Exhibit 10(an)
ASSIGNMENT AND AMENDMENT
AGREEMENT
THIS ASSIGNMENT AND AMENDMENT
AGREEMENT (this
“Amendment”) is entered into as of October 3, 2003
by and between MAINE & MARITIMES CORPORATION
(“MAM”) : to wholly owned subsidiary MAINE
PUBLIC SERVICE COMPANY (“MPS”) and JAMES
NICHOLAS BAYNE (“Officer”) (Officer together with
MAM and MPS, are collectively referred to as “Parties”
herein).
Recitals
MPS and Officer entered into that
certain Employment Continuity Agreement dated July 25, 2002,
and made effective June 1, 2002 (the “Continuity
Agreement”), pursuant to which MPS, among other things,
granted to Officer certain rights following termination of
Officer’s employment with MPS upon certain specified
circumstances.
On June 30, 2003 MPS
reorganized into a holding company structure pursuant to which MPS
became a wholly owned subsidiary of MAM. In connection with this
reorganization, Officer became the President and Chief Executive
Officer of MAM under the employ of MAM.
MPS now desires to assign, convey
and transfer to MAM all of its rights and obligations under the
Continuity Agreement, and MAM is willing to assume all of
MPS’s rights and obligations under the Continuity Agreement;
and the Parties desire to amend certain provisions contained in the
Continuity Agreement on the terms set forth herein.
Now, therefore, the Parties agree as
follows:
AGREEMENT
1. For good and valuable
consideration, the receipt and sufficiency of which is hereby
acknowledged by the Parties, MPS does hereby assign to MAM, as of
the date hereof, all of MPS’s right, title and interest in,
to and under the Continuity Agreement. By execution hereof, MAM
hereby assumes and agrees to discharge, perform and observe in due
course all of the rights, obligations and terms therein contained
whether arising before or after the date of this
Amendment.
2. The Continuity Agreement, by this
reference, is fully incorporated into this Amendment. Except as set
forth in this Amendment, capitalized terms used but not defined in
this Amendment shall have the meanings ascribed to them in the
Continuity Agreement.
3. The text of the first paragraph
of the Continuity Agreement which states:
