Document:

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                                                                   Exhibit 10.30

                         EXECUTIVE CONSULTING AGREEMENT

         THIS AGREEMENT is made this 26th day of June, 2002, between Pentair,
Inc., a Minnesota corporation ("Pentair"), and Winslow H. Buxton ("Buxton").

         WHEREAS, Buxton has served as Chief Executive Officer, Chairman and
Director of Pentair, and

         WHEREAS, Buxton and Pentair wish to arrange a transition period during
which Buxton will cease employment with Pentair, but continue to provide
services as Chairman of the Board prior to retirement from the Pentair Board of
Directors; and

         WHEREAS, Pentair wishes to assure itself of the availability of the
services of Buxton during this transition period, and to obtain reasonable
protection of its confidential business information, together with assurance
Buxton will not compete with Pentair during the term of this Agreement or at any
time thereafter; and

         WHEREAS, Pentair and Buxton wish to set forth in writing the terms and
conditions which shall apply during this transition period;

         NOW, THEREFORE, in consideration of the foregoing premises and the
consideration as detailed below, Pentair and Buxton hereby agree as follows:

         1. Retirement Schedule. Effective as of January 1, 2001, Buxton shall
retire as Chief Executive Officer of Pentair, and effective as of May 1, 2001,
Buxton shall retire as a full-time employee of Pentair and from such other
positions or offices as he may hold with Pentair or with any other company which
is a member of the controlled group of companies which includes Pentair
(collectively, the "Group") as shown on the attached Exhibit A. Buxton shall
continue to serve as Chairman of the Board of Directors of Pentair (the "Board")
until the date of the 2002 Pentair annual shareholders meeting, at which time he
shall retire as a Board member and cease to serve as Chairman of the Board.
Buxton, together with the Chief Executive Officer of Pentair and the Chairman of
the Compensation Committee of the Board shall develop a description of the
duties and responsibilities to be assumed by Buxton as Chairman of the Board.

         2. Compensation. (a) Salary. Through April 30, 2001, Pentair shall
continue to compensate Buxton at the same annual salary rate as was in effect on
January 1, 2001. Beginning May 1, 2001 and ending on April 30, 2002, Pentair
shall compensate Buxton for services rendered as Chairman of the Board at sixty
percent (60%) of his annual salary rate as in effect on May 1, 2001. Except as
otherwise provided in this Agreement, these payments shall be in lieu of any
compensation, fees or other benefits to which Buxton might otherwise be entitled
as a non-employee member of the Board.

         All compensation provided hereunder shall continue to be paid to Buxton
in the event of his disability or incapacity prior to May 1, 2002, or to
Buxton's estate in the event of his death prior to May 1, 2002.

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         (b) Bonus. (i) Bonus During Employment. Buxton shall remain eligible to
receive a bonus under the Pentair Executive Officer Performance Plan ("EOPP"),
as then in effect with respect to the Pentair Chief Executive Officer, for
services rendered as an employee of Pentair through April 30, 2001. Such bonus,
if any, as Buxton may earn under the EOPP shall be pro-rated based on his status
as a full-time employee of Pentair for the period beginning January 1, 2001 and
ending April 30, 2001. Any bonus so earned shall be calculated and paid in 2002
in accordance with applicable provisions of the EOPP.

         (ii) Bonus After Employment. Buxton shall be eligible to receive a
bonus for such time in 2001 as he is rendering services as a non-employee
Chairman of the Board. Such bonus shall be equivalent to the bonus, if any,
Buxton would have been eligible to earn under the EOPP as in effect when his
employment ended, prorated to cover only those months in 2001 that Buxton
continues to serve as Chairman of the Board, and to reflect the fact that Buxton
is deemed to provide services at the rate of sixty percent (60%) of full-time.
Such prorated bonus as Buxton may earn for the period from May 1, 2001 through
December 31, 2001 shall be calculated and paid in 2002 in the same manner and at
the same time as the bonus earned while Buxton was an EOPP participant.

         (c) Stock and Equity Awards. Buxton shall be entitled to receive a
grant of stock options for 2001 consistent with the award made to the Pentair
Chief Executive Officer under the Pentair, Inc. Omnibus Stock and Incentive Plan
(the "Omnibus Plan") in accordance with the terms and conditions determined at
the time of said grant. For 2002, Buxton shall be entitled to receive a grant of
stock options, which award shall be consistent with the award made to the then
Pentair Chief Executive Officer in 2002 under the Omnibus Plan, and which shall
be subject to such terms and conditions as shall be determined at the time of
said grant.

         3. Benefits. Effective April 30, 2001, Buxton shall cease to
participate in the various benefit plans made available by Pentair to its
employees, subject to such rights as are described below:

         (a) Retirement Benefits. (i) Pentair Pension Plan. Buxton shall remain
eligible to accrue benefits under the Pentair Pension Plan through April 30,
2001, at which time the vested accrued benefit payable to Buxton under such plan
shall be determined. Buxton shall be entitled to receive payment of such vested
accrued benefit in accordance with the provisions of said plan.

         (ii) Retirement Savings and Stock Incentive Plan ("RSIP"). Buxton shall
remain a participant in RSIP and shall be eligible to authorize deposits to such
plan through April 30, 2001. Buxton shall be entitled to share in allocations of
contributions made by Pentair, including matching and employer discretionary
contributions payable on account of service completed by, deferrals authorized
by, or compensation paid to, Buxton through April 30, 2001, to the extent
required by the provisions of RSIP. For this purpose, no payments made to Buxton
under this Agreement shall be included as covered compensation. Buxton shall be
entitled to receive payment of his vested accrued benefit under RSIP in
accordance with applicable provisions of RSIP.

         (iii) Non-Qualified Deferred Compensation Plan ("Sidekick"). Buxton
shall remain a participant in Sidekick and shall be eligible to authorize
deposits to such plan through April 30, 2001. Buxton shall be entitled to share
in allocations of contributions made by Pentair, including

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matching and employer discretionary contributions payable on account of service
completed by, deferrals authorized by, or compensation paid to, Buxton through
April 30, 2001, to the extent required by the provisions of Sidekick. For this
purpose, no payments made to Buxton under this Agreement shall be included as
covered compensation. Buxton shall be entitled to payment of the amounts payable
to him under Sidekick in accordance with the payment election made by him at the
time he became a Sidekick participant.

         (b) Supplemental Retirement Plan. Effective May 1, 2001, Buxton shall
cease to accrue benefits under the 1988 Supplemental Executive Retirement Plan
and, except as otherwise provided in this Agreement, any other non-tax qualified
retirement or deferred compensation arrangement sponsored by Pentair or any
other Group member. Such supplemental retirement benefits as shall be paid to
Buxton are described in the Retirement Agreement and Release executed by Buxton
and Pentair on June 26, 2002.

         (c) Insurance Benefits. (i) Medical, Dental and Life Insurance. Buxton
shall remain eligible to participate in the various medical, dental, life and
disability insurance benefits offered by Pentair to its executive employees
through April 30, 2001. Beginning May 1, 2001, Buxton may elect to continue
participation in the group medical, dental and life insurance programs
consistent with his rights to continuation coverage under applicable state and
federal law. Said continuation period shall end on the earlier of the date
Buxton is eligible for coverage with a subsequent employer or the expiration of
eighteen (18) months (i.e., October 31, 2002). During the applicable
continuation period, Pentair shall pay the entire cost of providing such
continuation coverage. Such insurance benefits as will be available to Buxton
following the continuation period are described in the Retirement Agreement and
Release executed by Buxton and Pentair on June 26, 2002.

         (ii) Supplemental Life and Disability Insurance. To the extent he has
elected coverage under the supplemental disability and life insurance plans made
available by Pentair to its executive employees, Buxton shall retain such
coverage through April 30, 2001, after which time if Buxton shall elect to
retain these coverages, Pentair shall reimburse Buxton for the cost of such
coverages.

         (iii) Flexible Benefits Plan. Beginning May 1, 2001, Buxton shall be
offered the opportunity to continue participation in the Pentair Flexible
Benefits Plan consistent with the terms and provisions of said plan.

         (d) Flexible Perquisite Plan. Buxton shall remain eligible to
participate in the Flexible Perquisite Plan through April 31, 2001, consistent
with the provisions of said plan.

         4. Expenses. Pentair shall reimburse Buxton for all reasonable business
expenses incurred by him in the active performance of his duties as Chairman of
the Board through April 30, 2002, provided Buxton submits proper documentation
for such expenses.

         5. Office Space. Beginning January 1, 2001, Pentair shall provide at no
cost to Buxton private office space and secretarial services as needed. Said
office space and secretarial services shall be provided until December 31, 2005
or, if earlier, the date of Buxton's death.

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         6. Vehicle. Beginning January 1, 2001 Pentair shall, at its expense,
lease an automobile for Buxton's use until December 31, 2010 or, if earlier, the
date of Buxton's death. Pentair shall pay all expenses related to the repair or
maintenance of such vehicle, or shall reimburse Buxton for such repair or
maintenance expenses as he may incur, provided Buxton submits proper
documentation for such expenses. Said automobile shall be of a make and model
consistent with the automobile leased by Pentair for use by Buxton during his
tenure as Chief Executive Officer.

         7. Club Membership. Pentair shall, at its expense, provide to Buxton a
membership in the Minneapolis Club and in a country club selected by Buxton and
agreed to by Pentair, until December 31, 2010 or, if earlier, the date of
Buxton's death.

         8. Change in Control. In the event of a change in control of Pentair,
as that term is defined in the Key Executive Employment and Separation Agreement
(the "KEESA"), executed by Buxton on August 23, 2000, Buxton shall remain
entitled to receive all compensation and benefits provided to him under this
Agreement, regardless of whether he continues to serve as Chairman of the Board
through the end of the term contemplated by this Agreement. As of April 30,
2001, however, the KEESA signed by Buxton shall be void and of no further force
and effect.

         9. Independent Contractor. From and after May 1, 2001, the date of his
retirement from employment with Pentair, Buxton shall at all times be an
independent contractor with respect to Pentair. Buxton understands and agrees
that, as an independent contractor, he is responsible for properly reporting the
monies paid pursuant to this Agreement on his individual federal and state
income tax returns and for paying self-employment taxes on said monies, as
required by applicable law.

         10. Confidential Information Acquired During Employment. Buxton agrees
that he will continue to treat, as private and privileged, any information,
data, figures, projections, estimates, marketing plans, customer lists, lists of
contract workers, tax records, personnel records, accounting procedures,
formulas, contracts, business partners, alliances, ventures and all other
confidential information which Buxton acquired or created as an employee of
Pentair or any other Group member. Buxton further agrees that he will not
release any such information to any person, firm, corporation or other entity at
any time, except as may be required by law, or specifically agreed to in writing
by Pentair prior to such disclosure. Buxton acknowledges that any violation of
this non-disclosure provision shall entitle Pentair to appropriate injunctive
relief and to any damages which it may sustain due to the improper disclosure.

         11. Non-Solicitation/Non-Competition Agreement. Buxton acknowledges
that during employment with the Group, he became familiar with trade secrets,
know-how, executive personnel, business strategies, product development and
other confidential and proprietary information concerning the business of the
Group. In consideration for the compensation and benefits paid to Buxton under
this Agreement, Buxton agrees that he shall not at any time, either directly or
indirectly, and without the prior written consent of Pentair:

                  a. own, manage, control, participate in, consult with or
         render services of any kind for any concern which engages in a business
         which is

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         competitive with any business being conducted, or contemplated being
         conducted, by Pentair or any other Group member;

                  b. become an employee or agent of any publicly traded
         corporation or other entity, or any division or subsidiary of such a
         corporation or entity, where more than five percent (5%) of such
         organization's business is in competition with any business being
         conducted, or contemplated being conducted, by Pentair or any other
         Group member;

                  c. participate in any plan or attempt to acquire the business,
         assets or control of the voting stock of Pentair or any other Group
         member, or in any manner interfere with the control of Pentair or any
         other Group member, whether by friendly or unfriendly means;

                  d. induce or attempt to induce any individual to leave the
         employ of Pentair or any other Group member or hire any such individual
         who approaches him for employment; or

                  e. engage in or sponsor the solicitation of customers of
         Pentair or any other Group member to do business with any competitor of
         Pentair or any member of the Group.

         In the event Buxton breaches or threatens to breach any obligation
under this paragraph 10, Pentair may apply to any court of competent
jurisdiction for specific performance and/or injunctive relief or other relief
to enforce the obligations of Buxton under this paragraph 10 or to prevent any
violations of said paragraph. Pentair may also pursue any other remedies
available to it on account of a breach or threatened breach of this paragraph
10, including the costs and reasonable attorneys' fees incurred by it in
enforcing its rights under this paragraph 10. In addition to the other remedies
herein provided, Pentair may discontinue all payments or benefits provided to
Buxton under this Agreement.

         12. Cooperation. Buxton agrees that at the request of Pentair, he will,
at any time, cooperate with and assist Pentair (including cooperation and
assistance in any matters involving claims or lawsuits against Pentair or any
other Group member) where Buxton has or may have knowledge of the facts
involved. Buxton further agrees that he will not voluntarily aid, assist, or
cooperate with anyone who has claims against Pentair or any other Group member,
or with their attorneys or agents in any claims or lawsuits which such person
may bring against Pentair or any other Group member. Nothing in this Agreement
prevents Buxton from testifying at an administrative hearing, arbitration,
deposition, or in court, in response to a lawful and properly served subpoena.

         13. Merger. This Agreement and the payments and benefits described
herein, together with the Retirement Agreement and Release between Buxton and
Pentair dated June 26, 2002, supersede and replace all prior oral and written
agreements and understandings between Buxton and Pentair.

         14. Minnesota Law Applies. The terms of this Agreement will be governed
by the substantive laws of the State of Minnesota, without regard to any choice
of laws provisions

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thereof, and it shall be construed and enforced thereunder. All disputes arising
out of or relating to this Agreement shall be subject to the jurisdiction of the
state court sitting in the County of Hennepin, State of Minnesota, and both
parties hereby irrevocably submit to the jurisdiction of such court.

         15. Invalidity. If any one or more of the terms of this Agreement are
deemed to be invalid or unenforceable by a court of law, the validity,
enforceability, and legality of the remaining provisions of this Agreement will
not in any way be affected or impaired thereby.

         16. Amendment. This Agreement may be modified only by a subsequent
written agreement signed by the parties hereto.

Dated: June 26, 2002                    /s/ Winslow H. Buxton
                                        ---------------------------------------
                                            Winslow H. Buxton

Subscribed and sworn to before me
this 26th day of June, 2002.

/s/ Louis L. Ainsworth
---------------------------------
    Notary Public

Dated: June 27, 2002                    PENTAIR, INC.

                                        By /s/ Debby S. Knutson
                                           ------------------------------------
                                           Its Vice President, Human Resources

Subscribed and sworn to before me
this 27th day of June, 2002.

/s/ Louis L. Ainsworth
---------------------------------
    Notary Public

                                       6Exhibit 4-5

Exhibit 4-5

 

 

______________________________________________________________________________

 

 

ENERGY EAST CORPORATION

AND

JPMORGAN CHASE BANK

(formerly known as The Chase Manhattan Bank),

as Trustee

 

 

 

Fifth Supplemental Indenture

Dated as of April 8, 2002

To

Indenture

Dated as of August 31, 2000

 

 

 

 

______________________________________________________________________________

 

          FIFTH SUPPLEMENTAL INDENTURE, dated as of April 8, 2002 (this "Fifth Supplemental Indenture"), between ENERGY EAST CORPORATION, a corporation duly organized and existing under the laws of the State of New York (the "Company"), having its principal office at Albany, New York 12212-2904, and JPMORGAN CHASE BANK (formerly known as THE CHASE MANHATTAN BANK), a New York banking corporation, as Trustee (the "Trustee") under the Indenture dated as of August 31, 2000 between the Company and the Trustee (the "Original Indenture").

Recitals

          WHEREAS, the Company has executed and delivered the Original Indenture to the Trustee to provide for the issuance from time to time of its senior, unsecured debentures, notes or other evidences of indebtedness (the "Securities"), to be issued in one or more series as in the Original Indenture provided;

          WHEREAS, pursuant to the terms of the Original Indenture, the Company and the Trustee have entered into a Second Supplemental Indenture dated as of November 14, 2000 (the "Second Supplemental Indenture"), under which the Company issued $300,000,000 in aggregate principal amount of 7.75% Putable Asset Term Securities, Putable/Callable November 15, 2003 (the "7.75% PATS");

          WHEREAS, the Company and the Trustee now wish to amend and restate the 7.75% PATS by entering into a Fifth Supplemental Indenture, in accordance with Section 901 (10) of the Original Indenture, in order to cure an ambiguity which resulted from the unavailability of the 30-year Treasury Rate as a reference index for the 7.75% PATS;

          WHEREAS, all things necessary to make this Fifth Supplemental Indenture a valid, binding and legal agreement of the Company, have been done;

          NOW, THEREFORE, in consideration of the mutual promises and covenants contained herein, the parties hereto agree as follows:

ARTICLE  ONE

TERMS OF THE 7.75% PATS

          Section 101.  Defined Terms. The followings terms used in the Second Supplemental Indenture and in the 7.75% PATS are hereby amended as follows:

          (i)  "Base Rate" means 6.58%.

          (ii)  "Dollar Price" means, for all the Securities of this series and as determined by the Calculation Agent, (1) the principal amount of the Securities of this series, plus (2) the premium equal to the excess, if any, of (A) the present value, as of the Initial Coupon Reset Date, of the Remaining Scheduled Payments for such Securities of this series, discounted to the Initial Coupon Reset Date on a semi annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Swap Rate, over (B) the principal amount of the Securities of this series.

          (iii)  "Reference Swap Dealer" means each of up to five leading dealers of U.S. Dollar interest rate swaps to be selected by the Company, and agreed to by UBS Warburg LLC, if UBS AG is then the Callholder.  One of the Reference Swap Dealers the Company selects will be UBS Warburg LLC, if UBS AG is then the Callholder.

          (iv)  "Reference Swap Dealer Quotations" means, with respect to each Reference Swap Dealer, the bid side 30 year U.S. Dollar swap rate such dealer would pay for thirty years on a semi-annual basis assuming a 360 day year comprised of twelve 30-day months in order to receive a Three Month Libor Rate over the same thirty years, payable quarterly and computed using the actual number of days in a 360 day year, as quoted in writing to the Calculation Agent by such Reference Swap Dealer, by 12:00 noon, New York City time, on the first Determination Date.  

          (v)  "Swap Rate" means, for all the Securities of this series, with respect to the Initial Coupon Reset Date:

	the bid side 30 year U.S. Dollar swap rate (expressed as a percentage yield to maturity) at 12:00 noon, New York City time, on the first Determination Date, as set forth on "Telerate Page 19901" (or such other page as may replace "Telerate 19901");

	if such page (or any successor page) is not displayed or does not contain such bid side rate on such Determination Date, the average of the Reference Swap Dealer Quotations for such Determination Date, after excluding the highest and lowest such Reference Swap Dealer Quotations, or if the Calculation Agent obtains fewer than four such Reference Swap Dealer Quotations, the average of all such Reference Swap Dealer Quotations.

          (vi)  "Telerate Page 19901" means the display designated as "Telerate Page 19901" on Bridge Telerate, Inc. (or such other page as may replace "Telerate Page 19901" on such service) or such other service displaying the bid side yields for the Swap Rate, as may replace Bridge Telerate, Inc.

          (vii)  "Three Month Libor Rate" means the rate for deposits in U.S. dollars for a period of three months which appears on the Telerate Page 3750 (or any successor page).

          Section 102.  Deleted Terms. The following defined terms used in the Second Supplemental Indenture and in the 7.75% PATS are hereby deleted: "Comparable Treasury Issues," "Comparable Treasury Price," "Reference Treasury Dealer," "Reference Treasury Dealer Quotations," "Telerate Page 500" and "Treasury Rate."  

 

 

ARTICLE TWO

SUNDRY PROVISIONS

          Section 201.  Definitions.  Capitalized terms used herein but not defined in this Fifth Supplemental Indenture shall have the meanings ascribed to such terms in the Original Indenture, as supplemented.

          Section 202.  Governing Law. This Fifth Supplemental Indenture shall be governed by, and construed in accordance with, the laws of the State of New York, without regard to principles of conflicts of law except Section 5-1401 of the New York General Obligations Law.

          Section 203.  Counterparts.  This Fifth Supplemental Indenture may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute one and the same instrument.

          Section 204.  Ratification.  Except as expressly amended hereby, each provision of the Original Indenture, as supplemented, and each Security shall remain in full force and effect and, as amended hereby, and the Original Indenture, as supplemented, and the Securities are in all respects agreed to, ratified and confirmed by the parties hereto.

          Section 205.  Trustee not responsible for recitals.  The recitals contained in this Fifth Supplemental Indenture shall be taken as the statements of the Company and the Trustee assumes no responsibility for their correctness.  The Trustee makes no representations as to the validity or sufficiency of the Fifth Supplemental Indenture. 

          Section 206.  Notation on 7.75% PATS.  All 7.75% PATS shall bear the following notation, which may be stamped or imprinted thereon: "In accordance with the Fifth Supplemental Indenture dated as of April 8, 2002, and as a result of the unavailability of the 30-year Treasury Rate as a reference index for the 7.75% PATS, the terms of the 7.75% PATS were amended." The Company shall arrange for, and pay all expenses related to, such notation.

 

          In Witness Whereof, the parties hereto have caused this Fifth Supplemental Indenture to be duly executed as of the day and year first above written.

	 	
ENERGY EAST CORPORATION

	 	

By: /s/Robert Kump                                 

            Name: Robert Kump

            Title: Vice President, Secretary & Treasurer

 

 

	 	
JPMORGAN CHASE BANK

(formerly known as The Chase Manhattan Bank),

as Trustee

	 	

By: /s/Carol Ng                                 

            Name: Carol Ng

            Title: Vice President

Consented to:

UBS AG, London Branch, 

as Callholder 

By:  /s/Timothy Steele            

      Name: Timothy Steele

      Title: Executive Director

By:  /s/Lisa Roitman               

      Name: Lisa Roitman

      Title: Director and Counsel

             Region Americas Legal

             Fixed Income Section

UBS Warburg LLC, 

as Calculation Agent

By:  /s/Jonathan Shiff               

      Name: Jonathan Shiff

      Title: Director

By:  /s/Michael Davidson          

      Name: Michael Davidson

      Title: Director

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