Document:

tyme-ex107_305.htm

Exhibit 10.7

Tyme Technologies, Inc.

[Nonqualified] [Incentive] Stock Option Agreement

Tyme Technologies, Inc., a Delaware corporation (the “Company”), pursuant to the Company’s 2015 Equity Incentive Plan (the “Plan”), has granted to [NAME OF EMPLOYEE]  (the “Optionee”) [a nonqualified] [an incentive] stock option (the “Option”) to purchase a total of _________ shares (each, a “Share”) of the common stock, par value $0.0001 per share (the “Common Stock”), of the Company, at the exercise price of $_____ per Share (the “Exercise Price”), on the terms and conditions set forth in this Nonqualified Stock Option Plan Agreement (this “Agreement”) and, in all respects, subject to the terms and conditions of the Plan.  The date of grant of the Option is July __, 2018 (the “Date of Grant”).  The Option is [not] intended to qualify as an Incentive Stock Option under Section 422 of the Internal Revenue Code of 1986, as amended (the “Code”); provided, however, to the extent that the Option does not qualify as an Incentive Stock Option under the Code, such portion of the Option shall be treated as an option that does not qualify as an Incentive Stock Option under the Code. Capitalized terms not otherwise defined in this Agreement shall have the meanings assigned to such terms in the Plan.  

1.Duration.  Subject to the earlier termination as provided in this Agreement or under the Plan, the Option shall expire and shall no longer be exercisable as of the close of business on ____________ (the “Termination Date”).

	
2.
	
Anti Dilution Provisions.

(a)If there is any stock dividend, stock split or combination of Shares or other change in capital structure of the Company described in Section 4.4 of the Plan, the number and amount of Shares then subject to the Option and the Exercise Price shall be proportionately and appropriately adjusted as determined by the Committee, whose determination shall be final, conclusive and binding upon Optionee and the Company.

(b)If there is any other change in the Common Stock, including a reorganization, sale or exchange of assets, exchange of shares, offering of subscription rights, or a merger, consolidation or similar transaction in which the Company is the surviving corporation, an adjustment, if any, shall be made in the Shares then subject to the Option and the Exercise Price as the Board or Committee may deem equitable, and whose determination shall be final, conclusive and binding upon Optionee and the Company.  Failure of the Board or the Committee to provide for an adjustment pursuant to this paragraph 2(b) prior to the effective date of any Company action referred to in this paragraph 2(b) shall be conclusive evidence that no adjustment is required in consequence of such action.

(c)Subject to Section 6(b), if the Company is merged into or consolidated with any other corporation and the Company is not the surviving corporation, or if the Company sells all or substantially all of the Company’s assets to any other corporation, then either

(i)the Company shall cause provisions to be made for the continuance of the Option after such event or for the substitution for the Option of an option covering the number and class of securities which the Optionee would have been entitled to receive in such merger, consolidation or if the Optionee had been the holder of record of a number 

 

 

 

of Shares equal to the number of Shares covered by the unexercised portion of the Option immediately prior to such merger, consolidation or sale; or

(ii)the Company shall give to Optionee written notice of the Company’s election not to cause such provision to be made and the Option shall become exercisable in full (or, at the election of the Optionee, in part) at any time during a period of thirty days, to be designated by the Company, ending not more than ten days prior to the effective date of the merger, consolidation or sale, in which case the Option shall not be exercisable to any extent after the expiration of such thirty-day period.

Notwithstanding the provisions of this paragraph 2(c), in no event shall the Option be exercisable after the Termination Date.

3.Non-Transferability.  The Option shall not be transferable by Optionee, other than by (x) will, the laws of descent or distribution or (y) pursuant to a proceeding under Title 11 of the U.S. Bankruptcy Code or similar insolvency proceeding, and is exercisable during the lifetime of Optionee only by Optionee, except as otherwise specifically provided in this Agreement or the Plan.  The terms of this Agreement shall be binding upon the executors, administrators, heirs, successors and assigns of Optionee.

4.Certain Rights Not Conferred by Option.  Optionee shall not, by virtue of holding the Option, be entitled to any rights of a stockholder in the Company.

5.Expenses.  The Company shall pay all original issue and transfer taxes with respect to the issuance of the Shares pursuant hereto and all other fees and expenses necessarily incurred by the Company in connection therewith.

	
6.
	
Exercise of Options.

(a)The Option shall become exercisable on the dates and in the amounts as follows:

[INSERT HERE APPLICABLE VESTING SCHEDULE.]

(b)In the event of a Change of Control while Optionee is in the employ of the Company, the Option, to the extent unvested and unexercisable, shall fully vest and become exercisable as of immediately prior to such Change of Control.

(c)The Option shall be exercisable, in whole or part and from time to time, but subject to the exercise schedule set forth in paragraph 6(a) of this Agreement, by written or electronic notice to the Chief Executive Officer or Secretary of the Company of such exercise, complying with the Plan and applicable procedures established by the Committee or the Company.  Such notice shall specify the number of Shares for which the Option is being exercised (which number, if less than all of the Shares then subject to exercise, shall be 100 or an integral multiple thereof) and shall be accompanied by:

(i)payment of the full exercise price for the Shares for which the Option is being exercised; and

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(ii)this Agreement.

(d)The form of payment of the Exercise Price for Shares purchased pursuant to each exercise of the Option shall be paid in full at the time of each purchase in one or a combination of the following methods:

(i)cash;

(ii)check (subject to collection);

(iii)in the discretion of the Committee, surrender to the Company of other Shares owned by the Optionee, which:

(A)have a Fair Market Value on the date of surrender equal to the aggregate exercise price of the Shares as to which the Option is being exercised; and

(B)have been owned of record by Optionee for at least six months; 

(iv)by “net exercise,” by means of exercising the Option, to the extent exercisable, and receiving such number of Shares having a Fair Market Value on the date of such net exercise equal to the difference between:  

(A)the Fair Market Value of the full number of Shares issuable upon exercise of the Option on the date of such net exercise; and

(B)the Exercise Price multiplied by the full number of Shares issuable upon exercise of the Option; or

(v)if there is a public market for Shares, subject to applicable law, by:

(A)assignment to the Company of the net proceeds (to the extent necessary to pay such exercise price) to be received from a registered broker upon the sale of the Shares or assignment of the net proceeds (to the extent necessary to pay such exercise price) of a loan from such broker in such amount; or

(B)such other consideration and method of payment for the issuance of stock to the extent permitted under applicable law and satisfying the requirements of Rule 16b-3 promulgated pursuant to the Exchange Act.

(e)No Shares shall be delivered upon exercise of the Option until all laws, rules and regulations which the Committee may, in its sole discretion, deem applicable have been complied with.  If a registration statement under the Securities Act is not then in effect with respect to the Shares issuable upon such exercise, the Company may require as a condition precedent that Optionee, upon exercising the Option, deliver to the Company a written representation and undertaking, satisfactory in form and substance to the Committee, that, among other things, Optionee is acquiring the Shares for Optionee’s own account for investment purposes only and not with a view to the distribution thereof.

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(f)Optionee shall not be considered a record holder of the Shares so purchased for any purpose until the date on which Optionee is actually recorded as the holder of such Shares in the records of the Company.

(g)Unless otherwise provided in the Optionee’s employment agreement, in the event of Optionee’s death, disability or termination of employment, the exercisability of the Option shall be governed by the provisions of Section 5.7 of the Plan, unless such provisions are waived by the Committee, in the Committee’s sole discretion.

7.Withholding of Tax.  To the extent that the exercise of the Option, or any event pursuant to this Agreement, results in the incurrence of compensation or other taxable income by Optionee that is subject to withholding by the Company, Optionee must satisfy such tax withholding obligation by giving written notice to the Company, prior to the delivery of Shares, of the Optionee’s election to either (a) deliver to the Company an amount of cash equal to the tax withholding amount required under applicable tax laws or regulations or (b) have the Company deduct from the number of Shares that would have otherwise been delivered to Optionee a number of such Shares having a Fair Market Value equal to such tax withholding amount.  Regardless of any action of the Company, Optionee acknowledges that Optionee is ultimately liable for such tax withholding obligation.  The Company shall not be required to deliver any Shares in respect of the Option under this Agreement until such liability is satisfied.

8.Continued Employment.  Nothing herein shall be deemed to create any employment or consultancy or guaranty of continued employment or consultancy or limit in any way the Company’s right to terminate Optionee’s employment or consultancy at any time.

9.Investment Representation and Legend of Certificates.  Optionee acknowledges that, for any period in which a registration statement with respect to the Option and/or Shares under the Securities Act of 1933, as amended (the “Securities Act”), is not effective, Optionee shall hold the Option and will purchase and/or own the Shares for investment purposes only and not for resale or distribution.  The Company shall have the right to place upon the face and/or reverse side of any stock certificate or certificates evidencing the Shares such legend as the Committee may prescribe for the purpose of preventing disposition of such Shares in violation of the Securities Act.

 

	
Tyme Technologies, Inc.

	
 
	
 
	
 

	
By:
	
 

	
 
	
Steve Hoffman

	
 
	
Chief Executive Officer

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OPTIONEE ACKNOWLEDGEMENT

OPTIONEE ACKNOWLEDGES AND AGREES THAT, EXCEPT AS SET FORTH IN THIS AGREEMENT OR OPTIONEE’S EMPLOYMENT AGREEMENT, THE EXERCISABILITY OF THE SHARES SUBJECT TO THIS AGREEMENT AND THE OPTION IS EARNED ONLY BY CONTINUING EMPLOYMENT OR CONSULTANCY AT THE WILL OF THE COMPANY (NOT THROUGH THE ACT OF BEING HIRED, BEING GRANTED THE OPTION OR ACQUIRING SHARES HEREUNDER).  OPTIONEE FURTHER ACKNOWLEDGES AND CONFIRMS THAT NOTHING IN THIS AGREEMENT, NOR IN THE PLAN WHICH IS INCORPORATED HEREIN BY REFERENCE, SHALL CONFER UPON OPTIONEE ANY RIGHT WITH RESPECT TO CONTINUATION OF EMPLOYMENT OR CONSULTANCY BY THE COMPANY, NOR SHALL IT INTERFERE IN ANY WAY WITH OPTIONEE’S OR THE COMPANY’S RIGHT, SUBJECT TO OPTIONEE’S AND THE COMPANY’S RIGHTS UNDER OTHER AGREEMENTS, IF ANY, WITH THE COMPANY, TO TERMINATE EMPLOYMENT OR CONSULTANCY AT ANY TIME, WITH OR WITHOUT CAUSE.

Optionee acknowledges receipt of a copy of the Plan and certain information related to the Plan and the Company and represents that Optionee is familiar with the terms and provisions of the Plan, and hereby accepts the Option subject to all of the terms and provisions of the Plan.  Optionee has reviewed the Plan and this Agreement in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Agreement and fully understands all of the terms and provisions of the Option and this Agreement.  Optionee hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Committee upon any questions arising under the Plan.  Optionee further agrees to notify the Company upon any change in the residence address currently set forth in the Company’s records.

Accepted and agreed as of
the date as first set forth above:

 

	
 

	
[NAME OF EMPLOYEE]

 

5EX-10.1

 Exhibit 10.1 

UNITIL CORPORATION 

SEVERANCE AGREEMENT 

THIS AGREEMENT, dated this [        ] day of
[                ], [            ] made effective as of the date on which a Change in Control (as defined in
paragraph 2) occurs, by and among Unitil Corporation (“Unitil”), a New Hampshire corporation, Unitil Service Corp., a New Hampshire corporation and a wholly-owned subsidiary of Unitil (“Subsidiary”) (Unitil and Subsidiary are
herein referred to collectively as the “Company”) and [                            ] (the
“Employee”). 
 W I T N E S S E T
H  T H A T: 
 WHEREAS, the Employee is an employee of the Company and an integral
part of its management who participates in the decision making process relative to short and long-term planning and policy for the Company; and 

WHEREAS, the Board of Directors of Unitil, determined that it would be in the best interests of Unitil, its shareholders and the
Employee to assure continuity in the management of the Company’s administration and operations in the event of a Change in Control by entering into an employment agreement to retain the services of the Employee, and the Board of Directors of
the Subsidiary made the same determination; and 
 WHEREAS, the Company and the Employee previously entered into a severance
agreement dated the [    ] day of [                ], 20[  ] (the “Prior Agreement”) and the Company and the Employee desire to
amend and restate the Prior Agreement; and 
 WHEREAS, the Company and the Employee agree that this Agreement shall amend and
supersede the terms and conditions of the Prior Agreement. 
 NOW, THEREFORE, it is hereby agreed by and between the parties hereto
as follows: 

 1. Employment. The Company agrees to continue the Employee in its employ
and the Employee agrees to remain in the employ of the Company for the period stated in paragraph 4 hereof and upon the terms and conditions herein provided. 

2. Change in Control. The term “Change in Control” shall mean the occurrence of any of the following: 

(a) Unitil receives a report on Schedule 13D filed with the Securities and Exchange Commission pursuant to Section 13(d) of the
Securities Exchange Act of 1934, as amended (hereinafter referred to as the “Exchange Act”), disclosing that any person, group, corporation or other entity is the beneficial owner, directly or indirectly, of twenty-five (25%) percent or
more of the outstanding common stock of Unitil; 
 (b) any person (as such term is defined in Section 13(d) of the Exchange
Act), group, corporation or other entity other than Unitil or a wholly-owned subsidiary of Unitil, purchases shares pursuant to a tender offer or exchange offer to acquire any common stock of Unitil (or securities convertible into common stock) for
cash, securities or any other consideration, provided that after consummation of the offer, the person, group, corporation or other entity in question is the beneficial owner (as such term is defined in Rule
13d-3 under the Exchange Act), directly or indirectly, of twenty-five (25%) percent or more of the outstanding common stock of Unitil (calculated as provided in paragraph (d) of Rule 13d-3 under the Exchange Act in the case of rights to acquire common stock); 
 (c) the
stockholders of Unitil approve (i) any consolidation or merger of Unitil in which Unitil is not the continuing or surviving corporation or pursuant to which shares of common stock of Unitil would be converted into cash, securities or other
property (except where Unitil shareholders before such transaction will be the owners of more than seventy-five (75%) percent of all classes of voting stock of the surviving entity), or (ii) any sale, lease, exchange or

  
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other transfer (in one transaction or a series of related transactions) of all or substantially all the assets of Unitil; or 

(d) there shall have been a change in a majority of the members of the Board of Directors of Unitil within a twenty-five
(25) month period unless the election or nomination for election by the Unitil stockholders of each new director was approved by the vote of two-thirds of the directors then still in office who were in
office at the beginning of the twenty-five (25) month period. 
 Should the Change in Control be stockholder approval under
paragraph 2(c) and if the Board of Directors of Unitil determines the approved transaction will not be completed and is abandoned prior to any termination of the Employee’s employment, a Change in Control shall no longer be in effect and the
provisions of this Agreement shall continue in the effect as if a Change in Control had not occurred. 
 3. Position and
Responsibilities. During the period of employment hereunder, the Employee agrees to serve the Company in an executive capacity. Such service shall involve duties and responsibilities at least equal in importance and scope to those of the
Employee’s position immediately prior to the effective date of this Agreement, as the Board of Directors, the Chairman of the Board of Directors or chief executive officer or any other executive officer of the Company to whom the Employee
reports may from time to time determine. During said period, the Employee also agrees to serve, if elected, as an officer and/or director of any subsidiary or affiliate of the Company. 

4. Term and Duties. 

(a) The period of the Employee’s employment under this Agreement shall be deemed to have commenced as of the effective date of
this Agreement and shall continue for a period of thirty-six (36) full calendar months thereafter. 

  
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 (b) During the period of employment hereunder and except for illness or incapacity
and reasonable vacation periods, the Employee’s business time, attention, skill and efforts shall be exclusively devoted to the business and affairs of the Company; provided, however, that nothing in this Agreement shall preclude the Employee
from devoting time during reasonable periods required for 
 (i) serving as a director or member of a committee of any company or
organization involving no conflict of interest with the Company or any of its subsidiaries or affiliates, 
 (ii) delivering
lectures and fulfilling speaking engagements, and 
 (iii) engaging in charitable and community activities, provided that such
activities do not materially affect or interfere with the performance of the Employee’s obligations to the Company. 
 5.
Compensation. 
 (a) For all services rendered by the Employee in any capacity during employment under this Agreement,
including services as an executive, officer, director, or member of any committee of the Company or of any subsidiary or affiliate of the Company, the Company shall pay the Employee a fixed salary at an annual rate not less than the annual rate of
salary being paid to Employee immediately prior to the effective date of this Agreement. Such salary shall be subject to such periodic percentage increases after the effective date of this Agreement as the Company pays generally to the
Company’s senior management employees from time to time, and shall be payable in accordance with the customary payroll practices of the Company. Such periodic increases in salary, once granted, shall not be subject to revocation. 

  
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 (b) In addition to the salary payable under subsection (a), above, the Company
shall provide to the Employee a bonus opportunity not less than the bonus opportunity in effect for the year in which the effective date of this Agreement occurs and in any event shall pay to the Employee annual bonuses in an amount at least equal
to the amount of the last payment to the Employee under any short-term incentive performance program of the Company or any subsidiary of the Company in effect during the twelve (12) month period prior to the effective date of this Agreement.
Nothing in this subsection (b) shall be deemed to require the Company to (i) have or continue an incentive performance program in effect prior to the effective date of this Agreement or (ii) award to the Employee any bonuses under
such program prior to the effective date of this Agreement. 
 (c) Nothing in this Agreement shall preclude or affect any rights or
benefits that may now or hereafter be provided for the Employee or of which the Employee may be or become eligible under any bonus or other form of compensation or employee benefit plan now existing or that may hereafter be adopted or awarded by the
Company. Specifically, the Employee shall: 
 (i) participate in the Unitil Corporation Retirement Plan and any related excess
benefit or supplemental retirement program (hereinafter referred to collectively as the “Retirement Program”); 
 (ii)
participate in any savings or thrift plan maintained by the Company; 
 (iii) participate in any stock option, stock appreciation
right, equity incentive or deferred compensation plan maintained by the Company; 
 (iv) participate in the Company’s death
benefit plans; 
 (v) participate in the Company’s disability benefit plans; 

  
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 (vi) participate in the Company’s medical, dental and health and welfare
plans; and 
 (vii) participate in equivalent successor plans of the Company for which senior management employees are eligible;

 provided, however, that nothing in this Agreement shall preclude the Company from amending or terminating any such plan or program, on the
condition that such amendment or termination is applicable to all of the Company’s senior management employees generally. For purposes of the foregoing, any plan or program maintained by any subsidiary of the Company which is made available to
the senior management of the Company and its subsidiaries taken as a whole, shall be deemed to be a plan or program maintained by the Company. 

6. Business Expenses. The Company shall pay or reimburse the Employee for all reasonable travel or other expenses incurred in
connection with the performance of the Employee’s duties under this Agreement in accordance with such procedures as the Company may from time to time establish. 

7. Additional Benefits. Nothing in this Agreement shall affect the Employee’s eligibility to participate in all group
health, dental, hospitalization, life, travel or accident or other insurance plans or programs and all other perquisites, fringe benefit or retirement plans or additional compensation, including termination pay programs, which the Company or any
subsidiary of the Company may hereafter, in their sole and absolute discretion, elect to make available to the senior management employees of the Company generally, and the Employee shall be eligible to receive, during the period of employment under
this Agreement, all benefits and emoluments for which key employees are eligible under every such plan, program, perquisite or arrangement to the extent permissible under the general terms and provisions thereof. 

  
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 8. Termination of Employment. Notwithstanding any other provision of this
Agreement, the Employee’s employment under this Agreement may be terminated for any of the following reasons: 
 (a) By the
Company for Cause. For purposes of this Agreement, the term “Cause” shall mean the occurrence of any of the following events: (i) the Employee’s conviction for the commission of a felony or (ii) the Employee’s fraud or
dishonesty which has resulted or is likely to result in material economic damage to the Company or any of its subsidiaries, as determined in good faith by the Directors of the Company at a meeting of the Board of Directors at which the Employee is
provided an opportunity to be heard; 
 (b) By the Employee for Good Reason. For purposes of this Agreement, the term “Good
Reason” shall mean the occurrence of any of the following events unless the Employee specifically agrees in writing that such event or condition shall not constitute Good Reason: (i) a material diminution in the Employee’s base
compensation; (ii) a material diminution in the Employee’s authority, duties or responsibilities; (iii) material diminution in the authority, duties, or responsibilities of the supervisor to whom the Employee is required to report,
including, if the Employee reports directly to the Board of Directors of Unitil, a requirement that the Employee report to a corporate officer or employee instead of reporting directly to the Board of Directors of Unitil; (iv) a material
diminution in the budget over which the Employee retains authority; (v) a material change in the geographic location at which the Employee must perform services, which the Company has determined to include a change in the Employee’s
principal place of employment by the Company from the location of the Company’s principal place of business immediately prior to the date this Agreement becomes effective to a location more than fifty (50) miles from such principal place
of business; or (vi) any other action or inaction that constitutes a material breach by the Company of the Agreement; 

  
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provided, however, no event specified in this paragraph 8(b) shall constitute Good Reason unless the Employee has given written notice to the Company, specifying the event relied upon for such
termination within ninety (90) days after the occurrence of such event and the Company has not remedied such within thirty (30) days of receipt of such notice; 

(c) By the Company upon the Disability of the Employee. For purposes of this Agreement, the term “Disability” is defined as
the inability of the Employee to engage in his regular occupation for twelve (12) consecutive months and the inability thereafter to engage in any occupation in which the Employee could reasonable expect to engage giving due consideration to
Employee’s education, training and experience. The Employee must be under the regular medical care of a physician in connection with treatment for Disability; 

(d) By the Employee without Good Reason; or 

(e) By the Company for any reason other than Cause or the Employee’s Disability. 

For purposes of this Agreement, the Employee’s employment shall be deemed to have terminated automatically as of the date of the Employee’s
death. 
 9. Payments Upon Termination of Employment. 

(a) In the event of any termination of the Employee’s employment hereunder (i) by the Employee for Good Reason or
(ii) by the Company for any reason other than Cause or the Employee’s Disability, then, as soon as practicable (but not more than sixty (60) days) after any such termination the Company shall pay to the Employee the following amounts,
and shall provide the Employee and the dependents, beneficiaries and estate of the Employee with the following, as liquidated damages or severance pay, or both: 

(i) a lump sum cash payment equal to the present value of thirty-six (36) monthly
salary payments, assuming for this purpose that (1) each monthly salary payment 

  
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would have been equal to one-twelfth (1/12th) of the Employee’s annual salary in effect at the
time of employment termination (disregarding any reductions in annual salary that were not approved by the Employee) and (2) such monthly salary payments would have been made on each of the thirty-six
(36) monthly anniversaries of the date the Employee’s employment terminated; 
 (ii) a lump sum cash payment equal to
the present value of two (2) annual bonus payments, assuming for this purpose that (1) each such annual bonus payment would have been equal to the Employee’s target annual bonus for the year in which employment termination occurs
(disregarding any reductions in such target annual bonus that were made in the year of employment termination and that were not approved by the Employee) and (2) the first annual bonus would have been paid on the last business day of the first
February following the date of employment termination and the second annual bonus would have been paid on the last business day of the second February following the date of employment termination; 

(iii) A lump sum cash amount equal to the present value of the excess of (1) the aggregate benefit that would have been paid
under the Retirement Program described in paragraph 5(c)(i), above, as in effect on the date of this Agreement, if the Employee had continued to be employed and to be entitled to service credit for eligibility and benefit purposes during the thirty-six (36) month period immediately following such termination, over (2) the aggregate benefit actually payable under the Retirement Program and any successor retirement program of the Company. For
purposes of such calculation, the following assumptions shall apply: (1) that the Employee would continue to be compensated during the thirty-six (36) month period following termination at an annual
rate of compensation equal to that used to calculate the payments provided by paragraph 9(a)(i) and (ii) above, calculated on the basis of the 

  
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compensation amount used in the benefit formula under the Retirement Program; (2) that the Employee is fully vested in the benefit payable under the Retirement Program; and (3) that the
aggregate benefit that would have been paid under the Retirement Program is as of either the normal or early retirement date for which the Employee would have qualified, if the Employee were still employed on that date, whichever would produce the
highest present value amount payable under this paragraph; and (4) that for purposes of the calculation of the lump sum cash amount as described herein it will be assumed that the Employee would receive aggregate retirement benefits for a
period to be determined by an actuarial analysis in accordance with the standard assumptions used in providing annual funding for the Company’s normal Retirement Program; 

(iv) A lump sum cash amount equal to the present value of the contributions which would have been made by the Company or any
subsidiary of the Company to the Employee’s account pursuant to any savings or thrift plan maintained by the Company or any subsidiary of the Company in which the Employee was participating immediately prior to such termination, calculated as
if the Employee had continued to be employed and to be entitled to such contributions during the thirty-six (36) month period immediately following such termination, at a rate of contribution equal to
that made by the Company or any subsidiary of the Company during the most recent contribution period preceding such termination; and 

(v) A lump sum cash amount equal to the sum of (1) the present value of the monthly cost that would have been incurred by the
Company (exclusive of the Employee’s portion thereof and determined in good faith by the Company) if it provided group medical, dental and life insurance coverage to the Employee and the Employee’s eligible dependents (at the same level
and Employee cost as in effect at the time of employment termination) for a period of two (2) consecutive years following employment termination, determined based on the 

  
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determined based on the cost of such coverage at the time of employment termination and assuming such cost remained constant through the coverage period, and (2) an additional payment (the
“Additional Payment”) in an amount such that, after payment by the Employee of all Federal, State, city and local income taxes and the Employee’s portion of all payroll taxes imposed upon the Additional Payment, the Employee retains
an amount of the Additional Payment equal to the Federal, State, city and local income taxes and the Employee’s portion of all payroll taxes imposed upon the payment provided pursuant to subpart (1) of this paragraph 9(a)(v). For a period
of two (2) consecutive years following employment termination, the Employee and the Employee’s eligible dependents shall remain eligible to participate in the Company’s group medical, dental and life insurance plan, in each case, that
is generally available to other senior executives of the Company; provided, that the Employee shall pay one-hundred (100%) percent of the cost of such coverage. The continued coverage provided under this
paragraph 9(a)(v) shall not count against the Employee’s and the Employee’s dependent’s continuation of coverage period required under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (or any similar state or
local law). 
 (b) For purposes of calculating the lump sum cash payments provided by paragraphs 9(a)(i) through (v), above,
present value shall be determined by using a discount factor equal to one percentage point below the Prime Rate, compounded annually. The “Prime Rate” shall be the base rate on corporate loans at large U.S. money center commercial banks as
reported in The Wall Street Journal (or, if such rate is no longer published, such other base rate on corporate loans by large money center commercial banks in the United States to their most creditworthy customers as published by any
newspaper or periodical of general circulation) as of the date on which termination shall have occurred. 

  
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 (c) If the Employee terminates employment hereunder for any reason other than for
Good Reason, if the Company terminates the Employee’s employment as a result of Disability or Cause or if the Employee’s employment hereunder is terminated due to the Employee’s death, the Company shall have no further obligation
hereunder and no further payments (except for accrued and unpaid salary, bonus and expense reimbursement) shall be made to the Employee. 

10. Source of Payments. All payments provided for in paragraphs 5, 6, 7 and 9 shall be paid in cash from the general funds of
the Company and its subsidiaries. The Company shall not be required to establish a special or separate fund or other segregation of assets to assure such payments. 

11. Litigation Expenses. The Company agrees to pay, upon written demand therefor by the Employee, all legal fees and expenses
the Employee reasonably incurs as a result of any dispute or contest (regardless of the outcome thereof) by or with the Company or others regarding the validity or enforceability of, or liability under, any provision of this Agreement. The Employee
agrees to repay to the Company any such fees and expenses paid or advanced by the Company if and to the extent that the Company or such others obtains a judgment or determination that the Employee’s claim was frivolous or was without merit from
a court of competent jurisdiction from which no appeal may be taken, whether because the time to do so has expired or otherwise. Notwithstanding any provision hereof or any other agreement, (a) the Company may offset any other obligation it has
to the Employee by the amount of such repayment, (b) the amount of expenses eligible for reimbursement during any calendar year may not affect the expenses eligible for reimbursement in any other calendar year, (c) no reimbursement of an
expense pursuant to the first sentence of this paragraph 11 shall be provided to the Employee later than the calendar year following the calendar year in which the 

  
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expense was incurred and (d) the right to reimbursement under this Section 11 is not subject to liquidation or exchange for another benefit. 

Notwithstanding any provision of New Hampshire law to the contrary, in no event shall the Employee be required to reimburse the
Company for any of the costs and expenses relating to such litigation or other proceeding. The obligation of the Company under this paragraph 11 shall survive the termination for any reason of this Agreement (whether such termination is by the
Company, by the Employee, upon the expiration of this Agreement or otherwise) and shall remain in effect until the applicable statute of limitation has expired with respect to any possible dispute or contest by or with the Company or others
regarding the validity or enforceability of, or liability under, any provision of this Agreement. 
 12. Income Tax
Withholding. The Company may withhold from any payments made under this Agreement all federal, state, city or other taxes as shall be required pursuant to any law or governmental regulation or ruling. 

13. Entire Understanding. This Agreement contains the entire understanding between the Company and the Employee with respect
to the subject matter hereof and supersedes any prior employment agreement between the Company and the Employee, except that this Agreement shall not affect or operate to reduce any benefit or compensation inuring to the Employee of a kind elsewhere
provided and not expressly provided for in this Agreement. 
 14. Mitigation. In no event shall the Employee be obligated to
seek other employment or take any other action by way of mitigation of the amounts payable to the Employee under any of the provisions of this Agreement. 

15. Release. Prior to receipt of any payments pursuant to paragraph 9 of this Agreement, the Employee shall execute a general
employment claims release of the Company in a form reasonably acceptable to the Company. Notwithstanding anything contained herein to 

  
 13 

 
the contrary, the Company shall have no obligation to make any payments pursuant to paragraph 9 of this Agreement unless the Employee executes such release and the release becomes non-revocable by the sixtieth (60th) day following the date of termination of the Employee’s employment. 

16. Severability. If, for any reason, any one or more of the provisions or part of a provision contained in this Agreement
shall be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provision or part of a provision of this Agreement not held so invalid, illegal or unenforceable, and
each other provision or part of a provision shall to the full extent with law continue in full force and effect. If this Agreement is held invalid or cannot be enforced, then to the full extent permitted by law any prior agreement between the
Company and the Employee shall be deemed reinstated as if this Agreement had not been executed. 
 17. Consolidation, Merger, or
Sale of Assets. Nothing in this Agreement shall preclude the Company from consolidating or merging into or with, or transferring all or substantially all of its assets to, another corporation with a net worth at least equal to that of the
Company hereunder. Upon such a consolidation, merger or transfer of assets and assumption, the term “the Company”, as used herein shall mean such other corporation and this Agreement shall continue in full force and effect. If, in
connection with a Change in Control, the Employee accepts employment with an entity that is or will be considered the Company pursuant to the prior sentence (or any parent or subsidiary thereof), the Employee shall not be considered to have
terminated employment for purposes of this Agreement solely as a result of the termination of employment with the Company and commencement of employment with such successor “Company” entity. For avoidance of doubt, (a) the prior
sentence shall not preclude the Employee from terminating employment due to Good Reason if an event or condition that 

  
 14 

 
constitutes Good Reason arises before, as a result of, or after such termination of employment with the Company and commencement of employment with such successor “Company” entity and
(b) the Employee’s acceptance of employment with a successor entity shall not be deemed to constitute the Employee’s agreement in writing that an event or condition shall not constitute Good Reason. 

18. Notices. All notices, requests, demands and other communications required or permitted hereunder shall be given in writing
and shall be deemed to have been duly given if delivered or mailed, postage prepaid, first class as follows: 
 (a) to the Company: 

      Unitil Corporation 

      6 Liberty Lane West 

      Hampton, New Hampshire 03833 

      Attention: Corporate Secretary 

(b) to the Employee: 

      at the address then shown in the Employee’s employment records. 

19. No Attachment. Except as required by law, no right to receive payments under this Agreement shall be subject to
anticipation, commutation, alienation, sale assignment, encumbrance, charge, pledge, or hypothecation or to execution, attachment, levy, or similar process or assignment by operation of law, and any attempt, voluntary or involuntary, to effect any
such action shall be null, void and of no effect. 
 20. Binding Agreement. This Agreement shall be binding upon, and shall
inure to the benefit of, the Employee and the Company and their respective permitted successors and assigns. 
 21. Modification
and Waiver. This Agreement may not be modified or amended except by an instrument in writing signed by the parties hereto. No term or condition of this Agreement shall be deemed to have been waived, nor shall there be any estoppel against the
enforcement of any provision of this Agreement except by written instrument signed by the party charged with 

  
 15 

 
such waiver or estoppel. No such written waiver shall be deemed a continuing waiver unless specifically stated therein, and each such waiver shall operate only as to the specific term or
condition waived and shall not constitute a waiver of such term or condition for the future or as to any act other than specifically waived. 

22. Headings of No Effect. The paragraph headings contained in this Agreement are included solely for convenience of reference
and shall not in any way affect the meaning or interpretation of any of the provisions of this Agreement. 
 23. Governing
Law. This Agreement and its validity, interpretation, performance, and enforcement shall be governed by the laws of the State of New Hampshire, without giving effect to the choice of law provisions in effect in such State. 

24. Code Section 409A. The provisions of this Agreement and all payments made pursuant to this Agreement
are intended to comply with, and should be interpreted so that they are consistent with, the requirements of Section 409A of the Code, and any related regulations or other applicable guidance promulgated thereunder (collectively,
“Section 409A”). It is the intent of the parties hereto that all severance payments and benefits provided pursuant to this Agreement qualify as short-term deferrals, as defined in Treasury Regulation
§1.409A-1(a)(4), separation pay due to an involuntary separation from service under Treasury Regulation §1.409A-1(b)(9)(iii), and/or limited payments, as
defined in Treasury Regulation §1.409A-1(b)(9)(v)(D)). Notwithstanding the foregoing, if (i) it is determined that any payments or benefits provided pursuant to this Agreement that are paid upon
separation from service (as that term is used in Section 409A) constitute deferred compensation for purposes of Section 409A (after taking into account the exception for short-term deferrals set forth in Treasury Regulation §1.409A-1(a)(4), the exception for separation pay due to an involuntary separation set forth in Treasury Regulation §1.409A-1(b)(9)(iii), the exception for limited
payments as set forth in 

  
 16 

 
Treasury Regulation §1.409A-1(b)(9)(v)(D) and/or any other applicable exception from Section 409A) and (ii) the Employee is a
“specified employee,” as determined under the Company’s policy for determining specified employees, on the date on which the separation from service occurs, no such payments or benefits shall be provided prior to the first business
day after the date that is six (6) months following the Employee’s termination of employment or, if the Employee dies during such six (6) month period, on the first business day after the date of the Employee’s death. The first
payment that can be made shall include the cumulative amount of any amounts that could not be paid during such six (6) month period. In addition, interest will accrue at the 10-year T-bill rate (as in effect as of the first business day of the calendar year in which the termination of employment occurs) on all payments not paid to the Employee prior to the first business day after the six
(6) month anniversary of termination of employment that otherwise would have been paid during such six (6) month period had this delay provision not applied to the Employee and shall be paid with the first payment after such six
(6) month period. For all purposes under this Agreement, references to termination of employment, employment termination or words of similar import shall be interpreted to mean “separation from service,” as that term is used in
Section 409A, and the Employee’s employment shall in no event be deemed to have terminated unless and until a separation from service shall have occurred for purposes of Section 409A. 

  
 17 

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

	
	 Unitil CORPORATION

	
	 By:
[                                        
]

	
	 Unitil SERVICE CORP.

	
	 By:
[                                        
]

	
	 Employee:
[                                        
]

  
 18

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