Document:

Synageva BioPharma Corp Employee Stock Purchase Plan

 Exhibit 4.3 
 SYNAGEVA BIOPHARMA CORP. 
 EMPLOYEE STOCK PURCHASE PLAN 

SECTION 1. PURPOSE OF PLAN 
 The Synageva BioPharma Corp. Employee Stock Purchase Plan (the “Plan”) shall become effective on the date that the Plan is approved by the stockholders of Synageva BioPharma Corp.
(“Synageva”, f/k/a Trimeris, Inc.). The Plan is intended to enable eligible employees of Synageva and such of its Subsidiaries as the Board of Directors of Synageva (the “Board”) may from time to time designate
(Synageva and such designated Subsidiaries being hereinafter referred to as the “Company”) to use payroll deductions to purchase shares of common stock, $0.001 par value of Synageva (such common stock being hereafter referred to as
“Stock”), and thereby acquire an interest in the future of the Company. For purposes of the Plan, a “Subsidiary” is any corporation that would be treated as a subsidiary of Synageva under Section 424(f) of the
Internal Revenue Code of 1986, as amended (the “Code”). The Plan is intended to qualify under Section 423 of the Code and will be construed accordingly. 
 SECTION 2. OPTIONS TO PURCHASE STOCK 
 Subject to adjustment pursuant to
Section 16 of this Plan, the maximum aggregate number of shares of Stock pursuant to the exercise of options (“Options”) granted under the Plan to employees of the Company (“Employees”) who meet the eligibility
requirements set forth in Section 3 hereof (“Eligible Employees”) is 150,000 shares. The Stock to be delivered upon exercise of Options under the Plan may be either shares of authorized but unissued Stock or shares of
reacquired Stock, as the Board may determine. 
 SECTION 3. ELIGIBLE EMPLOYEES 

Subject to the exceptions and limitations set forth below, each Employee will be eligible to participate in the Plan for an Option Period
(as defined below). 
 (a) Any Employee who immediately after the grant of an Option for such Option Period would own (or
pursuant to Section 423(b)(3) of the Code would be deemed to own) stock possessing 5% or more of the total combined voting power or value of all classes of stock of the employer corporation or of its parent or subsidiary corporation, as defined
in Section 424 of the Code, will not be eligible to receive an Option to purchase Stock pursuant to the Plan. 
 (b) No
Employee will be granted an Option under the Plan that would permit his or her rights to purchase shares of stock under all employee stock purchase plans of the employer corporation and parent and subsidiary corporations, as defined in
Section 424 of the Code, to accrue at a rate which exceeds $25,000 in fair market value of such stock (determined at the time the Option is granted) for each calendar year during which any such Option granted to such Employee is outstanding at
any time, as provided in Section 423 of the Code. 
 SECTION 4. METHOD OF PARTICIPATION 

Except as otherwise prospectively determined by the Board, the periods January 1 to June 30 and July 1 to December 31
of each year will be termed “Option Periods”; provided, that the first Option Period under the Plan will commence on August 1, 2012 and will end on December 31, 2012. Except as provided in Section 11, each
person who will be an Eligible Employee on the first day of any Option Period may elect to participate in the Plan by executing and delivering, by such deadline prior thereto as the Board may specify (the “Enrollment Deadline”), a
payroll deduction authorization in accordance with Section 5. Such Eligible Employee will thereby become a participant (“Participant”) on the first day of such Option Period and will remain a Participant until his or her
participation is terminated as provided in the Plan. 

 SECTION 5. PAYROLL DEDUCTION 
 Each payroll deduction authorization will request withholding at a whole percentage of Compensation per payroll period within a range specified by the Board for the applicable Option Period or, if the
Board does not specify a range, of one percent (1%) to ten percent (10%). Withholding will be accomplished by means of payroll deductions from payroll periods ending in the Option Period. 

For purposes of the Plan, “Compensation” means wages as defined in Section 3401(a) of the Code and all other
payments of compensation to a Participant by the Company (in the course of the Company’s trade or business) for services to the Company while employed as an Employee for which the Employer is required to furnish the Employee a written statement
under Sections 6041(d) and 6051(a)(3) of the Code. Compensation will be determined without regard to any rules under Section 3401(a) of the Code that limit the remuneration included in wages based on the nature or location of the employment or
the services performed (such as the exception for agricultural labor in Section 3401(a)(2) of the Code). 
 A Participant
may increase or decrease his or her withholding rate once during an Option Period by filing a new payroll deduction authorization with the Company. The change in withholding rate will be effective as soon as practicable. In addition, a Participant
may change his or her withholding rate for subsequent Option Periods by filing a new payroll deduction authorization with the Company on or before the Enrollment Deadline for the Option Period for which the change is to be effective. All amounts
withheld in accordance with a Participant’s payroll deduction authorization will be credited to a withholding account maintained in the Participant’s name on the books of the Company. Amounts credited to the withholding account will not be
required to be set aside in trust or otherwise segregated from the Company’s general assets. 
 SECTION 6. GRANT OF OPTIONS

 Each person who is a Participant on the first day of an Option Period will be granted, as of such day and for such Period, an
Option entitling the Participant to acquire shares of Stock equal in number to the lesser of: 
 (a) the whole
number (disregarding any fractional share amount) determined by dividing $12,500 by the fair market value of one share of Stock on the first day of the Option Period; and 

(b) the whole number (disregarding any fractional share amount) determined by dividing (i) the balance credited to
the Participant’s withholding account on the last day of the Option Period, by (ii) the purchase price per share of the Stock determined under Section 7. 
 The Board will reduce, on a substantially proportionate basis, the number of shares of Stock purchasable by each Participant upon exercise of his or her Option for an Option Period in the event that the
number of shares then available under the Plan is insufficient. Option grants under this Section 6 will be automatic and need not be separately documented. 
 SECTION 7. PURCHASE PRICE 
 The purchase price of Stock issued pursuant to
the exercise of an Option will be 85% of the fair market value of the Stock on (a) the date of grant of the Option or (b) the date on which the Option is deemed exercised, whichever is less. If the shares of Stock are listed on a national
exchange or trading system (including the NASDAQ National Market System), the fair market value for any day will mean the reported closing price of the Stock for such day; provided, that if no shares of Stock are traded on such day, fair
market value will mean the reported closing price of the Stock on the immediately preceding day on which shares of Stock are traded. If the shares of Stock are not traded on an exchange or trading system, the fair market value of such Stock on such
date will be established in a manner determined in good faith by the Board. 

 SECTION 8. EXERCISE OF OPTIONS 

An Employee who is a Participant in the Plan on the last day of an Option Period will be deemed to have exercised the Option granted to
him or her for that Period. Upon such exercise, the Company will apply the balance of the Participant’s withholding account to the purchase of the number of whole shares of Stock determined under Section 6 and as soon as practicable
thereafter will evidence the transfer of shares or will deliver the shares to the Participant and will return to him or her the balance, if any, of his or her withholding account in excess of the total purchase price of the shares so issued;
provided, that if the balance left in the account consists solely of an amount equal to the value of a fractional share it will be retained in the Account and carried over to the next Period. 

Notwithstanding anything herein to the contrary, the Company’s obligation to issue and deliver shares of Stock under the Plan will
be subject to the approval required of any governmental authority in connection with the authorization, issuance, sale or transfer of said shares, to any requirements of any national securities exchange applicable thereto, and to compliance by
Synageva with other applicable legal requirements in effect from time to time. 
 SECTION 9. INTEREST 

No interest will be payable on withholding accounts. 
 SECTION 10. TAXES 
 Payroll deductions are made on an after-tax basis. If
the Company determines that the exercise of an Option or the disposition of shares following the exercise of an Option could result in employment tax liability, the Company may, as a condition of exercise, make such provision as it deems necessary
to provide for the remittance by the Participant of employment taxes required to be paid in connection with such exercise or disposition of shares. 
 SECTION 11. CANCELLATION AND WITHDRAWAL 
 A Participant who holds an Option
under the Plan may at any time prior to exercise thereof under Section 8 cancel all (but not less than all) of his or her Option by written notice delivered to the Company (a “Withdrawal Notice”), whereupon the balance in the
Participant’s withholding account will be returned to the Participant. 
 A Participant may terminate his or her payroll
deduction authorization as of any date by delivering a Withdrawal Notice and will thereby be deemed to have canceled his or her Option. 
 A Participant who makes a hardship withdrawal from a Company savings plan qualifying under Section 401(k) of the Code (a “401(k) Plan”) will be deemed to have terminated his or her
payroll deduction authorization as of the date of such hardship withdrawal, will cease to be a Participant as of such date, and will be deemed to have canceled his or her Option. An Employee who has made a hardship withdrawal from a 401(k) Plan will
not be permitted to participate in the Plan until the first Option Period that begins six (6) months after the date of his or her hardship withdrawal. 
 SECTION 12. TERMINATION OF EMPLOYMENT 
 Except as otherwise provided in
Section 13, upon the termination of a Participant’s employment with the Company for any reason, he or she will cease to be a Participant, any Option held by him or her under the Plan will be deemed canceled, the balance of his or her
withholding account will be returned, and he or she will have no further rights under the Plan. 

 SECTION 13. DEATH OF PARTICIPANT 

A Participant may elect that if death should occur during an Option Period the balance, if any, of the Participant’s withholding
account at the time of death will be applied at the end of the Period to the exercise of the Participant’s Option and the shares thereby purchased under the Option (plus any balance remaining in the Participant’s withholding account) will
be delivered to the Participant’s beneficiary or beneficiaries. In the absence of such an election, a Participant’s death will result in a cessation of participation pursuant to Section 12. If the Participant has more than one
beneficiary, the Company will determine the allocation among them and its determination will be final and binding on all persons. Except as otherwise determined by the Board (which may establish a procedure for the designation of beneficiaries under
the Plan), a Participant’s beneficiary(ies) for purposes of the Plan will be (i) such person or persons as are treated as the Participant’s beneficiary(ies) for purposes of the Company group life insurance plan applicable to the
Participant, or (ii) in the absence of any beneficiary determined under clause (i) or other designated beneficiary, the Participant’s estate. 
 SECTION 14. EQUAL RIGHTS; PARTICIPANT’S RIGHTS NOT TRANSFERABLE 
 All
Participants granted Options under the Plan with respect to any Option Period will have the same rights and privileges. Each Participant’s rights and privileges under any Option granted under the Plan will be exercisable during the
Participant’s lifetime only by him or her and except as provided in Section 13 above may not be sold, pledged, assigned, or transferred in any manner. In the event any Participant violates or attempts to violate the terms of this Section,
any Options held by him or her may be terminated by the Company and, upon return to the Participant of the balance of his or her withholding account, all of the Participant’s rights under the Plan will terminate. 

SECTION 15. EMPLOYMENT RIGHTS 
 Nothing contained in the provisions of the Plan will be construed as giving to any Employee the right to be retained in the employ of the Company or as interfering with the right of the Company to
discharge any Employee at any time. 
 SECTION 16. CHANGE IN CAPITALIZATION, MERGER 

In the event of any change in the outstanding Stock of Synageva by reason of a stock dividend, split-up, recapitalization, merger,
consolidation, reorganization, or other capital change, the aggregate number and type of shares available under the Plan, the number and type of shares under Options granted but not exercised, the maximum number and type of shares purchasable under
an Option, and the Option price will be appropriately adjusted. 
 In the event of a sale of all or substantially all of the
Stock or a sale of all or substantially all of the assets of Synageva, or a merger or similar transaction in which Synageva is not the surviving corporation or which results in the acquisition of Synageva by another person, the Board will
(i) if Synageva is merged with or acquired by another corporation, provide that each outstanding Option will be assumed or a substitute Option granted by the acquiror or successor corporation or a parent or subsidiary of the acquiror or
successor corporation, (ii) cancel each Option and return the balances in Participants’ withholding accounts to the Participants, or (iii) pursuant to Section 18, end the Option Period on or before the date of the proposed sale
or merger. 
 SECTION 17. ADMINISTRATION OF PLAN 
 The Plan will be administered by the Board, which will have the right to determine any questions which may arise regarding the interpretation and application of the provisions of the Plan and to make,
administer, and interpret such rules and regulations as it will deem necessary or advisable. References in the Plan to the Board will include the Board’s delegates to the extent of any delegation by the Board to such delegates of administrative
responsibilities hereunder. 

 The Board may specify the manner in which employees are to provide notices and payroll
deduction authorizations. Notwithstanding any requirement of “written notice” herein, the Board may permit employees to provide notices and payroll deduction authorizations electronically. 

SECTION 18. AMENDMENT AND TERMINATION OF PLAN 
 Synageva reserves the right at any time or times to amend the Plan to any extent and in any manner it may deem advisable, by vote of the Board; provided, that any amendment that would be treated as
the adoption of a new plan for purposes of Section 423 of the Code and the regulations thereunder will have no force or effect unless approved by the stockholders of Synageva within twelve (12) months before or after its adoption.

 The Plan may be suspended or terminated at any time by the Board. In connection therewith, the Board may either cancel
outstanding Options or continue them and provide that they will be exercisable either at the end of the applicable Option Period as determined under Section 4 above or on such earlier date as the Board may specify (in which case such earlier
date will be treated as the last day of the applicable Option Period).Amended and Restated Master Loan Agreement

 Exhibit 10.1 
 Loan No. RI0042A 
 AMENDED AND RESTATED MASTER LOAN AGREEMENT

 THIS AMENDED AND RESTATED MASTER LOAN AGREEMENT (this “Agreement”) is entered into as of
December 1, 2012 between THE MAINE WATER COMPANY, (f/k/a Aqua Maine, Inc.), Rockport, Maine, a Maine corporation (the “Company”) and CoBANK, ACB, a federally chartered instrumentality of the United States
(“CoBank”). 
 BACKGROUND 
 The Company and CoBank are parties to a Master Loan Agreement No. RI0042 dated as of May 16, 2004 and effective as of September 1, 2003 (the “Existing Agreement”). Pursuant to the
terms of the Existing Agreement, the parties entered into one or more Supplements and/or Promissory Note and Supplements thereto (the “Existing Promissory Note and Supplements”). The Company and CoBank now desire to amend and restate the
Existing Agreement and to apply such new agreement to the Existing Promissory Note and Supplements, as well as any new Promissory Note and Supplements that may be issued thereunder. For that reason and for valuable consideration (the receipt and
sufficiency of which are hereby acknowledged), the Company and CoBank hereby agree that the Existing Agreement shall be amended and restated to read as follows: 
 SECTION 1. Note and Supplements. In the event the Company desires to borrow from CoBank and CoBank is willing to lend to the Company, or in the event the parties desire to consolidate any existing
loans hereunder, the parties will enter into a Promissory Note and Supplement to this Agreement (a “Note and Supplement”). Each Note and Supplement will set forth CoBank’s commitment to make a loan or loans to the Company, the amount
of the loan(s), the purpose of the loan(s), the interest rate or rate options applicable to the loan(s), the repayment terms of the loan(s), and any other terms and conditions applicable to the particular loan(s). Each Note and Supplement will also
contain a promissory note of the Company setting forth the Company’s obligation to make payments of interest on the unpaid principal balance of the loan(s), and fees and premiums, if any, and to repay the principal balance of the loan(s). Each
loan will be governed by the terms and conditions contained in this Agreement and in the Note and Supplement relating to that loan. 
 SECTION 2. Notice and Manner of Borrowing. Loans will be made available on any day on which CoBank and the Federal Reserve Banks are open for business (a “Business Day”) upon the
telephonic or written request of an authorized employee of the Company. Requests for loans must be received by 12:00 noon Company’s local time on the date the loan is desired. Loans will be made available by wire transfer of immediately
available funds. Wire transfers will be made to such account or accounts as may be authorized by the Company. 
 SECTION 3.
Payments. Payments under each Note and Supplement shall be made by wire transfer of immediately available funds, by check or by automated clearing house (ACH) or other similar cash handling processes as specified by separate agreement between
the Company and CoBank. Wire transfers shall be made to ABA No. 307088754 for advice to and credit of “CoBANK” (or to such other account as CoBank may direct by notice). The Company shall give CoBank telephonic notice no later than
12:00 noon Company’s local time of its intent to pay by wire, and funds received after 3:00 p.m. Company’s local time shall be credited on the next Business Day. Checks shall be mailed to CoBANK, Department 167, Denver, Colorado 80291-0167
(or to such other place as CoBank may direct by notice). Credit for payment by check will not be given until the later of the next Business Day after receipt of the check or the day on which CoBank receives immediately available funds. 

 Amended and Restated Master Loan Agreement RI0042A 

THE MAINE WATER COMPANY 
 Rockport, Maine

  

 SECTION 4. Security, Guarantee(s) and Title Insurance. 

Company Security. The Company’s obligations under this Agreement and each Note and Supplement shall be secured by a statutory
first lien on all equity that the Company may now own or hereafter acquire or be allocated in CoBank. 
 SECTION 5.
Conditions Precedent. 
 (A) Conditions to Initial Note and Supplement. CoBank’s obligation to extend credit
under the initial Note and Supplement hereto is subject to the condition precedent that CoBank receive, in form and substance satisfactory to CoBank, each of the following: 
 (1) This Agreement. A duly executed original copy of this Agreement and all instruments and documents contemplated hereby. 
 (2) Delegation Form. A duly completed and executed original copy of a CoBank Delegation and Wire and Electronic Transfer Authorization Form. 

(3) Environmental Condition. INTENTIONALLY OMITTED. 
 (4) Security, Guarantee(s) and Title Insurance. INTENTIONALLY OMITTED. 

(B) Conditions to Each Note and Supplement. CoBank’s obligations to extend credit under each Note and Supplement hereto,
including the initial Note and Supplement, is subject to the condition precedent that CoBank receive, in form and substance satisfactory to CoBank, each of the following: 
 (1) Note and Supplement. A duly executed original copy of the Note and Supplement and all instruments and documents contemplated by the Note and Supplement. 

(2) Evidence of Authority. Such certified board resolutions, certificates of incumbency, and other evidence that CoBank may
require that the Note and Supplement, all instruments and documents executed in connection therewith, and, in the case of the initial Note and Supplement hereto, this Agreement and all instruments and documents executed in connection herewith,
including any security documents, have been duly authorized and executed. 
 (3) Consents and Approvals. Such evidence
as CoBank may require that all regulatory and other consents and approvals referred to in Section 6(D) hereof have been obtained and are in full force and effect. 
 (4) Fees and Other Charges. Any fees or other charges provided for herein or in the Note and Supplement. 

  
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 Amended and Restated Master Loan Agreement RI0042A 

THE MAINE WATER COMPANY 
 Rockport, Maine

  

 (5) Insurance. Such evidence as CoBank may require that the Company is in
compliance with Section 7(C) hereof. 
 (6) Opinion of Counsel. An opinion of counsel to the Company (which counsel
must be acceptable to CoBank). 
 (C) Conditions to Each Loan. CoBank’s obligation under each Note and Supplement to
make any loan to the Company thereunder is subject to the condition that no “Event of Default” (as defined in Section 10 hereof) or event which, with the giving of notice and/or the passage of time and/or the occurrence of any other
condition, would ripen into an Event of Default (a “Potential Default”) shall have occurred and be continuing. 

SECTION 6. Representations and Warranties. The execution by the Company of each Note and Supplement hereto shall constitute a
representation and warranty that: 
 (A) Application. Each representation and warranty and all information set forth in
any application or other document submitted in connection with, or to induce CoBank to enter into, such Note and Supplement is correct in all material respects as of the date of such Note and Supplement. In addition, the renewal or extension by
CoBank of any Note and Supplement hereto shall constitute a representation and warranty that each representation and warranty and all information concerning environmental matters related to the Company’s property set forth in any application or
other document submitted in connection with, or to induce CoBank to enter into any Note and Supplement, is correct in all material respects as of the date of renewal or extension of such Note and Supplement. 

(B) Budgets. INTENTIONALLY OMITTED. 
 (C) Conflicting Agreements. Neither this Agreement nor any Note and Supplement or other instrument or document securing or otherwise relating hereto or to any Note and Supplement (collectively, at
any time, the “Loan Documents”) conflicts with, or constitutes (with or without the giving of notice and/or the passage of time and/or the occurrence of any other condition) a default under, any other agreement to which the Company is a
party or by which it or any of its property may be bound or affected, and does not conflict with any provision of its bylaws, articles of incorporation or other organizational documents. 

(D) Consents and Approvals. No consent, permission, authorization, order or license of any governmental authority or of any party
to any agreement to which the Company is a party or by which it or any of its property may be bound or affected, is necessary in connection with the project, acquisition or other activity being financed by such Note and Supplement, or the execution,
delivery, performance or enforcement of the Loan Documents, except as have been obtained and are in full force and effect. 

(E) Compliance. The Company is in compliance with all of the terms of the Loan Documents and no Event of Default or Potential
Default exists. 

  
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 Amended and Restated Master Loan Agreement RI0042A 

THE MAINE WATER COMPANY 
 Rockport, Maine

  

 (F) Binding Agreement. The Loan Documents create legal, valid, and binding
obligations of the Company which are enforceable in accordance with their terms, except to the extent that enforcement may be limited by applicable bankruptcy, insolvency or similar Laws affecting creditors’ rights generally. 

(G) Water Rights and/or Supplies and System Condition. The Company has water rights and/or supplies with such amounts, priorities
and qualities as are necessary to service adequately the Company’s customers and members. The Company controls, owns, or has access to all such water rights and/or supplies free and clear of the interest of any third party and has not suffered
or permitted any transfer or encumbrance of such water rights and/or supplies, has not abandoned such water rights and/or supplies, or any of them, and has not done any act or thing which would impair or cause the loss of any such water rights
and/or supplies. The Company’s utility facilities reasonably meet present demand in all material respects, are constructed in a good and professional manner, are in good working order and condition, and comply in all material respects with all
applicable Laws. 
 (H) Rate Matters. The Company’s rates for the provision of water have been approved, if
applicable, by any and all necessary governmental regulatory authorities, including, without limitation, each public service commission or public utilities commission which may have jurisdiction over the operations and rates of the Company. Further,
there is no pending, and to the Company’s knowledge, no threatened proceeding before any governmental authority, the objective or result of which is or could be to materially reduce or otherwise materially adversely change any of the
Company’s rates for the provision of water and/or waste water services, or otherwise have a material adverse effect on the condition, financial or otherwise, operations, properties, or business of the Company. 

SECTION 7. Affirmative Covenants. Unless otherwise agreed to in writing by CoBank, while this Agreement is in effect, the Company
agrees to: 
 (A) Corporate Existence, Etc. Preserve and keep in full force and effect its existence and good standing in
the jurisdiction of its incorporation or formation, qualify and remain qualified to transact business in all jurisdictions where such qualification is required, and obtain and maintain all licenses, certificates, permits, authorizations, approvals,
and the like which are material to the conduct of its business or required by Law. 
 (B) Compliance With Laws. Comply in
all material respects with all applicable Laws, including, without limitation, all Laws relating to environmental protection. In addition, the Company agrees to cause all persons occupying or present on any of its properties to comply in all
material respects with all Laws relating to such properties. 
 (C) Insurance. Maintain insurance with insurance
companies or associations acceptable to CoBank in such amounts and covering such risks as are usually carried by companies engaged in the same business and similarly situated, and make such increases in the type or amount of coverage as CoBank may
reasonably request. All such policies insuring any collateral for the Company’s obligations to CoBank shall have lender or mortgagee loss payable clauses or endorsements in form and content acceptable to CoBank. At CoBank’s request, the
Company agrees to deliver to CoBank such proof of compliance with this Subsection as CoBank may require. 

  
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 Amended and Restated Master Loan Agreement RI0042A 

THE MAINE WATER COMPANY 
 Rockport, Maine

  

 (D) Property Maintenance. Maintain all of its property that is necessary to or
useful in the proper conduct of its business in good repair, working order, and condition, ordinary wear and tear excepted, and make all alterations, replacements, and improvements thereto as may from time to time be necessary in order to ensure
that its properties remain in good working order and condition. If the Company is subject to a compliance order issued by a federal or state governmental authority, then the Company agrees that at CoBank’s request, which request may not be made
more than once a year, the Company will furnish to CoBank a report on the condition of the Company’s property prepared by a professional engineer satisfactory to CoBank. 
 (E) Books and Records. Keep adequate records and books of account in which complete entries will be made in accordance with generally accepted accounting principles (“GAAP”) consistently
applied (or the appropriate standards of the regulatory agency having jurisdiction over the Company). 
 (F) Inspection.
Permit CoBank or its agents, upon reasonable notice and during normal business hours or at such other times as the parties may agree, to examine its properties, books and records, and to discuss its affairs, finances and accounts with its officers,
directors, employees, and independent certified public accountants. 
 (G) Reports and Notices. Furnish to CoBank:

 (1) Annual Financial Statements. As soon as available, but in no event more than 120 days after the end of each
fiscal year of the Company occurring during the term hereof, annual consolidated and consolidating financial statements of the Company and its consolidated subsidiaries, if any, prepared in accordance with GAAP consistently applied (or the
appropriate standards of the regulatory agency having jurisdiction over the Company). Such financial statements shall: (a) be audited by independent certified public accountants selected by the Company and acceptable to CoBank; (b) be
accompanied by a report of such accountants containing an opinion thereon acceptable to CoBank; (c) be prepared in reasonable detail and in comparative form; and (d) include a balance sheet, a statement of income, a statement of retained
earnings, a statement of cash flows, and all notes and schedules relating thereto. 
 (2) Interim Financial Statements.
Such interim financial statements as CoBank may from time to time request, which statements must be prepared on an unconsolidated basis in accordance with GAAP consistently applied (or the appropriate standards of the regulatory agency having
jurisdiction over the Company) and, if required by written notice from CoBank, (a) on a consolidated and consolidating basis for the Company and its consolidated subsidiaries, if any, in accordance with GAAP consistently applied (or the
appropriate standards of the regulatory agency having jurisdiction over the Company), and/or (b) certified by an authorized officer or employee of the Company acceptable to CoBank. 

  
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 Amended and Restated Master Loan Agreement RI0042A 

THE MAINE WATER COMPANY 
 Rockport, Maine

  

 (3) Notice of Default. Promptly after becoming aware thereof, notice of the
occurrence of an Event of Default or a Potential Default, including, without limitation, the occurrence of any breach, default, event of default or event which, with the giving of notice and/or the passage of time and/or the occurrence of any other
condition, would become a breach, default or event of default under any loan agreement, indenture, mortgage, or other credit or security agreement or instrument to which the Company is a party or by which it or any of its property may be bound or
affected. 
 (4) Notice of Litigation, Environmental Matters, Etc. Promptly after becoming aware thereof, notice of:
(a) the commencement of any action, suit or proceeding before any court, arbitrator or governmental instrumentality which, if adversely decided, could have a material adverse effect on the condition, financial or otherwise, operations,
properties, or business of the Company; (b) the receipt of any notice, indictment, pleading or other communication alleging a condition that may require the Company to undertake or to contribute to a clean-up or other response under any
environmental Law, or which seeks penalties, damages, injunctive relief, criminal sanctions or other relief as a result of an alleged violation of any such Law, or which claims personal injury or property damage as a result of environmental factors
or conditions; and (c) any matter which could have a material adverse effect on the Company, including any decision of any regulatory authority or commission. 
 (5) Notice of Certain Events. INTENTIONALLY OMITTED. 
 (6) Compliance
Certificates. Together with each set of financial statements furnished to CoBank pursuant to Subsection (1) hereof and, if applicable, Subsection (2) hereof, a certificate of an officer or employee of the Company acceptable to CoBank,
in the form attached hereto; (a) certifying that no Event of Default or Potential Default occurred during the period covered by such statement(s) or, if an Event of Default or Potential Default occurred, a description thereof and of all actions
taken or to be taken to remedy same; and (b) setting forth calculations showing compliance with the financial covenants set forth in Section 9 hereof. 
 (7) Other Information. Such other information regarding the condition or operations, financial or otherwise, of the Company as CoBank may from time to time reasonably request, including, but not
limited to, copies of all pleadings, notices and communications referred to in Subsection (G)(4) above. 
 (H) Capital.
Acquire equity in CoBank in such amounts and at such times as CoBank may from time to time require in accordance with its Bylaws and Capital Plan (as each may be amended from time to time), except that the maximum amount of equity that the Company
may be required to purchase in connection with a loan may not exceed the maximum amount permitted by the Bylaws at the time the Note and Supplement relating to such loan is entered into or such loan is renewed or refinanced by CoBank. The rights and
obligations of the parties with respect to such equity and any patronage or other distributions made by CoBank shall be governed by CoBank’s Bylaws and Capital Plan (as each may be amended from time to time). 

(I) Water Rights and/or Supplies. Maintain or procure water rights and/or supplies with such amounts, priorities and qualities as
are necessary to service adequately the Company’s customers 

  
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 Amended and Restated Master Loan Agreement RI0042A 

THE MAINE WATER COMPANY 
 Rockport, Maine

  

 
and members. The Company will continue to control, own or have access to all such water rights and/or supplies free and clear of the interest of any third party, will not suffer or permit any
transfer or encumbrance of such water rights and/or supplies, will not abandon such water rights and/or supplies, or any of them, and will not do any act or thing which would impair or cause the loss of any such water rights and/or supplies.

 SECTION 8. Negative Covenants. Unless otherwise agreed to in writing by CoBank, while this Agreement is in effect the
Company will not: 
 (A) Borrowings. Create, incur, assume, or allow to exist, directly or indirectly, any indebtedness
or liability for borrowed money, letters of credit, or the deferred purchase price of property or services (including leases which should be capitalized on the books of the lessee in accordance with GAAP (or the appropriate standards of the
regulatory agency having jurisdiction over the Company)), except for: (1) debt to CoBank; (2) accounts payable to trade creditors incurred in the ordinary course of business; (3) current operating liabilities (other than for borrowed
money) incurred in the ordinary course of business; (4) unsecured debt of the Company to other lenders; and (5) debt of the Company under the Indenture dated April 1, 1961 (as the same may be amended from time to time, the
“Indenture”), and any other existing and/or new debt of the Company allowed under the Indenture. 
 (B) Liens.
Create, incur, assume, or allow to exist any mortgage, deed of trust, pledge, lien (including the lien of an attachment, judgment, or execution), security interest, or other encumbrance of any kind upon any of its property, real or personal
(collectively, “Liens”). The foregoing restrictions shall not apply to: (1) Liens in favor of CoBank; (2) Liens for taxes, assessments, or governmental charges that are not past due; (3) pledges and deposits under
workers’ compensation, unemployment insurance, and social security Laws; (4) pledges and deposits to secure the performance of bids, tenders, contracts (other than contracts for the payment of money), and like obligations arising in the
ordinary course of business as conducted on the date hereof; (5) Liens imposed by Law in favor of mechanics, material suppliers, warehouses, and like persons that secure obligations that are not past due; (6) easements, rights-of-way,
restrictions, and other similar encumbrances which, in the aggregate, do not materially interfere with the occupation, use, and enjoyment of the property or assets encumbered thereby in the normal course of business or materially impair the value of
the property subject thereto; and (7) Liens in favor of any lender under the Indenture to secure indebtedness permitted hereunder and Liens supporting other indebtedness permitted hereunder. 

(C) Mergers, Acquisitions, Etc. (1) Merge or consolidate with any other entity or acquire all or a material part of the
assets of any person or entity unless the Company or its parent are the surviving entity, or (2) commence operations under any other name, organization, or entity, including any joint venture, or (3) change its name: unless (a) the
Company has given CoBank not less than 30 days prior written notice, and (b) the Company enters into such amendments hereto and to the other Loan Documents as CoBank may reasonably require in order to reflect the new name. 

(D) Sale of Assets. Sell, transfer, lease, or otherwise dispose of any of its assets except for: (1) the sale or other
disposition of inventory in the ordinary course of business; (2) the sale or other disposition in the ordinary course of business of equipment no longer necessary or useful in the proper operation of the Company’s business; and
(3) the sale or disposition of property not to exceed $2,000,000.00, in the aggregate, during the term of this Agreement. 

  
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 Amended and Restated Master Loan Agreement RI0042A 

THE MAINE WATER COMPANY 
 Rockport, Maine

  

 (E) Loans and Investments. INTENTIONALLY OMITTED. 

(F) Contingent Liabilities. INTENTIONALLY OMITTED. 
 (G) Change in Business. Materially engage in any business activities or operations substantially different from or unrelated to the Company’s present business activities or operations. For
purposes of this paragraph, “Materially” means an amount equal to 5% of the Company’s net operating revenue during the Company’s fiscal year. 
 (H) Dividends. Declare or pay any dividends or make any other distribution of assets to shareholders of the Company, or retire, redeem, purchase or otherwise acquire for value any capital stock of
the Company, except that as long as no Potential Default or Event of Default exists or would result therefrom (including, without limitation, under Section 9 hereof), the Company may, in any fiscal year, pay dividends to its shareholders.

 (I) Transactions with Affiliates. Enter into any transaction with any affiliate except in the ordinary course of and
pursuant to the reasonable requirements of its business and upon fair and reasonable terms no less favorable to it than it would obtain in a comparable arm’s-length transaction with a person or entity that was not an affiliate. 

SECTION 9. Financial Covenants. Unless otherwise agreed to in writing by CoBank, while this Agreement is in effect: 

(A) Debt to Capitalization Ratio. The Company and its consolidated subsidiaries shall have at the end of each fiscal year of the
Company, a ratio of “Total Debt” to “Total Capitalization” (both as defined below) of not more than 0.60 to 1.00. “Total Debt” shall mean, for the Company, on a consolidated basis, the sum of (a) all
indebtedness for borrowed money, (b) obligations which are evidenced by notes, bonds, debentures or similar instruments, and (c) that portion of obligations with respect to capital leases or other capitalized agreements that are properly
classified as a liability on the balance sheet in conformity with GAAP or which are treated as operating leases under regulations applicable to them but which otherwise would be required to be capitalized under GAAP. “Total
Capitalization” shall mean Total Debt plus “Net Worth” (as defined below). For purposes hereof, “Net Worth” shall mean the difference between total assets less total liabilities (both as determined on a
consolidated basis in accordance with GAAP consistently applied or the appropriate standards of the regulatory agency having jurisdiction over the Company), except that in determining Total Capitalization, contributions in aid of construction,
advances for construction, customer deposits, or similar items reducing rate base calculations shall be excluded. 
 (B)
Interest Coverage Ratio. The Company and its consolidated subsidiaries shall have at the end of each fiscal year a ratio of “EBITDA” to “Interest Expense” (both as defined below) of not less than 3.00 to 1.00.
“EBITDA” shall mean, for the Company, on a consolidated basis, operating 

  
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 Amended and Restated Master Loan Agreement RI0042A 

THE MAINE WATER COMPANY 
 Rockport, Maine

  

 
revenues minus operating expenses, plus depreciation and amortization expenses for each fiscal year (all as calculated on a consolidated basis in accordance with GAAP consistently applied or the
appropriate standards of the regulatory agency having jurisdiction over the Company). “Interest Expense” shall mean interest expense on all debt (as calculated on a consolidated basis for the fiscal year in accordance with GAAP
consistently applied or the appropriate standards of the regulatory agency having jurisdiction over the Company). 
 SECTION
10. Events of Default. Each of the following shall constitute an “Event of Default” hereunder: 
 (A) Payment
Default. The Company should fail to make any payment to CoBank when due or within any grace period provided in any Note and Supplement. 
 (B) Representations and Warranties. Any opinion, certificate or like document furnished to CoBank by or on behalf of the Company, or any representation or warranty made by the Company herein, in
any security instrument or document, or in any other Loan Document, shall prove to have been false or misleading in any material respect on or as of the date furnished or made. 

(C) Covenants. The Company should fail to perform or comply with any covenant set forth in Section 7 hereof (other than
Sections 7(G)(3), (4), and (5) hereof) and such failure continues for 30 days after written notice thereof shall have been delivered to the Company by CoBank. 
 (D) Other Covenants and Agreements. The Company should fail to perform or comply with Sections 7(G)(3), (4), or (5) hereof or any other covenant or agreement contained herein or in a Note and
Supplement or shall use the proceeds of any loan for any unauthorized purpose. 
 (E) Cross Default. The Company should,
after any applicable grace period, breach or be in default under the terms of any other Loan Document (including, without limitation, any security instrument or document) or any other agreement between the Company and CoBank or between the Company
and any affiliate of CoBank, including without limitation Farm Credit Leasing Services Corporation. 
 (F) Other
Indebtedness. The Company should fail to pay when due any indebtedness in excess of $250,000.00 to any other person or entity for borrowed money or any long-term obligation in excess of $250,000.00 for the deferred purchase price of property
(including any capitalized lease), or any other event occurs which, under any agreement or instrument relating to such indebtedness or obligation, has the effect of accelerating or permitting the acceleration of such indebtedness or obligation,
whether or not such indebtedness or obligation is actually accelerated or the right to accelerate is conditioned on the giving of notice, the passage of time, or otherwise. 
 (G) Judgments. A judgment, decree, or order for the payment of money in excess of $250,000.00 shall have been rendered against the Company or if the same could reasonably be expected to have a
Material Adverse Effect and either: (1) enforcement proceedings shall have been commenced; (2) a Lien prohibited by this Agreement, or security instrument or document, or any other Loan

  
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 Amended and Restated Master Loan Agreement RI0042A 

THE MAINE WATER COMPANY 
 Rockport, Maine

  

 
Document, shall have been obtained; or (3) such judgment, decree, or order shall continue unsatisfied and in effect for a period of 30 consecutive days without being vacated, discharged,
satisfied, or stayed pending appeal. 
 (H) Insolvency, Etc. The Company shall: (1) become insolvent or shall
generally not, or shall be unable to, or shall admit in writing its inability to, pay its debts as they become due; or (2) suspend its business operations or a material part thereof or make an assignment for the benefit of creditors; or
(3) apply for, consent to, or acquiesce in the appointment of a trustee, receiver, or other custodian for it or any of its property; or (4) have commenced against it any action or proceeding for the appointment of a trustee, receiver, or
other custodian and such action or proceeding is not dismissed within 30 days of the date thereof, or a trustee, receiver, or other custodian is appointed for all or any part of its property; or (5) receive notice from any regulatory or
governmental authority to the effect that such authority intends to replace the management of the Company or assume control over the Company; or (6) commence or have commenced against it any proceeding under any bankruptcy, reorganization,
arrangement, readjustment of debt, dissolution, or liquidation law of any jurisdiction. 
 (I) Material Adverse Change.
Any material adverse change occurs, as reasonably determined by CoBank, in the condition, financial or otherwise, operations, business, or properties of the Company or in its ability to perform its obligations hereunder, under any security
instrument or document, or under any other Loan Document. CoBank agrees to provide the Company, within a reasonable time after such determination, written notice detailing the material adverse change determined by CoBank. 

SECTION 11. Remedies. Upon the occurrence and during the continuance of an Event of Default or Potential Default, CoBank shall
have no obligation to extend or continue to extend credit to the Company and may discontinue doing so at any time without prior notice or other limitation. In addition, upon the occurrence and during the continuance of any Event of Default, CoBank
may, upon notice to the Company: 
 (A) Termination and Acceleration. Terminate any commitment and declare the unpaid
principal balance of the loans, all accrued interest thereon, and all other amounts payable under this Agreement, each Note and Supplement, and all other Loan Documents to be immediately due and payable. Upon such a declaration, the unpaid principal
balance of the loans and all such other amounts shall become immediately due and payable, without protest, presentment, demand, or further notice of any kind, all of which are hereby expressly waived by the Company. 

(B) Enforcement. Proceed to protect, exercise, and enforce such rights and remedies as may be provided by this Agreement, any
security instrument or document, any other Loan Document, or under Law. Each and every one of such rights and remedies shall be cumulative and may be exercised from time to time, and no failure on the part of CoBank to exercise, and no delay in
exercising, any right or remedy shall operate as a waiver thereof, and no single or partial exercise of any right or remedy shall preclude any future or other exercise thereof, or the exercise of any other right. Without limiting the foregoing,
CoBank may hold and/or set off and apply against the Company’s obligations to CoBank the proceeds of any equity in CoBank. 

  
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 Amended and Restated Master Loan Agreement RI0042A 

THE MAINE WATER COMPANY 
 Rockport, Maine

  

 (C) Application of Funds. CoBank may apply all payments received by it to the
Company’s obligations to CoBank in such order and manner as CoBank may elect in its sole discretion. 
 In addition to the rights and
remedies set forth above and notwithstanding any Note and Supplement: (1) upon the occurrence and during the continuance of an Event of Default, at CoBank’s option in each instance, the entire indebtedness outstanding hereunder and under
each Note and Supplement shall bear interest from the date of such Event of Default until such Event of Default shall have been waived or cured in a manner satisfactory to CoBank at 4.00% per annum in excess of the rate(s) of interest that
would otherwise be in effect on that loan under the terms of the Note and Supplement; and (2) after the maturity of any loan (whether as a result of acceleration or otherwise), the unpaid principal balance of such loan (including without
limitation, principal, interest, fees and expenses) shall automatically bear interest at 4.00% per annum in excess of the rate(s) of interest that would otherwise be in effect on that loan under the terms of the Note and Supplement. All
interest provided for herein shall be payable on demand and shall be calculated on the basis of a year consisting of 360 days. 

SECTION 12. Miscellaneous. 
 (A) Broken Funding Surcharge. Notwithstanding the terms of any Note and Supplement giving the Company the right to repay any loan prior to the date it would otherwise be due and payable, the
Company agrees to provide three Business Days’ prior written notice for any prepayment of a fixed rate balance and to pay to CoBank a broken funding surcharge in the amount set forth below in the event the Company: (1) repays any fixed
rate balance prior to the last day of its fixed rate period (whether such payment is made voluntarily, as a result of an acceleration, or otherwise); (2) converts any fixed rate balance to another fixed rate or to a variable rate prior to the
last day of the fixed rate period applicable to such balance; or (3) fails to borrow any fixed rate balance on the date scheduled therefor. The surcharge shall be in an amount equal to the greater of (a) the sum of: (i) the present
value of any funding losses imputed by CoBank to have been incurred as a result of such payment, conversion or failure; plus (ii) a per annum yield of 0.50% of the amount repaid, converted or not borrowed for the period such amount was
scheduled to have been outstanding at such fixed rate, or (b) $300.00. Such surcharge shall be determined and calculated in accordance with methodology established by CoBank, a copy of which will be made available upon request. Notwithstanding
the foregoing, in the event of a conflict between the provisions of this subsection and of the broken funding charge section of a forward fix agreement between CoBank and the Company, the provisions of the forward fix agreement shall control.

 (B) Complete Agreement, Amendments, Etc. The Loan Documents are intended by the parties to be a complete and final
expression of their agreement. No amendment or modification of this Agreement or the other Loan Documents shall be effective unless approved by each party and contained in a writing signed on or behalf of each party. No waiver of any provision of
this Agreement or the other Loan Documents, and no consent to any departure by the Company herefrom or therefrom, shall be effective unless approved by CoBank and contained in a writing signed by or on behalf of CoBank, and then such waiver or
consent shall be effective only in the specific instance and for the specific purpose for which given. In the event this Agreement is amended or restated, each such amendment or 

  
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 Amended and Restated Master Loan Agreement RI0042A 

THE MAINE WATER COMPANY 
 Rockport, Maine

  

 
restatement shall be applicable to all Note and Supplements hereto. Each Note and Supplement shall be deemed to incorporate all of the terms and conditions of this Agreement as if fully set forth
therein. Without limiting the foregoing, any capitalized term utilized in any Note and Supplement (or in any amendment to this Agreement or any Note and Supplement) and not otherwise defined in the Note and Supplement (or amendment) shall have the
meaning set forth herein. 
 (C) Applicable Law. Without giving effect to the principles of conflict of laws and except
to the extent governed by federal law, the Laws of the State of Colorado, without reference to choice of law doctrine, shall govern this Agreement, each Note and Supplement and any other Loan Document for which Colorado is specified as the
applicable law, and all disputes and matters between the parties to this Agreement, including all disputes and matters whatsoever arising under, in connection with or incident to the lending and/or leasing or other business relationship between the
parties, and the rights and obligations of the parties to this Agreement or any other Loan Document by and between the parties for which Colorado is specified as the applicable law. 

(D) Notices. All notices hereunder shall be in writing and shall be deemed to have been duly given upon delivery if personally
delivered or sent by facsimile or similar transmission, or 3 days after mailing if sent by express, certified or registered mail, to the parties at the following addresses (or such other address as either party may specify by like notice):

  

			
	If to CoBank, as follows:	  	If to the Company, as follows:
		
	 For general correspondence purposes:
 P.O. Box 5110
 Denver, Colorado 80217-5110
	  	 The Maine Water Company
 P.O.
Box 310
 West Rockport, Maine 04865

		
	 For direct delivery purposes, when desired:
 5500 South Quebec Street
 Greenwood Village, Colorado 80111-1914
	  	
		
	 Attention: Credit Information Services
 Fax No.: (303) 224-6101
	  	 Attention: Chief Financial Officer
 Fax No.: (207) 236-3701

 (E) Costs, Expenses, and Taxes. To the extent allowed by Law, the Company agrees to pay all
reasonable out-of-pocket costs and expenses (including the fees and expenses of counsel retained or employed by CoBank) incurred by CoBank and any participants from CoBank in connection with the origination, administration, collection and
enforcement of this Agreement and the other Loan Documents, including, without limitation, all costs and expenses incurred in obtaining, perfecting, maintaining, determining the priority of, and releasing any security for the Company’s
obligations to CoBank, and any stamp, intangible, transfer or like tax incurred in connection with this Agreement or any other Loan Document or the recording hereof or thereof. 

(F) Effectiveness and Severability. This Agreement shall continue in effect until: (1) all indebtedness and obligations of
the Company under this Agreement and the other Loan Documents shall 

  
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 Amended and Restated Master Loan Agreement RI0042A 

THE MAINE WATER COMPANY 
 Rockport, Maine

  

 
have been paid or satisfied; (2) CoBank has no commitment to extend credit to or for the account of the Company under any Note and Supplement; and (3) either party sends written notice
to the other party terminating this Agreement. Any provision of this Agreement or any other Loan Document which is prohibited or unenforceable in any jurisdiction shall be ineffective to the extent of such prohibition or unenforceable without
invalidating the remaining provisions hereof or thereof. 
 (G) Successors and Assigns. This Agreement and the other Loan
Documents shall be binding upon and inure to the benefit of the Company and CoBank and their respective successors and assigns, except that the Company may not assign or transfer its rights or obligations under this Agreement or the other Loan
Documents without the prior written consent of CoBank. 
 (H) Participations, Etc. From time to time, CoBank may sell to
one or more banks, financial institutions, or other lenders a participation in one or more of the loans or other extensions of credit made pursuant to this Agreement. However, no such participation shall relieve CoBank of any commitment made to the
Company hereunder. In connection with the foregoing, CoBank may disclose information concerning the Company and its subsidiaries, if any, to any participant or prospective participant, provided that such participant or prospective participant agrees
to keep such information confidential. Patronage distributions in the event of a sale of a participation interest shall be governed by CoBank’s Bylaws and Capital Plan (as each may be amended from time to time). A sale of a participation
interest may include certain voting rights of the participants regarding the loans hereunder (including without limitation the administration, servicing, and enforcement thereof). CoBank agrees to give written notification to the Company of any sale
of a participation interest. 
 IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their duly
authorized officers as of the date shown above. 
  

									
	CoBANK, ACB	 		 	THE MAINE WATER COMPANY
					
	By:	 	   /s/ Shannon Davoren
	 		 	By:	 	   /s/ Judith E. Wallingford

	Title:	 	Assistant Corporate Secretary	 		 	Title:	 	 President

  
 -13-

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