Document:

Exhibit 10.13(e)

 

CHANGE IN CONTROL TERMINATION AGREEMENT

 

 

This Change in Control Termination Agreement
(the “Agreement”) is entered into as of March 1, 2012, between Middlesex Water Company, a New Jersey corporation, with
its principal place of business located at 1500 Ronson Road, P.O. Box 1500, Iselin, New Jersey 08830-0452, (the “Company”),
and Lorrie Ginegaw, residing at 1808 Cypress Lane, East Brunswick, New Jersey 08816, (referred to as “You” in this
Agreement).

 

Recitals

 

A.The Company considers it essential to the best interests of
its stockholders to foster the continuous employment of key management personnel. In this connection, the Board of Directors of
the Company (the “Board”) recognizes that, as is the case with many publicly held Companies, the possibility of a Change
in Control may exist. This possibility, and the uncertainty and questions that it may raise among management, may result in the
departure or distraction of management personnel to the detriment of the Company and its stockholders.

 

B.The Board has determined that appropriate steps should be
taken to reinforce and encourage the continued attention and dedication of members of the Company’s management, including
You, to the assigned duties without distraction in the face of potentially disturbing circumstances arising from the possibility
of a Change in Control of the Company.

 

C.To induce You to remain in the employ of the Company, and
in consideration of your agreement set forth below, the Company agrees that You shall receive the severance benefits set forth
in this Agreement in the event your employment with the Company is terminated by the Company, or is terminated by You for “Good
Reason” as defined herein in connection with a “Change in Control of the Company” (as defined in Section 2 below)
under the circumstances described below. This Agreement is meant to supersede any other specific written agreements that may have
been entered into between yourself and the Company concerning termination of employment.

 

Therefore, in consideration of your continued
employment and the parties’ agreement to be bound by the terms contained in this Agreement, the parties agree as follows:

 

1.       Term
of Agreement. This Agreement shall commence as of  March 1, 2012 and shall continue in effect through December
31, 2012. However, commencing on December 31, 2012, and each December 31 afterwards, the term of this Agreement shall
automatically be extended for one (1) additional year unless, no later than the preceding November 1st, the Company shall
have given notice that it does not wish to extend this Agreement. Notwithstanding the foregoing, if a Change in Control of
the Company shall be proposed to occur or have occurred during the original or any extended term of this Agreement, this
Agreement shall continue in effect until your termination of employment with the Company or its successor or when all
amounts due under this Agreement following a termination have been paid, whichever is later.

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2. Change In Control. No benefits
shall be payable under this Agreement unless there shall have been a Change in Control of the Company, as set forth herein. For
purposes of this Agreement, a “Change in Control” of the Company shall be deemed to occur if any party or group acquires
beneficial ownership of 20 percent or more of the voting shares of the Company; or if shareholder approval is obtained for a transaction
involving the acquisition of the Company through the purchase or exchange of the stock or assets of the Company by merger or otherwise;
or if one-third or more of the Board elected in a 12-month period or less are so elected without the approval of a majority of
the Board as constituted at the beginning of such period; or a liquidation or dissolution of Company.

 

3. Termination Following Change In Control.
If any of the events described in Section 2 above constituting a Change in Control of the Company shall have occurred, then unless
the termination is (A) because of your death, Disability or Retirement, (B) by the Company for Cause, or (C) by You other than
for Good Reason, on the subsequent termination of your employment during the term of this Agreement, You shall be entitled to the
severance benefits provided in Section 4.3 below if such termination occurs on or before the third (3rd) anniversary
of the Change in Control date .

 

3.1 Disability; Retirement. If,
as a result of your incapacity due to physical or mental illness, You shall have been absent from the full-time performance of
your duties with the Company for 6 consecutive months, and within 30 days after written notice of termination is given You shall
not have returned to the full-time performance of your duties, your employment may be terminated for "Disability." Termination
of your employment by the Company or You due to your "Retirement" shall mean termination in accordance with the Company's
retirement policy, including early retirement, generally applicable to its salaried employees or in accordance with any retirement
arrangement established with your consent with respect to You.

 

3.2 Cause. Termination by the Company
of your employment for "Cause" shall mean termination as a result of:

 

3.2.1 The willful and continued failure by You to substantially
perform your duties with the Company as such employment was performed by You prior to the Change in Control (other than any such
failure resulting from your Disability or any such actual or anticipated failure after the issuance by You of a Notice of Termination
for Good Reason as defined herein) after a written demand for substantial performance is delivered to You by the Board, which demand
specifically identifies the manner in which the Board believes that You have not substantially performed your duties; or

 

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3.2.2 The willful act by You in conduct that is demonstrably
and materially injurious to the Company, and which the Board deems to cause or will cause substantial economic damage to the Company
or injury to the business reputation of the Company, monetarily or otherwise. For purposes of this Section, no act, or failure
to act, on your part shall be deemed “willful" unless done, or omitted to be done, by You not in good faith and without
a reasonable belief that your action or omission was in the best interest of the Company. Notwithstanding the foregoing, You shall
not be deemed to have been terminated for Cause unless and until there shall have been delivered to You a copy of a resolution
duly adopted by the affirmative vote of not less than three-quarters of the entire membership of the Board at a meeting of the
Board called and held for such purpose (after reasonable notice to You and an opportunity for You, together with your counsel,
to be heard before the Board), finding that in the good faith opinion of the Board You were guilty of conduct set forth above in
clauses 3.2.1 or 3.2.2 of this Section and specifying the particulars in detail.

 

3.3 Good Reason. You shall be entitled
to receive severance benefits as provided in this Agreement if You terminate your employment with the Company for “Good Reason.”
For purposes of this Agreement, "Good Reason" shall mean, without your consent, the occurrence in connection with a Change
in Control of the Company of any of the following circumstances unless, in the case of Sections 3.3.1, 3.3.5, 3.3.6, 3.3.7, or
3.3.8, the circumstances are fully corrected prior to the Date of Termination specified in the Notice of Termination, as defined
in Sections 3.5 and 3.4, respectively, given in respect of them. If You terminate your employment with the Company for Good Reason,
as provided below, your employment with the Company shall be considered to have been involuntarily terminated by the Company:

 

3.3.1 The assignment to You of any significant employment
duties which are inconsistent with your status and position (i) prior to the Change in Control where such change is a direct result
of any pending Change in Control; or (ii) as such status exists immediately prior to the Change in Control of the Company, or (iii)
which are a substantial adverse alteration in the nature or status of your responsibilities from those in effect immediately prior
to the Change in Control of the Company whichever is applicable;

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3.3.2 A reduction by the Company in your annual base
salary as in effect on the initial date of this Agreement, or as same may be increased from time to time irrespective of future
Company policies including any across-the-board salary reductions similarly affecting all key employees of the Company;

 

3.3.3 Your relocation, without your consent, to an
employment location not within twenty-five (25) miles of your present office or job location, except for required travel on the
Company's business to an extent substantially consistent with your present business travel obligations;

 

3.3.4 The failure by the Company, without your consent,
to pay to You any part of your current compensation, or to pay to You any part of an installment of deferred compensation under
any deferred compensation program of the Company, within fourteen (14) days of the date the compensation is due;

 

3.3.5 The failure by the Company to continue in effect
any bonus to which You were entitled, or any compensation plan in which You participate (i) prior to the Change in Control where
such change is a direct result of any pending Change in Control, or (ii) immediately prior to the Change in Control of the Company
that is material to your total compensation, including but not limited to the Company's Restricted Stock Plan, 401(k) Plan, and
Benefit Plans, or any substitute plans adopted prior to the Change in Control of the Company, unless an equitable arrangement (embodied
in an ongoing substitute or alternative plan) has been made with respect to the plan, or the failure by the Company to continue
your participation in it (or in such substitute or alternative plan) on a basis not materially less favorable, both in terms of
the amount of benefits provided and the level of your participation relative to other participants, as existed at the time of the
Change in Control;

 

3.3.6 The failure by the Company to continue to provide
You with (i) benefits substantially similar to those enjoyed by You under any of the Company's life insurance, medical, health
and accident, or disability plans in which You were participating at the time of the Change in Control of the Company was in effect
for the employees of the Company generally at the time of the Change in Control, (ii) the failure to continue to provide You with
a Company automobile or allowance in lieu of it at the time of the Change in Control of the Company, (iii) the taking of any action
by the Company that would directly or indirectly materially reduce any of such benefits or deprive You of any material fringe benefit
enjoyed by You at the time of the Change in Control of the Company, or (iv) the failure by the Company to provide You with the
number of paid vacation days to which You are entitled on the basis of years of service with the Company in accordance with the
Company's normal vacation policy in effect at the time of the Change in Control of the Company;

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3.3.7 The failure of the Company to obtain a satisfactory
agreement from any successor to assume and agree to perform this Agreement, as contemplated in Section 5 of this Agreement; or

 

3.3.8 Any purported termination of your employment
that is not effected pursuant to a Notice of Termination satisfying the requirements of Section 3.4 below (and, if applicable,
the requirements of Section 3.2 above); for purposes of this Agreement, no such purported termination shall be effective.

 

3.4 Notice of Termination. Any purported
termination of your employment by the Company or by You shall be communicated by written Notice of Termination to the other party
to this Agreement in accordance with Section 6 of this Agreement. For purposes of this Agreement, a "Notice of Termination"
shall mean a notice that shall indicate the specific termination provision in this Agreement relied on, and shall set forth in
reasonable detail the facts and circumstances claimed to provide a basis for termination of your employment under the provision
so indicated. Your rights to terminate your employment pursuant to this Section shall not be affected by your incapacity due to
Disability. Your continued employment shall not constitute consent to, or a waiver of rights with respect to, any circumstance
constituting Good Reason under this Agreement. In the event You deliver Notice of Termination based on circumstances set forth
in Sections 3.3.1, 3.3.5, 3.3.6, 3.3.7, or 3.3.8 above, which are fully corrected prior to the Date of Termination set forth in
your Notice of Termination, the Notice of Termination shall be deemed withdrawn and of no further force or effect.

 

3.5 Date of Termination, etc. "Date
of Termination" shall mean (A) if your employment is terminated for Disability, 30 days after Notice of Termination is given
(provided that You shall not have returned to the full-time performance of your duties during such 30-day period), and (B) if your
employment is terminated pursuant to Section 3.2 or 3.3 above or for any other reason (other than Disability), the date specified
in the Notice of Termination (which, in the case of a termination pursuant to Section 3.2 above shall not be less than 30 days,
and in the case of a termination pursuant to Section 3.3 above shall not be less than 15 nor more than 60 days, respectively, from
the date the Notice of Termination is given). However, if within 15 days after any Notice of Termination is given, or, if later,
prior to the Date of Termination (as determined without regard to this provision), the party receiving the Notice of Termination
notifies the other party that a dispute exists concerning the termination, then the Date of Termination shall be the date on which
the dispute is finally determined, either by mutual written agreement of the parties, by a binding arbitration award, or by a final
judgment, order, or decree of a court of competent jurisdiction (which is not appealable or with respect to which the time for
appeal has expired and no appeal has been perfected). The Date of Termination shall be extended by a notice of dispute only if
the notice is given in good faith and the party giving the notice pursues the resolution of the dispute with reasonable diligence.
Notwithstanding the pendency of any such dispute, the Company will continue to pay You your full compensation in effect when the
notice giving rise to the dispute was given (including, but not limited to, base salary) and continue You as a participant in all
compensation, benefit, and insurance plans in which You were participating when the notice giving rise to the dispute was given,
until the dispute is finally resolved in accordance with this Section. Amounts paid under this Section are in addition to all other
amounts due under this Agreement and shall not be offset against or reduce any other amounts due under this Agreement.

 

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4. Compensation on Termination or During
Disability. Following a Change in Control of the Company, as defined by Section 2, on termination of your employment or
during a period of Disability You shall be entitled to the following benefits:

 

4.1 During any period that You fail to
perform your full-time duties with the Company as a result of incapacity due to Disability, You shall continue to receive your
base salary at the rate in effect at the commencement of any such period, together with all amounts payable to You under any compensation
plan of the Company during the period, until this Agreement is terminated pursuant to section 3.1 above. Thereafter, or in the
event your employment shall be terminated by the Company or by You for Retirement, or by reason of your death, your benefits shall
be determined under the Company's retirement, insurance, and other compensation programs then in effect in accordance with the
terms of those programs.

 

4.2 If your employment shall be terminated by
the Company for Cause or by You other than for Good Reason, Disability, death, or Retirement, the Company shall pay You your full
base salary through the Date of Termination at the rate in effect at the time Notice of Termination is given, plus all other amounts
and benefits to which You are entitled under any compensation plan of the Company at the time the payments are due. The Company
shall have no obligations to You under this Agreement.

 

4.3 On or before the third anniversary of the
Change in Control, if your employment by the Company shall be terminated (a) by the Company other than for Cause, Retirement or
Disability, or (b) by You for Good Reason (as defined in Section 3.3 herein), then You shall be entitled to the benefits provided
below:

 

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4.3.1 The Company shall pay You your full salary through
the Date of Termination at the rate in effect at the time Notice of Termination is given, plus all other amounts and benefits to
which You are entitled under any compensation plan of the Company, at the time the payments are due, except as otherwise provided
below.

 

4.3.2 In lieu of any further salary payments to You
for periods subsequent to the Date of Termination, the Company shall pay to You, as severance pay the following: (i) a lump sum
severance payment equal to three (3) times the average of your Compensation for the five (5) years prior to the occurrence of the
circumstance giving rise to the Notice of Termination (or if employed less than 5 years, the average annualized compensation of
the period worked to date), plus (ii) the amounts in the forms set forth in paragraphs 4.3.3, 4.3.4 and 4.3.5 (the “Severance
Payments”). In addition to the Severance Payments, the Company shall pay to You an additional amount equal to the amount
of the Excise Tax, if any, that is due or determined to be due under Section 4999 of the Internal Revenue Code of 1986, as amended,
resulting from the Severance Payments or any other payments under this Agreement or any other agreement between You and the Company
and an amount sufficient to pay the taxes on any such Excise Taxes (the “Gross-up”).

 

4.3.3 The Company shall continue coverage for You
and your dependents under any health or welfare benefit plan under which You and your dependents were participating prior to the
Change in Control for a period ending on the earlier to occur of (i) the date You become covered by a new employer’s
health and welfare benefit plan, (ii) the date You become covered by Medicare, or (iii) the date which is thirty-six (36) months
from the Date of Termination. The coverage for your dependents shall end earlier than (i), (ii) or (iii) if required by the health
or welfare benefit plan due to age eligibility.

 

4.3.4 The Company shall pay to You any deferred compensation,
including, but not limited to deferred bonuses, allocated or credited to You or your account as of the Date of Termination.

 

4.3.5 Outstanding stock options or Restricted Stock
grants, if any, granted to You under the Company's Stock Plans which are not vested on Termination shall immediately vest.

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4.3.6 Where You shall prevail in any action against
the Company to recover benefits hereunder, the Company shall also pay to You all reasonable legal and accounting fees and expenses
incurred by You as a result of the termination, including all such fees and expenses incurred by You as a result of the termination,
(including all such fees and expenses, if any, incurred in contesting or disputing any termination or in seeking to obtain or enforce
any right or benefit provided by this Agreement or in connection with any tax audit or proceeding to the extent attributable to
the application of Code Section 4999 to any payment or benefit provided under this Agreement) or any other agreement with the Company.

 

4.3.7 The amount of Severance Payments and any Gross-up
due to You under this or any other relevant agreement with the Company shall be determined by a third party agreed to by You and
the Company. If You cannot agree on a third party, then both third parties shall determine the amounts due under this Agreement.
If the third parties do not agree on the amount to be paid to You, then either party may submit the calculation of the amounts
which are in dispute to Arbitration in accordance with this Agreement. The payments provided for in Paragraphs 4.3.2, 4.3.4 and
4.3.5 above, shall be made no later than the thirtieth (30th) day following the Date of Termination. However, if the
amounts of the payments cannot be finally determined on or before that day, the Company shall pay to You on that day an estimate,
as determined in good faith by the Company, of the minimum amount of such payments and shall pay the remainder of those payments
(together with interest at the rate provided in Section 1274(b)(2)(B) of the Code) as soon as the amount can be determined but
in no event later than the 30th day after the Date of Termination. In the event that the amount of the estimated payments exceeds
the amount subsequently determined to have been due, the excess shall constitute a loan by the Company to You payable on the 30th
day after demand by the Company (together with interest at the rate provided in Section 1274(b)(2)(B) of the Code).

 

4.4 For purposes
of this Agreement, “Compensation” shall mean the gross earnings reported on Form W-2 during a calendar year (which
may include but is not limited to the value of the personal use of an automobile, any third-party sick pay, and any fees paid to
You for serving as a Director of the Company or its subsidiaries); awards under the Company’s Restricted Stock Plan or other
equity awards; and Company contributions to your 401(k) account.

 

4.5 You shall not be required to mitigate
the amount of any payment provided for in this Section 4 by seeking other employment or otherwise, nor shall the amount of any
payment or benefit provided for in this Section 4 be reduced by any compensation earned by You as the result of employment by another
employer, by retirement benefits, by offset against any amount claimed to be owed by You to the Company, or otherwise except as
specifically provided in this Section 4.

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4.6 In addition to all other amounts payable
to You under this Section 4, You shall be entitled to receive all qualified benefits payable to You under the Company's 401(k)
Plan, Defined Benefit Plan and any other plan or agreement relating to retirement benefits in accordance with the terms of those
plans.

 

5. Successors; Binding Agreement.

 

5.1 The Company will require any successor
(whether direct or indirect, by purchase, merger, consolidation, or otherwise) 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 it if no such succession had taken place. Failure of the Company to obtain the assumption
and agreement prior to the effectiveness of any succession shall be a breach of this Agreement and shall entitle You to compensation
from the Company in the same amount and on the same terms as You would have been entitled to under this Agreement if You had terminated
your employment for Good Reason following a Change in Control of the Company, except that for purposes of implementing the foregoing,
the date on which any such succession becomes effective shall be deemed the Date of Termination.

 

5.2 This Agreement shall inure to the benefit
of and be enforceable by your personal or legal representatives, executors, administrators, heirs, distributees, and legatees.
If You should die while any amount would still be payable to You if You had continued to live, all such amounts, unless otherwise
provided in this Agreement, shall be paid in accordance with the terms of this Agreement to your legatee or other designee or,
if there is no such designee, to your estate.

 

6. Notice. For the purpose of
this Agreement, all notices and other communications provided for in the Agreement shall be in writing and shall be deemed to have
been duly given when delivered or mailed by United States registered or certified mail, return receipt requested, postage prepaid,
addressed to the respective addresses set forth on the first page of this Agreement, provided that all notices to the Company shall
be directed to the attention of the Board with a copy to the Secretary of the Company, or to such other address as either party
may have furnished to the other in writing in accordance this Agreement, except that notice of a change of address shall be effective
only on receipt.

 

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7. Miscellaneous

 

7.1 No provision of this Agreement may
be modified, waived, or discharged unless the waiver, modification, or discharge is agreed to in writing and signed by You and
such officer as may be specifically designated by the Board.

 

7.2 No waiver by either party to this Agreement
at any time of any breach by the other party of, or compliance with, any condition or provision of this Agreement to be performed
by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent
time.

 

7.3 No agreements or representations, oral
or otherwise, express or implied, with respect to the subject matter of this Agreement have been made by either party that are
not expressly set forth in this Agreement.

 

7.4 Nothing in this Agreement is intended
to reduce any benefits payable to You under any other agreement You may have with the Company or in any Company plan in which You
may participate.

 

7.5 The validity, interpretation, construction,
and performance of this Agreement shall be governed by the law of New Jersey without reference to its conflict of laws principles.

 

7.6 All references to sections of the Exchange
Act or the Code shall be deemed also to refer to any successor provisions to such sections. Any payments provided for shall be
paid net of any applicable withholding or deduction required under federal, state or local law.

 

7.7 The obligations of the Company under
Section 4 shall survive the expiration of the term of this Agreement.

 

8. Validity. The validity or enforceability
of any provision of this Agreement shall not affect the validity or unenforceability of any other provision of this Agreement,
which shall remain in full force and effect.

 

9. Counterparts. This Agreement
may be executed in several counterparts, each of which shall be deemed to be an original but all of which together will constitute
one and the same instrument.

 

10. Arbitration. Any dispute or
controversy arising under or in connection with this Agreement shall be settled exclusively by arbitration in New Jersey in accordance
with the rules of the American Arbitration Association then in effect. Judgment may be entered on the arbitrator's award in any
court having jurisdiction. However, You shall be entitled to seek specific performance of your right to be paid until the Date
of Termination during the pendency of any dispute or controversy arising under or in connection this Agreement.

 

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11. Entire Agreement. This Agreement
sets forth the entire understanding of the parties with respect to its subject matter and supersedes all prior written or oral
agreements or understandings with respect to the subject matter.

 

In witness whereof, the parties have executed
this Agreement as of the day and year first above written.

 

 

	 	 	MIDDLESEX WATER COMPANY
	 	 	 	 
	 	 	 	 
	 	 	By:	/s/ Dennis W.
    Doll
	 	 	 	Dennis W. Doll
	 	 	 	President
	 	 	 	 
	ATTEST:	 	 	 
	 	 	 	 
	 /s/ Kenneth J. Quinn 	 	 	 
	Kenneth J. Quinn	 	 	 
	Secretary	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	/s/
    Lorrie Ginegaw  
	 	 	 	Lorrie Ginegaw

Vice President

 

 

 

    	Page 11 of 11Exhibit 10.37

 

 

 

January 27, 2012

 

 

Middlesex Water Company

1500 Ronson Road

Iselin, New Jersey 08830-3020

 

Attn: A. Bruce O’Connor, CPA

 

Re:Renewal of Expiration Date for $20,000,000.00 Committed Line
of Credit

 

Dear Bruce:

 

We are pleased to inform you that your committed
line of credit has been renewed. The Expiration Date, as set forth in that certain Letter Agreement dated August 27, 2001, and
in the Amended and Restated committed Line of Credit Note dated January 29, 2010 executed and delivered pursuant to that Letter
Agreement, has been extended from January 29, 2012 to January 29, 2013, effective on January 30, 2012. All other terms and conditions
of the Committed Line of Credit Note and the Letter Agreement remain in full force and effect.

 

It has been a pleasure working with you and
I look forward to a continued successful relationship. Thank you again for your business.

 

 

Very truly yours,

 

	PNC BANK, NATIONAL ASSOCIATION
	 	 
	 	 
	By:	/s/Kimberly A. McArdle
	 	Kimberly A. McArdle
	 	Vice President

 

Member of The PNC Financial Services Group

Two Tower Center Boulevard      East Brunswick      New Jersey      08816

    	 

    	 

    

 

Amended and
Restated

Committed Line Of Credit Note

(Multi-Rate Options)

	$20,000,000.00	January 29, 2010

 

FOR VALUE RECEIVED, MIDDLESEX
WATER COMPANY (the “Borrower”), with an address at 1500 Ronson Road, Iselin, New Jersey 08830-3020, promises
to pay to the order of PNC BANK, NATIONAL ASSOCIATION (the “Bank”), in lawful money of the United
States of America in immediately available funds at its offices located at Two Tower Center Boulevard, East Brunswick, New Jersey
08816, or at such other location as the Bank may designate from time to time, the principal sum of TWENTY MILLION AND 00/100
DOLLARS ($20,000,000.00) (the “Facility”) or such lesser amount as may be advanced to or for the benefit
of the Borrower hereunder, together with interest accruing on the outstanding principal balance from the date hereof, all as provided
below.

 

1.Advances. The
Borrower may request advances, repay and request additional advances hereunder until the Expiration Date, subject to the terms
and conditions of this Note and the Loan Documents (as hereinafter defined). The “Expiration Date” shall mean
January 29, 2011, or such later date as may be designated by the Bank by written notice from the Bank to the Borrower. The Borrower
acknowledges and agrees that in no event will the Bank be under any obligation to extend or renew the Facility or this Note beyond
the Expiration Date. The Borrower may request advances hereunder upon giving oral or written notice to the Bank by 11:00 a.m. (Eastern,
Standard time) (a) on the day of the proposed advance, in the case of advances to bear interest under the Base Rate Option (as
hereinafter defined) and (b) three (3) Business Days prior to the proposed advance, in the case of advances to bear interest
under the LIBOR Option (as hereinafter defined), followed promptly thereafter by the Borrower’s written confirmation to the
Bank of any oral notice. The aggregate unpaid principal amount of advances under this Note shall not exceed the face amount of
this Note.

 

2.Rate of Interest.
Each advance outstanding under this Note will bear interest at a rate or rates per annum as may be selected by the Borrower from
the interest rate options set forth below (each, an “Option”):

 

(i)
Base Rate Option. A rate of interest per annum which is at all times equal to the Base Rate. If and when the Base
Rate (or any component thereof) changes, the rate of interest with respect to any advance to which the Base Rate Option applies
will change automatically without notice to the Borrower, effective on the date of any such change. There are no required minimum
interest periods for advances bearing interest under the Base Rate Option.

 

(ii)LIBOR
Option. A rate per annum equal to (A) LIBOR plus (B) one hundred (100) basis points (1.00%), for the applicable
LIBOR Interest Period.

 

    	 

    	 

    

For purposes hereof, the following
terms shall have the following meanings:

 

“Base Rate”
shall mean the highest of (A) the Prime Rate, and (B) the sum of the Federal Funds Open Rate plus fifty (50) basis points
(0.50%), and (C) the sum of the Daily LIBOR Rate plus one hundred (100) basis points (1.0%), so long as a Daily LIBOR Rate
is offered, ascertainable and not unlawful.

 

“Business Day”
shall mean any day other than a Saturday or Sunday or a legal holiday on which commercial banks are authorized or required by law
to be closed for business in East Brunswick, New Jersey.

 

“Daily LIBOR Rate”
shall mean, for any day, the rate per annum determined by the Bank by dividing (x) the Published Rate by (y) a number equal to
1.00 minus the LIBOR Reserve Percentage.

 

“Federal Funds Open
Rate” shall mean, for any day, the rate per annum (based on a year of 360 days and actual days elapsed) which
is the daily federal funds open rate as quoted by ICAP North America, Inc. (or any successor) as set forth on the Bloomberg Screen
BTMM for that day opposite the caption “OPEN” (or on such other substitute Bloomberg Screen that displays such rate),
or as set forth on such other recognized electronic source used for the purpose of displaying such rate as selected by the Bank
(an “Alternate Source”) (or if such rate for such day does not appear on the Bloomberg Screen BTMM (or any substitute
screen) or on any Alternate Source, or if there shall at any time, for any reason, no longer exist a Bloomberg Screen BTMM (or
any substitute screen) or any Alternate Source, a comparable replacement rate determined by the Bank at such time (which determination
shall be conclusive absent manifest error); provided however, that if such day is not a Business Day, the Federal Funds Open Rate
for such day shall be the “open” rate on the immediately preceding Business Day. The rate of interest charged shall
be adjusted as of each Business Day based on changes in the Federal Funds Open Rate without notice to the Borrower.

 

“LIBOR”
shall mean, with respect to any advance to which the LIBOR Option applies for the applicable LIBOR Interest Period, the interest
rate per annum determined by the Bank by dividing (the resulting quotient rounded upwards, at the Bank’s discretion, to the
nearest 1/100th of 1%) (i) the rate of interest determined by the Bank in accordance with its usual procedures (which determination
shall be conclusive absent manifest error) to be the eurodollar rate two (2) Business Days prior to the first day of such LIBOR
Interest Period for an amount comparable to such advance and having a borrowing date and a maturity comparable to such LIBOR Interest
Period by (ii) a number equal to 1.00 minus the LIBOR Reserve Percentage.

 

    	 

    	 

    

“LIBOR Interest Period”
shall mean, as to any advance to which the LIBOR Option applies, the period of one (1), two (2), or three (3) months as selected
by the Borrower in its notice of borrowing or notice of conversion, as the case may be, commencing on the date of disbursement
of an advance (or the date of conversion of an advance to the LIBOR Option, as the case may be) and each successive period selected
by the Borrower thereafter; provided that, (i) if a LIBOR Interest Period would end on a day which is not a Business
Day, it shall end on the next succeeding Business Day unless such day falls in the next succeeding calendar month in which case
the LIBOR Interest Period shall end on the next preceding Business Day, (ii) the Borrower may not select a LIBOR Interest Period
that would end on a day after the Expiration Date, and (iii) any LIBOR Interest Period that begins on the last Business Day of
a calendar month (or a day for which there is no numerically corresponding day in the last calendar month of such LIBOR Interest
Period) shall end on the last Business Day of the last calendar month of such LIBOR Interest Period.

 

“LIBOR Reserve Percentage”
shall mean the maximum effective percentage in effect on such day as prescribed by the Board of Governors of the Federal Reserve
System (or any successor) for determining the reserve requirements (including, without limitation, supplemental, marginal and emergency
reserve requirements) with respect to eurocurrency funding (currently referred to as “Eurocurrency liabilities”).

 

“Prime Rate”
shall mean the rate publicly announced by the Bank from time to time as its prime rate. The Prime Rate is determined from time
to time by the Bank as a means of pricing some loans to its borrowers. The Prime Rate is not tied to any external rate of interest
or index, and does not necessarily reflect the lowest rate of interest actually charged by the Bank to any particular class or
category of customers.

 

“Published Rate”
shall mean the rate of interest published each Business Day in the Wall Street Journal “Money Rates” listing under
the caption “London Interbank Offered Rates” for a one month period (or, if no such rate is published therein for any
reason, then the Published Rate shall be the eurodollar rate for a one month period as published in another publication selected
by the Bank).

 

LIBOR and the Daily LIBOR Rate shall
be adjusted with respect to any advance to which the LIBOR Option or Base Rate Option applies, as applicable, on and as of the
effective date of any change in the LIBOR Reserve Percentage. The Bank shall give prompt notice to the Borrower of LIBOR or the
Daily LIBOR Rate as determined or adjusted in accordance herewith, which determination shall be conclusive absent manifest error.

 

If the Bank determines (which determination
shall be final and conclusive) that, by reason of circumstances affecting the eurodollar market generally, deposits in dollars
(in the applicable amounts) are not being offered to banks in the eurodollar market for the selected term, or adequate means do
not exist for ascertaining LIBOR, then the Bank shall give notice thereof to the Borrower. Thereafter, until the Bank notifies
the Borrower that the circumstances giving rise to such suspension no longer exist, (a) the availability of the LIBOR Option shall
be suspended, and (b) the interest rate for all advances then bearing interest under the LIBOR Option shall be converted at the
expiration of the then current LIBOR Interest Period(s) to the Base Rate Option.

 

    	 

    	 

    

In addition, if, after the date
of this Note, the Bank shall determine (which determination shall be final and conclusive) that any enactment, promulgation or
adoption of or any change in any applicable law, rule or regulation, or any change in the interpretation or administration thereof
by a governmental authority, central bank or comparable agency charged with the interpretation or administration thereof, or compliance
by the Bank with any guideline, request or directive (whether or not having the force of law) of any such authority, central bank
or comparable agency shall make it unlawful or impossible for the Bank to make or maintain or fund loans based on LIBOR, the Bank
shall notify the Borrower. Upon receipt of such notice, until the Bank notifies the Borrower that the circumstances giving rise
to such determination no longer apply, (a) the availability of the LIBOR Option shall be suspended, and (b) the interest rate on
all advances then bearing interest under the LIBOR Option shall be converted to the Base Rate Option either (i) on the last day
of the then current LIBOR Interest Period(s) if the Bank may lawfully continue to maintain advances based on LIBOR to such day,
or (ii) immediately if the Bank may not lawfully continue to maintain advances based on LIBOR.

 

The foregoing notwithstanding, it
is understood that the Borrower may select different Options to apply simultaneously to different portions of the advances and
may select up to three (3) different interest periods to apply simultaneously to different portions of the advances bearing interest
under the LIBOR Option. Interest hereunder will be calculated based on the actual number of days that principal is outstanding
over a year of 360 days. In no event will the rate of interest hereunder exceed the maximum rate allowed by law.

 

3.Interest Rate Election.
Subject to the terms and conditions of this Note, at the end of each interest period applicable to any advance, the Borrower may
renew the Option applicable to such advance or convert such advance to a different Option; provided that, during
any period in which any Event of Default (as hereinafter defined) has occurred and is continuing, any advances bearing interest
under the LIBOR Option shall, at the Bank’s sole discretion, be converted at the end of the applicable LIBOR Interest Period
to the Base Rate Option and the LIBOR Option will not be available to Borrower with respect to any new advances (or with respect
to the conversion or renewal of any existing advances) until such Event of Default has been cured by the Borrower or waived by
the Bank. The Borrower shall notify the Bank of each election of an Option, each conversion from one Option to another, the amount
of the advances then outstanding to be allocated to each Option and where relevant the interest periods therefor. In the case of
converting to the LIBOR Option, such notice shall be given at least three (3) Business Days prior to the commencement of any LIBOR
Interest Period. If no interest period is specified in any such notice for which the resulting advance is to bear interest under
the LIBOR Option, the Borrower shall be deemed to have selected a LIBOR Interest Period of one month’s duration. If no notice
of election, conversion or renewal is timely received by the Bank with respect to any advance, the Borrower shall be deemed to
have elected the Base Rate Option. Any such election shall be promptly confirmed in writing by such method as the Bank may require.

 

    	 

    	 

    

4.Advance Procedures.
A request for advance made by telephone must be promptly confirmed in writing by such method as the Bank may require. The Borrower
authorizes the Bank to accept telephonic requests for advances, and the Bank shall be entitled to rely upon the authority of any
person providing such instructions. The Borrower hereby indemnifies and holds the Bank harmless from and against any and all damages,
losses, liabilities, costs and expenses (including reasonable attorneys’ fees and expenses) which may arise or be created
by the acceptance of such telephone requests or making such advances. The Bank will enter on its books and records, which entry
when made will be presumed correct, the date and amount of each advance, the interest rate and interest period applicable thereto,
as well as the date and amount of each payment.

 

5.  Payment
Terms. The Borrower shall pay accrued interest on the unpaid principal balance of this Note in arrears: (a) for the portion
of advances bearing interest under the Base Rate Option, on the first day of each month during the term hereof, (b) for the portion
of advances bearing interest under the LIBOR Option, on the last day of the respective LIBOR Interest Period, as the case may be,
for such advance, and (c) for all advances, at maturity, whether by acceleration of this Note or otherwise, and after maturity,
on demand until paid in full. All outstanding principal and accrued interest hereunder shall be due and payable in full on the
Expiration Date.

 

If any payment under this Note shall
become due on a Saturday, Sunday or public holiday under the laws of the State where the Bank’s office indicated above is
located, such payment shall be made on the next succeeding Business Day and such extension of time shall be included in computing
interest in connection with such payment. The Borrower hereby authorizes the Bank to charge the Borrower’s deposit account
at the Bank for any payment when due hereunder. Payments received will be applied to charges, fees and expenses (including attorneys’
fees), accrued interest and principal in any order the Bank may choose, in its sole discretion.

 

6. Late Payments; Default
Rate. If the Borrower fails to make any payment of principal, interest or other amount coming due pursuant to the provisions
of this Note within fifteen (15) calendar days of the date due and payable, the Borrower also shall pay to the Bank a late charge
equal to the lesser of five percent (5%) of the amount of such payment or $100.00 (the “Late Charge”). Such
fifteen (15) day period shall not be construed in any way to extend the due date of any such payment. Upon maturity, whether by
acceleration, demand or otherwise, and at the Bank’s option upon the occurrence of any Event of Default (as hereinafter defined)
and during the continuance thereof, each advance outstanding under this Note shall bear interest at a rate per annum (based on
the actual number of days that principal is outstanding over a year of 360 days) which shall be three percentage points (3%)
in excess of the interest rate in effect from time to time under this Note but not more than the maximum rate allowed by law (the
“Default Rate”). The Default Rate shall continue to apply whether or not judgment shall be entered on this Note.
Both the Late Charge and the Default Rate are imposed as liquidated damages for the purpose of defraying the Bank’s expenses
incident to the handling of delinquent payments, but are in addition to, and not in lieu of, the Bank’s exercise of any rights
and remedies hereunder, under the other Loan Documents or under applicable law, and any fees and expenses of any agents or attorneys
which the Bank may employ. In addition, the Default Rate reflects the increased credit risk to the Bank of carrying a loan that
is in default. The Borrower agrees that the Late Charge and Default Rate are reasonable forecasts of just compensation for anticipated
and actual harm incurred by the Bank, and that the actual harm incurred by the Bank cannot be estimated with certainty and without
difficulty.

 

    	 

    	 

    

7.Prepayment.
The Borrower shall have the right to prepay any advance hereunder at any time and from time to time, in whole or in part; subject,
however, to payment of any break funding indemnification amounts owing pursuant to paragraph 8 below.

 

8.Yield Protection; Break
Funding Indemnification. The Borrower shall pay to the Bank on written demand therefor, together with the written evidence
of the justification therefor, all direct costs incurred, losses suffered or payments made by Bank by reason of any change in law
or regulation or its interpretation imposing any reserve, deposit, allocation of capital, or similar requirement (including without
limitation, Regulation D of the Board of Governors of the Federal Reserve System) on the Bank, its holding company or any of their
respective assets. In addition, the Borrower agrees to indemnify the Bank against any liabilities, losses or expenses (including,
without limitation, loss of margin, any loss or expense sustained or incurred in liquidating or employing deposits from third parties,
and any loss or expense incurred in connection with funds acquired to effect, fund or maintain any advance (or any part thereof)
bearing interest under the LIBOR Option) which the Bank sustains or incurs as a consequence of either (i) the Borrower’s
failure to make a payment on the due date thereof, (ii) the Borrower’s revocation (expressly, by later inconsistent notices
or otherwise) in whole or in part of any notice given to Bank to request, convert, renew or prepay any advance bearing interest
under the LIBOR Option, or (iii) the Borrower’s payment or prepayment (whether voluntary, after acceleration of the maturity
of this Note or otherwise) or conversion of any advance bearing interest under the LIBOR Option on a day other than the last day
of the applicable LIBOR Interest Period. A notice as to any amounts payable pursuant to this paragraph given to the Borrower by
the Bank shall, in the absence of manifest error, be conclusive and shall be payable upon demand. The Borrower’s indemnification
obligations hereunder shall survive the payment in full of the advances and all other amounts payable hereunder.

 

9.Other Loan Documents.
 This Note is issued in connection with a Letter Agreement dated August 27, 2001 between the Borrower and the Bank, dated on
or before the date hereof, and the other agreements and documents executed and/or delivered in connection therewith or referred
to therein, the terms of which are incorporated herein by reference (as amended, modified or renewed from time to time, collectively
the “Loan Documents”), and is secured by the property (if any) described in the Loan Documents and by such other
collateral as previously may have been or may in the future be granted to the Bank to secure this Note. 

 

10.Events of Default.
The occurrence of any of the following events will be deemed to be an “Event of Default” under this Note: (i)
the nonpayment of any principal, interest or other indebtedness under this Note when due; (ii) the occurrence of any event of default
or any default and the lapse of any notice or cure period, or any Obligor’s failure to observe or perform any covenant or
other agreement, under or contained in any Loan Document or any other document now or in the future evidencing or securing any
debt, liability or obligation of any Obligor to the Bank; (iii) the filing by or against any Obligor of any proceeding in bankruptcy,
receivership, insolvency, reorganization, liquidation, conservatorship or similar proceeding (and, in the case of any such proceeding
instituted against any Obligor, such proceeding is not dismissed or stayed within 30 days of the commencement thereof, provided
that the Bank shall not be obligated to advance additional funds hereunder during such period); (iv) any assignment by any Obligor
for the benefit of creditors, or any levy, garnishment, attachment or similar proceeding is instituted against any property of
any Obligor held by or deposited with the Bank; (v) a default with respect to any other indebtedness of any Obligor for borrowed
money, if the effect of such default is to cause or permit the acceleration of such debt; (vi) the commencement of any foreclosure
or forfeiture proceeding, execution or attachment against any collateral securing the obligations of any Obligor to the Bank; (vii)
the entry of a final judgment against any Obligor and the failure of such Obligor to discharge the judgment within ten (10) days
of the entry thereof; (viii) any material adverse change in any Obligor’s business, assets, operations, financial condition
or results of operations; (ix) any Obligor ceases doing business as a going concern; (x) any representation or warranty made by
any Obligor to the Bank in any Loan Document or any other documents now or in the future evidencing or securing the obligations
of any Obligor to the Bank, is false, erroneous or misleading in any material respect; (xi) if this Note or any guarantee executed
by any Obligor is secured, the failure of any Obligor to provide the Bank with additional collateral if in the Bank’s opinion
at any time or times, the market value of any of the collateral securing this Note or any guarantee has depreciated below that
required pursuant to the Loan Documents or, if no specific value is so required, then in an amount deemed material by the Bank;
(xii) the revocation or attempted revocation, in whole or in part, of any guarantee by any Obligor; or (xiii) the death, incarceration,
indictment or legal incompetency of any individual Obligor or, if any Obligor is a partnership or limited liability company, the
death, incarceration, indictment or legal incompetency of any individual general partner or member. As used herein, the term “Obligor”
means any Borrower and any guarantor of, or any pledgor, mortgagor or other person or entity providing collateral support for,
the Borrower’s obligations to the Bank existing on the date of this Note or arising in the future.

 

    	 

    	 

    

Upon the occurrence of an Event
of Default: (a) the Bank shall be under no further obligation to make advances hereunder; (b) if an Event of Default specified
in clause (iii) or (iv) above shall occur, the outstanding principal balance and accrued interest hereunder together with any additional
amounts payable hereunder shall be immediately due and payable without demand or notice of any kind; (c) if any other Event
of Default shall occur, the outstanding principal balance and accrued interest hereunder together with any additional amounts payable
hereunder, at the Bank’s option and without demand or notice of any kind, may be accelerated and become immediately due and
payable; (d) at the Bank’s option, this Note will bear interest at the Default Rate from the date of the occurrence
of the Event of Default; and (e) the Bank may exercise from time to time any of the rights and remedies available under the
Loan Documents or under applicable law.

 

11.Right of Setoff.
In addition to all liens upon and rights of setoff against the Borrower’s money, securities or other property given to the
Bank by law, the Bank shall have, with respect to the Borrower’s obligations to the Bank under this Note and to the extent
permitted by law, a contractual possessory security interest in and a contractual right of setoff against, and the Borrower hereby
grants the Bank a security interest in, and hereby assigns, conveys, delivers, pledges and transfers to the Bank, all of the Borrower’s
right, title and interest in and to, all of the Borrower’s deposits, moneys, securities and other property now or hereafter
in the possession of or on deposit with, or in transit to, the Bank or any other direct or indirect subsidiary of The PNC Financial
Services Group, Inc., whether held in a general or special account or deposit, whether held jointly with someone else, or whether
held for safekeeping or otherwise, excluding, however, all IRA, Keogh, and trust accounts. Every such security interest and right
of setoff may be exercised without demand upon or notice to the Borrower. Every such right of setoff shall be deemed to have been
exercised immediately upon the occurrence of an Event of Default hereunder without any action of the Bank, although the Bank may
enter such setoff on its books and records at a later time.

 

12.Indemnity.
The Borrower agrees to indemnify each of the Bank, each legal entity, if any, who controls, is controlled by or is under common
control with the Bank, and each of their respective directors, officers and employees (the “Indemnified Parties”),
and to defend and hold each Indemnified Party harmless from and against any and all claims, damages, losses, liabilities and expenses
(including all fees and charges of internal or external counsel with whom any Indemnified Party may consult and all expenses of
litigation and preparation therefor) which any Indemnified Party may incur or which may be asserted against any Indemnified Party
by any person, entity or governmental authority (including any person or entity claiming derivatively on behalf of the Borrower),
in connection with or arising out of or relating to the matters referred to in this Note or in the other Loan Documents or the
use of any advance hereunder, whether (a) arising from or incurred in connection with any breach of a representation, warranty
or covenant by the Borrower, or (b) arising out of or resulting from any suit, action, claim, proceeding or governmental investigation,
pending or threatened, whether based on statute, regulation or order, or tort, or contract or otherwise, before any court or governmental
authority; provided, however, that the foregoing indemnity agreement shall not apply to any claims, damages, losses,
liabilities and expenses solely attributable to an Indemnified Party's gross negligence or willful misconduct. The indemnity agreement
contained in this Section shall survive the termination of this Note, payment of any advance hereunder and the assignment of any
rights hereunder. The Borrower may participate at its expense in the defense of any such action or claim.

 

    	 

    	 

    

13.Miscellaneous.
All notices, demands, requests, consents, approvals and other communications required or permitted hereunder (“Notices”)
must be in writing (except as may be agreed otherwise above with respect to borrowing requests) and will be effective upon receipt.
Notices may be given in any manner to which the parties may separately agree, including electronic mail. Without limiting the foregoing,
first-class mail, facsimile transmission and commercial courier service are hereby agreed to as acceptable methods for giving Notices.
Regardless of the manner in which provided, Notices may be sent to a party’s address as set forth above or to such other
address as any party may give to the other for such purpose in accordance with this paragraph. No delay or omission on the Bank’s
part to exercise any right or power arising hereunder will impair any such right or power or be considered a waiver of any such
right or power, nor will the Bank’s action or inaction impair any such right or power. The Bank’s rights and remedies
hereunder are cumulative and not exclusive of any other rights or remedies which the Bank may have under other agreements, at law
or in equity. No modification, amendment or waiver of, or consent to any departure by the Borrower from, any provision of this
Note will be effective unless made in a writing signed by the Bank, and then such waiver or consent shall be effective only in
the specific instance and for the purpose for which given. The Borrower agrees to pay on demand, to the extent permitted by law,
all costs and expenses incurred by the Bank in the enforcement of its rights in this Note and in any security therefor, including
without limitation reasonable fees and expenses of the Bank’s counsel. If any provision of this Note is found to be invalid,
illegal or unenforceable in any respect by a court, all the other provisions of this Note will remain in full force and effect.
The Borrower and all other makers and indorsers of this Note hereby forever waive presentment, protest, notice of dishonor and
notice of non-payment. The Borrower also waives all defenses based on suretyship or impairment of collateral. If this Note is executed
by more than one Borrower, the obligations of such persons or entities hereunder will be joint and several. This Note shall bind
the Borrower and its heirs, executors, administrators, successors and assigns, and the benefits hereof shall inure to the benefit
of the Bank and its successors and assigns; provided, however, that the Borrower may not assign this Note in whole
or in part without the Bank’s written consent and the Bank at any time may assign this Note in whole or in part.

 

This Note has been delivered to
and accepted by the Bank and will be deemed to be made in the State where the Bank’s office indicated above is located. This
Note will be interpreted and the rights and liabilities of the Bank and the Borrower determined in accordance with the laws of
the State where the Bank’s office indicated above is located, excluding its conflict of laws rules. The Borrower
hereby irrevocably consents to the exclusive jurisdiction of any state or federal court in the county or judicial district where
the Bank’s office indicated above is located; provided that nothing contained in this Note will prevent the Bank from bringing
any action, enforcing any award or judgment or exercising any rights against the Borrower individually, against any security or
against any property of the Borrower within any other county, state or other foreign or domestic jurisdiction. The Borrower acknowledges
and agrees that the venue provided above is the most convenient forum for both the Bank and the Borrower. The Borrower waives any
objection to venue and any objection based on a more convenient forum in any action instituted under this Note.

 

    	 

    	 

    

14.Commercial Purpose.
The Borrower represents that the indebtedness evidenced by this Note is being incurred by the Borrower solely for the purpose of
acquiring or carrying on a business, professional or commercial activity, and not for personal, family or household purposes.

 

15. Amendment and Restatement
– This Note amends and restates, and is in substitution for, that certain Committed Line of Credit Note in the principal
amount of $15,000,000.00 payable to the order of the Bank and dated January 22, 2009 (the “Existing Note”). However,
without duplication, this Note shall in no way extinguish, cancel or satisfy Borrower’s unconditional obligation to repay
all indebtedness evidenced by the Existing Note or constitute a novation of the Existing Note. Nothing herein is intended to extinguish,
cancel or impair the lien priority or effect of any security agreement, pledge agreement or mortgage with respect to the Obligor’s
obligations hereunder and under any other document relating hereto.

 

16.WAIVER OF JURY TRIAL.
The Borrower irrevocably waives any and all rights the Borrower may have to a trial by
jury in any action, proceeding or claim of any nature relating to this Note, any documents executed in connection with this Note
or any transaction contemplated in any of such documents. The Borrower acknowledges that the foregoing waiver is knowing and voluntary.

 

The Borrower acknowledges that
it has read and understood all the provisions of this Note, including the waiver of jury trial, and has been advised by counsel
as necessary or appropriate.

 

    	 

    	 

    

WITNESS the due execution
hereof as a document under seal, as of the date first written above, with the intent to be legally bound hereby.

 

	WITNESS / ATTEST:	 	MIDDLESEX WATER COMPANY
	 	 	 	 	 
	/s/ Kenneth J. Quinn	 	By:	/s/ A. Bruce O’Connor
	 	 	 	 	(SEAL)
	Print Name:	Kenneth J. Quinn	 	 	A. Bruce O’Connor
	Title:	Secretary	 	 	Vice President and Chief Financial Officer

 

    	 

    	 

    

    

    

Amendment to Loan
Documents

 

 

THIS AMENDMENT
TO LOAN DOCUMENTS (this “Amendment”) is made as of January ___, 2010, by and between MIDDLESEX WATER
COMPANY (the “Borrower”), and PNC BANK, NATIONAL ASSOCIATION (the “Bank”).

 

BACKGROUND

 

A.The Borrower has executed
and delivered to the Bank (or a predecessor which is now known by the Bank’s name as set forth above), one or more promissory
notes, letter agreements, loan agreements, security agreements, mortgages, pledge agreements, collateral assignments, and other
agreements, instruments, certificates and documents, some or all of which are more fully described on attached Exhibit A, which
is made a part of this Amendment (collectively as amended from time to time, the “Loan Documents”) which evidence
or secure some or all of the Borrower’s obligations to the Bank for one or more loans or other extensions of credit (the
“Obligations”).

 

B.The Borrower and the
Bank desire to amend the Loan Documents as provided for in this Amendment.

 

NOW, THEREFORE,
in consideration of the mutual covenants herein contained and intending to be legally bound hereby, the parties hereto agree as
follows:

 

1.Certain of the Loan Documents
are amended as set forth in Exhibit A. Any and all references to any Loan Document in any other Loan Document shall be deemed to
refer to such Loan Document as amended by this Amendment. This Amendment is deemed incorporated into each of the Loan Documents.
Any initially capitalized terms used in this Amendment without definition shall have the meanings assigned to those terms in the
Loan Documents. To the extent that any term or provision of this Amendment is or may be inconsistent with any term or provision
in any Loan Document, the terms and provisions of this Amendment shall control.

 

2.The Borrower hereby certifies
that: (a) all of its representations and warranties in the Loan Documents, as amended by this Amendment, are, except as may otherwise
be stated in this Amendment: (i) true and correct as of the date of this Amendment, (ii) ratified and confirmed without condition
as if made anew, and (iii) incorporated into this Amendment by reference, (b) no Event of Default or event which, with the passage
of time or the giving of notice or both, would constitute an Event of Default, exists under any Loan Document which will not be
cured by the execution and effectiveness of this Amendment, (c) no consent, approval, order or authorization of, or registration
or filing with, any third party is required in connection with the execution, delivery and carrying out of this Amendment or, if
required, has been obtained, and (d) this Amendment has been duly authorized, executed and delivered so that it constitutes the
legal, valid and binding obligation of the Borrower, enforceable in accordance with its terms. The Borrower confirms that the Obligations
remain outstanding without defense, set off, counterclaim, discount or charge of any kind as of the date of this Amendment.

 

    	 

    	 

    

3.The Borrower hereby confirms
that any collateral for the Obligations, including liens, security interests, mortgages, and pledges granted by the Borrower or
third parties (if applicable), shall continue unimpaired and in full force and effect, and shall cover and secure all of the Borrower’s
existing and future Obligations to the Bank, as modified by this Amendment.

 

4.As a condition precedent
to the effectiveness of this Amendment, the Borrower shall comply with the terms and conditions (if any) specified in Exhibit A.

 

5.To induce the Bank to
enter into this Amendment, the Borrower waives and releases and forever discharges the Bank and its officers, directors, attorneys,
agents, and employees from any liability, damage, claim, loss or expense of any kind that it may have against the Bank or any of
them arising out of or relating to the Obligations. The Borrower further agrees to indemnify and hold the Bank and its officers,
directors, attorneys, agents and employees harmless from any loss, damage, judgment, liability or expense (including attorneys’
fees) suffered by or rendered against the Bank or any of them on account of any claims arising out of or relating to the Obligations.
The Borrower further states that it has carefully read the foregoing release and indemnity, knows the contents thereof and grants
the same as its own free act and deed.

 

6.This Amendment may be
signed in any number of counterpart copies and by the parties to this Amendment on separate counterparts, but all such copies shall
constitute one and the same instrument. Delivery of an executed counterpart of a signature page to this Amendment by facsimile
transmission shall be effective as delivery of a manually executed counterpart. Any party so executing this Amendment by facsimile
transmission shall promptly deliver a manually executed counterpart, provided that any failure to do so shall not affect the validity
of the counterpart executed by facsimile transmission.

 

7.This Amendment will be
binding upon and inure to the benefit of the Borrower and the Bank and their respective heirs, executors, administrators, successors
and assigns.

 

    	 

    	 

    

8.This Amendment has been
delivered to and accepted by the Bank and will be deemed to be made in the State where the Bank’s office indicated in the
Loan Documents is located. This Amendment will be interpreted and the rights and liabilities of the parties hereto determined in
accordance with the laws of the State where the Bank’s office indicated in the Loan Documents is located, excluding its conflict
of laws rules.

 

9.Except as amended hereby,
the terms and provisions of the Loan Documents remain unchanged, are and shall remain in full force and effect unless and until
modified or amended in writing in accordance with their terms, and are hereby ratified and confirmed. Except as expressly provided
herein, this Amendment shall not constitute an amendment, waiver, consent or release with respect to any provision of any Loan
Document, a waiver of any default or Event of Default under any Loan Document, or a waiver or release of any of the Bank’s
rights and remedies (all of which are hereby reserved). The Borrower expressly ratifies and confirms the waiver of jury trial
provisions contained in the Loan Documents.

 

WITNESS
the due execution of this Amendment as a document under seal as of the date first written above.

 

 

	WITNESS / ATTEST:	 	MIDDLESEX WATER COMPANY
	 	 	 	 	 
	/s/ Kenneth J. Quinn	 	By:	/s/ A. Bruce O’Connor
	 	 	 	 	(SEAL)
	Print Name:	Kenneth J. Quinn	 	 	A. Bruce O’Connor
	Title:	Secretary	 	 	Vice President and Chief Financial Officer

 

    	 

    	 

    
 

	 	 	PNC BANK, NATIONAL ASSOCIATION
	 	 	 	 	 
	 	 	By:	/s/ Kimberly McArdle
	 	 	 	 	(SEAL)
	 	 	 	Print Name:	Kimberly McArdle
	 	 	 	Title:	Vice President 

 

 

 

 

 

    	 

    	 

    

 

EXHIBIT A TO

AMENDMENT TO LOAN DOCUMENTS

DATED AS OF JANUARY 29, 2010

 

		A.	The “Loan Documents” that are the subject of this Amendment include the following (as
any of the foregoing have previously been amended, modified or otherwise supplemented):

 

		1.	Letter Agreement dated August 27, 2001 (the “Agreement”)

 

		2.	Amended and Restated Committed Line of Credit Note dated January 22, 2009 in the principal amount
of $15,000,000.00 (the “Existing Note”)

 

		3.	All other documents, instruments, agreements, and certificates executed and delivered in connection
with the Loan Documents listed in this Section A.

 

B.The Loan Documents are amended
as follows:

 

		1.	Modifications to the Agreement. 

 

a.The
facility as described as the “Loan” in the opening paragraph and the “Line of Credit” in paragraph 1 Facility
and Use of Proceeds, is hereby increased to TWENTY MILLION AND 00/100 DOLLARS ($20,000.000.00).

 

b.The
“Expiration Date” set forth in paragraph 1. Facility and Use of Proceeds is hereby amended to mean January
29, 2011, or such later date as may be designated by the Bank by written notice from the Bank to the Borrower.

 

		2.	Restated Note. Concurrently with the execution and delivery of this Amendment, the
Borrower shall execute and deliver to the Bank a restated note (the “Restated Note”) evidencing the Line of
Credit in the principal amount of $20,000.000.00, in form and substance satisfactory to the Bank. Upon receipt by the Bank of the
Restated Note, the existing Line of Credit Note shall be canceled; the Line of Credit and all accrued and unpaid interest on the
Existing Note shall thereafter be evidenced by the Restated Note; and all references to the “Note” evidencing the Line
of Credit in any documents relating thereto shall thereafter be deemed to refer to the Restated Note. Without duplication, the
Restated Note shall not constitute a novation and shall in no way extinguish the Borrower’s unconditional obligation to repay
all indebtedness, including accrued and unpaid interest, evidenced by the Existing Note.

 

    	 

    	 

    

		C.	Conditions to Effectiveness of Amendment: The Bank’s willingness to agree to the amendments
set forth in this Amendment is subject to the prior satisfaction of the following conditions:

 

		1.	Execution by all parties and delivery to the Bank of this Amendment and the Restated Note.

 

		2.	Reimbursement of the fees and expenses of the Bank's outside and in-house counsel in connection
with this Amendment, which fees and expenses as of the date of this Amendment are $_________________.

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