Document:

Form of Change in Control Agreement

 Exhibit 10.11 
 CHANGE IN CONTROL AGREEMENT 
 THIS CHANGE IN CONTROL AGREEMENT (this
“Agreement”) is entered into effective as of                         , by and between DEAN FOODS
COMPANY, a Delaware corporation (together with its subsidiaries, the “Company”), and “Executive” (the “Executive”). 
 RECITALS 
 A. The Board of Directors of the Company (the
“Board”) has determined that the interests of the Company would be advanced by providing the key executives of the Company with certain benefits in the event of the termination of employment of any such executive in connection with
or following a Change in Control (as hereafter defined). 
 B. The Board believes that such benefits enable the Company to
continue to attract and retain competent and qualified executives, assure continuity and cooperation of management and encourage such executives to diligently perform their duties without personal financial concerns, thereby enhancing shareholder
value and ensuring a smooth transition. 
 AGREEMENTS 

NOW, THEREFORE, for good and valuable consideration, including the mutual covenants set forth herein, the parties hereto agree as
follows: 
 1. Definitions. The following terms shall have the following meanings for purposes of this Agreement.

 “Affiliate” means any entity controlled by, controlling or under common control with, a person or entity.

 “Annual Pay” means the sum of (i) an amount equal to the annual base salary rate payable to the
Executive by the Company at the time of termination of his or her employment plus (ii) an amount equal to the target bonus established for the Executive for the Company’s fiscal year in which his or her termination of employment
occurs, but in either case, without giving effect to any reduction therein occurring following a Change in Control. 

“Cause” means the Executive’s (i) willful and intentional material breach of this Agreement, (ii) willful
and intentional misconduct or gross negligence in the performance of, or willful neglect of, the Executive’s duties, which has caused material injury (monetary or otherwise) to the Company, or (iii) conviction of, or plea of nolo
contendere to, a felony; provided, however, that no act or omission shall constitute “Cause” for purposes of this Agreement unless the Board or the Chairman of the Board provides to the Executive (a) written notice clearly and fully
describing the particular acts or omissions which the Board or the Chairman of the Board reasonably believes in good faith constitutes “Cause” and (b) an opportunity, within thirty (30) days following his or her receipt of such
notice, to meet in person 

 
with the Board or the Chairman of the Board to explain or defend the alleged acts or omissions relied upon by the Board and, to the extent practicable, to cure such acts or omissions. Further, no
act or omission shall be considered as “willful” or “intentional” if the Executive reasonably believed such acts or omissions were in the best interests of the Company. 

“Change in Control” means (1) any “person” (as such term is used in Section 13(d) of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”), but specifically excluding the Company, any wholly-owned subsidiary of the Company and/or any employee benefit plan maintained by the Company or any wholly-owned subsidiary of
the Company) becomes the “beneficial owner” (as determined pursuant to Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing thirty percent (30%) or more of the combined voting power of
the Company’s then outstanding securities; or (2) individuals who currently serve on the Board, or whose election to the Board or nomination for election to the Board was approved by a vote of at least two-thirds (2/3) of the
directors who either currently serve on the Board, or whose election or nomination for election was previously so approved, cease for any reason to constitute a majority of the Board; or (3) the Company or any subsidiary of the Company shall
merge with or consolidate into any other corporation, other than a merger or consolidation which would result in the holders of the voting securities of the Company outstanding immediately prior thereto holding immediately thereafter securities
representing more than sixty percent (60%) of the combined voting power of the voting securities of the Company or such surviving entity (or its ultimate parent, if applicable) outstanding immediately after such merger or consolidation; or
(4) the stockholders of the Company approve a plan of complete liquidation of the Company or an agreement for the sale or disposition by the Company of all or substantially all of the Company’s assets, or such a plan is commenced.

 “Code” means the Internal Revenue Code of 1986, as amended. 

“Confidential Information” means all information, whether oral or written, previously or hereafter developed, acquired
or used by the Company or its subsidiaries and relating to the business of the Company and its subsidiaries that is not generally known to others in the Company’s area of business, including without limitation trade secrets, methods or
practices developed by the Company or any of its subsidiaries, financial results or plans, customer or client lists, personnel information, information relating to negotiations with clients or prospective clients, proprietary software, databases,
programming or data transmission methods, or copyrighted materials (including without limitation, brochures, layouts, letters, art work, copy, photographs or illustrations). It is expressly understood that the foregoing list shall be illustrative
only and is not intended to be an exclusive or exhaustive list of “Confidential Information.” 
 “Good
Reason” means any of the following events occurring, without the Executive’s prior written consent specifically referring to this Agreement, within two (2) years following a Change in Control: 

(1) (A) Any material reduction in the amount of the Executive’s Annual Pay, (B) any material reduction in the
amount of Executive’s other incentive compensation opportunities, or (C) any material reduction in the aggregate value of the Executive’s 

  
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benefits as in effect from time to time (unless in the case of either B or C, such reduction is pursuant to a general change in compensation or benefits applicable to all similarly situated
employees of the Company and its Affiliates); 
 (2)(A) the removal of the Executive from the Executive’s
position held by him or her immediately prior to the Change in Control, or (B) any other significant reduction in the nature or status of the Executive’s duties or responsibilities; 

(3) transfer of the Executive’s principal place of employment to a metropolitan area other than that of the
Executive’s place of employment immediately prior to the Change in Control; or 
 (4) failure by the
Company to obtain the assumption agreement referred to in Section 7 of this Agreement prior to the effectiveness of any succession referred to therein, unless the purchaser, successor or assignee referred to therein is bound to perform this
Agreement by operation of law. 
 In order for a termination by the Executive to constitute
a termination for Good Reason, (i) the Executive must notify the Company of the circumstances claimed to constitute Good Reason in writing not later than the 90th day after it has arisen or occurred, (ii) the Company must not have cured
such circumstances within 30 days of receipt of the notice and (iii) the Executive must actually terminate employment on or before the 24th month anniversary of the Change in Control. 
 “Termination Pay” means a payment made by the Company to the Executive pursuant to Section 2(a) (ii). 
 2. Change in Control Termination Payment and Benefits. 
 (a) Involuntary
or Constructive Termination. In the event that the Executive’s employment with the Company or its successor is terminated by the Company or its successor without Cause or by the Executive for Good Reason in connection with or within two
years after a Change in Control, the Executive shall be entitled to the following payments and other benefits: 
 (i) The
Company shall pay to the Executive a cash payment in an amount equal to the sum of (A) the Executive’s accrued and unpaid salary as of his or her date of termination of employment, plus (B) his or her accrued and unpaid bonus, if any,
for the Company’s prior fiscal year, plus (C) an amount equal to the greater of the following, paid on a pro rata basis for the portion of the year between January 1 and the date of the Executive’s termination of employment:
(x) Executive’s target bonus for the year of termination, or (y) the actual bonus to which the Executive would be entitled in the year of termination, if calculable at the date of termination, plus (D) reimbursement for all
unreimbursed expenses reasonably and necessarily incurred by the Executive (in accordance with Company policy) in connection with the business of the Company prior to termination and since the beginning of the calendar year prior to the date of
termination. This amount shall be paid within five (5) business days of the date of the Executive’s termination of employment. 

  
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 (ii) The Company shall pay to the Executive a cash payment in an amount equal to two
(2) times the Executive’s Annual Pay. This amount shall be paid by the Company in accordance with Section 2(d) hereof. 
 (iii) The Company shall pay to the Executive a cash payment in an amount equal to the sum of (A) the Executive’s unvested account balance under the Company’s 401(k) plan, if any, and
(B) two (2) times the amount of the aggregate matching contributions payable in respect of Executive’s contributions into the Executive’s 401(k) account for the last completed calendar year (which, for this purpose, shall be
annualized if the Executive was not eligible to participate in such 401(k) plan for the entire calendar year). This amount shall be paid within 60 days after the date of the Executive’s termination of employment. 

(iv) The Executive and his or her eligible dependents shall be entitled for a period of two (2) years following his or her date of
termination of employment to continued coverage, on the same basis as similarly situated active employees, under the Company’s group health, dental, long-term disability and life insurance plans as in effect from time to time (but not any other
welfare benefit plans or any retirement plans); provided that coverage under any particular benefit plan shall expire with respect to the period after the Executive becomes covered under another employer’s plan providing for a similar type of
benefit. In the event the Company is unable to provide such coverage on account of any limitations under the terms of any applicable contract with an insurance carrier or third party administrator, the Company shall pay the Executive an amount equal
to the cost to the Company of providing such coverage within 60 days after the date of the Executive’s termination of employment. To the extent that Company’s group health or dental benefits are self-insured, then in addition to any other
limitation provided here, the period of coverage provided by this Section 2(a) (iv) under the self-insured health or dental plan shall not exceed the period of time during which the Executive would be entitled to receive continuation
coverage under a group health plan under section 4980B (COBRA) if the Executive had elected such coverage and paid such premiums. To the extent that the immediately preceding sentence applies, the Company shall pay the Executive an amount equal to
the cost of such COBRA coverage for a period equal to the excess of (i) 24 months minus (ii) the number of months of COBRA coverage initially available to the Executive, as determined in good faith by the Company, with such payment to be
made within 60 days after the date of the Executive’s termination of employment. 
 (v) The Company shall pay all costs
and expenses, up to a maximum of $25,000, related to outplacement services for the Executive, the provider of which shall be selected by the Executive in his or her sole discretion. This amount shall be paid directly to the provider of such services
but only with respect to services rendered prior to the last day of the second calendar year following the calendar year in which the Executive’s termination date occurs. The Company shall pay such expenses within 90 days of the date of receipt
of an invoice for such services, but in no event later than the end of the third calendar year following the calendar year in which the Executive’s termination date occurs. 

  
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 (b) Accelerated Vesting. All of the Executive’s unvested awards under the
Company’s stock award plans shall automatically and immediately vest in full upon the occurrence of a Change in Control. 

(c) No Duplication; Other Severance Pay. There shall be no duplication of severance pay in any manner. In this regard, the
Executive shall not be entitled to Termination Pay hereunder for more than one position with the Company and its Affiliates. If the Executive is entitled to any notice or payment in lieu of any notice of termination of employment required by
Federal, state or local law, including but not limited to the Worker Adjustment and Retraining Notification Act, the severance compensation to which the Executive would otherwise be entitled under this Agreement shall be reduced by the amount of any
such payment in lieu of notice. If Executive is entitled to any severance or termination payments (but excluding retirement and similar benefits) under any employment or other agreement (other than any stock award or stock option agreements) with
the Company or any of its Affiliates, the severance compensation payable under any such plan, program, arrangement or agreement shall be deemed to satisfy, to the extent of such payment, the obligations to the Executive in respect of Termination
Pay. Except as set forth in the immediately preceding sentence, the foregoing payments and benefits shall be in addition to and not in lieu of any payments or benefits to which the Executive and his or her dependents may otherwise be entitled to
under the Company’s compensation and employee benefit plans. Subject to subparagraph 1(c) of the definition of Good Reason, nothing herein shall be deemed to restrict the right of the Company from amending or terminating any such plan in a
manner generally applicable to similarly situated active employees of the Company and its Affiliates, in which event the Executive shall be entitled to participate on the same basis (including payment of applicable contributions) as similarly
situated active executives of the Company and its Affiliates. 
 (d) Mutual Release. Termination Pay shall be conditioned
upon the execution by the Executive within 60 (sixty) days after the Executive’s termination of employment of a valid release prepared by the Company pursuant to which the Executive shall release the Company, to the maximum extent permitted by
law, from any and all claims the Executive may have against the Company that relate to or arise out of the employment or termination of employment of the Executive, except such claims arising under this Agreement, any employee benefit plan, or any
other written plan or agreement (a “Release”). The full amount of Termination Pay shall be paid in a lump sum in cash to the Executive within ten (10) days following receipt by the Company of a properly executed Release (which,
if revocable, has not been revoked) by the Executive. In addition, if the Executive shall timely deliver (and shall not have revoked) the Release, the Company shall simultaneously with the payment of Termination Pay execute a release of all claims
it may have against the Executive arising out of the Executive’s employment, other than claims arising under this Agreement or otherwise relating to covenants and obligations of the Executive intended to continue following the Executive’s
termination of employment. 

  
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 3. Excise Taxes. Notwithstanding anything to the contrary contained in this
Agreement, if the Company reasonably determines that the termination benefits payable to the Executive pursuant to this Agreement or any other agreement or arrangement between the Company and the Executive would constitute a “parachute
payment” within the meaning of Section 280G of the Code and subject the Executive to an excise tax under Section 4999 of the Code, then the amount of the termination benefits payable hereunder shall be limited such that the
Executive’s net payment received on an after-tax basis is $1 less than the amount at which the payment would be subject to the excise tax under Section 4999 of the Code. Any reduction in the amount of the termination benefits payable
hereunder shall be debited, in order, from the amounts payable under Section 2(a)(ii), then 2(a)(iii) and then 2(a)(iv). 

4. Certain Covenants by the Executive. 
 (a) Delivery of Confidential Information to Executive. Executive acknowledges that (i) the Company is engaged in a continuous program of research, development and production respecting its
business (the foregoing, together with any other businesses in which the Company engages from the date hereof to the date of the termination of Executive’s employment with the Company and its Subsidiaries as the “Company Business”);
(ii) Executive’s work for and position with the Company and/or one of its Subsidiaries has allowed Executive, and will continue to allow Executive, access to trade secrets of, and Confidential Information concerning, the Company; and
(iii) the agreements and covenants contained in this Agreement are necessary and essential to protect the business, goodwill, and customer relationships that Company and its Subsidiaries have expended significant resources to develop. Each of
the parties hereby agrees and acknowledges that, on or following the date hereof, the Company has provided, or will provide, and the Executive has received, or will receive, one or more of the following: authorization to (x) access Confidential
Information through a new computer password or by other means, (y) represent the Company in communications with customers and other third parties to promote the goodwill of the business in accordance with generally applicable Company policies
or (z) access to participate in certain restricted access meetings, conferences or training relating to Executive’s position with the Company. Executive understands and agrees that if Confidential Information were used in competition
against the Company, the Company would experience serious harm and the competitor would have a unique advantage against the Company. 
 (b) Covenant Not to Compete or Solicit. In consideration of the payments to be made to the Executive pursuant to this Agreement and in consideration of the delivery of Confidential Information by
the Company as described and in this Section 4, the Executive hereby agrees that, during the term of his or her employment with the Company or any of its Affiliates and for a period of two years thereafter, he or she will not, directly or
indirectly, individually or on behalf of any person or entity other than the Company or any of its Affiliates: 
 (i) Become
associated with (as defined below) any company or business (other than the Company or any Affiliate of the Company) engaged primarily in the manufacture, distribution, sale or marketing of any of the Relevant Products (as defined below) in any
geographical area in which the Company or any of its Affiliates operates; 

  
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 (ii) Approach, consult, solicit business from, or contact or otherwise communicate, directly
or indirectly, in any way with any Customer (as defined below) in an attempt to (1) divert business from, or interfere with any business relationship of the Company or any of its Affiliates, or (2) convince any Customer to change or alter
any of such Customer’s existing or prospective contractual terms and conditions with the Company or any of its Affiliates; or 
 (iii) Solicit, induce, recruit or encourage, either directly or indirectly, any employee of the Company or any of its Affiliates to leave his or her employment with the Company or any of its Affiliates,
or employ or offer to employ any employee of the Company or any of its Affiliates. For the purposes of this section, an employee of the Company or any of its Affiliates shall be deemed to be an employee of the Company or any such Affiliate while
employed by the Company or such Affiliate and for a period of 60 days thereafter. 
 For purposes of this Agreement, the
following terms shall have the meanings indicated: 
 “associated with” means to become involved or act as an
owner, partner, stockholder, investor, joint venturer, lender, director, manager, officer, employee, consultant, independent contractor, representative or agent. 
 “Customer” means all persons or entities who purchased any Relevant Product from the Company or any of its Affiliates during the term of the Executive’s employment with the Company
or any such Affiliate. 
 “Relevant Product(s)” means (i) milk and milk-based beverages, (ii) creams
and creamers, (iii) ice cream and ice cream novelties, (iv) ice cream mix, and (v) cultured dairy products. 

Notwithstanding the foregoing, the Executive is not prohibited from owning, either of record or beneficially, not more than five percent
(5%) of the shares or other equity of any publicly traded company. The provisions of this Section 4(a) are not intended to override, supercede, reduce, modify or affect in any manner any other non-competition or non-solicitation agreement
between the Executive and the Company or any of its Affiliates. Any such covenant or agreement shall remain in full force and effect in accordance with its terms. The Company will be entitled to injunctive and other relief to prevent or enjoin any
violation of the provisions of this Agreement. 
 (c) Protection of Confidential Information. The Executive agrees that
he or she will not at any time during or following his or her employment by the Company, without the Company’s prior written consent, divulge any Confidential Information to any other person or entity or use any Confidential Information for his
or her own benefit. Upon termination of employment, for any reason whatsoever, regardless of whether either party may be at fault, the Executive will return to the Company all physical Confidential Information in the Executive’s possession.

  
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 (d) Nondisclosure of Agreement. The Executive agrees, at all times during his or her
employment by the Company, not to disclose or discuss in any manner (whether to individuals inside or outside the Company), the existence or terms of, this Agreement without the prior written consent of the Company, except to the extent required by
law. 
 (e) Nondisparagement. The Executive and the Company agree that, for so long as the Executive remains employed by
the Company, and for a period of two years following the termination of the Executive’s employment, neither the Executive nor the Company will make or authorize any public statement, whether orally or in writing, that disparages the other party
hereto with respect to such other party’s business interests or practices; provided, that neither party shall be restricted in connection with statements made in context of any litigation, arbitration or similar proceeding involving the other
party hereto. 
 (f) Extent of Restrictions. The Executive acknowledges that he or she has given careful consideration to
the restraints imposed by this Section 4 and he or she fully agrees that the restrictions contained in this Section 4 correctly set forth the understanding of the parties at the time this Agreement is entered into, are reasonable and
necessary to protect the legitimate interests of the Company, and that any violation will cause substantial injury to the Company. In the event of any such violation, the Company shall be entitled, in addition to any other remedy, to preliminary or
permanent injunctive relief. If any court having jurisdiction shall find that any part of the restrictions set forth in this Agreement are unreasonable in any respect, it is the intent of the parties that the restrictions set forth herein shall not
be terminated, but that this Agreement shall remain in full force and effect to the extent (as to time periods and other relevant factors) that the court shall find reasonable. 

5. Tax Withholding. All payments to the Executive under this Agreement will be subject to the withholding of all applicable
employment and income taxes. 
 6. Severability. In the event that any provision or portion of this Agreement shall be
determined to be invalid or unenforceable for any reason, the remaining provisions of this Agreement shall be unaffected thereby and shall remain in full force and effect. 
 7. Successors. This Agreement shall be binding upon and inure to the benefit of the Company and any successor of the Company. The Company will require any successor to all or substantially all of
the business and/or assets of the Company to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no succession had taken place. 

8. Entire Agreement. By executing this Agreement, the Executive agrees that any and all agreements executed between the Company
(or any subsidiary of the Company or any predecessor of the Company or any subsidiary) and the Executive prior to the date hereof regarding benefits resulting from a Change in Control are hereby nullified and cancelled in their entirety, and this
Agreement shall substitute for and fully replace any such prior agreements. This Agreement shall constitute the entire agreement between the parties hereto with respect to the subject matter hereof. This Agreement may not be modified in any manner
except by a written instrument signed by both the Company and the Executive. 

  
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 9. Termination of Employment. For all purposes under this Agreement,
the Executive shall not have a “termination of employment” (and corollary terms) from the Company unless and until the Executive has a “separation from service” (as determined under Treas. Reg. Section 1.409A-1(h), as
uniformly applied in accordance with such rules as shall be established by the Company) from time to time by the Company. 
 10. Notices. Any notice required under this Agreement shall be in writing and shall be delivered by certified mail return receipt requested to each of the parties as follows: 

To the Executive: 
 Executive 
 Address 

Address 
 To the Company: 
 DEAN FOODS COMPANY 

2711 N. Haskell Ave., Suite 3400 

Dallas, Texas 75204 
 Attn.: General Counsel 
 Tel.: 214-303-3400 

Fax: 214-303-3499 
 11. Governing Law. The provisions of this Agreement shall be construed in accordance of the laws of the State of Delaware, except to the extent preempted by ERISA or other federal laws, as
applicable, without reference to the conflicts of laws provisions thereof. 

  
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 IN WITNESS WHEREOF, the Executive and the Company have executed this
Agreement as of the date and year first above written. 
  

	
	DEAN FOODS COMPANY
	
	  
	 Name: Thomas Zanetich

Title: Executive Vice President, Human Resources

	  

	 Executive

  
 10EX-4.25

 Exhibit 4.25 
 FIRST AMENDMENT TO CREDIT AGREEMENT 
 THIS FIRST
AMENDMENT TO CREDIT AGREEMENT is made as of this 28th day
of November, 2011, by and among AQUA PENNSYLVANIA, INC., a Pennsylvania corporation (“Borrower”), the several banks which are parties to this Agreement (each a “Bank” and collectively, “Banks”) and PNC BANK, NATIONAL
ASSOCIATION in its capacity as agent for Banks (in such capacity, “Agent”). 
 BACKGROUND 

A. Borrower, Agent and certain Banks are parties to a Credit Agreement, dated as of November 30, 2010 (the “Credit
Agreement”), pursuant to which those Banks agreed to make revolving credit loans to Borrower in an aggregate outstanding amount of up to $100,000,000 (the “Loans”). The Loans are evidenced by Borrower’s Revolving Credit Notes in
the aggregate principal face amount of $100,000,000 (the “Notes”). 
 B. Borrower, Agent and Banks desire to change
the Commitments of certain Banks, add The Huntington National Bank (“Huntington”) as an additional Bank under the Credit Agreement, extend the Termination Date of the facility and modify certain other provisions of the Credit Agreement,
all on the terms and subject to the conditions herein set forth. 
 NOW THEREFORE, the parties hereto, intending to be legally
bound hereby, agree as follows: 
 AGREEMENT 
 1. Terms. Capitalized terms used herein and not otherwise defined herein shall have the meanings given to such terms in the Credit Agreement. 

2. Amendments to Credit Agreement. Effective on November 28, 2011 (the “Effective Date”) the Credit Agreement is
hereby amended as follows: 
 (a) The definitions of “Fee Letters,” “Governmental Authority”
and “Termination Date” in Section 1.1 are hereby amended and restated to read in full as follows: 

““Fee Letters”: collectively, the two letters from the Agent to the Borrower dated November 19, 2010 and the
letter from the Agent to the Borrower dated October 24, 2011, in each case regarding certain fees payable by the Borrower. 

“Governmental Authority”: shall mean the government of the United States of America or any other nation, or of any
political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or
functions of or pertaining to government 

 
(including any supra-national bodies such as the European Union or the European Central Bank) and any group or body charged with setting financial accounting or regulatory capital rules or
standards (including, without limitation, the Financial Accounting Standards Board, the Bank for International Settlements or the Basel Committee on Banking Supervision or any successor or similar authority to any of the foregoing). 

“Termination Date”: the earlier of (a) November 26, 2012 or any later date to which the Termination Date shall
have been extended pursuant to subsection 2.8(d) hereof and (b) the date the Commitments are terminated as provided herein.” 
 (b) The following new definitions of “Change in Law”, “Excluded Taxes”, “FATCA”, “Foreign Bank”, “Law”, “Other
Taxes” and “Taxes” are hereby added to Section 1.1 in the appropriate alphabetical order: 

““Change in Law”: the occurrence, after the date of this Agreement, of any of the following: (a) the adoption
or taking effect of any Law, (b) any change in any Law or in the administration, interpretation, implementation or application thereof by any Governmental Authority or (c) the making or issuance of any request, rule, guideline or directive
(whether or not having the force of Law) by any Governmental Authority; provided that notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, regulations,
guidelines, interpretations or directives thereunder or issued in connection therewith (whether or not having the force of Law) and (y) all requests, rules, regulations, guidelines, interpretations or directives promulgated by the Bank for
International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities (whether or not having the force of Law), in each case pursuant to Basel III, shall
in each case be deemed to be a Change in Law regardless of the date enacted, adopted, issued, promulgated or implemented. 

“Excluded Taxes”: has the meaning assigned to such term in subsection 2.12(a). 

“FATCA” shall mean Sections 1471 through 1474 of the Code, as of the date of this Agreement and any regulations or
official interpretations thereof. 
 “Foreign Bank”: any Bank that is not created or organized under the Laws
of the United States, any State thereof or the District of Columbia. 
 “Law”: any law (including common law),
constitution, statute, treaty, regulation, rule, ordinance, opinion, release, ruling, order, injunction, writ, decree, bond, judgment, authorization or approval, lien or award by or settlement agreement with any Governmental Authority. 

  
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 “Other Taxes”: has the meaning assigned to such term in subsection
2.12(b). 
 “Taxes”: has the meaning assigned to such term in subsection 2.12(a).” 

(c) Subsection 2.6(b) is hereby amended and restated to read in full as follows: 

“(b) Subject to the provisions of Section 2.7, each Eurodollar Loan shall bear interest (computed on the basis
of the actual number of days elapsed over a year of 360 days) at a rate per annum equal to the Eurodollar Rate for the Interest Period in effect for such Loan plus seventy (70) basis points (0.70%).” 

(d) Section 2.11 is hereby amended and restated to read in full as follows: 

“2.11 Requirements of Law. (a) In the event that any Change in Law shall: 

(i) subject any Bank to any tax of any kind whatsoever with respect to this Agreement, any Note or Eurodollar Loan made
by it, or change the basis of taxation of payments to such Bank in respect thereof (except for Taxes or Other Taxes covered by Section 2.12 and the imposition of, or any change in the rate of, any Excluded Tax payable by any Bank); 

(ii) impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar
requirement against assets of, deposits with or for the account of, or credit extended or participated in by, any Bank (except any reserve requirement reflected in the Eurodollar Rate); or 

(iii) impose on any Bank or the London interbank market any other condition, cost or expense affecting this Agreement or
any Eurodollar Loan made by such Bank; 
 and the result of any of the foregoing shall be to increase the cost to such Bank of
making, converting to, continuing or maintaining any Eurodollar Loan (or of maintaining its obligation to make any such Loan), or to increase the cost to such Bank, or to reduce the amount of any sum received or receivable by such Bank hereunder
(whether of principal, interest or any other amount) then, upon request of such Bank, the Borrower will pay to such Bank, such additional amount or amounts as will compensate such Bank, for such additional costs incurred or reduction suffered;
provided, that the Borrower shall not be liable for any such amounts incurred or suffered by such Bank more than 180 days prior to the date of such Bank’s notification to the Borrower. If any Bank becomes entitled to claim any additional
amounts pursuant to this subsection, it shall as promptly as practicable notify the Borrower, through the Agent, of the event by reason of which it has become so entitled. A certificate explaining and detailing any

  
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additional amounts payable pursuant to this subsection submitted by such Bank, through the Agent, to the Borrower shall be conclusive in the absence of clearly demonstrable error. If any such
amount paid by the Borrower to such Bank is subsequently determined not to have been due and is refunded to such Bank, such Bank will reimburse the Borrower for amounts paid in respect of such refunded amount. This covenant shall survive the
termination of this Agreement and the payment of the Notes and all other amounts payable hereunder. 
 (b) If any Bank
determines that any Change in Law affecting such Bank or any lending office of such Bank or such Bank’s holding company, if any, regarding capital requirements has or would have the effect of reducing the rate of return on such Bank’s
capital or on the capital of such Bank’s holding company, if any, as a consequence of this Agreement, the Commitment of such Bank or the Loans made by, or participations in Swing Loans held by, such Bank, to a level below that which such Bank
or such Bank’s holding company could have achieved but for such Change in Law (taking into consideration such Bank’s policies and the policies of such Bank’s holding company with respect to capital adequacy), then from time to time
the Borrower will pay to such Bank, such additional amount or amounts as will compensate such Bank or such Bank’s holding company for any such reduction suffered. If any Bank becomes entitled to claim any additional amounts pursuant to this
subsection, it shall as promptly as practicable notify the Borrower, through the Agent, of the event by reason of which it has become so entitled. A certificate explaining and detailing any additional amounts payable pursuant to this subsection
submitted by such Bank, through the Agent, to the Borrower shall be conclusive in the absence of clearly demonstrable error. This covenant shall survive the termination of this Agreement and the payment of the Notes and all other amounts payable
hereunder. 
 (c) Each Bank agrees that it will use reasonable efforts in order to avoid or to minimize, as the case may be, the
payment by the Borrower of any additional amount under subsections 2.11(a) and (b); provided, however, that no Bank shall be obligated to incur any expense, cost or other amount in connection with utilizing such reasonable efforts.
Notwithstanding any other provision of this Section 2.11, no Bank shall apply the provisions of subsections 2.11(a) or (b) hereof with respect to the Borrower if it shall not at the time be the general policy or practice of the Bank
exercising its rights hereunder to apply the provisions similar to those of this Section 2.11 to other borrowers in substantially similar circumstances under substantially comparable provisions of other credit agreements.” 

(e) Section 2.12 is hereby amended and restated to read in full as follows: 

  
 4 

 “2.12 Taxes. (a) All payments made by the Borrower under
this Agreement and the Notes shall be made free and clear of, and without deduction for any present or future taxes, levies, imposts, deductions, charges, or withholdings, and all liabilities with respect thereto, including any interest, additions
to tax or penalties applicable thereto (other than Excluded Taxes) (all such non-excluded taxes, levies, imposts, duties, charges, fees, deductions and withholdings being hereinafter called “Taxes”). If the Borrower shall be required by
Law to deduct any Taxes from or in respect of any sum payable hereunder or under any Note, (i) the sum payable shall be increased as may be necessary so that after making all required deductions (including deductions applicable to additional
sums payable under this Section) the Agent and each Bank receives an amount equal to the sum it would have received had no such deductions been made, (ii) the Borrower shall make such deductions and (iii) the Borrower shall timely pay the
full amount deducted to the relevant tax authority or other authority in accordance with applicable Law. As used herein, the term “Excluded Taxes” shall mean, with respect to the Agent, any Bank or any other recipient of any payment to be
made by or on account of any obligation of the Borrower hereunder, (i) taxes imposed on or measured by its overall net income (however denominated), and franchise taxes imposed on it (in lieu of net income taxes), by the jurisdiction (or any
political subdivision thereof) under the Laws of which such recipient is organized or in which its principal office is located or, in the case of any Bank, in which its applicable lending office is located, (ii) any branch profits taxes imposed
by the United States of America or any similar tax imposed by any other jurisdiction in which the Borrower is located and (iii) in the case of a Foreign Bank, any withholding tax (including under FATCA) that is imposed on amounts payable to
such Foreign Bank at the time such Foreign Bank becomes a party hereto (or designates a new lending office), except to the extent that such Foreign Bank (or its assignor, if any) was entitled, at the time of designation of a new lending office (or
assignment), to receive additional amounts from the Borrower with respect to such withholding tax pursuant to Section 2.12. 
 (b) In addition, the Borrower agrees to pay any present or future stamp or documentary taxes or any other excise or property taxes, charges, or similar levies which arise from any payment made hereunder,
under the Notes or under any other Loan Document or from the execution, delivery, or registration of, or otherwise with respect to, this Agreement, any Note or any other Loan Document (hereinafter referred to as “Other Taxes”). 

(c) The Borrower shall indemnify the Agent and each Bank for the full amount of Taxes or Other Taxes (including, without
limitation, any Taxes or Other Taxes imposed by any jurisdiction on amounts payable under this subsection) paid by the Agent or any Bank and any liability (including penalties, interest, and expenses) arising therefrom or with respect thereto,
whether or not such Taxes or Other Taxes were correctly or legally asserted. This indemnification shall be made within 30 days from the date the Agent or a Bank makes written demand therefor accompanied by a certificate explaining and detailing any
such Taxes or Other Taxes paid by the Agent or such Bank which shall be conclusive in the absence of demonstrable error. 

  
 5 

 (d) Within 30 days after the date of any payment of any Taxes or Other
Taxes by the Borrower, if available, the Borrower shall furnish to the Agent and each Bank, at its address referred to herein, the original or a certified copy of a receipt evidencing payment thereof. 

(e) If as a result of a payment by the Borrower of Taxes or Other Taxes pursuant to subsections 2.12(a), (b) or
(c) the Agent or a Bank receives a tax benefit or tax savings such as by receiving a credit against, refund of, or reduction in Taxes or Other Taxes which the Agent or such Bank would not have received but for the payment by the Borrower of
such Taxes or Other Taxes, then the Agent or such Bank shall promptly pay to the Borrower the amount of such credit, refund, reduction or any other similar item. Without prejudice to the survival of any other agreement of the Borrower hereunder, the
agreements and obligations of the Borrower contained in subsections 2.12(a) through (d) shall survive the payment in full of principal and interest hereunder and under any instrument delivered hereunder. 

(f) Each Foreign Bank agrees that it will deliver to the Borrower and the Agent on or prior to the Closing Date in the
case of each initial Bank and on or prior to the effective date of the Assignment and Acceptance pursuant to which it becomes a Bank in the case of each other Bank and on or prior to the date on which any such form or certification expires or
becomes obsolete, after the occurrence of any event requiring a change in the most recent form or certification previously delivered by it pursuant to this subsection (f), and from time to time, if requested by the Borrower or the Agent, two
completed originals of each of the following, as applicable; (A) Forms W-8ECI (claiming exemption from U.S. withholding tax because the income is effectively connected with a U.S. trade or business), W-8BEN (claiming exemption from, or a
reduction of, U.S. withholding tax under an income tax treaty) and/or W-8IMY (together with appropriate forms, certifications and supporting statements) or any successor forms, (B) in the case of a Foreign Bank claiming exemption under Sections
871(h) or 881(c) of the Code, Form W-8BEN (claiming exemption from U.S. withholding tax under the portfolio interest exemption) or any successor form and a certificate in form and substance acceptable to the Borrower and the Agent. Such Bank shall
certify, in the case of a Form W-8ECI, W-8BEN or W-8IMY, that it is entitled to receive payments under this Agreement without deduction or withholding of any United States federal income taxes. If a payment made to a Foreign Bank would be subject to
U.S. Federal withholding tax imposed by FATCA if such Bank were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Sections 1471(b) or 1472(b) of the Code, as applicable), such Bank shall deliver to
the Borrower and the Agent, at the time or times prescribed by law and at such time or times 

  
 6 

 
reasonably requested by the Borrower or the Agent, such documentation prescribed by applicable law (including any notice described in Section 1471(b)(3)(C)(i) of the Code) and such
additional documentation reasonably requested by the Borrower or the Agent as may be necessary for the Borrower or the Agent, as the case may be, to comply with their obligations under FATCA, to determine whether such Bank has or has not complied
with such Bank’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. If any form provided by a Foreign Bank at the time such Bank first becomes a party to this Agreement indicates a United States
interest withholding rate in excess of zero, withholding tax at such rate shall be considered excluded from “Taxes” as defined in subsection 2.12(a). Each Bank shall deliver to the Borrower and the Agent, with respect to Taxes imposed by
any Governmental Authority other than the United States of America, similar forms, if available (or the information that would be contained in similar forms if such forms were available), to the forms which are required to be provided under this
subsection with respect to Taxes of the United States of America. 
 (g) Notwithstanding the foregoing
subsections 2.12(a) through (e), the Borrower shall not be required to pay any additional amounts to any Bank in respect of United States withholding or backup withholding tax pursuant to such subsections if (i) the obligation to pay such
additional amounts would not have arisen but for a failure by such Bank to comply with the requirements of subsection 2.12(f) (other than by reason of a change in Law) or (ii) such Bank shall not have furnished the Borrower with such forms and
documentation described in subsection 2.12(f) and shall not have taken such other steps as reasonably may be available to it under applicable tax laws and any applicable tax treaty or convention to obtain an exemption from, or reduction (to the
lowest applicable rate) of, such United States withholding tax.” 
 (f) Section 2.13 is hereby amended by adding the
following additional sentence at the end thereof: 
 “For the purpose of calculation of all amounts payable
to a Bank under this Section, each Bank shall be deemed to have actually funded its relevant Eurodollar Loan or Swing Line Loan through the purchase of a deposit bearing interest at the Eurodollar Rate or the applicable rate on such Swing Line Loan,
as the case may be, in an amount equal to the amount of that Eurodollar Loan or Swing Line Loan, as the case may be, and having a maturity comparable to the relevant Interest Period or applicable period for such Eurodollar Loan or Swing Line Loan;
provided, however, that each Bank may fund each of its Eurodollar Loans and the Swing Line Bank may fund its Swing Line Loans in any manner it sees fit, and the foregoing assumptions shall be utilized only for the calculation of amounts payable
under this Section.” 
 (g) Section 3.18 is hereby amended and restated to read in full as follows: 

  
 7 

 “3.18 Labor Matters. The Borrower has not, within the last five years,
suffered any strikes, walkouts, work stoppages or other labor difficulty involving a material number of employees which in any case had a Material Adverse Effect, and to the best of the Borrower’s knowledge, there are no such events which
could reasonably be expected to have a Material Adverse Effect now threatened.” 
 (h) To give effect to the joinder of
Huntington as a party to the Credit Agreement as provided in Section 3 and the reallocation of the Total Commitment, Schedule I to the Credit Agreement is hereby amended and replaced with Schedule I attached hereto, and the
Commitment of each Bank shall be as set forth on such Schedule I. 
 3. Joinder of Huntington. Effective on the
Effective Date, Huntington hereby joins in and becomes a party to the Credit Agreement with a Commitment of $10,000,000, agrees to be bound by the provisions of the Credit Agreement and shall have the rights and obligations of a Bank thereunder and
under any other document issued in connection therewith. Huntington hereby makes and agrees to be bound by all of the representations, warranties and agreements set forth in subsection 9.6(c) of the Agreement as if it were an assignee of its
Commitment under the provisions of Section 9.6. 
 4. Replacement and Additional Notes. Concurrently with the
execution and delivery of this Agreement, Borrower shall execute and deliver to Huntington a Revolving Credit Note in the face amount of $10,000,000 and to each of the other Banks a replacement Revolving Credit Note in the amount of its Commitment
as set forth on Schedule I attached hereto, in each case in the form of Exhibit B-1 to the Credit Agreement. Each such replacement Revolving Credit Note shall evidence any outstanding Revolving Credit Loans of such Bank and upon receipt thereof
the existing Revolving Credit Note of each such Bank shall be cancelled and returned to Borrower. 
 5. Adjusting
Payments. Prior to the Effective Date Agent shall notify each Bank as to the adjusting payments which will be required to be made to the outstanding Revolving Credit Loans of each Bank in order to give effect to the changes in the Commitments of
certain Banks pursuant to the provisions of Sections 2(g) and 3 above so that after such adjusting payments are made each Bank’s outstanding Revolving Credit Loans evidenced by such Bank’s Revolving Credit Note shall be in an amount equal
to its Commitment Percentage of all outstanding Revolving Credit Loans. On the Effective Date each Bank agrees to pay to the other Banks the amounts, if any, specified by Agent in such notice. 

6. Loan Documents. Except where the context clearly requires otherwise, all references to the Credit Agreement in any of the Loan
Documents or any other document delivered to Banks or Agent in connection therewith shall be to the Credit Agreement as amended by this Agreement. 
 7. Borrower’s Ratification. Borrower agrees that it has no defenses or set-offs against Banks or Agent or their respective officers, directors, employees, agents or attorneys, with respect to
the Loan Documents, all of which are in full force and effect, and that 

  
 8 

 
all of the terms and conditions of the Loan Documents not inconsistent herewith shall remain in full force and effect unless and until modified or amended in writing in accordance with their
terms. Borrower hereby ratifies and confirms its obligations under the Loan Documents as amended hereby and agrees that the execution and delivery of this Agreement does not in any way diminish or invalidate any of its obligations thereunder.

 8. Representations and Warranties. Borrower hereby represents and warrants to Agent and Banks that: 

(a) The representations and warranties made in the Credit Agreement, as amended by this Agreement, are true and correct in all material
respects as of the date hereof; 
 (b) No Default or Event of Default under the Credit Agreement exists on the date hereof; and

 (c) This Agreement and the replacement and additional Revolving Credit Notes have been duly authorized, executed and
delivered so as to constitute the legal, valid and binding obligations of Borrower, enforceable in accordance with their respective terms. 
 All of the above representations and warranties shall survive the making of this Agreement. 
 9. Conditions Precedent. The effectiveness of the amendments set forth herein is subject to the fulfillment, to the satisfaction of Agent and its counsel, of the following conditions precedent on
or before the Effective Date: 
 (a) Borrower shall have delivered to Agent, with copies or counterparts for each Bank as
appropriate, the following, all of which shall be in form and substance satisfactory to Agent and shall be duly completed and executed: 
  

	 	(i)	This Agreement; 

  

	 	(ii)	The additional Revolving Credit Note to Huntington and the replacement Revolving Credit Notes to the other Banks; 

 

	 	(iii)	Copies, certified by the Secretary or an Assistant Secretary of Borrower of resolutions of the board of directors of Borrower in effect on the date hereof authorizing
the execution, delivery and performance of this Agreement and the replacement and additional Revolving Credit Notes and the other documents and transactions contemplated hereby; 

 

	 	(iv)	Copies, certified by its corporate secretary of the articles of incorporation, certificate of formation, and by-laws of Borrower as in effect, or a certificate stating
that there have been no changes to any such documents since the most recent date, true and correct copies thereof were delivered to Agent; and 

  
 9 

	 	(v)	Such additional documents, certificates and information as Agent or Banks may require pursuant to the terms hereof or otherwise reasonably request.

 (b) After giving effect to this Amendment, the representations and warranties set forth in the Credit Agreement
shall be true and correct in all material respects on and as of the date hereof. 
 (c) No Default or Event of Default shall
have occurred and be continuing as of the date hereof. 
 (d) Borrower shall have paid to Agent for the benefit of Banks an
additional fee of $100,000 to be distributed to Banks pro rata in accordance with their Commitments (after giving effect to the adjustment in the Commitments provided herein). 
 10. Miscellaneous. 
 (a) All terms, conditions, provisions and covenants in
the Loan Documents and all other documents delivered to Agent and Banks in connection therewith shall remain unaltered and in full force and effect except as modified or amended hereby. To the extent that any term or provision of this Agreement is
or may be deemed expressly inconsistent with any term or provision in any Loan Document or any other document executed in connection therewith, the terms and provisions hereof shall control. 

(b) The execution, delivery and effectiveness of this Agreement shall neither operate as a waiver of any right, power or remedy of Agent
or Banks under any of the Loan Documents nor constitute a waiver of any Default or Event of Default or default thereunder. 

(c) In consideration of Agent’s and Banks’ agreement to amend the existing credit facility, Borrower hereby waives and releases
Agent and Banks and their respective officers, attorneys, agents and employees from any liability, suit, damage, claim, loss or expense of any kind or failure whatsoever and howsoever arising that it ever had up until, or has as of, the date of this
Agreement. 
 (d) This Agreement constitutes the entire agreement of the parties with respect to the subject matter hereof and
supersedes all prior and contemporaneous understandings and agreements. 
 (e) In the event any provisions of this Agreement
shall be held invalid or unenforceable by any court of competent jurisdiction, such holding shall not invalidate or render unenforceable any other provision hereof. 

  
 10 

 (f) This Agreement shall be governed by and construed according to the laws of the
Commonwealth of Pennsylvania. 
 (g) This Agreement shall inure to the benefit of, and be binding upon, the parties hereto and
their respective successors and assigns and may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 

(h) The headings used in this Agreement are for convenience of reference only, do not form a part of this Agreement and shall not affect
in any way the meaning or interpretation of this Agreement. 

  
 11 

 IN WITNESS WHEREOF, Borrower, Agent and Banks have caused this Agreement to be executed by
their duly authorized officers as of the date first above written. 
  

			
	AQUA PENNSYLVANIA, INC.
		
	By:	 	David Smeltzer
		 	Title: Chief Financial Officer
	
	PNC BANK, NATIONAL ASSOCIATION, as a Bank and as Agent
		
	By:	 	Meredith Jermann
		 	Title: Vice President
	
	TD BANK, N.A.
		
	By:	 	John Callaghan
		 	Title: Vice President
	
	CITIZENS BANK OF PENNSYLVANIA
		
	By:	 	Leslie Broderick
		 	Title: Senior Vice President
	
	THE HUNTINGTON NATIONAL BANK
		
	By:	 	W. Christopher Kohler
		 	Title: Senior Vice President

  
 12 

 Schedule I 
 Bank and Commitment Information 
  

				September 30,				September 30,	
	 Bank
	    	Commitment	 	    	Swing Line
Commitment	 
			
	 PNC Bank, National Association

1600 Market Street

Philadelphia, PA 19103

Attention: Meredith Jermann
	    	$	50,000,000	  	    	$	10,000,000	  
			
	 TD Bank, N. A.

1701 Route 70 East

Cherry Hill, NJ 08034

Attention: Jack Callaghan
	    	$	20,000,000	  	    	 	N/A	  
			
	 Citizens Bank of Pennsylvania

610 W. Germantown Avenue

Plymouth Meeting, PA 19462

Attention: Leslie Broderick
	    	$	20,000,000	  	    	 	N/A	  
			
	 The Huntington National Bank

310 Grant Street, 4th Floor
 Pittsburgh, PA 15219
 Attention: Chris
Kohler
	    	$	10,000,000	  	    	 	N/A

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