Exhibit 10.50





Exhibit 10.50




SECOND AMENDMENT TO EMPLOYMENT AGREEMENT




This SECOND AMENDMENT (the “Second Amendment”) amends the Employment Agreement entered into as
of October 3, 2006 (the “Employment Agreement”), by and between Pennichuck Corporation (the
“Corporation”), a New Hampshire corporation with principal offices at 25 Manchester Street,
Merrimack, New Hampshire and Donald L. Ware (“Employee”), of Merrimack, New Hampshire.



WHEREAS, the Employment Agreement was amended by the FIRST AMENDMENT (“First Amendment”) by
the parties as of the 7th day of November 2007 (said Employment Agreement as amended by
the First Amendment hereinafter referred to as the “Amended Employment Agreement”); and



WHEREAS, the parties now mutually agree to amend the provisions of Article III, Term, of the
Amended Employment Agreement, by means of this Second Amendment (said Amended Employment Agreement
as amended by this Second Amendment hereinafter referred to as the “Agreement”).



NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, and in consideration of the mutual covenants and promises set forth in this
Second Amendment and in the Amended Employment Agreement, the Corporation and the Employee hereby
amend the Amended Employment Agreement as follows:



1. Article III of the Amended Employment Agreement is amended by deleting Section 3.1 in its
entirety and replacing it with the following:



“3.1 Due to prior extensions by vote of the Board and unless terminated sooner in accordance
with the terms of this Agreement, the current two-year term of employment under this Agreement
commenced on October 3, 2009 (“New Effective Date”) and shall end two (2) years from the New
Effective Date; provided, that, commencing on the first anniversary of the New Effective Date and
on each anniversary of the New Effective Date thereafter, the term of this Agreement shall
automatically be extended for subsequent one (1) year period(s) unless prior to, and with respect
to, a particular anniversary date, the Board votes to terminate automatic extension commencing as
of that anniversary date (the term of this Agreement as extended in accordance with this Section
3.1, the “Term”). Notwithstanding the foregoing, in the event of a “Change of Control” (as defined
in Section 7.4 below), this Agreement will automatically be extended for two (2) years beginning on
the day on which the Change of Control occurs. Thereafter, this Agreement will be subject to
further extension in the manner set forth in this Section 3.1.



2. Ratification. The Agreement is hereby ratified and confirmed in all other respects by the
parties and shall remain in full force and effect.


 


 









 





This Second Amendment to the Amended Employment Agreement is executed as of the 20th day of
February, 2010 and shall be effective as of that date.



	 	 	 	 	 	 	 
	WITNESS

	 	 	 	CORPORATION:	 	 
	 

	 	 	 	Pennichuck Corporation	 	 
	 
	 	 	 	 	 	 
	/s/ Roland E. Olivier
 

Roland E. Olivier, Esq.

	 	 	 	/s/ Duane C. Montopoli
 

Duane C. Montopoli 

Its President and Chief Executive Officer
	 	 
	 
	 	 	 	 	 	 
	WITNESS

	 	 	 	EMPLOYEE:	 	 
	 
	 	 	 	 	 	 
	/s/ Roland E. Olivier

	 	 	 	/s/ Donald L. Ware	 	 
	 

	 	 	 	 	 	 
	Roland E. Olivier, Esq.

	 	 	 	Donald L. Ware