Component-based software development for real-time systems necessitates a well-defined textquoteleftcomponent modeltextquoteright that allows compositional analysis and reasoning about systems. Such a model defines what a component is, how it works, and how it interacts with other components. It is especially important for real-time systems to have such a component model, as many problems in these systems arise from poorly understood and analyzed component interactions. In this paper we describe a component model for hard real-time systems that relies on the services of an ARINC-653 compliant real-time operating system platform. The model provides high-level abstractions of component interactions, both for the synchronous and asynchronous case. We present a formalization of the component model in the form of timed transition traces. Such formalization is necessary to be able to derive interesting system level properties such as fault propagation graphs from models of component assemblies. We provide a brief discussion about such system level fault propagation templates for this component model.