</B>
</DIV>

<DIV align="center" style="font-size: 10pt">
<B><I>(Exact name of registrant as specified in its charter)</I></B></DIV>


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    <TD align="center" valign="top"><B>Indiana</B> <BR>
<B><I>(State or other jurisdiction <BR>
of incorporation)</I></B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>1-5672</B><BR>
<B><I>(Commission<BR>
File Number)</I></B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>13-5158950</B><BR>
<B><I>(IRS Employer<BR>
Identification No.)</I></B></TD>
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    <TD align="center" valign="top"><B>1133 Westchester Avenue</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>10604</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>White Plains, New York</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B><I>(Address of principal executive offices)</I></B>
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    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B><I>(Zip Code)</I></B></TD>
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<DIV align="center" style="font-size: 10pt; margin-top: 12pt">
<B>(914)&nbsp;641-2000</B><BR>

<B><I>(Registrant&#146;s telephone number, including area code)</I></B></DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt">
<B>NOT APPLICABLE</B><BR>

<B><I>(Former name or former address, if changed since last report)</I></B></DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Check the appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following provisions (see General
Instruction A.2. below):
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    <TD>Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)
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    <TD>Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)
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    <TD>Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
</TD>
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</TABLE>
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    <TD>Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
</TD>
</TR>
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</DIV>


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<!-- link2 "Item&nbsp;5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers." -->

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    <TD nowrap align="left"><B>Item&nbsp;5.02.</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Departure of Directors or Certain Officers; Election of Directors; Appointment of
Certain Officers; Compensatory Arrangements of Certain Officers.</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On March&nbsp;3, 2011, the Compensation and Personnel Committee (the &#147;Committee&#148;) of the Board of
Directors of ITT Corporation (the &#147;Company&#148;) approved base salaries for 2011 and long-term
incentive opportunities for the individuals expected to be named executive officers in the Proxy
Statement for our 2011 Annual Meeting of Shareholders (the &#147;2011 Annual Meeting&#148;). All decisions
with respect to compensation for Steven R. Loranger, Chairman, President and Chief Executive
Officer, were made solely by the Committee. Additional information with respect to the compensation
arrangements for the named executive officers will be set forth in the Proxy Statement for the 2011
Annual Meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Base Salaries for 2011</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Committee approved new annual base salaries, effective March&nbsp;7, 2011, for the named
executive officers as follows: Mr.&nbsp;Steven R. Loranger, $1,200,000; Ms.&nbsp;Denise L. Ramos, $606,500;
and Mr.&nbsp;Frank R. Jimenez, $435,000. The Committee considered the significant promotion and related
expansion of responsibilities for Ms.&nbsp;Gretchen W. McClain and for Mr.&nbsp;David F. Melcher in
connection with the proposed spinoff of the Fluid business and the Defense business, which was
previously announced on January&nbsp;12, 2011, and approved promotional increases for Ms.&nbsp;McClain and
for Mr.&nbsp;Melcher resulting in annual base salaries for each executive of $600,000.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Annual Incentive Awards and Opportunities</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For 2010, the named executive officers participated in the Company&#146;s Annual Incentive Plan for
Executive Officers (the &#147;AIP&#148;) approved by ITT Corporation&#146;s shareholders in 2008. Amounts to be
paid under the AIP are based on the financial performance of the Company and its businesses during
the performance year as compared with the annual performance goals established and approved by the
Committee at the beginning of the performance year. Under the AIP, the Committee has the authority
to modify the awards using negative discretion to reflect individual performance in accordance with
the terms of the AIP. The Committee also may award supplemental bonus payments separate from the
AIP in its discretion in recognition of additional performance factors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For performance year 2010 the approved annual performance goals for Messrs.&nbsp;Loranger, Melcher
and Jimenez, Ms.&nbsp;Ramos and Ms.&nbsp;McClain were based on 40% on Earnings Per Share Performance, 20% on
Sum of Group Revenue, 20% on Free Cash Flow, and 20% on Sum of Group Return on Invested Capital
(&#147;ROIC&#148;). The 2010 annual performance goals encouraged focus on total enterprise performance.
Additionally, the Committee established individual award targets which varied by position as a
percentage of base salary, with the award targets for the Chief Executive Officer and the other
named executive officers ranging from a minimum of 60% to a maximum of 130%. Actual payment under
the AIP for 2010 could range from 0-200% of the target. On March&nbsp;3, 2011, the Committee approved
the following 2010 payments under the AIP for the named executive officers: Mr.&nbsp;Loranger,
$2,328,352; Ms.&nbsp;Ramos, $774,300; Ms.&nbsp;McClain, $654,700; Mr.&nbsp;Melcher, $654,700 and Mr.&nbsp;Jimenez,
$384,500.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>2011 Long Term Incentive Awards and Opportunities</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the named executive officers, the ITT Corporation Long-Term Incentive Program total award
value is determined individually based on the competitive market, individual performance and
business performance and is allocated as follows: 1/3 of the award in target cash based on total
shareholder return; 1/3 of the award in non-qualified stock options and 1/3 of the award in
restricted stock unit awards.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Stock-Based Awards</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effective March&nbsp;3, 2011, the Committee approved the following stock option grants to the named
executive officers under the ITT Corporation 2003 Equity Incentive Plan approved by the Company&#146;s
shareholders in 2008 (the &#147;2003 Plan&#148;): Mr.&nbsp;Loranger, 133,835; Ms.&nbsp;Ramos, 33,459; Ms.&nbsp;McClain,
33,459; Mr.&nbsp;Melcher, 33,459; and Mr.&nbsp;Jimenez, 16,205. The exercise price of the options is $57.68
per share based on the closing price of the Company&#146;s common stock on March&nbsp;3, 2011. The options
granted to Mr.&nbsp;Loranger, Ms.&nbsp;Ramos, Ms.&nbsp;McClain and Mr.&nbsp;Melcher will vest and become exercisable
three years from the date of grant, options granted to Mr.&nbsp;Jimenez will vest approximately 1/3
after the first, second and third anniversaries of the grant date. The term for all options is ten
years. Each of the options also provides for accelerated vesting upon change in control events that
are defined in the 2003 Plan, and vesting on a pro rata basis upon retirement. Unvested options
under this award expire upon termination of employment due to resignation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effective March&nbsp;3, 2011, the Committee approved the following restricted stock unit awards to
the named executive officers under the 2003 Plan: Mr.&nbsp;Loranger, 36,442; Ms.&nbsp;Ramos, 9,111; Ms.
McClain, 9,111; Mr.&nbsp;Melcher, 9,111; and Mr.&nbsp;Jimenez, 3,986. The restricted stock unit awards
granted to the named executive officers will vest three years from the date of grant. The vesting
of these restricted stock unit awards accelerates upon change in control events that are defined in
the 2003 Plan and vests on a pro rata basis upon retirement. Unvested restricted stock unit awards
under this award expire upon termination of employment due to resignation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Total
Shareholder Return Awards</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The ITT Corporation 1997 Long-Term Incentive Plan (&#147;LTIP&#148;) approved by shareholders in 1997
authorizes performance awards to be made to key employees of the Company at the discretion of the
Committee. Awards granted under this plan are expressed as target
cash awards and are based on total shareholder return over the
performance period (&#147;TSR Awards&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The LTIP provides that the Committee shall determine the size and frequency of awards,
performance measures, performance goals and performance periods. Payment, if any, of target cash
awards generally will be made at the end of the applicable performance period and are based on the
Company&#146;s performance as compared with the performance measures approved by the Committee prior to
the performance period. Payment, if any, of awards may be made in whole or in part, at the
discretion of the Committee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
March&nbsp;3, 2011, the Committee granted TSR Awards under the LTIP for the three-year period
beginning January&nbsp;1, 2011 to the named executive officers as follows: Mr.&nbsp;Loranger, $2,133,300; Ms.
Ramos, $533,300; Ms.&nbsp;McClain, $533,300; Mr.&nbsp;Melcher, $533,300; and Mr.&nbsp;Jimenez, $233,300. The
ultimate value, if any, of each of these awards will be determined in accordance with the
established performance measurement formula for the target awards granted in 2011. The award
amounts set forth above would be the amounts earned and payable if
the TSR Awards results in payment at
the 100% level.
</DIV>

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<!-- link1 " SIGNATURES" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
</DIV>

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    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">ITT CORPORATION<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">Date: March 9, 2011&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Burt M. Fealing
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Burt M. Fealing&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Its:&nbsp;&nbsp;</TD>
    <TD colspan="2" align="left">Vice President and Corporate
Secretary<BR>(Authorized Officer of Registrant)&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
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