Document:

Exhibit
10.9

 

FORM OF

WAIVER AND AGREEMENT

 

This Waiver
and Agreement, dated as of the     day of       
2005 (this “Agreement”) is being
entered into by and between ITC HOLDINGS CORP., a corporation incorporated
under the laws of the State of Michigan (the “Company”)
and the person identified on Schedule A hereto (the “Executive”).  All capitalized terms not otherwise defined
herein shall have the meanings set forth in the Management Stockholder’s
Agreement entered into by and between the Company and the Executive (the “Stockholder’s Agreement”).

 

WHEREAS, the Company contemplates issuing and selling shares of Common
Stock in an initial public offering pursuant to a Registration Statement on
Form S-1 (the “Registration Statement”) filed
with the Securities and Exchange Commission (the “SEC”)
in accordance with applicable law (the “IPO”); and

 

WHEREAS, it is contemplated that International Transmission Holdings
Limited Partnership (the “Partnership”)
will also sell shares of Common Stock held by the Partnership in the IPO; and

 

WHEREAS, pursuant to the Stockholder’s Agreement, the Executive is
entitled to register a portion of the Executive’s shares of Stock pursuant to
the Registration Statement and, generally, in the same pro rata percentage, as
the Partnership sells shares of Common Stock in the IPO (such entitlement, the “Piggyback Right”); and

 

WHEREAS, the Company desires that the Executive waive any rights the
Executive may have to exercise the Executive’s Piggyback Right with respect to
the shares of Stock that the Executive may register in connection with the
contemplated IPO, the number of which shall be set forth on Schedule A
attached hereto (such shares, the “IPO Piggyback Shares”),
in exchange for the Company waiving certain restrictions on transferability
that are currently imposed on a specified number of shares of Stock set forth
on Schedule A attached hereto (which shares shall have a value (based on
the public offering price of one share of Common Stock as set forth on the
front page of the prospectus contained in the Registration Statement) that,
after being reduced in the amount of taxes and deductions related to the sale
of the Common Stock, is equal to $120,000) (the “Salable
Shares”).

 

NOW,
THEREFORE, for the mutual promises and consideration set forth herein, each of
the Company and the Executive agree as follows:

 

SECTION 1.1.  
Waivers.

 

(a)                                  Company Waiver.  Effective upon the closing of the
contemplated IPO, the Company hereby waives those certain restrictions on
transferability imposed on the Salable Shares pursuant to Section 3 of the
Stockholder’s Agreement and Section 6 of that certain Restricted Stock
Award Agreement between the Company and the Employee to the following
extent:  at any time immediately
following the date that is 180 days after the effective date of the
Registration Statement, the Executive may sell or otherwise dispose of all or
any portion of the Salable Shares pursuant to a registration statement on Form
S-8 to be filed with the SEC by the Company concurrently with the contemplated
IPO.

 

 

(b)                                 Executive Waiver.  Effective upon the closing of the
contemplated IPO, Executive hereby waives the Executive’s Piggyback Right with
respect to the IPO Piggyback Shares.

 

SECTION 1.2.  Miscellaneous.

 

(a)                                  Construction
and Governing Law.
This Agreement shall be construed together with, and as part of, the
Stockholder’s Agreement, and shall be deemed an amendment thereto to the extent
applicable.  This Agreement shall be
governed in all respects by the laws of the State of Michigan, as such laws are
applied to agreements to be performed entirely in such jurisdictions, and
hereby incorporates by reference the provisions of Section 17 (Binding Effect), Section 20(b) (Arbitration),
Section 20(d) (Legal Fees),
and Section 24 (Notices) of the
Stockholder’s Agreement.

 

(b)                                 Termination of
Agreement.  This
Agreement shall terminate and be of no further force and effect on such date as
the Company reasonably determines that the contemplated IPO will not occur, in
which case the Company shall promptly provide Executive written notice of such
determination, which notice shall contain the date on which this Agreement has
terminated.

 

(c)                                  Amendment.  Subject to Section 1.3(a) above, this
Agreement may only be amended or modified by written agreement by each of the
Company and the Executive.

 

(d)                                 Counterparts.  This Agreement may be signed in counterparts,
each of which shall be an original, with the same effect as if the signatures
thereto and hereto were upon the same instrument.

 

 

This Agreement shall become effective as of the date
and year first written above.

 

 

	
   

  	
  ITC HOLDINGS CORP.

  
	
   

  	
   

  
	
   

  	
  By: 

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  EXECUTIVE

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Name:

  
					

 

 

Schedule A

 

[Executive]

 

IPO Piggyback Shares:                

 

Salable Shares:                

 

 

FORM OF

WAIVER AND AGREEMENT

 

This Waiver
and Agreement, dated as of the     day of
       2005 (this “Agreement”) is being entered into by and between ITC
HOLDINGS CORP., a corporation incorporated under the laws of the State of
Michigan (the “Company”) and the
person identified on Schedule A hereto (the “Executive”).  All
capitalized terms not otherwise defined herein shall have the meanings set
forth in the Management Stockholder’s Agreement entered into by and between the
Company and the Executive (the “Stockholder’s
Agreement”).

 

WHEREAS, the Company contemplates issuing and selling shares of Common
Stock in an initial public offering pursuant to a Registration Statement on
Form S-1 (the “Registration Statement”) filed
with the Securities and Exchange Commission (the “SEC”)
in accordance with applicable law (the “IPO”); and

 

WHEREAS, it is contemplated that International Transmission Holdings
Limited Partnership (the “Partnership”)
will also sell shares of Common Stock held by the Partnership in the IPO; and

 

WHEREAS, pursuant to the Stockholder’s Agreement, the Executive is
entitled to register a portion of the Executive’s shares of Stock pursuant to
the Registration Statement and, generally, in the same pro rata percentage, as
the Partnership sells shares of Common Stock in the IPO (such entitlement, the
“Piggyback Right”); and

 

WHEREAS, the Company desires that the Executive waive any rights the
Executive may have to exercise the Executive’s Piggyback Right with respect to
the shares of Stock that the Executive may register in connection with the
contemplated IPO, the number of which shall be set forth on Schedule A
attached hereto (such shares, the “IPO Piggyback Shares”),
in exchange for the Company waiving certain restrictions on transferability that
are currently imposed on a specified number of shares of Stock set forth on Schedule A
attached hereto (which shares shall have a value (based on the public offering
price of one share of Common Stock as set forth on the front page of the
prospectus contained in the Registration Statement) that, after being reduced
in the amount of taxes and deductions related to the sale of the Common Stock,
is equal to $100,000) (the “Salable Shares”)
and for the Company granting the IPO Option (as defined in Section 1.2
below).

 

NOW,
THEREFORE, for the mutual promises and consideration set forth herein, each of
the Company and the Executive agree as follows:

 

SECTION 1.1.  
Waivers.

 

(a)                                  Company Waiver.  Effective upon the closing of the
contemplated IPO, the Company hereby waives those certain restrictions on
transferability imposed on the Salable Shares pursuant to Section 3 of the
Stockholder’s Agreement and Section 6 of that certain Restricted Stock
Award Agreement between the Company and the Employee to the following
extent:  at any time immediately
following the date that is 180 days after the effective date of the
Registration Statement, the Executive may sell or otherwise dispose of all or
any portion of the Salable Shares pursuant to a registration statement on Form
S-8 to be filed with the SEC by the Company concurrently with the contemplated
IPO.

 

 

(b)                                 Executive Waiver.  Effective upon the closing of the
contemplated IPO, Executive hereby waives the Executive’s Piggyback Right with
respect to the IPO Piggyback Shares.

 

SECTION 1.2.   Grant of Options.  On
the date the IPO is completed (which for the avoidance of doubt shall be the
date on which the prospectus contained in the Registration Statement is filed
with the SEC pursuant to Rule 424(b) under the Act) (the “Grant Date”),
the Company shall grant to Executive an option to purchase 6,667 shares of
Common Stock (the “IPO Option”).  The IPO Option shall have a per share
exercise price equal to the public offering price of one share of Common Stock
set forth on the cover of the prospectus contained in the Registration
Statement filed with the SEC pursuant to Rule 424(b) under the Act (which for
the avoidance of doubt shall be the fair market value of one share of Common
Stock on the Grant Date), shall have a vesting schedule of 20% per year
beginning on the first anniversary of the Grant Date, and shall otherwise be
subject to the terms and conditions of the Option Plan and a non-qualified
stock option agreement containing terms and conditions that are substantially
the same as the terms and conditions to which currently outstanding options to
purchase Common Stock held by the Executive are subject.

 

SECTION 1.3.  
Miscellaneous.

 

(a)                                  Construction
and Governing Law.
This Agreement shall be construed together with, and as part of, the
Stockholder’s Agreement, and shall be deemed an amendment thereto to the extent
applicable.  This Agreement shall be
governed in all respects by the laws of the State of Michigan, as such laws are
applied to agreements to be performed entirely in such jurisdictions, and
hereby incorporates by reference the provisions of Section 17 (Binding Effect), Section 20(b) (Arbitration),
Section 20(d) (Legal Fees),
and Section 24 (Notices) of the
Stockholder’s Agreement.

 

(b)                                 Termination of
Agreement.  This
Agreement shall terminate and be of no further force and effect on such date as
the Company reasonably determines that the contemplated IPO will not occur, in
which case the Company shall promptly provide Executive written notice of such
determination, which notice shall contain the date on which this Agreement has
terminated.

 

(c)                                  Amendment.  Subject to Section 1.3(a) above, this
Agreement may only be amended or modified by written agreement by each of the
Company and the Executive.

 

(d)                                 Counterparts.  This Agreement may be signed in counterparts,
each of which shall be an original, with the same effect as if the signatures
thereto and hereto were upon the same instrument.

 

 

This Agreement shall become effective as of the date
and year first written above.

 

 

	
   

  	
  ITC HOLDINGS CORP.

  
	
   

  	
   

  
	
   

  	
  By: 

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  EXECUTIVE

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Name:

  
					

 

 

Schedule A

 

[Executive]

 

IPO Piggyback Shares:
               

 

Salable Shares:Exhibit
10.10

 

FORM OF

WAIVER AND AGREEMENT

 

This Waiver
and Agreement, dated as of the     day of       
2005 (this “Agreement”) is being
entered into by and between ITC HOLDINGS CORP., a corporation incorporated
under the laws of the State of Michigan (the “Company”)
and the person identified on Schedule A hereto (each such person, the “Employee”).  All capitalized terms not otherwise defined
herein shall have the meanings set forth in the Management Stockholder’s
Agreement entered into by and between the Company and the Employee (the “Stockholder’s Agreement”).

 

WHEREAS, the Company contemplates issuing and selling shares of Common
Stock in an initial public offering pursuant to a Registration Statement on
Form S-1 (the “Registration Statement”) filed
with the Securities and Exchange Commission (the “SEC”)
in accordance with applicable law (the “IPO”); and

 

WHEREAS, it is contemplated that International Transmission Holdings
Limited Partnership (the “Partnership”)
will also sell shares of Common Stock held by the Partnership in the IPO; and

 

WHEREAS, pursuant to the Stockholder’s Agreement, the Employee is
entitled to register a portion of the Employee’s shares of Stock pursuant to
the Registration Statement and, generally, in the same pro rata percentage, as
the Partnership sells shares of Common Stock in the IPO (such entitlement, the “Piggyback Right”); and

 

WHEREAS, the Company desires that the Employee waive any rights the
Employee may have to exercise the Executive’s Piggyback Right with respect to
the shares of Stock that the Employee may register in connection with the IPO,
the number of which shall be set forth on Schedule A attached hereto (such
shares, the “IPO Piggyback Shares”), in
exchange for the Company waiving certain restrictions on transferability that
are currently, and would continue to be, imposed on such shares if the Employee
did not exercise the Employee’s Piggyback Right with respect to such shares in
connection with the IPO.

 

NOW,
THEREFORE, for the mutual promises and consideration set forth herein, the
Company and the Employee agree as follows:

 

SECTION 1.1.  
Waivers.

 

(a)                                  Company Waiver.  Upon the closing of the contemplated IPO, the
Company hereby waives those certain restrictions on transferability imposed on
the IPO Piggyback Shares pursuant to Section 3 of the Stockholder’s
Agreement and Section 6 of that certain Restricted Stock Award Agreement
between the Company and the Employee to the following extent:  the Employee may sell or otherwise dispose of
all or any portion of the IPO Piggyback Shares pursuant to a registration
statement on Form S-8 to be filed with the SEC by the Company concurrently with
the contemplated IPO.

 

(b)                                 Employee Waiver.  Effective upon the closing of the
contemplated IPO, Employee hereby waives the Employee’s Piggyback Right with
respect to the IPO Piggyback Shares.

 

 

SECTION 1.2.   Miscellaneous.

 

(a)                                  Construction
and Governing Law.
This Agreement shall be construed together with, and as part of, the
Stockholder’s Agreement, and shall be deemed an amendment thereto to the extent
applicable.  This Agreement shall be
governed in all respects by the laws of the State of Michigan, as such laws are
applied to agreements to be performed entirely in such jurisdictions, and
hereby incorporates by reference the provisions of Section 17 (Binding Effect), Section 20(b) (Arbitration),
Section 20(d) (Legal Fees),
and Section 24 (Notices) of the
Stockholder’s Agreement.

 

(b)                                 Termination of
Agreement.  This Agreement shall terminate and be of no further force
and effect on such date as the Company reasonably determines that the
contemplated IPO will not occur, in which case the Company shall promptly
provide the Employee written notice of such determination, which notice shall
contain the date on which this Agreement has terminated.

 

(c)                                  Amendment.  Subject to Section 1.2 (a) above, this
Agreement may only be amended or modified by written agreement by each of the
Company and the Employee.

 

(d)                                 Counterparts.   This Agreement may be signed in
counterparts, each of which shall be an original, with the same effect as if
the signatures thereto and hereto were upon the same instrument.

 

This Agreement shall become effective as of the date
and year first written above.

 

 

	
   

  	
  ITC HOLDINGS CORP.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
  EMPLOYEE

  
	
   

  	
   

  
	
   

  	
   

  	
   

  

 

2

 

Schedule A

 

IPO Piggyback Shares:                 

 

 

3

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