Document:

FIFTH
            AMENDMENT TO

            THIRD AMENDED AND RESTATED CREDIT AGREEMENT

            
                      FIFTH
            AMENDMENT, dated as of May 12, 2008 to the Credit Agreement referred to below (this
            “Amendment”), by and among BUTLER SERVICE GROUP, INC., a New Jersey
            corporation, as the Borrower (the “Borrower”), the other Credit
            Parties signatory hereto, GENERAL ELECTRIC CAPITAL CORPORATION, a Delaware corporation,
            for itself, as Lender, and as Agent for Lenders (in such capacity, the
            “Agent”) and the other Lenders signatory hereto.

            
            W I T 
            N E S S E T H:

            
                      WHEREAS,
            the Borrower, the other Credit Parties signatory thereto, Agent, and Lenders signatory
            thereto are parties to that certain Third Amended and Restated Credit Agreement, dated
            as of August 29, 2007, as amended on February 1,2008, as further amended on February
            28, 2008, as further amended on April 14,2008 and as further amended on April 28, 2008
            (including, all annexes, exhibits and schedules thereto, and as amended, supplemented
            or otherwise modified from time to time prior to the date hereof, the “Credit
            Agreement”); and

            
                      WHEREAS,
            Agent and Lenders have agreed to amend the Credit Agreement in the manner and on the
            terms and conditions provided for herein.

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

            
                      1.     
            Definitions. Capitalized terms not otherwise defined herein shall have the
            meanings ascribed to them in Annex A of the Credit Agreement.

            
                      2.     
            Amendment to Credit Agreement. Annex A of the Credit Agreement is hereby
            amended as of the date hereof by deleting the language “May 12, 2008” in
            clause (a) of the definition of “Commitment Termination Date”
            and substituting in lieu thereof the language “May 30, 2008”.

            
                      3.     
            Payment of Default Rate. The Borrower and the other Credit Parties acknowledge
            and agree that Agent provided notice to the Borrower that, commencing on January 3,
            2008, all outstanding Obligations bore interest at the Default Rate in accordance with
            Section 1.5(d) of the Credit Agreement through the date hereof, all of which
            interest shall be due and payable in cash on the Commitment Termination Date;
            provided, that the Default Rate interest due on the date hereof shall be
            waived if the Borrower pays in full in cash on the Commitment Termination Date all then
            outstanding Obligations (including, without limitation, cash collateralizing all
            outstanding Letters of Credit in accordance with the term of Section 1.2 and
            Annex B, clause (c) of the Credit Agreement), together with interest, fees,
            expenses, attorneys fees and any other charges hereafter accruing through the date of
            payment, under the Loan Documents; provided, further, that to the extent
            all outstanding Obligations are not paid in full

            

            

            

            As of May 12, 2008

            Page 2 of 7

            on or prior to the Commitment
            Termination Date, all outstanding Obligations shall continue to bear interest at the
            Default Rate until such Obligations are paid in full.

            
                      4.     
            Representations and Warranties. To induce Agent and Lenders to enter into this
            Amendment, each of the Borrower and Credit Parties make the following representations
            and warranties to Agent and Lenders:

            
                              (a)     The
            execution, delivery and performance of this Amendment and the performance of the Credit
            Agreement, as amended by this Amendment (the “Amended Credit
            Agreement”) by the Borrower and the other Credit Parties: (a) is within such
            Person’s organizational power; (b) has been duly authorized by all necessary or
            proper corporate and shareholder action; (c) does not contravene any provision of such
            Person’s charter or bylaws or equivalent organizational documents; (d) does not
            violate any law or regulation, or any order or decree of any court or Governmental
            Authority; (e) does not conflict with or result in the breach or termination of,
            constitute a default under or accelerate or permit the acceleration of any performance
            required by, any indenture, mortgage, deed of trust, lease, agreement or other
            instrument to which such Person is a party or by which such Person or any of its
            property is bound; (f) does not result in the creation or imposition of any Lien upon
            any of the property of such Person other than those in favor of Agent pursuant to the
            Loan Documents; and (g) does not require the consent or approval of any Governmental
            Authority or any other Person.

            
                              (b)     This
            Amendment has been duly executed and delivered by or on behalf of each of the Borrower
            and the other Credit Parties.

            
                              (c)     Each
            of this Amendment and the Amended Credit Agreement constitutes a legal, valid and
            binding obligation of the Borrower and each of the other Credit Parties party thereto,
            enforceable against each in accordance with its terms, except as enforceability may be
            limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar
            laws affecting creditors’ rights generally and by general equitable principles
            (whether enforcement is sought by proceedings in equity or at law).

            
                              (d)     No
            Default or Event of Default has occurred and is continuing after giving effect to this
            Amendment.

            
                              (e)     No
            action, claim, lawsuit, demand, investigation or proceeding is now pending or, to the
            knowledge of any Credit Party, threatened against any Credit Party, at law, in equity
            or otherwise, before any court, board, commission, agency or instrumentality of any
            Governmental Authority, or before any arbitrator or panel of arbitrators, (a) which
            challenges the Borrower’s or, to the extent applicable, any other Credit
            Party’s right, power, or competence to enter into this Amendment or perform any
            of their respective obligations under this Amendment, the Amended Credit Agreement or
            any other Loan Document, or the validity or enforceability of this Amendment, the
            Amended Credit Agreement or any other Loan Document or any action taken under this
            Amendment, the Amended Credit Agreement or any other Loan Document or (b) which if
            determined adversely, is reasonably likely to have or result in a Material Adverse
            Effect. To the knowledge of Holdings or Borrower, there does not exist a state of facts
            which is reasonably likely to give rise to such proceedings.

            

            

            

            As of May 12, 2008

            Page 3 of 7

            
                              (f)     The
            representations and warranties of the Borrower and the other Credit Parties contained
            in the Credit Agreement and each other Loan Document shall be true and correct on and
            as of the date hereof with the same effect as if such representations and warranties
            had been made on and as of such date, except that any such representation or warranty
            which is expressly made only as of a specified date need be true only as of such
            date.

            
                      5.     
            No Other Amendments/Waivers. Except as expressly amended herein, the Credit
            Agreement and the other Loan Documents shall be unmodified and shall continue to be in
            full force and effect in accordance with their terms. In addition, this Amendment shall
            not be deemed a waiver of any tern1 or condition of any Loan Document and shall not be
            deemed to prejudice any right or rights which Agent, for itself and Lenders, may now
            have or may have in the future under or in connection with any Loan Document or any of
            the instruments or agreements referred to therein, as the same may be amended from time
            to time.

            
                      6.     
            Outstanding Indebtedness; Waiver of Claims. Each of the Borrower and the other
            Credit Parties hereby acknowledges and agrees that as of May 12, 2008, the aggregate
            outstanding principal amount of the Revolving Loan is $[37,094,321.77] and the
            aggregate outstanding Letters of Credit Obligations is $[3,395,844.80], and that such
            principal amounts are payable pursuant to the Credit Agreement without defense, offset,
            withholding, counterclaim or deduction of any kind. The Borrower and each other Credit
            Party hereby waives, releases, remises and forever discharges Agent, Lenders and each
            other Indemnified Person from any and all claims, suits, actions, investigations,
            proceedings or demands arising out of or in connection with the Credit Agreement
            (collectively, “Claims”), whether based in contract, tort, implied
            or express warranty, strict liability, criminal or civil statute or common law of any
            kind or character, known or unknown, which the Borrower or any other Credit Party ever
            had, now has or might hereafter have against Agent or Lenders which relates, directly
            or indirectly, to any acts or omissions of Agent, Lenders or any other Indemnified
            Person on or prior to the date hereof; provided, that neither the Borrower nor
            any other Credit Party waives any Claim solely to the extent such Claim relates to the
            Agent’s or any Lender’s gross negligence or willful misconduct.

            
                      7.     
            Expenses. The Borrower and the other Credit Parties hereby reconfirm their
            respective obligations pursuant to Sections 1.9 and 11.3of the Credit
            Agreement to pay and reimburse Agent, for itself and Lenders, for all reasonable costs
            and expenses (including, without limitation, reasonable fees of counsel) incurred in
            connection with the negotiation, preparation, execution and delivery of this Amendment
            and all other documents and instruments delivered in connection herewith.

            
                      8.     
            Effectiveness. This Amendment shall be deemed effective as of the date hereof
            only upon satisfaction in full in the judgment of Agent of each of the following
            conditions:

            
                              (a)     
            Amendment. Agent shall have received five ( 5 ) original copies of this
            Amendment duly executed and delivered by Agent, the Lenders, the Borrower and the other
            Credit Parties.

            

            

            

            As of May 12, 2008

            Page 4 of 7

            
                              (b)     
            Payment of Fees and Expenses. The Borrower shall have paid to Agent all
            documented costs, fees and expenses owing to Agent (including, without limitation, all
            reasonable legal fees and expenses).

            
                              (c)     
            Representations and Warranties. The representations and warranties of or on
            behalf of the Borrower and the Credit Parties in this Amendment shall be true and
            correct on and as of the date hereof, except that any such representation or warranty
            which is expressly made only as of a specified date need be true only as of such
            date.

            
                      9.      
            GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND INTERPRETED IN
            ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

            
                      10.    
            Counterparts. This Amendment may be executed by the parties hereto on any number
            of separate counterparts and all of said counterparts taken together shall be deemed to
            constitute one and the same instrument.

            [SIGNATURE
            PAGES FOLLOW]

            

            

            

            As of May 12, 2008

            Page 5 of 7

            
                      IN
            WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and
            delivered as of the day and year first above written.

            	
                         

                    	
                         

                    	
                         

                    
	
                         

                    	
                        BUTLER SERVICE
                        GROUP, INC., as Borrower

                    
	
                         

                    	
                         

                    	
                         

                    
	
                         

                    	
                        By:

                    	
                        /s/ Mark
                        Koscinski

                    
	
                         

                    	
                         

                    	
                        

                    
	
                         

                    	
                        Name:

                    	
                         Mark
                        Koscinski

                    
	
                         

                    	
                        Title:

                    	
                         SVP,
                        CFO

                    

            

            

            

            

            As of May 12, 2008

            Page 6 of 7

            	
                         

                    	
                         

                    	
                         

                    
	
                         

                    	
                        GENERAL ELECTRIC
                        CAPITAL

                    
	
                         

                    	
                        CORPORATION,
                        as Agent and Lender

                    
	
                         

                    	
                         

                    	
                         

                    
	
                         

                    	
                        By: 

                    	
                        /s/ James H.
                        Kaufman

                    
	
                         

                    	
                        

                    
	
                         

                    	
                        
                        Name: 

                    	
                         James H. Kaufman

                    
	
                         

                    	
                         

                    	
                        

                    
	
                         

                    	
                         

                    	
                        
                        Title: Duly Authorized
                        Signatory

                    

            

            

            

            

            As of May 12, 2008

            Page 7 of 7

            
                      The
            following Persons are signatories to this Amendment in their capacity as Credit Parties
            and not as the Borrower.

            BUTLER INTERNATIONAL,
            INC.

            BUTLER SERVICES INTERNATIONAL, INC.

            BUTLER TELECOM, INC.

            BUTLER PUBLISHING, INC.

            BUTLER OF NEW JERSEY REALTY CORP.

            BUTLER SERVICES, INC.

            BUTLER UTILITY SERVICE, INC.

            	
                         

                    	
                         

                    
	
                        By:

                    	
                        
                        
                        /s/ Mark Koscinski

                    
	
                         

                    	
                        

                    
	
                        
                        Name: 

                    	
                        Mark
                        Koscinski

                    
	
                        Title:

                    	
                        SVP, CFOex10-1.htm

    Exhibit
10.1

     

    
 

    WATTS
WATER TECHNOLOGIES, INC.

    EXECUTIVE
INCENTIVE BONUS PLAN

    

    Amended and Restated as of
January 1,
2008

    

    I.            Purpose

    

                  The Executive Incentive Bonus Plan, as
amended and restated effective as of January 1, 2008 (the "Plan"), is intended to promote
the interests of Watts Water Technologies, Inc. by offering an incentive
opportunity to certain officers, key executives, and other
employees.  The bonus awards under the Plan are intended to qualify as
“performance-based compensation” under Section 162(m) of the Internal Revenue
Code of 1986, as amended (the “Code”).

    

    II.           Definitions

    

                  As used in this Plan, the terms below
shall have the following meanings ascribed to them:

    

                  A.              "Base Pay" shall mean base salary as of
December 31 of the Fiscal Year before taxes, Social Security and other
deductions.

    

                  B.              "Committee" shall mean a committee of
two or more members consisting solely of members of the Compensation Committee
of the Board of Directors of the Company who qualify as “outside directors”
under Section 162(m) of the Code.

    

                  C.              "Company" shall mean Watts Water
Technologies, Inc., including its subsidiaries and
affiliates.

    

                  D.              "Disability" shall mean a permanent
disability which would entitle the employee to benefits under the Company's
long-term disability plan.

    

    E.              "Fiscal Year" shall mean the Company's
then current fiscal year commencing on January 1 and ending December
31.

    

                  F.              "Participant" shall mean any employee
who has been selected to participate in the Plan for the Fiscal
Year.

    

    III.          Administration

    

                  The Plan shall be administered by the
Committee, no member of which serving shall be eligible to receive an award
under the Plan.  The Committee shall have the authority to amend,
modify and interpret the Plan and to make all determinations relating to the
Plan as it may deem necessary or advisable for the administration of the
Plan.

    
      
         

      

      
         

         

      

      
         

      

    

    Decisions of the Committee on all
matters relating to the Plan shall be binding and conclusive on all parties,
including the Company and the Participants.

    

    IV.          Participation

    

                  Participants for the Fiscal Year shall
include the Chief Executive Officer, the Chief Operating Officer, the President,
any Executive Vice President, the Chief Financial Officer and such other
employees as the Committee may designate.

    

    V.            Operation of the
Plan

    

                  A.              Establishment
of Performance Goals

    

                  No
later than ninety (90) days after
the start of the Fiscal Year, the Committee, in
consultation with the Chief
Executive Officer, shall
establish in writing certain performance goals for each
Participant.  Each Participant will be assigned performance goals
based on individual performance objectives or business objectives that are
selected from the performance measures listed in Appendix
A below.  In the
event that a Participant's position is substantially tied to one or more
business segments, subsidiaries or divisions of the Company, then the
performance goals may relate, in whole or in part, to the performance of such
segments, subsidiaries or divisions rather than to the corporation as a
whole.

    

                  B.              Assignment
of Bonus Award

    

                  No
later than ninety (90) days after
the start of the Fiscal Year, the Committee shall assign in writing each
Participant with a target bonus percentage for the Fiscal Year as a percentage
of each Participant's Base Pay.  The Committee shall determine the
relative percentage weight to be assigned to the achievement of each corporate
and individual performance goal by the Participant.  Each Participant
shall then be notified of his/her respective performance goals and the
percentage assigned to each such performance goal.

     

            C.       
Potential to
Earn Additional Bonus Above the Target Bonus
Percentage

     

                  In the event that a Participant achieves
more than 100% of the target assigned to a bonus goal, that Participant will
then be eligible to receive an additional bonus up to a total of 200% of the
percentage weight allocated to such bonus goal, up to 200% of a Participant’s
target bonus percentage.  For example, if a Participant is assigned a
sales growth goal, an EVA goal and an earnings goal, and each such goal carries
a percentage weight of 33-1/3% of the target bonus percentage, and such
Participant achieves 150% of the target for the sales growth goal and 100% of
the target for each of the EVA and earnings goals, the Participant would be
eligible to receive a bonus equal to 116.7% of the target bonus
percentage.

    
      
         

      

      
         

         

      

      
         

      

    

    

    D.              Maximum
Bonus Award

    

    Notwithstanding any calculation made
above, the maximum bonus amount that a Participant may be awarded for a Fiscal
Year shall be Three Million Dollars ($3,000,000).

    

    VI.         Determination and Payment of Bonus
Award

    

                  As soon as practicable after the receipt
of financial statements for the Fiscal Year, the Committee shall determine and
certify the amount of the bonus awards for each Participant based on the extent
to which such Participant has attained the applicable performance
goals.  In its sole discretion, the Committee may decrease the actual
amount of the bonus awarded to a Participant from the amount calculated, but the
Committee may not increase the actual amount.  After the
Committee’s certification, the bonus
awards shall be paid to the Participants in cash or, if applicable, Restricted
Stock Units in accordance with the terms of the Management Stock Purchase Plan, less
applicable taxes.

    

    VII.        Miscellaneous

    

                  A.              Death,
Disability, Change in Control, or Other Termination

    

                  In the event that a Participant's
employment is terminated during the Fiscal Year because of death or permanent
disability, such Participant, or the Participant's beneficiary, shall receive a
pro-rated award based on the number of months the Participant was employed
during the Fiscal Year, provided that the Participant would have otherwise have
been entitled to receive a bonus payment based on achievement of the performance
goals applicable to the Participant had the Participant remained in the
Company's employment through the end of the Fiscal
Year.  Additionally, the Committee, in its sole discretion, may permit
payment for that part of the Fiscal Year in which the Participant was employed
or up to all of the Fiscal Year in the event of a change in the ownership or
control of the Company, even if the performance goals have not been
met.

    

                  In the event that a Participant's
employment is terminated during the Fiscal Year for any reason other than death,
permanent disability, or change in ownership or control of the Company, the
Participant shall forfeit all rights to any bonus award for that Fiscal
Year.  

    

    Any payments which may be made to a
Participant under the terms of this provision shall be made at the same time as
payments are made to the other Participants in accordance with the provisions of
Article VI hereof.

    

    B.              Tax
Withholding

    
      
         

      

      
         

         

      

      
         

      

    

                  The Company shall deduct from all awards
any federal, state, or local taxes required by law to be withheld with respect
thereto.

    

                  C.              Claim to
Awards and Employee Rights

    

                  No employee or other person shall have
any right to be granted an award under the Plan.  Neither this Plan
nor any action taken hereunder shall be construed as giving any employee any
right to be retained by the Company, nor shall any action taken hereunder be
construed as entitling the Company to the services of any Participant for any
period of time.

    

                  D.              Nontransferability

    

                  A person's rights and interests under
this Plan, including amounts payable, may not be assigned, pledged, or
transferred.

    

                  E.              Applicable
Law

    

                  This Plan shall be construed and
governed in accordance with the laws of the Commonwealth of
Massachusetts.

    

    
      
         

      

      
         

         

      

      
         

      

    

    

    APPENDIX
A

    

    Any one
or more of the following performance measures may be used by the Committee as a
goal for a bonus award, based on the relative or absolute attainment of
specified levels of one or any combination of the performance
measures:

    

    sales,

    sales
growth,

    economic value added (“EVA”)
percentage,

    earnings,

    earnings before or after discontinued
operations,

    earnings before interest, taxes, and
depreciation and/or amortization,

    earnings per share,

    net income,

    operating profit before or after
discontinued operations and/or taxes,

    cash flow or cash
position,

    gross margins,

    stock price,

    market share,

    return on sales,

    return on assets,

    return on equity or
investment,

    improvement of financial
ratings,

    days of working capital,

    achievement of balance sheet or income
statement objectives, or

    total shareholder return.

    

    The
selected levels may be absolute in their terms or measured against or in
relationship to other companies comparably, similarly or otherwise
situated.  The Committee may specify that such performance measures
shall be adjusted to exclude any one or more of (i) extraordinary items, (ii)
gains or losses on the dispositions of discontinued operations, (iii) the
cumulative effects of changes in accounting principles, (iv) the writedown of
any asset, and (v) charges for restructuring and rationalization
programs.

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