Document:

EX-10.1

 

 

EXHIBIT 10.1

FIRST AMENDMENT TO REIMBURSEMENT AND CREDIT AGREEMENT

     This FIRST AMENDMENT TO REIMBURSEMENT AND CREDIT AGREEMENT (the “First Amendment”) is
made and entered into this 28th day of April, 2006 by and between THE CONNECTICUT WATER COMPANY, a
corporation duly organized and existing under the laws of the State of Connecticut with an office
at 93 West Main Street, Clinton, Connecticut 06413 (the “Borrower”), and CITIZENS BANK OF
RHODE ISLAND, with an office at One Citizens Plaza, Providence, Rhode Island 02903, (the
“Bank”).

WITNESSETH:

     WHEREAS, the Connecticut Development Authority issued and sold the $5,000,000 Water Facilities
Refunding Revenue Bonds (The Connecticut Water Company Project-2004A Series (the “Bonds”) and
loaned funds to the Borrower pursuant to the terms of the Indenture;

     WHEREAS, the Borrower and the Bank entered into a Reimbursement and Credit Agreement, dated as
of August 1, 2004, to provide for an irrevocable direct pay letter of credit to be issued by the
Bank for the account of the Borrower to secure the Bonds (the “Agreement”);

     WHEREAS, affiliates of the Borrower, The Unionville Water Company and The Crystal Water
Company of Danielson, will be merged into the Borrower following approval by the Connecticut
Department of Public Utilities (the “Merger”);

     WHEREAS, in connection with the Merger, the Borrower wishes to increase the amount of the
Borrower’s Permitted Indebtedness to Connecticut Water Service, Inc. or the Borrower’s Affiliates
allowed under the Agreement. Capitalized terms used in this First Amendment and not otherwise
defined herein shall have the meanings ascribed thereto in the Agreement.

     NOW THEREFORE, in consideration of the premises, mutual promises and covenants contained
herein, and other good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, it is agreed by and between the parties hereto, each being legally bound hereby, as
follows:

     1. Clause (vi) of the definition of Permitted Indebtedness in subsection 1.01 of the Agreement
is hereby deleted and replaced by the following:

     “(vi) indebtedness, in addition to the indebtedness described in Subsection (v), to
Connecticut Water Service, Inc. or Borrower’s Affiliates not exceeding Fifteen Million Dollars
($15,000,000) in the aggregate; and”

     2. This First Amendment may be executed in counterparts and all such counterparts shall be
deemed to be originals and together shall constitute but one and the same instrument.

     3. Except as expressly provided herein, the Agreement is unmodified and remains in full force
and effect.

 

 

EXHIBIT 10.1

     IN WITNESS WHEREOF, and intending to be legally bound hereby, the parties have executed this
First Amendment as of the date first written above.

	 	 	 	 	 	 	 
	 	 	THE CONNECTICUT WATER COMPANY	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ David C. Benoit	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: David C. Benoit	 	 
	 

	 	 	 	Title: Vice President-Finance and Chief	 	 
	 

	 	 	 	Financial Officer	 	 
	 
	 	 	 	 	 	 
	 	 	CITIZENS BANK OF RHODE ISLAND	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Anthony H. Castellon	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Anthony H. Castellon	 	 
	 

	 	 	 	Title: Vice PresidentEX-10.2

 

 

EXHIBIT 10.2

FIRST AMENDMENT TO REIMBURSEMENT AND CREDIT AGREEMENT

     This FIRST AMENDMENT TO REIMBURSEMENT AND CREDIT AGREEMENT (the “First Amendment”) is
made and entered into this 28th day of April, 2006 by and between THE CONNECTICUT WATER COMPANY, a
corporation duly organized and existing under the laws of the State of Connecticut with an office
at 93 West Main Street, Clinton, Connecticut 06413 (the “Borrower”), and CITIZENS BANK OF
RHODE ISLAND, with an office at One Citizens Plaza, Providence, Rhode Island 02903, (the
“Bank”).

WITNESSETH:

     WHEREAS, the Connecticut Development Authority issued and sold the $4,550,000 Water Facilities
Refunding Revenue Bonds (The Connecticut Water Company Project-2004B Series (the “Bonds”) and
loaned funds to the Borrower pursuant to the terms of the Indenture;

     WHEREAS, the Borrower and the Bank entered into a Reimbursement and Credit Agreement, dated as
of August 1, 2004, to provide for an irrevocable direct pay letter of credit to be issued by the
Bank for the account of the Borrower to secure the Bonds (the “Agreement”);

     WHEREAS, affiliates of the Borrower, The Unionville Water Company and The Crystal Water
Company of Danielson, will be merged into the Borrower following approval by the Connecticut
Department of Public Utilities (the “Merger”);

     WHEREAS, in connection with the Merger, the Borrower wishes to increase the amount of the
Borrower’s Permitted Indebtedness to Connecticut Water Service, Inc. or the Borrower’s Affiliates
allowed under the Agreement. Capitalized terms used in this First Amendment and not otherwise
defined herein shall have the meanings ascribed thereto in the Agreement.

     NOW THEREFORE, in consideration of the premises, mutual promises and covenants contained
herein, and other good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, it is agreed by and between the parties hereto, each being legally bound hereby, as
follows:

     1. Clause (vi) of the definition of Permitted Indebtedness in subsection 1.01 of the Agreement
is hereby deleted and replaced by the following:

     “(vi) indebtedness, in addition to the indebtedness described in Subsection (v), to
Connecticut Water Service, Inc. or Borrower’s Affiliates not exceeding Fifteen Million Dollars
($15,000,000) in the aggregate; and”

     2. This First Amendment may be executed in counterparts and all such counterparts shall be
deemed to be originals and together shall constitute but one and the same instrument.

     3. Except as expressly provided herein, the Agreement is unmodified and remains in full force
and effect.

 

 

EXHIBIT 10.2

     IN WITNESS WHEREOF, and intending to be legally bound hereby, the parties have executed this
First Amendment as of the date first written above.

	 	 	 	 	 	 	 
	 	 	THE CONNECTICUT WATER COMPANY	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ David C. Benoit	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: David C. Benoit	 	 
	 

	 	 	 	Title: Vice President-Finance and Chief
                      Financial Officer	 	 
	 
	 	 	 	 	 	 
	 	 	CITIZENS BANK OF RHODE ISLAND	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Anthony H. Castellon	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Anthony H. Castellon	 	 
	 

	 	 	 	Title: Vice PresidentEX-10.3

 

 

EXHIBIT 10.3

FIRST AMENDMENT TO REIMBURSEMENT AND CREDIT AGREEMENT

     This FIRST AMENDMENT TO REIMBURSEMENT AND CREDIT AGREEMENT (the “First Amendment”) is
made and entered into this 28th day of April, 2006 by and between THE CONNECTICUT WATER COMPANY, a
corporation duly organized and existing under the laws of the State of Connecticut with an office
at 93 West Main Street, Clinton, Connecticut 06413 (the “Borrower”), and CITIZENS BANK OF
RHODE ISLAND, with an office at One Citizens Plaza, Providence, Rhode Island 02903, (the
“Bank”).

WITNESSETH:

     WHEREAS, the Borrower issued and sold the $12,500,000 Variable Rate Taxable Debenture Bonds,
Series 2004 (the “Bonds”) pursuant to the terms of the Indenture;

     WHEREAS, the Borrower and the Bank entered into a Reimbursement and Credit Agreement, dated as
of March 1, 2004, to provide for an irrevocable direct pay letter of credit to be issued by the
Bank for the account of the Borrower to secure the Bonds (the “Agreement”);

     WHEREAS, affiliates of the Borrower, The Unionville Water Company and The Crystal Water
Company of Danielson, will be merged into the Borrower following approval by the Connecticut
Department of Public Utilities (the “Merger”);

     WHEREAS, in connection with the Merger, the Borrower wishes to increase the amount of the
Borrower’s Permitted Indebtedness to Connecticut Water Service, Inc. or the Borrower’s Affiliates
allowed under the Agreement. Capitalized terms used in this First Amendment and not otherwise
defined herein shall have the meanings ascribed thereto in the Agreement.

     NOW THEREFORE, in consideration of the premises, mutual promises and covenants contained
herein, and other good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, it is agreed by and between the parties hereto, each being legally bound hereby, as
follows:

     1. Clause (vii) of the definition of Permitted Indebtedness in subsection 1.01 of the
Agreement is hereby deleted and replaced by the following:

     “(vii) indebtedness to Connecticut Water Service, Inc. or Borrower’s Affiliates not exceeding
Fifteen Million Dollars ($15,000,000) in the aggregate; and”

     2. This First Amendment may be executed in counterparts and all such counterparts shall be
deemed to be originals and together shall constitute but one and the same instrument.

     3. Except as expressly provided herein, the Agreement is unmodified and remains in full force
and effect.

 

 

EXHIBIT 10.3

     IN WITNESS WHEREOF, and intending to be legally bound hereby, the parties have executed this
First Amendment as of the date first written above.

	 	 	 	 	 	 	 
	 	 	THE CONNECTICUT WATER COMPANY	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ David C. Benoit	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: David C. Benoit	 	 
	 

	 	 	 	Title: Vice President-Finance and Chief
                         Financial Officer	 	 
	 
	 	 	 	 	 	 
	 	 	CITIZENS BANK OF RHODE ISLAND	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Anthony H. Castellon	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Anthony H. Castellon	 	 
	 

	 	 	 	Title: Vice President<PAGE>

                                                                  Exhibit 10.34

                 FORM OF 2006 BAND A EMPLOYEE OPTION AGREEMENT

                              ITT INDUSTRIES, INC.
                           2003 EQUITY INCENTIVE PLAN

                   NON-QUALIFIED STOCK OPTION AWARD AGREEMENT

THIS AGREEMENT (the "Agreement"), effective as of the _______ of ___________, by
and between ITT Industries, Inc. (the "Company") and [name] (the "Optionee"),
WITNESSETH:

WHEREAS, the Optionee is now employed by the Company or an Affiliate (as defined
in the Company's 2003 Equity Incentive Plan, as amended and restated as of July
13, 2004 (the "Plan")) as an employee, and in recognition of the Optionee's
valued services, the Company, through the Compensation and Personnel Committee
of its Board of Directors (the "Committee"), desires to provide an opportunity
for the Optionee to acquire or enlarge stock ownership in the Company, pursuant
to the provisions of the Plan.

NOW, THEREFORE, in consideration of the terms and conditions set forth in this
Agreement and the provisions of the Plan, a copy of which is attached hereto and
incorporated herein as part of this Agreement, and any administrative rules and
regulations related to the Plan as may be adopted by the Committee, the parties
hereto hereby agree as follows:

1.   Grant of Options. In accordance with, and subject to, the terms and
     conditions of the Plan and this Agreement, the Company hereby confirms the
     grant on _____________ (the "Grant Date") to the Optionee of the option to
     purchase from the Company all or any part of an aggregate of _____ shares
     of common stock of the Company (the "Option"), at the purchase price of
     $_____ per share (the "Option Price" or "Exercise Price"). The Option shall
     be a Nonqualified Stock Option.

2.   Terms and Conditions. It is understood and agreed that the Option is
     subject to the following terms and conditions:

     (a)  Expiration Date. The Option shall expire on (seven years from the
          grant date), or, if the Optionee's employment terminates before that
          date, on the date specified in subsection (e) below.

     (b)  Exercise of Option. The Option may not be exercised until it has
          become vested.

     (c)  Vesting. Subject to subsections 2(a) and 2(e), the Option shall vest
          in full upon the first to occur of the following events:

          (i)  (three years from the grant date); or

          (ii) an Acceleration Event (as defined in the Plan).

     (d)  Payment of Exercise Price and Tax Withholding. Permissible methods for
          payment of the Exercise Price and for satisfaction of tax withholding
          obligations

<PAGE>

          upon exercise of the Option shall be as described in Section 6.6 and
          Article 14 of the Plan, or, if the Plan is amended, successor
          provisions. In addition to the methods of exercise permitted by
          Section 6.6 of the Plan, the Optionee may exercise the Option by way
          of a broker-assisted cashless exercise in a manner consistent with the
          Federal Reserve Board's Regulation T, unless the Committee determines
          that such exercise method is prohibited by law.

     (e)  Effect of Termination of Employment.

          If the Optionee's employment terminates before (seven years from the
          grant date), the Option shall expire on the date set forth below, as
          applicable:

          (i)  Termination due to Death. If the Optionee's employment is
               terminated as a result of the Optionee's death, the Option shall
               immediately expire on the earlier of (seven years from the grant
               date) or the date three years after the termination of the
               Optionee's employment due to death. If the Option is not vested
               at the time of the Optionee's termination of employment, the
               Option shall immediately become 100% vested.

          (ii) Termination due to Disability. If the Optionee's employment is
               terminated as a result of the Optionee's Disability (as defined
               below), the Option shall expire on the earlier of (seven years
               from the grant date) or the date five years after the termination
               of the Optionee's employment due to Disability. If the Option is
               not vested at the time of the Optionee's termination of
               employment, the Option shall immediately become 100% vested.

         (iii) Termination due to Retirement. If the Optionee's employment is
               terminated as a result of the Optionee's Retirement (as defined
               below), the Option shall expire on the earlier of (seven years
               from the grant date) or the date five years after the termination
               of the Optionee's employment due to Retirement. If the Option is
               not vested at the time of the Optionee's termination of
               employment, a prorated portion of the Option shall immediately
               vest as of the date of the termination of employment (see
               "Prorated Vesting Upon Retirement" below). Any remaining unvested
               portion of the Option shall expire as of the date of the
               termination of the Optionee's employment. For purposes of this
               subsection 2(e)(iii), the Optionee shall be considered employed
               during any period in which the Optionee is receiving severance in
               the form of salary continuation, and the date of the termination
               of the Optionee's employment shall be the last day of any such
               severance period.

          (iv) Voluntary Termination; Cause. If the Optionee's employment is
               terminated by the Optionee for any reason other than Retirement,
               Disability, or death, or by the Company (or an Affiliate, as the
               case may be) for cause (as determined by the Committee), the
               vested and unvested portions of the Option shall expire on the
               date of the termination of the Optionee's employment.

          (v)  Other Termination by the Company. If the Option is vested and the
               Optionee's employment is terminated by the Company (or an
               Affiliate, as the case may be) for other than cause (as
               determined by the Committee),

<PAGE>

               and not because of the Optionee's Retirement, Disability, or
               death, the Option shall expire on the earlier of (seven years
               from the grant date) or the date three months after the
               termination of the Optionee's employment. If the Option is not
               vested on the date the Optionee's employment terminates, the
               Option shall expire immediately in full on the date of
               termination of employment, and the Option shall not thereafter be
               exercisable. For purposes of this subsection 2(e)(v), the
               Optionee shall be considered employed during any period in which
               the Optionee is receiving severance in the form of salary
               continuation, and the date of the termination of the Optionee's
               employment shall be the last day of any such severance period.

          Notwithstanding the foregoing, if an Optionee's employment is
          terminated on or after an Acceleration Event (A) by the Company (or an
          Affiliate, as the case may be) for other than cause (as determined by
          the Committee), and not because of the Optionee's Retirement,
          Disability, or death, or (B) by the Optionee because the Optionee in
          good faith believed that as a result of such Acceleration Event he or
          she was unable effectively to discharge his or her present duties or
          the duties of the position the Optionee occupied just prior to the
          occurrence of such Acceleration Event, the Option shall in no event
          expire before the earlier of the date that is 7 months after the
          Acceleration Event or (seven years from the grant date).

          Retirement. For purposes of this Agreement, the term "Retirement"
          shall mean the termination of the Optionee's employment if, at the
          time of such termination, the Optionee is eligible to commence receipt
          of retirement benefits under a traditional formula defined benefit
          pension plan maintained by the Company or an Affiliate (or would be
          eligible to receive such benefits if he or she were a participant in
          such a traditional formula defined benefit pension plan).

          Disability. For purposes of this Agreement, the term "Disability"
          shall mean the complete and permanent inability of the Optionee to
          perform all of his or her duties under the terms of his or her
          employment, as determined by the Committee upon the basis of such
          evidence, including independent medical reports and data, as the
          Committee deems appropriate or necessary.

          Prorated Vesting Upon Retirement. The prorated portion of an Option
          that vests upon termination of the Optionee's employment due to the
          Optionee's Retirement shall be determined by multiplying the total
          number of unvested shares subject to the Option at the time of the
          termination of the Optionee's employment by a fraction, the numerator
          of which is the number of full months the Optionee has been
          continually employed since the Grant Date and the denominator of which
          is 36. For this purpose, full months of employment shall be based on
          monthly anniversaries of the Grant Date, not calendar months.

     (f)  Compliance with Laws and Regulations. The Option shall not be
          exercised at any time when its exercise or the delivery of shares
          hereunder would be in violation of any law, rule, or regulation that
          the Company may find to be valid and applicable.

     (g)  Optionee Bound by Plan and Rules. The Optionee hereby acknowledges
          receipt of a copy of the Plan and this Agreement and agrees to be
          bound by the

<PAGE>

          terms and provisions thereof. The Optionee agrees to be bound by any
          rules and regulations for administering the Plan as may be adopted by
          the Committee during the life of the Option. Terms used herein and not
          otherwise defined shall be as defined in the Plan.

     (h)  Governing Law. This Agreement is issued, and the Option evidenced
          hereby is granted, in White Plains, New York, and shall be governed
          and construed in accordance with the laws of the State of New York,
          excluding any conflicts or choice of law rule or principle that might
          otherwise refer construction or interpretation of this Agreement to
          the substantive law of another jurisdiction.

By signing a copy of this Agreement, the Optionee acknowledges that s/he has
received a copy of the Plan, and that s/he has read and understands the Plan and
this Agreement and agrees to the terms and conditions thereof. The Optionee
further acknowledges that the Option awarded pursuant to this Agreement must be
exercised prior to its expiration as set forth herein, that it is the Optionee's
responsibility to exercise the Option within such time period, and that the
Company has no further responsibility to notify the Optionee of the expiration
of the exercise period of the Option.

IN WITNESS WHEREOF, the Company has caused this instrument to be executed by its
Chairman, President and Chief Executive Officer, or a Vice President, as of the
___ day of ______________.

Agreed to:                                       ITT Industries, Inc.

                                                 /s/ Steven R. Loranger

-----------------------------
Optionee

Dated: _________________                         Dated: _________________

Enclosures

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