Document:

EX-10.1

 

Exhibit 10.1

			
	 	 	 
	Connecticut Water Company

93 West Main Street

Clinton, CT 06413-1600

	 	

					
	Office: 860.669.8636

Fax: 860.669.9326

Customer Service: 800.286.5700

	 	 
	 	 

October 5, 2007

Mr. Nicholas Rinaldi

51 Fanningberry Drive

Marion, CT 06444

Dear Nick:

I am extremely pleased to offer you the position of Controller reporting directly to David Beroit
Vice President of Finance & CFO of Connecticut Water Service, Inc.

The attached compensation offer outlines the key dimensions of the compensation package. Also
included is an outline of our standard benefits package.

We are excited about the prospect of you joining our team. Your position will be highly
prominent and a central tenant of my strategy for success. There is nothing more important to me
than developing a world class workforce and leadership team. While there is much to do, with your
leadership, I am confident we will achieve great things.

If the attached documentation is acceptable, please initial each page of the Term Sheet and return
to me by fax at 860-669-7328 or similar.

I very much look forward to working with you and making Connecticut Water an even greater company.

Very truly yours

	 	 	 	 	 
	 	 	 
	/s/ Jennifer L. Daddio
 	 	 
	Jennifer L. Daddio 	 	 
	Manager, Human Resources 	 	 
	 

DB/jd/file

Enclosures

Accepted and date:

	 	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	Nicholas Rinaldi

	 	Date
	 	 

 

 

			
	 	 	 
	Connecticut Water Company

93 West Main Street

Clinton, CT 06413-1600

	 	

					
	Office: 860.669.8636

Fax: 860.669.9326

Customer Service: 800.286.5700

	 	 
	 	 

Connecticut Water Service, Inc.

Executive Compensation Term Sheet

	 	 	 
	Title:

	 	Controller
	 
	 	 
	Reports to:

	 	VP Finance & CFO
	 
	 	 
	Base Salary:

	 	$130,000 per year, paid bi-weekly. To be reviewed annually.
2007 Incentive award- $20,000 based on achievement of specific
initiatives.
	 
	 	 
	2008
	 	 
	Annual Incentive
Award:

	 	15% of salary midpoint at target ($125,654)

8% at threshold
	 

	 	25% maximum
	 

	 	Taken in cash, Performance Stock, or Restricted Stock, determined by
Compensation Committee of the Board based on financial perfomance,
corporate indicators and strategic initiatives.
	 
	 	 
	2008
	 	 
	Long Term
Incentives:

	 	Annual awards of Restricted Stock consistent with 2004

Performance Stock Plan, with value equal to annual incentive plan.
	 

	 	
Deferred Compensation Agreement; defer up to 12% of salary with
interest earned at Moody’s AAA Corporate Bond Yield average plus an
additional 1.5 to 3%.
	 
	 	 
	 

	 	Pension and Supplemental Executive Retirement Plan; 60% of last 5 year
average base salary, including bonus, reduced by Pension payments from
previous employers. Five year vesting.
	 
	 	 
	Vacation:

	 	Four (4) weeks
	 
	 	 
	Holidays:

	 	Thirteen (13) paid with two (2) personal days
	 
	 	 
	401(k):

	 	Yes, 50% match to statutory maximum, first 4%
	 
	 	 
	Professional
Certifications:

	 	Cost covered

Accepted and date:

	 	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	Nicholas Rinaldi

	 	Date
	 	 

 

 

			
	 	 	 
	Connecticut Water Company

93 West Main Street

Clinton, CT 06413-1600

	 	

					
	Office: 860.669.8636

Fax: 860.669.9326

Customer Service: 800.286.5700

	 	 
	 	 

Executive Compensation Term Sheet — Page 2

	 	 	 
	Insurance:

	 	See standard Company documentation
	 

	 	Medical — managed care and point-of-service options; employee pays 25%
of premium
	 

	 	Dental— yes; with employee contribution
	 

	 	Eye Care — disconnts on routine exams and prescription eye wear
	 

	 	Life — 1 times salary up to $250,000; premium fully paid by company
	 

	 	Short Term Disability — 100% of salary for first 90 days; 60% to 180 days
	 

	 	Long Term Disability — 60% of salary; $10,000/month max
	 

	 	Employee Counseling Assistance
	 

	 	Flexible Medical Spending Account
	 
	 	 
	Change in Control:

	 	1-year salary and annual incentive award.
	 
	 	 
	Cell phone:

	 	Yes
	 
	 	 
	Start Date:

	 	tbd

Accepted and date:

	 	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	Nicholas Rinaldi

	 	Date
	 	 

 

 

			
	 	 	 
	Connecticut Water Company

93 West Main Street

Clinton, CT 06413-1600

	 	

					
	Office: 860.669.8636

Fax: 860.669.9326

Customer Service: 800.286.5700

	 	 
	 	 

Connecticut Water Service, Inc.

The Connecticut Water
Company

Other Employee Benefits

	 	•	 	Medical Insurance — managed and point-of-service options. Employees pays 25% of premium
	 
	 	•	 	Holidays — Thirteen (13) paid per year
	 
	 	•	 	Personal — Two (2) per year
	 
	 	•	 	Dental Insurance — basic and premium coverage; employee pays a portion of premium
	 
	 	•	 	Savings Plan — 401(k) with Company match of $0.50 to employee’s $1.00 up to 4%
of covered compensation
	 
	 	•	 	Pension Plan — Company paid; 5 year vesting
	 
	 	•	 	Flexible Spending — pre-tax salary deferral for reimbursement of miscellaneous
medical expense and dependent daycare expense
	 
	 	•	 	Eyewear Discount Program — discounts on frames, lenses, routine eye exam
	 
	 	•	 	Life Insurance — 1 X of annual salary; paid in full by company
	 
	 	•	 	Employee Assistance Program — confidential, toll-free number for counseling
	 
	 	•	 	Tuition Reimbursement — 80% for approved courses up to a max of $4,000 per year;
$15,000 lifetime max.
	 
	 	•	 	Direct Stock Purchase — allows employees to purchase CTWS stock without a broker’s
feeEX-10.54

 

Exhibit 10.54

 Amendment to Services and License Agreement 

          This is an Amendment (“Amendment”) to the Services and License Agreement dated April 27,
2007, between The Princeton Review, Inc. a Delaware corporation (“TPR”) and Higher Edge Marketing
Services, Inc., a California corporation (“Licensee”) (“the Agreement”). This Amendment is hereby
entered into and effective as of September 7, 2007 (“Effective Date”). Capitalized terms used in
this Amendment but not defined herein shall have the meaning assigned to such terms in the
Agreement.

          WHEREAS, TPR and Licensee desire to amend the Agreement;

          NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereby agree as follows:

          The Agreement is amended to omit Section 14 in its entirety and replace it with: “14.
Intentionally Blank.”

	 	 	 	 	 	 	 	 	 
	THE PRINCETON REVIEW, INC.	 	 	 	HIGHER EDGE MARKETING SERVICES, INC.
	 
	 	 	 	 	 	 	 	 
	By:

	 	/s/ Stephen Melvin
	 	 	 	By:
	 	/s/ Young Shin
	 

	 	 
	 	 	 	 	 	 
	Title:

	 	CFO
	 	 	 	Title:
	 	President
	 

	 	 
	 	 	 	 	 	 
	Date:

	 	9/12/07
	 	 	 	Date:
	 	9/12/07EX-10.1

 

Exhibit 10.1

EXECUTION COPY

     ACCESSION AGREEMENT dated as of November 8, 2007, among the financial
institutions executing this Agreement as INCREASING LENDERS (collectively,
the “Increasing Lenders” ITT CORPORATION, an Indiana corporation
(the “Company”), and JPMORGAN CHASE BANK, N.A., as administrative
agent for the Lenders (in such capacity, the “Administrative
Agent”).

          A. Reference is made to the Amended and Restated Five-Year Competitive Advance
and Revolving Credit Facility Agreement dated as of November 10, 2005 (as amended, supplemented or otherwise modified from time to time, the
“Credit Agreement”), among the Company, the Lenders, JPMorgan Chase Bank, N.A.
(“JPMCB”), as Administrative Agent, Deutsche Bank Securities Inc., Citicorp USA Inc., and the
Bank of Tokyo-Mitsubishi Ltd., as Syndication Agents, and Societe Generale, as Documentation
Agent. Capitalized terms used and not otherwise defined herein shall have the meanings
assigned to such terms in the Credit Agreement.

          B. Pursuant to Section 2.12(e) of the Credit Agreement, the Company has requested the
Increasing Lenders to extend, and the Increasing Lenders have agreed to extend, effective
November 8, 2007, additional Commitments in accordance with the provisions of the Credit
Agreement (the “Incremental Commitments”).

          Accordingly, the Increasing Lenders, the Company and the Administrative Agent agree as
follows:

          SECTION 1. Incremental Commitments. Each Increasing Lender hereby agrees,
effective as of the Effective Date, to extend an Incremental Commitment in the amount set
forth opposite its name on Schedule 1A hereto.

          SECTION
2. Representations and Warranties, Agreements of Increasing Lenders,
etc. Each Increasing Lender represents and warrants that it has full power and authority,
and has taken all action necessary, to execute and deliver this Agreement.

          SECTION 3. Effectiveness. (a) This Agreement shall become effective as of
November 8, 2007, or such later date as shall be agreed upon by the Company and the
Administrative Agent and set forth in a notice delivered to the Increasing Lenders (the
“Effective Date”), subject to (i) the Administrative Agent’s receipt of counterparts
of this Agreement duly executed on behalf of each Increasing Lender and the Company; (ii) the
Administrative Agent’s receipt of a duly completed Administrative Questionnaire from each
Increasing Lender that was not previously a Lender; and (iii) the satisfaction, on and as of
the Effective Date, of the conditions set forth in Section 2.12(e) of the Credit Agreement.

 

 

          (b) Upon the effectiveness of this Agreement, the Administrative Agent shall give
prompt notice thereof to the Increasing Lenders.

          SECTION 4. Counterparts. This Agreement may be executed in multiple
counterparts, each of which shall constitute an original, but all of which, when taken
together, shall constitute a single instrument.

          SECTION 5. Governing Law. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH
AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK.

          SECTION 6. Notices. All notices and other communications hereunder shall be in
writing and given as provided in Section 9.01 of the Credit Agreement. All communications and
notices hereunder to an Increasing Lender shall be given to it at the address set forth under
its signature hereto.

 

 

          IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by
their respective authorized officers as of the date and year first above written.

	 	 	 	 	 	 	 
	 	 	ITT CORPORATION	 	 
	 
	 	 	 	 	 	 
	 

	 	by
	 	/s/ Donald Foley
 

	 	 
	 	 	Name: Donald Foley

Title: Sr. V. P. Treasurer and Director of Taxes	 	 
	 
	 	 	 	 	 	 
	 	 	JPMORGAN CHASE BANK, N.A., as Administrative
Agent and Increasing Lender,	 	 
	 
	 	 	 	 	 	 
	 

	 	by
	 	/s/ Anthony W. White
 

	 	 
	 	 	Name: Anthony W. White

Title: Vice President	 	 

 

 

Increasing Lender signature page to the

ITT Corporation Accession Agreement

To approve the Accession Agreement:

Name of Increasing Lender

	 	 	 	 	 	 	 
	 	 	CITICORP USA, INC.,	 	 
	 
	 	 	 	 	 	 
	 

	 	by
	 	/s/ Christopher M. Hartzell
 

Name: Christopher M. Hartzell
	 	 
	 

	 	 	 	Title: Vice President	 	 

 

 

Increasing Lender signature page to the

ITT Corporation Accession Agreement

To approve the Accession Agreement:

Name of Increasing Lender

	 	 	 	 	 	 	 
	 	 	The
Bank of Tokyo — Mitsubishi UFJ, Ltd.

New York Branch	 	 
	 
	 	 	 	 	 	 
	 

	 	by
	 	/s/ Kenneth K. Eguea
 

Name: Kenneth K. Eguea
	 	 
	 

	 	 	 	Title: Authorized Signatory	 	 
	 
	 	 	 	 	 	 
	For any Increasing
Lender that requires a second signature line:
	 
	 	 	 	 	 	 
	 
	 	by	 	 	 	 
	 

	 	 	 	 

Name:

Title:
	 	 

 

 

Increasing Lender signature page to the

ITT Corporation Accession Agreement

To approve the Accession Agreement:

Name of Increasing Lender

	 	 	 	 	 	 	 
	 	 	SOCIETE GENERALE	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	/s/ Maria Iarriccio
 

Maria Iarriccio

Vice President
	 	 

 

 

Increasing
Lender signature page to the

ITT Corporation Accession Agreement

To approve the Accession Agreement:

Name of Increasing Lender

	 	 	 	 	 	 	 
	 	 	UBS LOAN FINANCE LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	by
	 	/s/ Mary E. Evans
 

Name: Mary E. Evans
	 	 
	 

	 	 	 	Title: Associate Director	 	 
	 
	 	 	 	 	 	 
	For any Increasing Lender that requires a second signature line:
	 
	 	 	 	 	 	 
	 

	 	By
	 	/s/ Irja R. Otsa
 

Name: Irja R. Otsa
	 	 
	 

	 	 	 	Title: Associate Director	 	 

 

 

Increasing Lender signature page to the

ITT Corporation Accession Agreement

To approve the Accession Agreement:

Name of Increasing Lender

	 	 	 	 	 	 	 
	 	 	WELLS FARGO BANK, N.A.	 	 
	 
	 	 	 	 	 	 
	 

	 	by
	 	/s/ Jordan Fragiacomo
 

Name: Jordan Fragiacomo
	 	 
	 

	 	 	 	Title: Vice President	 	 
	 
	 	 	 	 	 	 
	For any Increasing Lender that requires a second signature line:
	 
	 	 	 	 	 	 
	 

	 	by	 	 	 	 
	 

	 	 	 	 

Name:

Title:
	 	 

 

 

Increasing Lender signature page to the

ITT Corporation Accession Agreement

To approve the Accession Agreement:

Name of Increasing Lender

	 	 	 	 	 	 	 
	 	 	ING CAPITAL LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	by
	 	/s/ John Kippax
 

Name: John Kippax

Title: Managing Director
	 	 
	 
	 	 	 	 	 	 
	For any Increasing Lender that requires a second signature line:
	 
	 	 	 	 	 	 
	 

	 	by	 	 	 	 
	 

	 	 	 	 

Name:

Title:
	 	 

 

 

Increasing
Lender signature page to the

ITT Corporation Accession Agreement

To approve the Accession Agreement:

Name of Increasing Lender

	 	 	 	 	 	 	 
	 	 	THE NORTHERN TRUST COMPANY	 	 
	 
	 	 	 	 	 	 
	 

	 	By
	 	/s/ Peter J. Hallan
 

	 	 
	 

	 	 	 	Name: Peter J. Hallan	 	 
	 

	 	 	 	Title: Vice President	 	 

For any
Increasing Lender that requires a second signature line:

	 	 	 	 	 	 	 
	 

	 	by	 	 	 	 
	 

	 	 	 	 

Name:
	 	 
	 

	 	 	 	Title:	 	 

 

 

Increasing Lender signature page to the

ITT Corporation Accession Agreement

To approve the Accession Agreement:

Name of Increasing Lender

	 	 	 	 	 	 	 
	 	 	THE ROYAL BANK OF
SCOTLAND PLC	 	 
	 
	 	 	 	 	 	 
	 

	 	by
	 	/s/ L. Peter Yetman
 

Name: L. Peter Yetman
	 	 
	 

	 	 	 	Title: SVP	 	 

 

 

Increasing Lender signature page to the

ITT Corporation Accession Agreement

To approve the Accession Agreement:

Name of Increasing Lender

	 	 	 	 	 	 	 
	 	 	BNP PARIBAS	 	 
	 
	 	 	 	 	 	 
	 

	 	by
	 	/s/ Rick Pace
 

Name: Rick Pace
	 	 
	 

	 	 	 	Title: Managing Director	 	 

For any Increasing Lender that requires a second signature line:

	 	 	 	 	 	 	 
	 

	 	by
	 	/s/ Melissa Balley
 

	 	 
	 

	 	 	 	Name: Melissa Balley	 	 
	 

	 	 	 	Title: Vice President	 	 

 

 

Increasing Lender signature page to the

ITT Corporation Accession Agreement

To approve the Accession Agreement:

Name of Increasing Lender

BARCLAYS BANK PLC

	 	 	 	 	 	 	 
	 

	 	by
	 	/s/ Nicholas Bell
 

Name: Nicholas Bell
	 	 
	 

	 	 	 	Title: Director	 	 

For any Increasing Lender that requires a second signature line:

	 	 	 	 	 	 	 
	 

	 	by	 	 	 	 
	 

	 	 	 	 

Name:
	 	 
	 

	 	 	 	Title:	 	 

 

 

Increasing Lender signature page to the

ITT Corporation Accession Agreement

To approve the Accession Agreement:

Name of Increasing Lender

	 	 	 	 	 	 	 
	 

	 	 	 	INTESA SANPAOLO SPA	 	 
	 
	 	 	 	 	 	 
	 

	 	by
	 	/s/ Frank Maffei
 

Name: Frank Maffei
	 	 
	 

	 	 	 	Title: Vice President	 	 

For any Increasing Lender that requires a second signature line:

	 	 	 	 	 	 	 
	 

	 	by
	 	/s/ Nicholas Matacchieri
 

Name: Nicholas Matacchieri
	 	 
	 

	 	 	 	Title: Director	 	 

 

 

Increasing
Lender signature page to the

ITT Corporation Accession Agreement

To approve the Accession Agreement:

Name of Increasing Lender

	 	 	 	 	 	 	 
	 	 	Sveusha Handelsbanhen AB (Public)	 	 
	 
	 	 	 	 	 	 
	 

	 	by
	 	/s/ Marcus Ronnestam
 

	 	 
	 

	 	 	 	Name: Marcus Ronnestam	 	 
	 

	 	 	 	Title: Vice President	 	 

For any Increasing Lender that requires a second signature line:

	 	 	 	 	 	 	 
	 

	 	by
	 	/s/ Richard Johnson
 

Name: Richard Johnson
	 	 
	 

	 	 	 	Title: Senior Vice President	 	 

 

 

Increasing Lender signature page to the

ITT Corporation Accession Agreement

To approve the Accession Agreement:

Name of Increasing Lender

	 	 	 	 	 	 	 
	 	 	U.S. BANK N.A.	 	 
	 
	 	 	 	 	 	 
	 

	 	By
	 	/s/ Michael P. Dickman
 

Name: Michael P. Dickman
	 	 
	 

	 	 	 	Title: U.S. Bank N.A.	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	Michael P. Dickman

Vice President

U.S. Bank, N.A.	 	 

 

 

Increasing Lender signature page to the

ITT Corporation Accession Agreement

To approve the Accession Agreement:

CREDIT INDUSTRIEL ET COMMERCIAL

	 	 	 	 	 	 	 
	 
	 	 	 	  
	 	 
	 
	 

	 	by	 	/s/ Eric Dulot
 

Name: Eric Dulot
	 	 
	 

	 	 	 	Title: Vice President	 	 
	 
	 	 	 	 	 	 
	 

	 	by
	 	/s/ Eric Longuet
 

	 	 
	 

	 	 	 	Name: Eric Longuet	 	 
	 

	 	 	 	Title: Vice President	 	 

 

 

SCHEDULE 1A

INCREMENTAL COMMITMENTS

	 	 	 	 	 
	Increasing Lender	 	Incremental Commitment
	JPMorgan Chase Bank, N.A.
	 	$	55,000,000	 
	Citicorp USA, Inc.
	 	$	45,000,000	 
	The Bank of Tokyo-Mitsubishi UFJ, Ltd.
	 	$	45,000,000	 
	Societe Generale
	 	$	45,000,000	 
	UBS Loan Finance LLC
	 	$	45,000,000	 
	Wells Fargo Bank, N.A.
	 	$	45,000,000	 
	ING Bank N.V.
	 	$	45,000,000	 
	The Northern Trust Company
	 	$	30,000,000	 
	The Royal Bank of Scotland PLC
	 	$	30,000,000	 
	BNP Paribas
	 	$	25,000,000	 
	Barclays Bank PLC
	 	$	20,000,000	 
	Intesa Sanpaolo SpA
	 	$	20,000,000	 
	Svenska Handelsbanken AB
	 	$	20,000,000	 
	US Bank, N.A.
	 	$	20,000,000	 
	Credit Industrial et Commercial
	 	$	10,000,000

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