Document:

ex_126353.htm

Exhibit 10.1

 

Third Amendment to Second Amended and Restated

Forbearance to Loan Agreement

 

THIS THIRD AMENDMENT TO SECOND AMENDED AND RESTATED FORBEARANCE TO LOAN AGREEMENT (this “Agreement”) dated as of October 24, 2018, is made by and among TOWERSTREAM CORPORATION, a Delaware corporation (“Parent”), TOWERSTREAM I, INC., a Delaware corporation, HETNETS TOWER CORPORATION, a Delaware corporation (together with Parent and Towerstream I, Inc., the “Borrowers” and each a “Borrower”), OMEGA COMMUNICATIONS CORPORATION, a Delaware corporation, ALPHA COMMUNICATIONS CORPORATION, a Delaware corporation, TOWERSTREAM HOUSTON, INC., a Texas corporation (together with Omega Communications Corporation and Alpha Communications Corporation, the “Guarantors” and each a “Guarantor”), the LENDERS party hereto, and MELODY BUSINESS FINANCE, LLC, a Delaware limited liability company, as administrative agent for the Lenders (in such capacity, “Administrative Agent”).

 

WITNESSETH:

 

WHEREAS, Borrowers, the financial institutions from time to time party thereto (the “Lenders”) and Administrative Agent are parties to that certain Loan Agreement dated as of October 16, 2014 (as amended, supplemented, amended and restated or otherwise modified from time to time, the “Loan Agreement”);

 

WHEREAS, Guarantors entered into that certain Guaranty, dated as of October 16, 2014, for the ratable benefit of Administrative Agent and the Lenders;

 

WHEREAS, Borrowers, Guarantors, Administrative Agent and the Majority Lenders (i) entered into that certain Amended and Restated Forbearance to Loan Agreement, dated as of February 28, 2018, which amended and restated that certain Forbearance Agreement, dated as of January 26, 2018, (ii) entered into that certain First Amendment to Amended and Restated Forbearance to Loan Agreement, dated March 30, 2018, which amended the expiration date of the Forbearance Period from March 30, 2018 to April 15, 2018, (iii) entered into that certain Second Amended and Restated Forbearance to Loan Agreement and Amendment to Loan Agreement, dated April 15, 2018, (iv) entered into that certain First Amendment to Second Amended and Restated Forbearance to Loan Agreement and Amendment to Loan Agreement, dated May 15, 2018 and (v) entered into that certain Second Amendment to Second Amended and Restated Forbearance to Loan Agreement and Amendment to Loan Agreement, dated August 20, 2018 (as amended, the “Forbearance Agreement”);

 

WHEREAS, Borrowers, Guarantors, Administrative Agent and the Lenders have agreed to amend the Forbearance Agreement as provided herein; and

 

WHEREAS, Borrowers, Guarantors, Administrative Agent and the Lenders acknowledge that the terms of this Agreement do not constitute a novation or extinguishment, of the Loan Agreement.

 

NOW, THEREFORE, in consideration of the mutual covenants and the fulfillment of the conditions set forth herein, the parties hereby agree as follows:

 

1. Definitions. All capitalized terms defined in the Loan Agreement and the Forbearance Agreement and not otherwise defined in this Agreement shall have the same meanings as assigned to them in the Loan Agreement or Forbearance Agreement, as the case may be, when used in this Agreement, unless the context hereof shall otherwise require or provide.

 

 

 

 

2. September 30, 2018 Interest Payment. Notwithstanding anything in the Loan Agreement to the contrary, the Lenders hereby agree that effective as of October 1, 2018, the interest payment required by the Loan Agreement to be paid by the Borrower with respect to the Fiscal Quarter ending September 30, 2018, may be satisfied at the option of the Borrowers by (i) payment in cash in accordance with the terms of the Loan Agreement or (ii), if payment in full is not made in cash in accordance with the Loan Agreement, the addition of such amounts to the principal amount of the Loan on September 30, 2018 and treated as PIK Interest.

 

3. Amendments to Forbearance Agreement.

 

(a) The first sentence of Section 3 of the Forbearance Agreement is hereby deleted and replaced in its entirety with the following language:

 

“3. Conditional Waiver and Forbearance. Unless the Forbearance Period is sooner terminated as provided herein and subject to the conditions hereof and upon satisfaction of the terms set forth in Section 7 hereof, Administrative Agent and the Lenders hereby agree to waive compliance with Sections 6.16 and 6.1(a)(i) (with respect only to the Qualified Auditor’s Report) of the Loan Agreement and forbear from the exercise of any of its rights and remedies under the Loan Agreement and the other Loan Documents in connection with the Specified Events of Default for a period beginning as of April 15, 2018 through and including November 15, 2018 (together with any extensions thereof, the “Forbearance Period”); provided that interest on the Loan shall accrue at the Default Rate.”

 

(b) Section 3(d)(i) of the Forbearance Agreement is hereby deleted and replaced in its entirety with the following language:

 

“(i) End of Forbearance Period. November 15, 2018;”

 

(c) Section 6(d) of the Forbearance Agreement is hereby deleted and replaced in its entirety with the following language:

 

“(d) [Reserved].

 

4. Ratification of Loan Documents. Each Borrower, each Guarantor, Administrative Agent and each Lender further agrees that the Liens created by the Loan Documents shall continue and carry forward until the Obligations are paid and performed in full. Each Borrower and each Guarantor further agrees that such Liens are hereby ratified and affirmed as valid and subsisting against the property described in the Loan Documents and that this Agreement shall in no manner vitiate, affect or impair the Loan Agreement or the other Loan Documents (except as expressly modified in this Agreement), and that such Liens shall not in any manner be waived, released, altered or modified. Each Borrower and each Guarantor acknowledges and agrees that as of the date hereof, to its current and actual knowledge, there are no offsets, defenses or claims against any part of the Obligations.

 

Third Amendment to Forbearance to Loan Agreement

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5. Representations and Warranties. Each Borrower and Guarantor hereby certifies that, after giving effect to this Agreement:

 

(a) The representations and warranties of each Borrower and Guarantor contained in Article 5 of the Loan Agreement, or which are contained in any document furnished at any time under or in connection with the Loan Agreement, that are qualified by materiality are true and correct on and as of the date hereof, and each of the representations and warranties of each Borrower and Guarantor contained in Article 5 of the Loan Agreement (other than Section 5.25 of the Loan Agreement solely with respect to the Specified Events of Default), or which are contained in any document furnished at any time under or in connection with the Loan Agreement, that are not qualified by materiality are true and correct in all material respects on and as of the date hereof, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct, or true and correct in all material respects, as the case may be, as of such earlier date;

 

(b) this Agreement has been duly authorized, executed and delivered by each Borrower and each Guarantor and constitutes a legal, valid and binding obligation of each such party, except as may be limited by general principles of equity or by the effect of the Bankruptcy Code or any applicable similar statute; and

 

(c) after giving effect to this Agreement and except for the Specified Events of Default, no Default or Event of Default exists.

 

6. Conditions to Effectiveness. This Agreement shall not be effective until the following conditions precedent have been satisfied:

 

(a) Administrative Agent shall have received counterparts of this Agreement executed by each Borrower, each Guarantor, Administrative Agent and each Lender;

 

(b) Administrative Agent shall have received such other documents, instruments and certificates as reasonably requested by Administrative Agent; and

 

(c) Borrowers shall have paid the legal fees and expenses of Moore & Van Allen PLLC, as counsel to Administrative Agent incurred through the date hereof.

 

Upon the satisfaction of the conditions set forth in this Section 6, this Agreement shall be effective as of the date hereof.

 

7. Scope of Agreement. Any and all other provisions of the Loan Agreement and any other Loan Documents are hereby amended and modified wherever necessary and even through not specifically addressed herein, so as to conform to the amendments and modifications set forth in this Agreement.

 

8. Limitation on Agreements. The amendments and agreements set forth herein are limited in scope as described herein and shall not be deemed (a) to be a consent under, or waiver of, any other term or condition of the Loan Agreement or any of the other Loan Documents, or (b) to prejudice any right or rights which Administrative Agent or any Lender now has or may have in the future under, or in connection with the Loan Documents, as amended or modified by this Agreement, the other Loan Documents or any of the documents referred to herein or therein.

 

9. CHOICE OF LAW; SERVICE OF PROCESS; JURY TRIAL WAIVER. 

 

THE VALIDITY OF THIS AGREEMENT, THE CONSTRUCTION, INTERPRETATION, AND ENFORCEMENT HEREOF, AND THE RIGHTS OF THE PARTIES HERETO WITH RESPECT TO ALL MATTERS ARISING HEREUNDER OR RELATED HERETO SHALL BE DETERMINED UNDER, GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW, BUT OTHERWISE EXCLUDING AND WITHOUT REGARD FOR THE CONFLICTS OF LAWS PRINCIPLES THEREOF).

 

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THE PARTIES HEREBY IRREVOCABLY AND UNCONDITIONALLY SUBMIT, FOR THEMSELVES AND THEIR PROPERTY, TO THE EXCLUSIVE JURISDICTION OF ANY UNITED STATES FEDERAL OR NEW YORK STATE COURT SITTING IN NEW YORK, NEW YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING SHALL BE HEARD AND DETERMINED IN SUCH NEW YORK STATE OR, TO THE EXTENT PERMITTED BY LAW, IN SUCH FEDERAL COURT. BORROWER AND THE LENDER GROUP WAIVE, TO THE EXTENT PERMITTED UNDER APPLICABLE LAW, ANY RIGHT EACH MAY HAVE TO ASSERT THE DOCTRINE OF FORUM NON CONVENIENS OR TO OBJECT TO VENUE TO THE EXTENT ANY PROCEEDING IS BROUGHT IN ACCORDANCE WITH THIS SECTION 10. EACH PARTY HERETO FURTHER IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS OF ANY OF THE AFOREMENTIONED COURTS IN ANY SUCH ACTION OR PROCEEDING BY THE MAILING OF COPIES THEREOF BY REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID, TO SUCH PARTY AT ITS SAID ADDRESS. BORROWER AND THE LENDER GROUP HEREBY WAIVE THEIR RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREIN, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW OR STATUTORY CLAIMS. BORROWER AND THE LENDER GROUP REPRESENT THAT EACH HAS REVIEWED THIS WAIVER AND EACH KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. IN THE EVENT OF LITIGATION, A COPY OF THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT.

 

10. Section Headings. Headings and numbers have been set forth herein for convenience only. Unless the contrary is compelled by the context, everything contained in each Section applies equally to this entire Agreement.

 

11. Loan Document. This Agreement is a Loan Document and is subject to all provisions of the Loan Agreement applicable to Loan Documents, all of which are incorporated in this Agreement by reference the same as if set forth in this Agreement verbatim.

 

12. Severability of Provisions. Each provision of this Agreement shall be severable from every other provision of this Agreement for the purpose of determining the legal enforceability of any specific provision.

 

13. No Novation. This Agreement amends the Forbearance Agreement. This Agreement is given as an amendment and modification of, and not as a payment of, the Obligations and is not intended to constitute a novation of the Loan Agreement or any of the other Loan Documents. All of the Obligations owing by Borrower under the Loan Agreement and the other Loan Documents shall continue.

 

14. Successors and Assigns. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby, except that no Borrower or any of Parent’s Subsidiaries may assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of Administrative Agent and each of the Lenders. Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto and their respective successors and assigns permitted hereby) any legal or equitable right, remedy or claim under or by reason of this Agreement.

 

Third Amendment to Forbearance to Loan Agreement

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15. Counterparts; Telefacsimile Execution. This Agreement may be executed in any number of counterparts and by different parties on separate counterparts, each of which, when executed and delivered, shall be deemed to be an original, and all of which, when taken together, shall constitute but one and the same Agreement. Delivery of an executed counterpart of this Agreement by telefacsimile or other electronic means shall be equally as effective as delivery of an original executed counterpart of this Agreement. Any party delivering an executed counterpart of this Agreement by telefacsimile or other electronic means also shall deliver an original executed counterpart of this Agreement but the failure to deliver an original executed counterpart shall not affect the validity, enforceability, and binding effect of this Agreement.

 

16. Expenses. Without limiting the provisions of the Loan Agreement (including, without limitation, Article 10 thereof), Borrowers agree to pay all costs and expenses (including without limitation reasonable fees and expenses of any counsel, financial advisor, industry advisor and agent for Administrative Agent or any Lender) incurred before or after the date hereof by Administrative Agent, any Lender and their respective Affiliates in connection with the preparation, negotiation, execution, delivery and administration of this Agreement and the other Loan Documents.

 

17. Release. As a material part of the consideration for Administrative Agent and the Lenders entering into this Agreement, each Borrower (“Releasor”) agrees as follows (the “Release Provision”):

 

(a) Releasor hereby releases and forever discharges Administrative Agent, each Lender and their respective predecessors, successors, assigns, officers, managers, directors, shareholders, employees, agents, attorneys, representatives, parent corporations, subsidiaries, and affiliates (hereinafter all of the above collectively referred to as “Lender Group”) jointly and severally from any and all claims, counterclaims, demands, damages, debts, agreements, covenants, suits, contracts, obligations, liabilities, accounts, offsets, rights, actions, and causes of action of any nature whatsoever occurring prior to the date hereof, including, without limitation, all claims, demands, and causes of action for contribution and indemnity, whether arising at law or in equity, presently possessed, whether known or unknown, whether liability be direct or indirect, liquidated or unliquidated, presently accrued, whether absolute or contingent, foreseen or unforeseen, and whether or not heretofore asserted (“Claims”), which Releasor may have or claim to have against any of Lender Group.

 

(b) Releasor agrees not to sue any of Lender Group or in any way assist any other Person in suing Lender Group with respect to any Claim released herein. The Release Provision may be pleaded as a full and complete defense to, and may be used as the basis for an injunction against, any action, suit, or other proceeding which may be instituted, prosecuted, or attempted in breach of the release contained herein.

 

(c) Releasor acknowledges, warrants, and represents to Lender Group that:

 

(i) Releasor has read and understands the effect of the Release Provision. Releasor has had the assistance of independent counsel of its own choice, or has had the opportunity to retain such independent counsel, in reviewing, discussing, and considering all the terms of the Release Provision; and if counsel was retained, counsel for Releasor has read and considered the Release Provision and advised Releasor to execute the same. Before execution of this Agreement, Releasor has had adequate opportunity to make whatever investigation or inquiry it may deem necessary or desirable in connection with the subject matter of the Release Provision.

 

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(ii) Releasor is not acting in reliance on any representation, understanding, or agreement not expressly set forth herein. Releasor acknowledges that Lender Group has not made any representation with respect to the Release Provision except as expressly set forth herein.

 

(iii) Releasor has executed this Agreement and the Release Provision thereof as its free and voluntary act, without any duress, coercion, or undue influence exerted by or on behalf of any Person.

 

(iv) Releasor is the sole owner of the Claims released by the Release Provision, and Releasor has not heretofore conveyed or assigned any interest in any such Claims to any other Person.

 

(d) Releasor understands that the Release Provision was a material consideration in the agreement of Administrative Agent and the Lenders to enter into this Agreement.

 

(e) It is the express intent of Releasor that the release and discharge set forth in the Release Provision be construed as broadly as possible in favor of Lender Group so as to foreclose forever the assertion by Releasor of any Claims released hereby against Lender Group.

 

(f) If any term, provision, covenant, or condition of the Release Provision is held by a court of competent jurisdiction to be invalid, illegal, or unenforceable, the remainder of the provisions shall remain in full force and effect.

 

18. INTEGRATION. THIS AGREEMENT, TOGETHER WITH THE OTHER LOAN DOCUMENTS EXECUTED IN CONNECTION HEREWITH, REPRESENTS THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

 

(Signature pages follow)

 

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed.

 

	
			BORROWERS:

				
			TOWERSTREAM CORPORATION,

			
	
			 

				
			a Delaware corporation

			
	
			 

				
			 

				
			 

			
	
			 

				
			By:

				
			/s/ Ernest Ortega

			
	
			 

				
			Name: 

				
			Ernest Ortega          

			
	
			 

				
			Title:

				
			Chief Executive Officer

			
	
			 

				
			 

				
			 

			
	
			 

				
			TOWERSTREAM I, INC.,

			
	
			 

				
			a Delaware corporation,

			
	
			 

				
			 

				
			 

			
	
			 

				
			By:

				
			/s/ Ernest Ortega

			
	
			 

				
			Name:

				
			Ernest Ortega

			
	
			 

				
			Title:

				
			Chief Executive Officer

			
	
			 

				
			 

				
			 

			
	
			 

				
			HETNETS TOWER CORPORATION,

			
	
			 

				
			a Delaware corporation,

			
	
			 

				
			 

				
			 

			
	
			 

				
			By:

				
			/s/ Ernest Ortega

			
	
			 

				
			Name:

				
			Ernest Ortega

			
	
			 

				
			Title:

				
			Chief Executive Officer

			

 

	
			Signature Page

			Third Amendment to Forbearance to Loan Agreement

			

 

 

 

	
			GUARANTORS:

				
			OMEGA COMMUNICATIONS CORPORATION,

			
	
			 

				
			a Delaware corporation

			
	
			 

				
			 

				
			 

			
	
			 

				
			By:

				
			/s/ Ernest Ortega

			
	
			 

				
			Name: 

				
			Ernest Ortega                           

			
	
			 

				
			Title:

				
			Chief Executive Officer

			
	
			 

				
			 

				
			 

			
	
			 

				
			ALPHA COMMUNICATIONS CORPORATION,

			
	
			 

				
			a Delaware corporation,

			
	
			 

				
			 

				
			 

			
	
			 

				
			By:

				
			/s/ Ernest Ortega

			
	
			 

				
			Name:

				
			Ernest Ortega

			
	
			 

				
			Title:

				
			Chief Executive Officer

			
	
			 

				
			 

				
			 

			
	
			 

				
			TOWERSTREAM HOUSTON, INC,

			
	
			 

				
			a Texas corporation,

			
	
			 

				
			 

				
			 

			
	
			 

				
			By:

				
			/s/ Ernest Ortega

			
	
			 

				
			Name:

				
			Ernest Ortega

			
	
			 

				
			Title:

				
			Chief Executive Officer

			

 

	
			Signature Page

			Third Amendment to Forbearance to Loan Agreement

			

 

 

 

	
			ADMINISTRATIVE AGENT:

				
			MELODY BUSINESS FINANCE, LLC,

			
	
			 

				
			a Delaware limited liability company

			
	
			 

				
			 

				
			 

			
	
			 

				
			By:

				
			/s/ Terri Lecamp

			
	
			 

				
			 

				
			Terri Lecamp

			
	
			 

				
			 

				
			Authorized Signatory

			

 

	
			Signature Page

			Third Amendment to Forbearance to Loan Agreement

			

 

 

 

	
			LENDERS:

				
			MELODY CAPITAL PARTNERS OFFSHORE 

			CREDIT MINI-MASTER FUND, LP

			
	
			 

				
			 

			
	
			 

				
			By:

				
			Melody Capital Partners, LP

			
	
			 

				
			 

				
			Its Investment Advisor

			
	
			 

				
			 

				
			 

			
	
			 

				
			By: 

				
			/s/ Terri Lecamp

			
	
			 

				
			 

				
			Terri Lecamp

			
	
			 

				
			 

				
			Authorized Signatory

			
	
			 

				
			 

				
			 

			
	
			 

				
			MELODY CAPITAL PARTNERS ONSHORE 

			CREDIT FUND, LP

			
	
			 

				
			 

			
	
			 

				
			By:

				
			Melody Capital Partners, LP

			
	
			 

				
			 

				
			Its Investment Advisor

			
	
			 

				
			 

				
			 

			
	
			 

				
			By:

				
			/s/ Terri Lecamp

			
	
			 

				
			 

				
			Terri Lecamp

			
	
			 

				
			 

				
			Authorized Signatory

			
	
			 

				
			 

				
			 

			
	
			 

				
			MELODY SPECIAL SITUATIONS OFFSHORE 

			CREDIT MINI-MASTER FUND, LP

			
	
			 

				
			 

			
	
			 

				
			By:

				
			Melody Capital Partners, LP

			
	
			 

				
			 

				
			Its Investment Advisor

			
	
			 

				
			 

				
			 

			
	
			 

				
			By:

				
			/s/ Terri Lecamp

			
	
			 

				
			 

				
			Terri Lecamp

			
	
			 

				
			 

				
			Authorized Signatory

			

 

	
			Signature Page

			Third Amendment to Forbearance to Loan AgreementEX-10.2

 Exhibit 10.2 

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%) 

  
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percent of all classes of voting stock of the surviving entity), or (ii) any sale, lease, exchange or 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. 

  
 3 

 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. 
 (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. 

  
 4 

 (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; 

  
 5 

 (iv) participate in the Company’s death benefit plans; 

(v) participate in the Company’s disability benefit plans; 

(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. 

  
 6 

 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 

  
 7 

 
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; 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

  
 8 

 
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 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 three (3) 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; the second annual bonus would have been paid on the last business day of the second February following the date of employment termination; and the third annual
bonus would have been paid on the last business day of the third 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 

  
 9 

 
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 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, 

  
 10 

 
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 three (3) consecutive years following employment termination, determined based on the 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 three (3) 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. 

  
 11 

 (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

  
 12 

 
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 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. 

  
 13 

 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 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 

  
 14 

 
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 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. 

  
 15 

 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 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 

  
 16 

 
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 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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