Document:

forr-ex1020_311.htm

 

EXHIBIT 10.20

August 24, 2015

Clifford Condon

309 Fifth Avenue 

Apt 29C 

New York, NY 10016

Dear Cliff, 

Congratulations on your promotion to serve as Chief Research and Product Officer reporting to George Colony, Chief Executive Officer, at Forrester Research, Inc.  We look forward to the continued contributions that you will make to the success of Forrester, and would like your new role to begin as soon as possible.  Accordingly, the effective date of your role change will be August 24, 2015. 

I am pleased to confirm the compensation increase associated with this promotion, subject to approval of Forrester’s Board of Directors.  If you accept this compensation offer, your annualized base compensation will be $360,000.00 ($15,000.00 semi-monthly), less legally required deductions, paid in accordance with Forrester’s regular payroll practices (the “Base Salary”). 

In addition to the Base salary, you will be eligible (provided you are employed by Forrester as an executive officer on the last day of the applicable fiscal year) for an annual target bonus of $200,000.00 gross, prorated to the effective date of this compensation adjustment. The actual amount of any bonus earned and payable annually, will be measured and determined by Forrester’s total company performance and other terms under and pursuant to the Company’s Amended and Restated Executive Cash Incentive Plan

This leadership position is an exempt role and is not eligible for overtime. Your next compensation review is scheduled for January 2016.

Subject to approval of Forrester’s Board of Directors, you will be eligible for a grant of 5,000 Restricted Stock Units (RSUs) on the first business day of the calendar month following your acceptance of this compensation adjustment and Forrester’s receipt of the enclosed Confidentiality, Proprietary Rights, and Noncompetition Agreement, as signed by you (the “Grant Date”), pursuant to the Forrester Research, Inc. Amended and Restated 2006 Equity Incentive Plan (the “Plan”). During your employment, these RSUs will vest over four years from the Grant Date, and will be subject to the terms and conditions of the award instrument and the Plan, as amended from time to time, as well as any other restrictions generally applicable to equity-based awards and securities of the Company, including without limitation the enclosed Stock Retention Guidelines.

You will continue to be eligible to participate in Forrester’s employee benefit programs during your employment, consistent with the plan documents and Company policies. Forrester’s employee benefits are subject to change at any time. 

Further, while you will continue to be based out of Forrester's New York office, as Chief Research and Product Officer, you are expected to spend significant time in Forrester's other offices, including in Forrester's office in Cambridge, MA. You will be accountable for the consistent management and communication of your calendar directly with your manager, the Executive Team, your direct reports and broader teams.   The expenses for commuting to other Forrester offices should be submitted with your regular expense reports

Employment at Forrester is terminable at will.  Accordingly, it is understood that your employment is for no definite term and that you may decide to resign from Forrester at any time without notice and without cause. It is also understood that Forrester, at its option, may terminate your employment at any time without notice or cause. It is further understood that no oral promises or guarantees are binding with the Company.

This offer is subject to your execution of the Forrester Confidentiality, Proprietary Rights and Non-Competition Agreement, a copy of which is enclosed. 

This offer constitutes the entire agreement between you and Forrester regarding your compensation and supersedes all prior understandings, negotiations and agreements, whether written or oral, between you and Forrester as to the subject matter covered by this offer letter, excluding only the Forrester Confidentiality, Proprietary Rights, and Non-Competition Agreement, the Plan, and any agreements or documents related to the RSU grant.

Please accept this offer by returning a signed copy of this letter and enclosed agreement.

 

 

Once again, congratulations on this offer of a new leadership role!  Please indicate your agreement by signing below and returning this letter along with the signed Forrester Confidentiality and Proprietary Rights and Non-Competition Agreement in the enclosed envelope. 

Best,

 

	
/s/ Lucia Luce Quinn
	
 
	
/s/ Clifford Condon

	
Lucia Luce Quinn
	
 
	
Clifford Condon

	
Chief People Officer
	
 
	
 

	
 
	
 
	
August 28, 2015

	
 
	
 
	
Date

 

Enclosures (3)

Amended and Restated Executive Cash Incentive Plan

Forrester Employee Confidentiality, Proprietary Rights and Non-Competition Agreement

Stock Retention Guidelinesagr-ex45_425.htm

 

EXHIBIT 4.5

THIRD SUPPLEMENTAL INDENTURE 

 

THIRD SUPPLEMENTAL INDENTURE (the “Third Supplemental Indenture”), dated as of December 19, 2016, to the Indenture dated as of October 7, 2010 (the “Base Indenture” and, as amended and supplemented to the date hereof, the “Indenture”) by and among UIL HOLDINGS CORPORATION, a Connecticut corporation (“UIL”), AVANGRID, Inc., a corporation duly organized and existing under  the laws of the State of New York (“Avangrid"), and THE BANK OF NEW YORK MELLON (formerly known as The Bank of New York), a corporation organized under the laws of the State of New York authorized to conduct a banking business, as Trustee (the “Trustee”). 

 

RECITALS 

 

WHEREAS, the predecessor company to UIL, UIL Holdings Corporation (“Predecessor UIL”) and the Trustee have heretofore executed and delivered the Base Indenture to provide for the issuance of Predecessor UIL’s unsecured senior debt securities to be issued from time to time in one or more series as might be determined by Predecessor UIL under the Indenture;

 

WHEREAS, Predecessor UIL and the Trustee have heretofore executed and delivered the First Supplemental Indenture, dated as of October 7, 2010, pursuant to which Predecessor UIL issued its 4.625% Notes due 2020, in the aggregate principal amount of $450,000,000 (the “2010 Notes”); 

WHEREAS, on December 16, 2016, Predecessor UIL merged with and into Green Merger Sub, Inc., a Connecticut corporation (the “Merger”); 

WHEREAS, in connection with the Merger, the surviving entity, Green Merger Sub, Inc., was renamed UIL; 

WHEREAS, Predecessor UIL, Green Merger Sub, Inc. and the Trustee have heretofore entered into a Second Supplemental Indenture, dated as of December 16, 2015, pursuant to which UIL, as the surviving entity of the Merger, assumed all of the obligations of Predecessor UIL under the Indenture and the 2010 Notes;

WHEREAS, UIL is a subsidiary of Avangrid;

WHEREAS, UIL and Avangrid desire to amend the Indenture and the 2010 Notes to provide for the substitution of UIL with Avangrid as the issuer thereunder;

 

WHEREAS, Section 9.01(f) of the Base Indenture permits the execution of supplemental indentures without notice to or the consent of any Holders to make any change that does not materially adversely affect the rights of any Holder;

WHEREAS, the substitution of UIL with Avangrid as the issuer under the Indenture and the 2010 Notes shall not materially adversely affect the rights of any Holder;

 

WHEREAS, pursuant to this Third Supplemental Indenture, Avangrid shall be substituted for UIL as issuer of the 2010 Notes and assume all of the obligations and perform every covenant of the issuer in the Indenture (including every Supplemental Indenture) and the 2010 Notes (collectively, the "Obligations");

 

 

 

WHEREAS, upon assumption of the Obligations by Avangrid, UIL shall be relieved of all obligations and covenants under the Indenture;

 

WHEREAS, in connection with the execution of this Third Supplemental Indenture, the Trustee has received Officers’ Certificates and Opinion of Counsel as contemplated by Sections 9.05 and 10.03  of the Base Indenture; and

 

WHEREAS, all conditions necessary have been done or performed to make this Third Supplemental Indenture a valid and binding agreement of UIL and Avangrid in accordance with its terms.

NOW, THEREFORE, in consideration of the premises and the covenants and agreements contained herein, and for other good and valuable consideration the receipt of which is hereby acknowledged, UIL, Avangrid and the Trustee hereby agree as follows: 

ARTICLE 1 

RATIFICATION; DEFINITIONS 

Section 1.01.  Third Supplemental Indenture. This Third Supplemental Indenture is supplemental to, and is entered into pursuant to Section 9.01(f) of the Base Indenture, and except as expressly modified, amended or supplemented by this Third Supplemental Indenture, all the terms, conditions and provisions of the Indenture are in all respects ratified and confirmed and shall remain in full force and effect. 

Section 1.02. Definitions. Unless the context shall otherwise require, all terms which are defined in the Indenture shall have the same meanings, respectively, in this Third Supplemental Indenture as such terms are given in the Indenture. 

ARTICLE 2 

ASSUMPTION OF OBLIGATIONS 

Section 2.01 Assumption of Obligations under Indenture and 2010 Notes. As of the date hereof, Avangrid hereby expressly assumes the due and punctual payment of principal of (and premium, if any) and interest, if any, on all the 2010 Notes and the performance of every covenant of the Indenture on the part of UIL to be performed or observed.  

(b)As of the date hereof, Avangrid succeeds to, is substituted for and may exercise every right and power of, UIL under the Indenture and the 2010 Notes with the same effect as if Avangrid had originally been named in the Indenture and the 2010 Notes as the “Company” and UIL shall be relieved of all obligations and covenants under the Indenture and the 2010 Notes.  

 

ARTICLE 3 

MISCELLANEOUS 

Section 3.01. Effective of Supplemental Indenture. This Third Supplemental Indenture is executed and shall be construed as an indenture supplemental to the Indenture and, as provided in the Indenture, this Third Supplemental Indenture forms a part thereof.

Section 3.02. Counterparts. This Third Supplemental Indenture may be executed in any number of counterparts, each of which shall be an original; but such counterparts shall constitute but one and the same instrument. 

{N3338176.2}2

 

 

Section 3.03. Acceptance. The Trustee accepts the Indenture, as supplemented by this Third Supplemental Indenture, and agrees to perform the same upon the terms and conditions set forth therein as so supplemented. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Third Supplemental Indenture or the due execution hereof by UIL or Avangrid or in respect of the recitals contained herein, all of which are made solely by UIL and Avangrid. In entering into this Third Supplemental Indenture, the Trustee shall be entitled to the benefit of every provision of the Indenture and the 2010 Notes relating to the conduct or affecting the liability or affording protection to the Trustee, whether or not elsewhere herein so provided. 

Section 3.04. Successors and Assigns. All covenants and agreements in this Third Supplemental Indenture by Avangrid or the Trustee shall bind their respective successors and assigns, whether so expressed or not. 

Section 3.05. Severability. In case any one or more of the provisions contained in this Third Supplemental Indenture shall for any reason be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions of this Third Supplemental Indenture, but this Third Supplemental Indenture shall be construed as if such invalid or illegal or unenforceable provision had never been contained herein or therein. 

Section 3.06. Governing Law. This Third Supplemental Indenture shall be construed in accordance with and governed by the laws of the State of New York. 

Section 3.07. Conflict with Trust Indenture Act. If any provision hereof limits, qualifies or conflicts with another provision hereof which is required to be included in this Third Supplemental Indenture by any of the provisions of the Trust Indenture Act of 1939, as amended, such required provision shall control.

Section 3.08. No Benefit. Nothing in this Third Supplemental Indenture, express or implied, shall give to any Person other than the parties hereto and their successors or assigns, and the Holders of the 2010 Notes, any benefit or legal or equitable rights, remedy or claim under this Third Supplemental Indenture, the Indenture or the 2010 Notes. 

 

Section 3.09. References to Supplemental Indenture. Any and all notices, requests, certificates and other instruments executed and delivered after the execution and delivery of this Third Supplemental Indenture may refer to the Indenture without making specific reference to this Third Supplemental Indenture, but nevertheless all such references shall include this Third Supplemental Indenture unless the context requires otherwise. 

 

[Signature Page Follows]

 

{N3338176.2}3

 

 

IN WITNESS WHEREOF, the parties hereto have caused this Third Supplemental Indenture to be duly executed, all as of the day and year first above written.

 

	
 

UIL Holdings Corporation

	
 

	
 

	
 
	
 

	
By
	
: /s/ Steven P. Fauzza 
	
 

	
 
	
 
	
Name:  Steven P. Fauzza

Title: Vice President, Controller & Treasurer 

	
 
	
 
	
 

	
 

	
 
	
 

	
By
	
:  
	
 /s/ Leonard Rodriquez

	
 
	
 
	
Name: Leonard Rodriquez

Title: General Counsel

	
 
	
 
	
 

	
 

 

Avangrid, Inc. 

 

 

	
By
	
:  
	
 /s/ Howard Coon       

	
 
	
 
	
Name: Howard Coon

Title: Vice President & Treasurer

 

 

 

	
By
	
:  
	
/s/ Daniel Alcain

	
 
	
 
	
Name: Daniel Alcain

Title: Senior Vice President – Controller 

	
 

 

 

 

The Bank of New York Mellon,

as Trustee 

	
 
	
 

	
By:
	
 
	
/s/ Francine Kincaid

	
 
	
 
	
Name: Francine Kincaid

Title: Vice President

 

{N3338176.2}[Signature Page to the Third Supplemental Indenture]

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