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AMENDMENT TO INCENTIVE STOCK
OPTION AND DIVIDEND EQUIVALENT GRANT AGREEMENTS
AQUA AMERICA, INC.
2004 EQUITY COMPENSATION PLAN
WHEREAS, Aqua America, Inc. a Pennsylvania
corporation (the “Corporation”) maintains the Aqua
America, Inc. 2004 Equity Compensation Plan (the
“Plan”);
WHEREAS, the Board of Directors of the
Corporation (the “Board”) has amended the Plan
effective as of January 1, 2009 in order to comply with the
requirements of Section 409A of the Internal Revenue Code of
1986, as amended (the “Code”) and related Treasury
regulations; and
WHEREAS, the compensation committee of the Board
(the “Committee”) desires to amend all Incentive Stock
Option and Dividend Equivalent Grant Agreements (the “Grant
Agreements”) between the Corporation and the Grantee which
are in effect on January 1, 2009, to reflect the changes made
to the Plan comply with Section 409A of the Code and related
Treasury regulations effective January 1, 2009.
NOW, THEREFORE,
the parties hereto, intending to be legally bound hereby, agree as
follows:
1. Notwithstanding the terms of any Grant
Agreement in effect on January 1, 2009 to the contrary,
Dividend Equivalent Amounts, as defined in the applicable Grant
Agreement, shall be paid in accordance with the following
provisions effective January 1, 2009:
a. Payment
of Credited Dividend Equivalents . The total
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