Document:

Exhibit
      10.2

    

    FIRST
      SUPPLEMENTAL INDENTURE

     

    FIRST
      SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”) dated as of July 3, 2006,
      among Mid-Maine Communications, Inc., a Delaware corporation (the
“Communications”) and a subsidiary of Otelco Inc., a Delaware corporation (the
“Company “), Mid-Maine TelPlus, a Maine corporation (the “TelPlus,” and,
      together with the Communications, the “New Guarantors”) and a subsidiary of the
      Company, the Existing Guarantors listed on the signature pages hereto (the
      “Existing Guarantors”) and Wells Fargo Bank, National Association, a national
      banking association, as trustee under the Indenture referred to below (the
      “Trustee”).

     

    WITNESSETH:

     

    WHEREAS
      the Company and the Existing Guarantors have heretofore executed and delivered
      to the Trustee an Indenture (the “Indenture”) dated as of December 21, 2004,
      providing for the issuance of an unlimited aggregate principal amount of notes
      (the “Notes”), and an aggregate principal amount of $81.1 million of the
      Company’s 13% senior subordinated notes have been issued and are outstanding
      under the Indenture;

     

    WHEREAS
      Section 4.12 of the Indenture provides that under certain circumstances the
      Company is required to cause the New Guarantors to execute and deliver to the
      Trustee a supplemental indenture pursuant to which each of the New Guarantors
      shall unconditionally guarantee all the Company’s obligations under the
      Indenture and the Notes pursuant to a Guarantee on the terms and conditions
      set
      forth herein; and

     

    WHEREAS
      pursuant to Section 9.01 of the Indenture, the Trustee, the Company and the
      Existing Guarantors are authorized to execute and deliver this Supplemental
      Indenture;

     

    NOW
      THEREFORE, in consideration of the foregoing and for other good and valuable
      consideration, the receipt of which is hereby acknowledged, the New Guarantors,
      the Company, the Existing Guarantors and the Trustee mutually covenant and
      agree
      for the equal and ratable benefit of the holders of the Notes as
      follows:

     

    1.            
      Agreement
      to Guarantee. 
      Each of the New Guarantors hereby agrees, jointly and severally with all the
      Existing Guarantors, to unconditionally guarantee the Company’s obligations
      under the Indenture and the Notes on the terms and subject to the conditions
      set
      forth in Article 11 of the Indenture and to be bound by all other applicable
      provisions of the Indenture and the Notes.

     

    2.            
      Ratification
      of Indenture; Supplemental Indentures Part of Indenture. 
      Except as expressly amended hereby, the Indenture is in all respects ratified
      and confirmed and all the terms, conditions and provisions thereof shall remain
      in full force and effect. This Supplemental Indenture shall form a part of
      the
      Indenture for all purposes, and every holder of Notes heretofore or hereafter
      authenticated and delivered shall be bound hereby.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    3.            
      Governing
      Law. 
      THIS
      SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH,
      THE LAWS OF THE STATE OF NEW YORK. 
      THE
      TRUSTEE, THE COMPANY, ANY OTHER OBLIGOR IN RESPECT OF THE NOTES AND (BY THEIR
      ACCEPTANCE OF THE NOTES) THE HOLDERS AGREE TO SUBMIT TO THE JURISDICTION OF
      ANY
      UNITED STATES FEDERAL OR STATE COURT LOCATED IN THE BOROUGH
      OF MANHATTAN,
      IN THE CITY OF NEW YORK, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING
      TO THIS INDENTURE OR THE NOTES.

     

    4.            
      Trustee
      Makes No Representation. 
      The Trustee makes no representation as to the validity or sufficiency of this
      Supplemental Indenture.

     

    5.            
      Counterparts. 
      The parties may sign any number of copies of this Supplemental Indenture. Each
      signed copy shall be an original, but all of them together represent the same
      agreement.

     

    6.            
      Effect
      of Headings. 
      The Section headings herein are for convenience only and shall not effect the
      construction thereof.

     

    7.            
      Definitions. 
      Capitalized terms used but not defined herein shall have the meanings given
      to
      them in the Indenture.

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    

    IN
      WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture
      to
      be duly executed as of the date first above written.

     

    
      	 	 	 
	 	
              NEW
                GUARANTORS:

               

              
                MID-MAINE
                  COMMUNICATIONS, INC.

              

            
	 
 	 
 	 
 
	 	By:  	/s/ 
Curtis
              L. Garner, Jr.
	 	
              

              Name:
                Curtis L. Garner, Jr. 
                Title:
                  Vice President

              

            

    

    
      	 	 	 
	 	
              MID-MAINE
                TELPLUS

            
	 
 	 
 	 
 
	 	By:  	/s/ Curtis
              L.
              Garner, Jr.
	 	
              

              Name:
                Curtis L. Garner, Jr. 
                Title:
                  Vice President

              

            

    

    
      	 	 	 
	 	
              COMPANY:

               

              OTELCO INC.

            
	 
 	 
 	 
 
	 	By:  	/s/ Michael
              D. Weaver
	 	
              

              Name:
                Michael D. Weaver 
                Title:
                  President and Chief Executive
                  Officer

              

            

    

    
      	 	 	 
	 	
              EXISTING
                GUARANTORS:

               

              OTELCO
                TELECOMMUNICATIONS LLC

            
	 
 	 
 	 
 
	 	By:  	/s/ Michael
              D. Weaver
	 	
              

              Name:
                Michael D. Weaver 
                Title:
                  Chief Executive Officer

              

            

    

     

      	 	 	 
	 	OTELCO
              TELEPHONE
              LLC
	 
 	 
 	 
 
	 	By:  	/s/ Michael
              D. Weaver
	 	
              

              Name:
                Michael D. Weaver 
                Title:
                  Chief Executive Officer

              

            
	 	 

    

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    
      	 	 	 
	 	
              HOPPER
                HOLDING COMPANY, INC.

            
	 
 	 
 	 
 
	 	By:  	/s/ Michael
              D. Weaver
	 	
              

              Name:
                Michael D. Weaver 
                Title:
                  Chief Executive Officer

              

            

    

    
      	 	 	 
	 	HOPPER
              TELECOMMUNICATIONS COMPANY, INC.
	 
 	 
 	 
 
	 	By:  	/s/ Michael
              D. Weaver
	 	
              

              Name:
                Michael D. Weaver 
                Title:
                  Chief Executive Officer

              

            

      	 	 	 
	 	
              BRINDLEE
                HOLDINGS LLC

            
	 
 	 
 	 
 
	 	By:  	/s/ Michael
              D. Weaver
	 	
              

              Name:
                Michael D. Weaver 
                Title:
                  Chief Executive Officer

              

            

    

    
      	 	 	 
	 	BRINDLEE
              MOUNTAIN TELEPHONE COMPANY
	 
 	 
 	 
 
	 	By:  	/s/ Michael
              D. Weaver
	 	
              

              Name:
                Michael D. Weaver

              
                Title:
                  Chief Executive Officer

              

            

    

    
      	 	 	 
	 	
              PAGE
                & KISER COMMUNICATIONS, INC.

            
	 
 	 
 	 
 
	 	By:  	/s/ Michael
              D. Weaver
	 	
              

              Name:
                Michael D. Weaver

              
                Title:
                  Chief Executive Officer

              

            

    

    
      	 	 	 
	 	BLOUNTSVILLE
              TELEPHONE COMPANY, INC.
	 
 	 
 	 
 
	 	By:  	/s/ Michael
              D. Weaver
	 	
              

              Name:
                Michael D. Weaver 
                Title:
                  Chief Executive Officer

              

            
	 	 

    

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    
      	 	 	 
	 	
              MID-MISSOURI
                HOLDING CORP.

            
	 
 	 
 	 
 
	 	By:  	/s/ Michael
              D. Weaver
	 	
              

              Name:
                Michael D. Weaver

              
                Title:
                  Chief Executive Officer

              

            

      	 	 	 
	 	IMAGINATION,
              INC.
	 
 	 
 	 
 
	 	By:  	/s/ Michael
              D. Weaver
	 	
              

              Name:
                Michael D. Weaver 
                Title:
                  Chief Executive Officer

              

            

    

    
      	 	 	 
	 	
              WELLS
                FARGO BANK, NATIONAL ASSOCIATION, as Trustee

            
	 
 	 
 	 
 
	 	By:  	/s/ Timothy
              P. Mowdy
	 	
              

              Name:
                Timothy P. Mowdy 
                Title:
                  Vice President

              

            
	 	 

    

    
      
        
        

      

      
        5Exhibit
      10.3

    

    EMPLOYMENT
      AGREEMENT 

    dated
      as
      of July 3, 2006 (this “Agreement”),
      by
      and 
between MID-MAINE
      COMMUNICATIONS, INC. ,
      a

Delaware corporation (the “Company”)
      and
NICHOLAS
      
A. WINCHESTER
      (the
‘Employee”).
      

    

    WHEREAS,
      the
      Company is a wholly-owned subsidiary of Otelco Inc. (“Otelco”).

    

    WHEREAS,
      the
      Company and the Employee desire to enter into this Agreement.

    

    NOW
      THEREFORE,
      in
      consideration of the mutual covenants contained herein and other good and
      valuable consideration, the receipt and sufficiency of which are hereby
      acknowledged, the parties hereto agree as follows:

    

    Section
      1. Effective
      Date.
      

    

    This
      Agreement shall become effective on the date first written above (the
“Effective
      Date”).

     

    Section
      2. Employment
      Period.
      

    

    Subject
      to Section
      4,
      the
      Company hereby agrees to employ the Employee, and the Employee hereby agrees
      to
      be employed by the Company, in accordance with the terms and provisions of
      this
      Agreement, for the period from the Effective Date through the Termination Date
      (the “Employment
      Period”).

    

    Section
      3. Terms
      of Employment.

    

    (a)
      Duties
      and Position.
      During
      the Employment Period, the Employee shall serve as President of the Company
      and
      certain of its subsidiaries (collectively, the “Company
      Entities”).
      The
      Employee shall have such powers and duties as may from time to time be
      prescribed by the Chief Executive Officer of Otelco or its Board of Directors
      (the “Board”).

    

    (b)
      Full
      Time.
      During
      the Employment Period, and excluding any periods of vacation and sick leave
      to
      which the Employee is entitled, the Employee agrees to devote his full business
      time and efforts, to the best of his ability, experience and talent, to the
      business and affairs of the Company Entities. During the Employment Period,
      it
      shall not be a violation of this Agreement for the Employee to serve on
      corporate, civic or charitable boards or committees or manage personal
      investments (including serving as a member of boards of directors or similar
      bodies of entities not engaged in competition with the Company Entities (as
      determined by the Board in its reasonable discretion)), in each case, so long
      as
      such activities do not interfere with the performance of the Employee’s
      responsibilities as an employee of the Company Entities in accordance with
      this
      Agreement.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (c)
      Compensation.
      

    

    (i)
      Base
      Salary.
      During
      the Employment Period, the Employee shall receive an annual base salary of
      $140,000 which Annual Base Salary shall be subject to annual increase by an
      amount equal to at least the increase in the cost of living, if any, between
      the
      date of the immediately preceding increase and the date of each such adjustment,
      based upon the Consumer Price Index for Urban Consumers, or if that index is
      discontinued, a similar index prepared by a department or agency of the United
      States government (as so adjusted, the “Annual
      Base Salary”).
      The
      Annual Base Salary shall be paid in accordance with the customary payroll
      practices of the Company, subject to withholding and other payroll
      taxes.

    

    (ii)
      Bonus.
      For
      each fiscal year during the Employment Period, the Employee will be entitled
      to
      receive a bonus (the “Bonus”)
      of up
      to 25% of the Annual Base Salary. The Bonus shall be based upon Otelco or the
      Company achieving operating and/or financial goals to be established by the
      Board or any duly appointed committee thereof in good faith, in its sole
      discretion; provided, however that the Bonus for fiscal year 2006 shall be
      based
      solely upon operating and/or financial goals of the Company and not
      Otelco.

    

    (iii)
      Benefits.
      During
      the Employment Period, the Employee shall be entitled to participate in all
      incentive (including any long term incentive plan), savings and retirement
      plans, practices, policies and programs applicable generally to other employees
      of the Company Entities and shall be eligible for participation in and shall
      receive all benefits under welfare benefit plans, practices, policies and
      programs provided by the Company Entities to the extent applicable generally
      to
      other employees of the Company Entities. In addition, the Employee will be
      entitled to coverage under any directors’ and officers’ liability insurance
      maintained by the Company.

    

    (iv)
      Automobile.
      During
      the Employment Period, the Company shall provide the Employee with the use
      of a
      Company automobile (or, at the Company’s option, shall lease an automobile for
      the Employee’s use) and shall reimburse the Employee for all reasonable expenses
      incurred by the Employee in connection with the use and maintenance of such
      automobile.

    

    (v)
      Expenses.
      The
      Employee shall be entitled to receive reimbursement for all reasonable expenses
      incurred by the Employee during the Employment Period in connection with the
      performance of his duties hereunder, in accordance with the policies, practices
      and procedures of the Company as in effect from time to time.

    

    (vi)
      Vacation
      and Holidays.
      During
      the Employment Period, the Employee shall participate in the Company’s
“accumulated hours” paid time off plan at the 10% level, which shall entitle
      Employee to approximately 5 weeks paid time off per year in accordance with
      the
      policies of the Company applicable to other employees of the Company
      generally.

    

    Section
      4. Termination
      of Employment.

    

    (a)
      Death
      or Disability.
      The
      Employee’s employment shall terminate automatically upon the Employee’s death or
      Disability. For purposes of this Agreement, “Disability”
shall
      mean the Employee’s inability to perform his duties and obligations hereunder
      for any 90 days during a period of 180 consecutive days due to mental or
      physical incapacity as determined by a physician selected by the Company or
      its
      insurers.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (b)
      Termination
      by the Employee.
      The
      Employee may terminate his employment with the Company Entities at any time,
      without prior notice.

    

    (c)
      Termination
      by the Company.
      The
      Company may terminate the Employee’s employment with the Company or any Company
      Entity at any time, with or without Cause and without prior notice.
“Cause”
will
      mean that any of the following will have occurred: (i) the Employee has been
      convicted of a felony, stolen funds or otherwise engaged in fraudulent conduct,
      (ii) the Employee has engaged in willful misconduct or has been grossly
      negligent, in each case, which has been materially injurious to the Company,
      (iii) the Employee has failed or refused to comply with directions of the Board
      that are reasonably consistent with the Employee’s current position, or (iv) the
      Employee has breached the terms of this Agreement. “Without
      Cause”
shall
      mean a termination by the Company of the Employee’s employment during the
      Employment Period for any reason other than a termination based upon Cause,
      death or Disability.

    

     
        Section
      5. Obligations
      of the Company upon Termination.

    

    (a)
      Without
      Cause.
      If,
      during the Employment Period, the Company shall terminate the Employee’s
      employment Without Cause, then the Company will provide the Employee with the
      following severance payments and/or benefits:

    

    (i)
      The
      Company shall pay to the Employee a lump sum in the amount of the Employee’s
      accrued but unpaid Annual Base Salary through the Termination Date
      (“Accrued
      Obligations”);

    

    (ii)
      The
      Employee, if applicable, and members of his family shall be entitled to continue
      their participation in the Company Entities’ welfare and benefit plans (the
“Benefits”)
      until
      the Termination Date;

    

    (iii)
      The
      Company shall pay to the Employee a lump sum in the amount of 1/2 of his Annual
      Base Salary; and

    

    (iv)
      The
      Company shall pay to the Employee a lump sum amount equal to the Bonus the
      Employee would have received had he remained employed by the Company through
      the
      end of the fiscal year in which the termination occurred, pro rated for the
      number of days Employee was employed by the Company during such fiscal year,
      to
      be paid at the same time that similar bonuses are paid to the Company’s other
      employees.

    

    (b)
      Cause;
      by the Employee; Death or Disability.
      If the
      Employee’s employment shall be terminated by the Company for Cause, by the
      Employee for any reason, or due to death or Disability, then the Company shall
      have no further payment obligations to the Employee (or his heirs or legal
      representatives) other than for (i) payment of Accrued Obligations and (ii)
      the
      continuance of Benefits through the Termination Date.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (c)
      Condition:
      Remedies.
      The
      Employee acknowledges and agrees that, (a) the Company’s obligations to make
      payments under Section
      5(a)
      will be
      conditioned on the Employee executing and delivering a customary general release
      in form and substance reasonably satisfactory to the Company.

    

    Section
      6. Nondisclosure
      and Nonuse of Confidential Information.

    

    (a)
      The
      Employee shall not disclose or use at any time, either during the Employment
      Period or thereafter, any Confidential Information (as hereinafter defined)
      of
      which the Employee is or becomes aware as a consequence of or in connection
      with
      his employment with a Company, whether or not such information is developed
      by
      him, except (i) to the extent that such disclosure or use is in furtherance
      of
      the Employee’s performance in good faith of his duties as President of the
      Company Entities or (ii) to the extent required by law or legal process;
provided
      that (A)
      the Employee agrees to provide the Company with prompt written notice of any
      such law or legal process and to assist the Company, at the Company’s expense,
      in asserting any legal challenges to or appeals of such law or legal process
      that the Company in its sole discretion pursues, and (B) in complying with
      any
      such law or legal process, the Employee shall limit his disclosure only to
      the
      Confidential Information that is expressly required to be disclosed by such
      law
      or legal process. The Employee will take all commercially reasonable steps
      to
      safeguard Confidential Information and to protect it against disclosure, misuse,
      espionage, loss and theft. The Employee shall deliver to the Company at the
      termination of the Employment Period, or at any time the Company may request,
      all memoranda, notes, plans, records, reports, computer tapes and software
      and
      other documents and data (and copies thereof) relating to the Confidential
      Information or the Work Product of the Company Entities which the Employee
      may
      then possess or have under his control.

    

    (b)
      The
      Employee agrees that all Work Product belongs in all instances to the Company
      Entities. The Employee will promptly disclose such Work Product to the Board
      and
      perform all actions reasonably requested by the Board (whether during or after
      the Employment Period) to establish and confirm the Company Entities’ ownership
      of the Work Product (including, without limitation, the execution and delivery
      of assignments, consents, powers of attorney and other instruments) and to
      provide reasonable assistance to the Company Entities (whether during or after
      the Employment Period), at the Company’s sole expense, in connection with the
      prosecution of any applications for patents, trademarks, trade names, service
      marks or reissues thereof or in the prosecution or defense of interferences
      relating to any Work Product. The Employee recognizes and agrees that the Work
      Product, to the extent copyrightable, constitutes works for hire under the
      copyright laws of the United States.

    

    (c)
      “Confidential
      Information”
means
      information that is not generally known to the public and that is used,
      developed or obtained by the Company Entities in connection with its business,
      including, but not limited to, information, observations and data obtained
      by
      the Employee while employed by the Company or any predecessors thereof
      (including those obtained prior to the date of this Agreement) concerning (i)
      the business or affairs of Otelco and its Affiliates (including the Company
      Entities) and (ii) products, services, fees, costs, pricing structures,
      analyses, drawings, photographs and reports, computer software (including
      operating systems, applications and program listings), data bases, accounting
      and business methods, inventions, devices, new developments, methods and
      processes (whether patentable or unpatentable and whether or not reduced to
      practice), customers and clients and customer and client lists, all technology
      and trade secrets, and all similar and related information in whatever form.
      Confidential Information will not include any information that (A) is or becomes
      generally available to the public other than through disclosure by the Employee
      in violation of this Section
      6,
      (B) was
      provided to the Employee prior to the date hereof a nonconfidential basis from
      a
      Person who was not otherwise bound by a confidentiality agreement or duty with
      Otelco or an Affiliate thereof (including the Company Entities), or (C) becomes
      available to the Employee on a nonconfidential basis from a Person who is not
      otherwise bound by a confidentiality agreement or duty with Otelco or its
      Affiliates (including the Company Entities) or is not otherwise prohibited
      from
      transmitting the information to the Employee.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (d)
      “Work
      Product”
means
      all inventions, innovations, improvements, technical information, systems,
      software developments, methods, designs, analyses, drawings, reports, service,
      marks, trademarks, trade names, trade dress, logos and all similar or related
      information (whether patentable or unpatentable) which relates to Otelco’s or
      the Company’s actual or anticipated business, research and development or
      existing or future products or services and which are conceived, developed
      or
      made by the Employee (whether or not during usual business hours and whether
      or
      not alone or in conjunction with any other person) during the Employment Period
      together with all patent applications, letters patent, trademark, trade name
      and
      service mark applications or registrations, copyrights and reissues thereof
      that
      may be granted for or upon any of the foregoing.

    

    Section
      7. Non-Compete
      and Non-Solicit.

    

    (a)
      The
      Employee acknowledges that, in the course of his employment with the Company
      Entities, he has become familiar, or will become familiar, with Otelco’s and its
      Affiliates’(including the Company Entities) trade secrets and with other
      confidential information concerning Otelco and its Affiliates (including the
      Company Entities) and that his services have been and will be of special, unique
      and extraordinary value to Otelco and its Affiliates (including the Company
      Entities). Therefore, the Employee agrees that, during the Employment Period
      and
      for 6 months thereafter (the “Restricted
      Period”),
      he
      shall not directly or indirectly (i) engage, within the Restricted Territory,
      in
      any telephone or communications business, including, but not limited to,
      incumbent local exchange carrier, competitive local exchange carrier, long
      distance telephone business, cable television, Internet access, or other
      business that Otelco or any of its Affiliates (including the Company Entities)
      is engaged in during the Employee’s employment by the Company (the “Company
      Business”),
      (ii)
      compete or participate as agent, employee, consultant, advisor, representative
      or otherwise in any enterprise engaged in a business which has any operations
      engaged in the Company Business within the Restricted Territory; or (iii)
      compete or participate as a stockholder, partner, member or joint venturer,
      or
      have any direct or indirect financial interest, in any enterprise which has
      any
      material operations engaged in the Company Business within the Restricted
      Territory; provided,
      however,
      that
      nothing contained herein will prohibit the Employee from (A) owning, operating
      or managing any business, or acting upon any business opportunity, after
      obtaining approval of a majority of the Board; or (B) owning no more than five
      percent (5%) of the equity of any publicly traded entity with respect to which
      the Employee does not serve as an officer, director, employee, consultant or
      in
      any other capacity other than as an investor. The term "Restricted
      Territory"
      means
      all states within the United States in which Otelco or any of its Affiliates
      (including the Company Entities) conducts or is pursuing or analyzing plans
      to
      conduct Company Business as of the Termination Date.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (b)
      As a
      means reasonably designed to protect Confidential Information, the Employee
      agrees that, during the period commencing on the Effective Date and ending
      on
      the expiration of the Restricted Period, he will not (i) solicit or make any
      other contact with, directly or indirectly, any customer of Otelco or any of
      its
      Affiliates (including the Company Entities) as of the date that the Employee
      ceases to be employed by the Company with respect to the provision of any
      service to any such customer that is the same or substantially similar to any
      service provided to such customer by the Otelco or its Affiliates (including
      the
      Company Entities) or (ii) solicit or make any other contact with, directly
      or
      indirectly, any employee of Otelco or any of its Affiliates (including the
      Company Entities) on the date that the Employee ceases to be employed by the
      Company (or any person who was employed by Otelco or any of its Affiliates
      (including the Company Entities) at any time during the three-month period
      prior
      to the Termination Date) with respect to any employment, services or other
      business relationship.

    

    Section
      8. Remedies.
      

    

    The
      Employee acknowledges that irreparable damage would occur in the event of a
      breach of the provisions of Section
      6
      or
Section
      7
      by the
      Employee. It is accordingly agreed that, in addition to any other remedy to
      which its is entitled at law or in equity, the Company will be entitled to
      an
      injunction or injunctions to prevent breaches of such sections of this Agreement
      and to enforce specifically the terms and provisions of such
      sections.

    

    Section
      9. Definitions.

    

    “Accrued
      Obligations”
has
      the
      meaning set forth in Section
      5(a)(i).

    

    “Affiliate”
means,
      with respect to any Person, any other Person that is controlled by, controlling
      or under common control with, such Person. Notwithstanding anything to the
      contrary contained herein, with respect to Otelco, the term “Affiliate” will
      include, without limitation, each Person with an ownership interest in Otelco
      (and each member, stockholder or partner of each such Person), and each Person
      in which any stockholder of Otelco (and member, stockholder, or partner of
      each
      such Person) holds or has the right to acquire, collectively, more that 10%
      of
      its voting equity interests. 

    

    “Agreement”
has
      the
      meaning set forth in the Caption.

    

    “Annual
      Base Salary”
has
      the
      meaning set forth in Section
      3(c)(i).

    

    “Benefits”
has
      the
      meaning set forth in Section
      5(a)(ii).

     

    “Board”
has
      the
      meaning set forth in Section
      3(a).

    

    “Bonus”
has
      the
      meaning set forth in Section
      3(c)(ii).

    

    “Business
      Day”
means
      any day that is not a Saturday, Sunday, legal holiday or other day on which
      banks are required to be closed in New York, New York.

    

    “Cause”
has
      the
      meaning set forth in Section
      4(c).

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    “Company”
has
      the
      meaning set forth in the Caption.

    

    “Company
      Business”
has
      the
      meaning set forth in Section
      7(a).

    

    “Company
      Entities”
have
      the meaning set forth in Section
      3(a).

    

    “Confidential
      Information”
has
      the
      meaning set forth in Section
      6(c).

     

    “Disability”
has
      the
      meaning set forth in Section
      4(a).

    

    “Effective
      Date”
has
      the
      meaning set forth in Section
      1.
      

    

    “Employment
      Period”
has
      the
      meaning set forth in Section
      2.

    

    “Employee”
has
      the
      meaning set forth in the Caption.

    

    “Person”
means
      an individual, partnership, corporation, limited liability company, trust or
      unincorporated organization, or a government or agency or political subdivision
      thereof.

    

    “Restricted
      Period”
has
      the
      meaning set forth in Section
      7(a).

    

    “Restricted
      Territory”
has
      the
      meaning set forth in Section
      7(a).

    

    “Termination
      Date”
means
      the effective date of the termination of the Employee’s employment with the
      Company, for any reason, by any party, or by death or Disability.

    

    “Without
      Cause”
has
      the
      meaning set forth in Section
      4(c).

    

    “Work
      Product”
has
      the
      meaning set forth in Section
      6(d).

    

    Section
      10. General
      Provisions.

    

    (a)
      Severability.
      It is
      the desire and intent of the parties hereto that the provisions of this
      Agreement be enforced to the fullest extent permissible under the laws and
      public policies applied in each jurisdiction in which enforcement is sought.
      Accordingly, if any particular provision of this Agreement shall be adjudicated
      by a court of competent jurisdiction to be invalid, prohibited or unenforceable
      for any reason, such provision, as to such jurisdiction, shall be ineffective,
      without invalidating the remaining provisions of this Agreement or affecting
      the
      validity or enforceability of such provision in any other jurisdiction.
      Notwithstanding the foregoing, if such provision could be more narrowly drawn
      so
      as not to be invalid, prohibited or unenforceable in such jurisdiction, it
      shall, as to such jurisdiction, be so narrowly drawn, without invalidating
      the
      remaining provisions of this Agreement or affecting the validity or
      enforceability of such provision in any other jurisdiction.

    

    (b)
      Entire
      Agreement.
      This
      Agreement embodies the complete agreement and understanding among the parties
      hereto with respect to the subject matter hereof. This Agreement supersedes
      and
      preempts any prior understandings, agreements or representations by or among
      the
      parties, written or oral, which may have related to the subject matter hereof
      in
      any way.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (c)
      Survival.
      Notwithstanding anything to the contrary contained herein, the provisions of
      Section
      6,
      Section
      7
      and
Section
      8
      shall
      survive the termination of this Agreement. 

    

    (d)
      Counterparts.
      This
      Agreement may be executed in separate counterparts, each of which is deemed
      to
      be an original and all of which taken together constitute one and the same
      agreement.

    

    (e)
      Successors
      and Assigns; Beneficiaries.
      This
      Agreement is personal to the Employee and without the prior written consent
      of
      the Company shall not be assignable by the Employee other than by will or the
      laws of descent and distribution. This Agreement shall inure to the benefit
      of
      and be enforceable by the Employee’s heirs and legal representatives and the
      successors and assigns of the Company. The Company reserves the right to assign
      this Agreement in whole or in part to any of its Affiliates and upon any such
      assignment, the term “Company” will be deemed to be such Affiliate

    

    (f)
      Governing
      Law.
      THIS
      AGREEMENT WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF
      THE
      STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ANY CHOICE OF LAW OR CONFLICTING
      PROVISION OR RULE (WHETHER OF THE STATE OF NEW YORK OR ANY OTHER JURISDICTION)
      THAT WOULD CAUSE THE LAWS OF ANY JURISDICTION OTHER THAN THE STATE OF NEW YORK
      TO BE APPLIED. IN FURTHERANCE OF THE FOREGOING, THE INTERNAL LAW OF THE STATE
      OF
      NEW YORK WILL CONTROL THE INTERPRETATION AND CONSTRUCTION OF THIS AGREEMENT,
      EVEN IF UNDER SUCH JURISDICTION’S CHOICE OF LAW OR CONFLICT OF LAW ANALYSIS, THE
      SUBSTANTIVE LAW OF SOME OTHER JURISDICTION WOULD ORDINARILY APPLY.

    

    (g)
      Waiver
      of Jury Trial.
      EACH OF
      THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ITS RIGHT TO A JURY TRIAL OF ANY
      CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT OR ANY
      DEALINGS BETWEEN THE PARTIES HERETO RELATING TO THE SUBJECT MATTER
      HEREOF.

    

    (h)
      Amendment
      and Waiver.
      The
      provisions of this Agreement may be amended and waived only with the prior
      written consent of the Employee and the Company and no course of conduct or
      failure or delay in enforcing the provisions of this Agreement shall be
      construed as a waiver of such provisions or affect the validity, binding effect
      or enforceability of this Agreement or any provision hereof.

    

    (i)
      Notices.
      All
      notices, requests, demands, claims, consents and other communications which
      are
      required or otherwise delivered hereunder shall be in writing and shall be
      deemed to have been duly given if (i) personally delivered or transmitted by
      electronic mail, (ii) sent by nationally recognized overnight courier, (iii)
      mailed by registered or certified mail with postage prepaid, return receipt
      requested, or (iv) transmitted by facsimile (with a copy of such transmission
      concurrently transmitted by registered or certified mail with postage prepaid,
      return receipt requested), to the parties hereto at the following addresses
      (or
      at such other address for a party as shall be specified by like
      notice):

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (j)
      If to
      the Board or the Company, to:

    

    c/o
      Otelco Inc. 

    505
      Third
      Avenue East

    Oneonta,
      Alabama 35121 

    Attention:
      Michael Weaver 

    Telephone
      No.: (205) 625-3596

    Facsimile
      No.: (205) 625-3528

    

    with
      a
      copy to:

    

    Dorsey
      & Whitney LLP

    250
      Park
      Avenue 

    New
      York,
      New York 10177

    Attention:
      Steven Khadavi, Esq. 

    Telephone
      No.: (212) 415-9376

    Facsimile
      No.: (212) 953-7201

    

    (b)
      if to
      the Employee to:

    

    Nicholas
      A. Winchester 

    43
      Emerald Drive

    Hampden,
      Maine 04444

    Telephone
      No.: (207) 862-6450

    Facsimile
      No.: (207) 433-0218

    

    or
      to
      such other address as the party to whom such notice or other communication
      is to
      be given may have furnished to each other party in writing in accordance
      herewith. Any such notice or communication shall be deemed to have been received
      (i) when delivered, if personally delivered or transmitted by electronic mail,
      with receipt acknowledgment by the recipient by return electronic mail, (ii)
      when sent, if sent by facsimile on a Business Day during normal business hours
      (or, if not sent on a Business Day during normal business hours, on the next
      Business Day after the date sent by facsimile), (iii) on the next Business
      Day
      after dispatch, if sent by nationally recognized, overnight courier guaranteeing
      next Business Day delivery, and (iv) on the 5th
      Business
      Day following the date on which the piece of mail containing such communication
      is posted, if sent by mail. 

    

    (k)
      Descriptive
      Headings.
      The
      descriptive headings of this Agreement are inserted for convenience only and
      do
      not constitute a part of this Agreement.

    

    (l)
      Construction.
      Where
      specific language is used to clarify by example a general statement contained
      herein, such specific language shall not be deemed to modify, limit or restrict
      in any manner the construction of the general statement to which it relates.
      The
      language used in this Agreement shall be deemed to be the language chosen by
      the
      parties to express their mutual intent, and no rule of strict construction
      shall
      be applied against any party.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (m)
      Nouns
      and Pronouns.
      Whenever the context may require, any pronouns used herein shall include the
      corresponding masculine, feminine or neuter forms, and the singular form of
      nouns and pronouns shall include the plural and vice-versa.

     

    [signature
      page follows]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

      IN
      WITNESS WHEREOF,
      the
      parties hereto have executed this Employment Agreement as of the date first
      written above.

     

    
      	 	 	 
	 	MID-MAINE
              COMMUNICATIONS, INC. 
	 
 	 
 	 
 
	 	By:  	
              /s/
                Curtis L. Garner, Jr. 

            
	 	
              

              Name:
                Curtis L. Garner, Jr.

              
                Title:
                  Vice President

              

            

    

     

    
      	 	 	 
	 	
              EMPLOYEE 

            
	 
 	 
 	 
 
	 	By:  	
              /s/
                Nicholas A. Winchester

            
	 	
              

              NICHOLAS
                A. WINCHESTER

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