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Exhibit 10.4
FIRST AMENDMENT TO EMPLOYMENT
AGREEMENT
THIS FIRST AMENDMENT TO
EMPLOYMENT AGREEMENT (the "Amendment") amends the Employment
Agreement (the "Agreement") entered into as of January 31, 2005, by
and between Pennichuck Corporation (the "Corporation"), a New
Hampshire corporation with principal offices at 25 Manchester St.,
Merrimack, New Hampshire and Michael C.J. Fallon ("Executive"), of
11 Main St., Hancock, New Hampshire.
WHEREAS, the Corporation and
Executive desire to amend the Agreement in accordance with the
terms and conditions hereinafter set forth;
NOW, THEREFORE, in
consideration of the mutual covenants herein contained, the
continued employment of the Executive, and other good and valuable
consideration, the receipt and sufficiency of which are hereby
acknowledged, the Corporation and Executive hereby amend the
Agreement as follows:
1.
Term . Section 3.1 of the Agreement is hereby amended by
adding the following text to the end of the Section:
"Notwithstanding the foregoing, in the event there is a "Change
of Control" (as that term is defined in Section 7.4 below), the
Term of this Agreement will automatically be extended to 2 years,
beginning on the day on which the Change of C
