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EMPLOYEE RETENTION AGREEMENT

Employee Retention Agreement

EMPLOYEE RETENTION AGREEMENT | Document Parties: PENNICHUCK CORPORATION | Donald L. Ware You are currently viewing:
This Employee Retention Agreement involves

PENNICHUCK CORPORATION | Donald L. Ware

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Title: EMPLOYEE RETENTION AGREEMENT
Governing Law: New Hampshire     Date: 11/14/2006
Industry: Water Utilities     Sector: Utilities

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Exhibit 10.3

 

PENNICHUCK CORPORATION
EMPLOYEE RETENTION AGREEMENT

 

      THIS EMPLOYEE RETENTION AGREEMENT is entered into on this 3rd day of October, 2006, by and between Pennichuck Corporation (the "Company"), a New Hampshire corporation with a principal place of business at 25 Manchester St., Merrimack, New Hampshire and Donald L. Ware, of Merrimack, New Hampshire ("Employee"), an Employee of the Company.

 

      WHEREAS, Employee is employed as the President of Pennichuck Water Works, Inc., one of the Company's subsidiaries;

 

      WHEREAS, the Company has determined that it is in its best interest to provide incentives to retain Employee during the litigation of the Nashua Eminent Domain Case (as defined below) by providing Employee a retention bonus, under the conditions described herein.

 

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

 
 

1.

Definitions . For the purposes of this Agreement, the following definitions shall apply:

     
   

1.1

"Company" shall mean Pennichuck Corporation.

       
   

1.2

"Employment Agreement" shall mean the Employment Agreement, entered into as of January 31, 2005, by and between Employee and the Company, as amended from time to time.

       
   

1.3

"Final Disposition of the Nashua Eminent Domain Case" shall mean the date on which there is a final determination or resolution of the Nashua Eminent Domain Case (as defined below), whether by: (a) a decision of the New Hampshire Supreme Court on appeal; (b) the acceptance by all parties to the Nashua Eminent Domain Case of a final decision by the Public Utilities Commission or any court of competent jurisdiction or such decision becoming non-appealable; (c) the acceptance by all such parties of a final and binding settlement or purchase agreement; or (d) any other circumstances determined by the Company's Board of Directors, in its sole judgment, to constitute a final determination or resolution.

       
   

1.4

"Nashua Eminent Domain Case" shall mean the current ongoing proceedings, docket number DW 04-048, brought by the City of Nashua to acquire, whether by sale or pursuant to the exercise of the power of eminent domain, the assets of one or more of the Company's water utility subsidiaries.

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1.5

"Retention Bonus" shall mean a bonus calculated as set forth in Section 2.2, payable to Employee if Employee remains eligible as set forth in Section 2.1.

       
 

2.

Eligibility and Amount of Retention Bonus .

       
   

2.1

Eligibility . Employee will be entitled to the Retention Bonus under this Agreement if he remains a full


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