Document:

Exhibit
10.3

FIRST AMENDMENT TO

AMENDED AND RESTATED

EMPLOYMENT AGREEMENT

BETWEEN

CORNING NATURAL GAS CORPORATION

AND

THOMAS K. BARRY

THIS FIRST
AMENDMENT, effective this 2nd day of May, 2006,
by and between Corning Natural Gas Corporation, a New York Corporation (the “Company”)
and Thomas K. Barry (the “Executive”).

WITNESSETH:

WHEREAS,
the Company and the Executive previously entered into that certain Amended and
Restated Employment Agreement effective December 14, 2000 (the “Amended and
Restated Employment Agreement”); and

WHEREAS,
the Executive and the Company desire to amend the Amended and Restated
Employment Agreement to provide for a cap, such that the “total payments”, as
described in paragraph 22, below, to the Executive shall never equal or exceed
three times the Executive’s “base amount” as defined in Section 280G of the
Code.

NOW
THEREFORE, it is hereby agreed by and between the parties hereto as follows:

1.    New paragraph 22 is added to the Amended and
Restated Employment Agreement to read in its entirety as follows:

“22. Cap on Payments.  If Independent Tax Counsel shall determine
that the aggregate payments made to the Executive pursuant to this Agreement
and any other payments to the Executive from the Company which constitute “parachute
payments” as defined in Section 280G of the Code (or any successor provision
thereto) (“Parachute Payments”) would be subject to the excise tax imposed by
Section 4999 of the Code (the “Excise Tax”), then the total amount of payments
to the Executive shall be reduced to the extent necessary so that no excise tax
would be imposed on any of the payments (the “Cap”).  It is intended hereby that the total amount
of payments to the Executive would never equal or exceed three times the
Executive’s “base amount” as defined in Section 280G of the Code and to the
extent they could, said payments shall be cut back to meet the Cap.  For purposes of this paragraph 22, “Independent
Tax Counsel” shall mean a lawyer, a certified public accountant with a
regionally recognized accounting firm, or a compensation consultant with a
regionally recognized actuarial and benefits consulting firm, with expertise in
the area of executive compensation tax law, who shall be selected by the
Executive and shall be reasonably acceptable to the Company, and whose fees and
disbursements shall be paid by the Company.”

 

 

2.             This First Amendment shall not be
effective in the event that (i) the pending acquisition of the Company by
C&T is not consummated or (ii) the Executive after having made a financial
analysis of the impact of this First Amendment determines, in his sole
discretion, not to proceed under this First Amendment.

3.             Except
as provided above, the provisions of the Amended and Restated Employment
Agreement remain in full force and effect and are incorporated herein by
reference.

IN
WITNESS WHEREOF, the Company has caused this First Amendment to be executed by
its officer thereunto duly authorized, and the Executive has signed this First
Amendment, all effective as of the date first above written.

	
  Witness:

  	
  Corning Natural Gas Corporation:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/ Stanley G.
  Sleve

  	
   

  	
  By:

  	
  /s/ Kenneth J. Robinson

  
	
   

  	
  Title:

  	
  Executive Vice President

  
	
   

  	
   

  	
   

  
	
  Witness:

  	
   

  	
  Executive:

  
	
   

  	
   

  	
   

  
	
  /s/ Stanley G.
  Sleve

  	
   

  	
   

  	
  /s/ Thomas K. Barry

  
	
   

  	
   

  	
  Thomas K. Barry

  

 

 2Exhibit 10.4

FIRST AMENDMENT TO

AMENDED AND RESTATED

EMPLOYMENT AGREEMENT

BETWEEN

CORNING NATURAL GAS CORPORATION

AND

KENNETH J. ROBINSON

THIS FIRST
AMENDMENT, effective this 2nd day of May, 2006,
by and between Corning Natural Gas Corporation, a New York Corporation (the “Company”)
and Kenneth J. Robinson (the “Executive”).

WITNESSETH:

WHEREAS,
the Company and the Executive previously entered into that certain Amended and
Restated Employment Agreement effective December 14, 2000 (the “Amended and
Restated Employment Agreement”); and

WHEREAS,
the Executive and the Company desire to amend the Amended and Restated
Employment Agreement to provide for a cap, such that the “total payments”, as
described in paragraph 22, below, to the Executive shall never equal or exceed
three times the Executive’s “base amount” as defined in Section 280G of the
Code.

NOW
THEREFORE, it is hereby agreed by and between the parties hereto as follows:

1.    New paragraph 22 is added to the Amended and
Restated Employment Agreement to read in its entirety as follows:

“22. Cap on Payments.  If Independent Tax Counsel shall determine
that the aggregate payments made to the Executive pursuant to this Agreement
and any other payments to the Executive from the Company which constitute “parachute
payments” as defined in Section 280G of the Code (or any successor provision
thereto) (“Parachute Payments”) would be subject to the excise tax imposed by
Section 4999 of the Code (the “Excise Tax”), then the total amount of payments
to the Executive shall be reduced to the extent necessary so that no excise tax
would be imposed on any of the payments (the “Cap”).  It is intended hereby that the total amount
of payments to the Executive would never equal or exceed three times the
Executive’s “base amount” as defined in Section 280G of the Code and to the
extent they could, said payments shall be cut back to meet the Cap.  For purposes of this paragraph 22, “Independent
Tax Counsel” shall mean a lawyer, a certified public accountant with a
regionally recognized accounting firm, or a compensation consultant with a
regionally recognized actuarial and benefits consulting firm, with expertise in
the area of executive compensation tax law, who shall be selected by the
Executive and shall be reasonably acceptable to the Company, and whose fees and
disbursements shall be paid by the Company.”

 

 

2.             This First Amendment shall not be
effective in the event that (i) the pending acquisition of the Company by
C&T is not consummated or (ii) the Executive after having made a financial
analysis of the impact of this First Amendment determines, in his sole
discretion, not to proceed under this First Amendment.

3.             Except as provided above, the
provisions of the Amended and Restated Employment Agreement remain in full
force and effect and are incorporated herein by reference.

IN
WITNESS WHEREOF, the Company has caused this First Amendment to be executed by
its officer thereunto duly authorized, and the Executive has signed this First
Amendment, all effective as of the date first above written.

	
  Witness:

  	
  Corning Natural Gas Corporation:

  
	
   

  	
   

  
	
  /s/ Stanley G.
  Sleve

  	
   

  	
  By:

  	
  /s/ Thomas K. Barry

  
	
   

  	
  Title:

  	
  President & CEO

  
	
   

  	
   

  	
   

  
	
  Witness:

  	
  Executive:

  
	
   

  	
   

  
	
  /s/ Stanley G.
  Sleve

  	
   

  	
  /s/ Kenneth J. Robinson

  
	
   

  	
  Kenneth J. Robinson

  

 

 2Exhibit 10.5

FIRST AMENDMENT TO

AMENDED AND RESTATED

SURVIVOR BENEFIT DEFERRED

COMPENSATION AGREEMENT

BETWEEN

CORNING NATURAL GAS CORPORATION

AND

THOMAS K. BARRY

THIS FIRST
AMENDMENT, effective this 2nd day of May, 2006,
by and between Corning Natural Gas Corporation, a New York Corporation (the “Company”)
and Thomas K. Barry (the “Employee”).

WITNESSETH:

WHEREAS,
the Company and the Employee previously entered into that certain Amended and
Restated Survivor Benefit Deferred Compensation Agreement effective December
14, 2000 (the “Amended and Restated Survivor Benefit Deferred Compensation
Agreement”); and

WHEREAS,
the Employee and the Company desire to amend the Amended and Restated Survivor
Benefit Deferred Compensation Agreement (i) to provide that any continuing lien
on Company assets for the purpose of funding the obligation of the Company to
the Employee be limited in scope to the amount of the obligation to the
Employee and (ii) to provide for a cap, such that the “total payments”, as
described in Article XXII, below, to the Employee shall never equal or exceed
three times the Employee’s “base amount” as defined in Section 280G of the
Code.

NOW
THEREFORE, it is hereby agreed by and between the parties hereto as follows:

1.    ARTICLE X of the Amended and Restated
Survivor Benefit Deferred Compensation Agreement is amended, in part, by adding
the following new sentence at the end of ARTICLE X as follows:

“Any such lien shall be limited in scope to the amount
necessary to fund the

obligation of the Company to the Employee under this Agreement.”

2.    New ARTICLE XXII is added to the Amended and
Restated Survivor Benefit Deferred Compensation Agreement to read in its
entirety as follows:

“ARTICLE XXII

Cap on Payments

If Independent Tax Counsel shall determine that the
aggregate payments made to the Employee pursuant to this Agreement and any
other payments to the Employee from the Company which constitute “parachute
payments” as defined 

 

in Section 280G of the Code (or any successor
provision thereto) (“Parachute Payments”) would be subject to the excise tax
imposed by Section 4999 of the Code (the “Excise Tax”), then the total amount
of payments to the Employee shall be reduced to the extent necessary so that no
excise tax would be imposed on any of the payments (the “Cap”).  It is intended hereby that the total amount
of payments to the Employee would never equal or exceed three times the
Employee’s “base amount” as defined in Section 280G of the Code and to the
extent they could, said payments shall be cut back to meet the Cap.  For purposes of this Article XXII, “Independent
Tax Counsel” shall mean a lawyer, a certified public accountant with a
regionally recognized accounting firm, or a compensation consultant with a
regionally recognized actuarial and benefits consulting firm, with expertise in
the area of executive compensation tax law, who shall be selected by the
Employee and shall be reasonably acceptable to the Company, and whose fees and
disbursements shall be paid by the Company.”

3.             This First Amendment shall not be
effective in the event that (i) the pending acquisition of the Company by
C&T is not consummated or (ii) the Executive after having made a financial
analysis of the impact of this First Amendment determines, in his sole
discretion, not to proceed under this First Amendment.

4.             Except
as provided above, the provisions of the Amended and Restated Survivor Benefit
Deferred Compensation Agreement remain in full force and effect and are
incorporated herein by reference.

IN
WITNESS WHEREOF, the Company has caused this First Amendment to be executed by
its officer thereunto duly authorized, and the Employee has signed this First
Amendment, all effective as of the date first above written.

	
  Witness:

  	
  Corning Natural Gas Corporation:

  
	
   

  	
   

  
	
  /s/ Stanley G.
  Sleve

  	
   

  	
  By:

  	
  /s/ Kenneth J. Robinson

  
	
   

  	
  Title:

  	
  Executive Vice President

  
	
   

  	
   

  	
   

  
	
  Witness:

  	
  Employee:

  
	
   

  	
   

  	
   

  
	
  /s/ Stanley G.
  Sleve

  	
   

  	
  /s/ Thomas K. Barry

  
	
   

  	
  Thomas K. Barry

  

 

 2

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