Document:

EXHIBIT 10.9

                  AMENDED AND RESTATED EMPLOYMENT AGREEMENT

            This Amended and Restated Employment Agreement (this "Agreement") is
made and entered into this 30th day of December, 2004, effective as of as of
July 1, 2003 (the "Effective Date"), by and between American Home Mortgage
Holdings, Inc., a Delaware corporation (the "Company"), and Thomas J. Fiddler
(the "Executive").

            WHEREAS, reference is made to that certain Agreement and Plan of
Merger, dated as of January 17, 2000, by and among the Company, American Home
Mortgage Sub II, Inc., First Home Mortgage Corp. ("First Home") and the
stockholders of First Home listed on the signature pages thereto (as amended
from time to time, the "Merger Agreement");

            WHEREAS, in connection with the Merger Agreement, the Company and
the Executive previously entered into that certain Employment Agreement, dated
as of January 17, 2000 (the "Original Employment Agreement"), by and between the
Company and the Executive, and that certain Non-Competition Agreement, dated as
of January 17, 2000 (the "Non-Competition Agreement"), by and between the
Company and the Executive;

            WHEREAS, the Company desires to continue to assure itself of the
services of the Executive, upon the terms and conditions hereinafter set forth;

            WHEREAS, the Executive desires to continue to be employed by the
Company, upon the terms and conditions hereinafter set forth; and

            WHEREAS, it is the intention of the Company and the Executive that,
as of the Effective Date (as hereinafter defined), this Agreement shall
supersede and replace in full any and all other agreements between the parties
with respect to the subject matter hereof, including, but not limited to, the
Original Employment Agreement and the Non-Competition Agreement;

            NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the Company and the Executive
hereby agree as follows:

            1. Definitions. Unless defined elsewhere in this Agreement,
capitalized terms contained herein shall have the meanings set forth or
incorporated by reference in Section 18 hereof.

            2. Employment. The Company agrees to employ the Executive, and the
Executive hereby accepts such employment by the Company and/or any subsidiary or
affiliate of the Company, during the term set forth in Section 3 hereof and upon
the other terms and conditions of this Agreement.
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            3. Term.

            (a) The term of this Agreement shall commence as of July 1, 2003
(the "Effective Date"), and, subject to Section 3(b) hereof, shall terminate at
the close of business on the fifth anniversary of such date (the "Fifth
Anniversary").

            (b) The term of this Agreement set forth in Section 3(a) hereof
shall be extended or further extended, as the case may be, without any action by
the Company or the Executive, on the Fifth Anniversary and on each subsequent
anniversary of the date thereof, for an additional period of one year, until
either party gives a Notice of Termination (as defined in Section 7(g) hereof)
to the other party six (6) months in advance of any such anniversary of the
Effective Date, in the manner set forth in Section 15 hereof, that the term in
effect when such notice is given is not to be extended or further extended, as
the case may be, beyond the next anniversary of the Effective Date. If the
Executive shall continue in the full-time employment of the Company after the
Fifth Anniversary, such continued employment shall be subject to the terms and
conditions of this Agreement, including, without limitation, the continuation of
the Executive's compensation hereunder, except to the extent that the parties
hereto mutually agree in writing to revise any of the terms hereof.

            4. Position, Duties and Responsibilities, Rights.

            (a) From the Effective Date until the Fifth Anniversary, the
Executive shall serve as, and be elected to and hold the office and title of,
Executive Vice President, Eastern Division, of the Company. As such, the
Executive shall report only to the President, Eastern Division, of the Company
and the Chief Executive Officer of the Company, and shall have all of the powers
and duties usually incident to the office of Executive Vice President of the
Eastern Division of the Company, and shall have powers to perform such other
reasonable additional duties as may from time to time be lawfully assigned to
the Executive by the President, Eastern Division, of the Company or the Chief
Executive Officer of the Company. Among other duties, the Executive shall be
responsible for profit and loss and sales management for the Company's Eastern
Division.

            (b) During the term of this Agreement, the Executive agrees to
devote substantially all of the Executive's time, efforts and skills to the
affairs of the Company during the Company's normal business hours, except for
vacations, illness and incapacity, but nothing in this Agreement shall preclude
the Executive from devoting reasonable periods to (i) manage the Executive's
personal investments, (ii) participate in professional, educational, public
interest, charitable, civic or community activities, including activities
sponsored by trade organizations, (iii) serve as a director or member of an
advisory committee of any corporation not in competition with the Company or any
of its subsidiaries or affiliates, or as an officer, trustee or director of any
charitable, educational, philanthropic, civic, social or industry organizations,
or as a speaker or arbitrator, or engage in the following business activities or
businesses: (A) serve as a member of the board of directors of a bank, provided
the bank is not significantly engaged in mortgage lending activities; (B) real
estate brokerage; (C) title insurance; (D) real estate development; (E) real
estate investment; or (F) credit bureau services; provided, however, that the
performance of the Executive's duties or responsibilities in any of such
capacities does not

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materially interfere with the regular performance of the Executive's duties and
responsibilities hereunder.

            5. Place of Performance. In connection with the Executive's
employment by the Company, the Executive shall be based at a location designated
by the Company in the Chicagoland area as the principal executive offices of the
Company's Eastern Division, and shall not be required to be absent therefrom on
travel status or otherwise for more than a reasonable time each year as
necessary or appropriate for the performance of the Executive's duties
hereunder.

            6. Compensation. During the term of this Agreement, the Executive
shall be compensated by the Company as follows:

            (a) Base Salary. The Company shall pay the Executive, and the
Executive agrees to accept, an annual base salary in the amount of (i) from the
Effective Date to July 1, 2004, not less than $224,167, and (ii) on or after
July 1, 2004, not less than $400,000, which annual base salary may be increased
by the Company in its sole discretion (the annual base salary as may be
increased from time to time during the term of this Agreement being hereinafter
referred to as the "Base Salary"). The Base Salary shall be paid in 24 equal
semi-monthly installments; provided, however, in the event that the Company
changes its normal payroll cycle, such payment installments will be adjusted
accordingly, but in no event will the Base Salary be paid less frequently than
monthly. Any and all Base Salary due the Executive as of the date of the
execution of this Agreement, but not previously paid, shall be paid to the
Executive in a lump sum no later than ten (10) days after the date of execution
of this Agreement.

            (b) Performance-Based Compensation.

            (i) Volume Override Payment. For each fiscal quarter of the Company
      during the term of this Agreement, the Executive shall receive in cash an
      amount equal to one-quarter (0.25) of a basis point of Origination Volume
      of loan production of the Eastern Division (the "Volume Override
      Payment").

            (ii) Profit Participation Payment. For each fiscal year of the
      Company during the term of this Agreement, the Executive shall receive
      three and one-quarter percent (3.25%) of the difference between any
      Profits of the Eastern Division less the amount of the Invested Capital
      Charge (the "Profit Participation Payment").

            (iii) Payment of Volume Override Payment and Profit Participation
      Payment. The Company shall pay any Volume Override Payment due the
      Executive on a quarterly basis in a lump sum no later than 30 days after
      the end of each fiscal quarter to which the Volume Override Payment
      relates. The Company shall pay any Profit Participation Payment due the
      Executive on an annual basis in a lump sum no later than March 31st of the
      fiscal year that immediately follows the fiscal year to which the Profit
      Participation Payment relates.

            (iv) Determination of Volume Override Payment and Profit
      Participation Payment. Within ten (10) days after the end of each fiscal
      quarter during the term of this Agreement, the Company shall determine the
      amount of any Volume

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      Override Payment due to the Executive (a "Volume Override Payment
      Determination") and furnish the Volume Override Payment Determination to
      the Executive together with information reflecting the basis for the
      determination. Within 60 days after the end of each fiscal year during the
      term of this Agreement, the Company shall determine the amount of any
      Profit Participation Payment due to the Executive (a "Profit Participation
      Payment Determination") and furnish the Profit Participation Payment
      Determination to the Executive together with information reflecting the
      basis for such determination. After receipt of any Volume Override Payment
      Determination or Profit Participation Payment Determination, the Executive
      may request from the Company an audit of the determination (a "Payment
      Audit"), which Payment Audit shall be performed by the Company's
      independent public accountants at such time. Any request by the Executive
      for a Payment Audit must be in writing and must be received by the Company
      within 30 days of the Executive's receipt of the Volume Override Payment
      Determination or Profit Participation Payment Determination to which the
      request for a Payment Audit relates. The Company shall bear the cost of
      any Payment Audit requested by the Executive under this Section 6(c)(iv);
      provided, however, that if the Volume Override Payment or Profit
      Participation Payment determined by the Company's independent public
      accountants after conducting the Payment Audit is not more than one
      percent (1%) greater than amount of the Volume Override Payment or Profit
      Participation Payment in the Volume Override Payment Determination or
      Profit Participation Payment Determination, as the case may be, the
      Executive shall bear the full cost of the Payment Audit.

            (c) Payments under the Merger Agreement.

            (i) The Company shall continue to pay the Executive all amounts, if
      any, due to the Executive under Sections 2.4(c) and 2.4(e) of the Merger
      Agreement, upon the terms and conditions set forth in the Merger
      Agreement, and until such provisions have terminated in accordance with
      the terms of the Merger Agreement.

            (ii) For Volume Override Payments and Profit Participation Payments
      relating to all periods from the Effective Date through June 30, 2005
      (i.e., the date on which Section 2.4(d) of the Merger Agreement expires),
      the Executive shall be paid the Volume Override Payments and Profit
      Participation Payments described above in lieu of all amounts, if any, due
      to the Executive under Section 2.4(d) of the Merger Agreement. The Volume
      Override Payments and Profit Participation Payments payable for all such
      periods, up to an aggregate amount not to exceed $1,019,084.21 per annum,
      shall be paid to the Executive as if payable under Section 2.4(d) of the
      Merger Agreement, and the Company and the Executive agree to treat
      payments up to such aggregate amount in all respects as if they had been
      paid pursuant to the Merger Agreement.

            (iii) Except as set forth in this Section 6(c), as of the Effective
      Date of this Agreement, the Company shall not be obligated to make any
      other payments, or fulfill any other obligations, to the Executive under
      the Merger Agreement.

            (d) Perquisites and Reimbursement of Expenses. During the term of
this Agreement, the Executive shall be entitled to (i) perquisites, including,
without limitation,  an office and secretarial and clerical staff, and (ii)
fringe benefits, including, without limitation,

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health insurance, in each case at least equal to, and on the same terms and
conditions as, those attached to the Executive's office on the date hereof, as
the same may be improved from time to time during the term of this Agreement, as
well as to reimbursement, upon proper accounting, of all reasonable expenses and
disbursements incurred by the Executive in the course of the Executive's duties.

            (e) Dependents and Beneficiaries. The Executive and the Executive's
dependents and beneficiaries shall be entitled to all benefits and service
credit for benefits during the term of this Agreement to which senior officers
of the Company and their dependents and beneficiaries are entitled as the result
of the employment of such officers during the term of this Agreement under the
terms of employee plans and practices of the Company and its subsidiaries and
affiliates, including, without limitation, any pension plans, profit sharing
plans, any non-qualified deferred compensation plans and related "rabbi" trusts,
the Company's life insurance plans, its disability benefit plans, its vacation
and holiday pay plans, its medical, dental and welfare plans, and other present
or successor plans and practices of the Company and its subsidiaries and
affiliates for which senior officers, their dependents and beneficiaries are
eligible, and to all payments and other benefits under any such plan or practice
subsequent to the term of this Agreement as a result of participation in such
plan or practice during the term of this Agreement.

            7. Termination of Employment.

            (a) The term of this Agreement shall terminate upon the death of the
Executive.

            (b) The Company may terminate the Executive's employment during the
term of this Agreement for Cause as provided in Section 7(b)(i) hereof or in the
event of Disability as provided in Section 7(b)(ii) hereof.

            (i) This Agreement shall be considered terminated for "Cause" only:

                  (A) if the Executive willfully fails to substantially perform
            the duties reasonably assigned to him by the Chief Executive
            Officer, other than by reason of a Disability;

                  (B) if the Executive is grossly negligent or engages in gross
            misconduct in the performance of the Executive's duties hereunder;

                  (C) if the Executive knowingly engages in an act of
            dishonesty, an act of fraud or embezzlement, or any conduct
            resulting in a felony conviction; or

                  (D) if the Executive violates the provisions of Section 9
            hereof,

      and, in the case of each of clauses (A), (B) (C) and (D) above, the
      applicable conditions set forth in Section 7(f) hereof are satisfied.

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            Anything in this Section 7(b) to the contrary notwithstanding, the
      Executive's employment shall in no event be considered terminated by the
      Company for Cause if termination takes place as the result of bad judgment
      or negligence on the part of the Executive other than gross negligence or
      willful or reckless misconduct.

            (ii) The term "Disability" as used in this Agreement means an
      accident or physical or mental illness which prevents the Executive from
      substantially performing the Executive's duties hereunder for six
      consecutive months. The term of this Agreement shall end as of the close
      of business on the last day of such six-month period but without prejudice
      to any payments due to the Executive in respect of disability under this
      Agreement or any plan or practice of the Company.

            (c) The Executive may terminate the Executive's employment during
the term of this Agreement for Good Reason. For purposes of this Agreement,
"Good Reason" shall mean (i) a reduction of the Executive's rate of compensation
or any other failure by the Company to comply with Section 6 hereof; (ii)
failure by the Company to comply with Section 5 hereof; (iii) failure by the
Company to obtain the assumption of, and the agreement to perform, this
Agreement by any successor as contemplated in Section 11(a) hereof; or (iv) in
the event of a Change in Control; except that, the Executive may not terminate
his employment hereunder for Good Reason unless the Company fails to cure such
Good Reason within thirty (30) days of receipt of written notice from the
Executive pursuant to Section 7(d). For purposes of this section, a Change in
Control shall occur if, within ten (10) years of the date of this Agreement, any
person or entity other than, individually or collectively, the Board of
Directors of AHMIC, as constituted as of the date of this Agreement, obtains
control of more than fifty percent (50%) of the voting securities of AHMIC or of
the Company (except, in the case of the Company, as the result of an internal
reorganization of AHMIC), and, as a result thereof, the Executive is discharged,
or there is a diminution or other adverse change in the Executive's job
description, responsibilities, working conditions or authority and the Executive
consequently resigns.

            (d) Any termination by the Company pursuant to Section 7(b) hereof,
by the Executive pursuant to Section 7(c) hereof, or by the Company or the
Executive pursuant to Section 3(b) hereof, shall be communicated by a Notice of
Termination to the other party hereto. For purposes of this Agreement, "Notice
of Termination" shall mean (i) with respect to termination pursuant to Sections
7(b) or 7(c) hereof, a written notice which indicates the specific termination
provision(s) in this Agreement relied upon and sets forth in reasonable detail
the facts and circumstances claimed to provide a basis for termination of the
Executive's employment under the provision(s) so indicated.

            (e) Notwithstanding anything to the contrary set forth herein, the
Company shall have the right to terminate the Executive's employment for any
reason other than Cause at any time, subject to the consequences of such
termination as set forth in Section 8 hereof.

            (f) In no event shall the Company be entitled to terminate the
Executive's employment during the term of this Agreement for Cause pursuant to
Section 7(b) hereof, unless and until all of the following take place, provided
that Sections 7(f)(i) through (iii) shall not apply to any termination for Cause
pursuant to Section 7(b)(i)(C):

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            (i) the Secretary of the Company gives written notice to the
      Executive (the "Warning Notice") setting forth (A) the specific
      provision(s) of this Agreement that the Executive is alleged to have
      failed to satisfy, (B) the acts or omissions alleged to constitute such
      failure, (C) the date on which the Executive shall be given a reasonable
      opportunity to appear before and be heard by the Board of Directors of the
      Company concerning the allegations, which date shall be not less than 30,
      nor more than 90, days after the Executive's receipt of the Warning
      Notice, and (D) the loss of rights under this Agreement that shall occur
      unless the Executive diligently and in good faith takes reasonable steps
      to remedy such failure within 30 days after the Executive's receipt of the
      Warning Notice;

            (ii) the Executive does not diligently and in good faith take all
      reasonable steps to remedy such failure within 30 days after the
      Executive's receipt of the Warning Notice; and

            (iii) the Executive is given a reasonable opportunity to appear
      before and be heard by the Board of Directors of the Company concerning
      the allegations, in accordance with the Warning Notice.

            (g) "Date of Termination" shall mean (i) if the Executive's
employment is terminated by the Executive's death, the date of the Executive's
death, (ii) if the Executive's employment is terminated pursuant to Section
7(b)(ii) hereof, 30 days after Notice of Termination is given (provided that the
Executive shall not have returned to the performance of the Executive's duties
on a full-time basis during such 30-day period), and (iii) if the Executive's
employment is terminated for any other reason, the date on which Notice of
Termination is given.

            8. Compensation on Termination. The parties recognize and agree
that, if the Company terminates the Executive's employment during the term of
this Agreement other than pursuant to Section 7(b) hereof, or if the Executive
terminates the Executive's employment during the term of this Agreement for Good
Reason pursuant to Section 7(c) hereof, the actual damages to the Executive
would be difficult if not impossible to ascertain and agree that the Executive's
sole remedy shall be a right to receive amounts determined and paid in
accordance with the provisions of this Section 8. The Executive shall not be
required to mitigate the amount of any payment provided for in this Section 8 by
seeking other employment or otherwise, nor shall any compensation earned by the
Executive in other employment or otherwise reduce the amount of any payment
provided for in this Section 8.

            (a) If the Company shall terminate the Executive's employment during
the term of this Agreement other than pursuant to Section 7(b) hereof, or if the
Executive shall terminate the Executive's employment during the term of this
Agreement for Good Reason pursuant to Section 7(c) hereof, or if the Executive's
employment shall terminate by reason of the Company electing not to extend or
further extend the term of this Agreement pursuant to Section 3(b) hereof, then,
as severance pay or liquidated damages or both:

            (i) the Company shall pay to the Executive the Executive's Base
      Salary at the rate in effect at the time Notice of Termination is given
      for a period of five (5) years from the Date of Termination, together with
      any other amounts payable to the

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      Executive under Section 6 hereof for periods prior to the Date of
      Termination (the Base Salary payable to the Executive after termination of
      employment under this Section 8(a)(i) shall be paid in 24 equal
      semi-monthly installments per year, in accordance with the Company's
      normal payroll cycle; provided, however, in the event that the Company
      changes its normal payroll cycle, such payment installments will be
      adjusted accordingly, but in no event will the Base Salary be paid less
      frequently than monthly);

            (ii) the Company shall make any payments if and when due to the
      Executive under Section 6(c) hereof; and

            (iii) for a period of five (5) years from the Date of Termination,
      the Executive and his dependents and beneficiaries shall be entitled to
      receive health insurance from the Company on substantially the same terms
      and conditions as the Executive's health insurance in effect at the time
      Notice of Termination is given.

            (b) If the Executive's employment terminates under any circumstance
that does not entitle the Executive to payments under Section 8(a) hereof
(including a termination by reason of the death or Disability of the Executive,
or by reason of the Executive electing not to extend or further extend the term
of this Agreement pursuant to Sections 3(b) and 7(d) hereof), the Executive (i)
shall not be entitled to receive any compensation under Section 6 accruing after
the date of such termination (other than any payments due under Section 6(c)
hereof), and (ii) shall be (x) subject to the Non-Competition Restrictions (as
defined in Section 9 hereof) for a period of three (3) years from the Date of
Termination and (y) subject to the Non-Solicitation Restrictions (as defined in
Section 9 hereof) for a period of eight (8) years from the Date of Termination.

            9. Non-Competition; Non-Solicitation.

            (a) The Executive agrees that for the period ending on the Fifth
Anniversary or for such longer period of time if the Executive is employed by
the Company in accordance with Section 3(b) hereof or as may be extended under
this Section 9, or as otherwise set forth in this Agreement (the
"Non-Competition Period"), the Executive shall not, directly or indirectly
(whether as a sole proprietor, partner or venturer, stockholder, director,
officer, employee, consultant or in any other capacity as principal or agent or
through any Person, subsidiary, affiliate or employee acting as nominee or
agent):

            (i) conduct or engage in or be interested in or associated with any
      Person which conducts or engages in the AHM Business (as hereinafter
      defined) within the United States;

            (ii) take any action, directly or indirectly, to finance, guarantee
      or provide any other material assistance to any Person engaged in the AHM
      Business;

            (iii) solicit, contact or accept business of any client or
      counterparty whom the Company served or conducted business with or whose
      name became known to the Executive as a potential client or counterparty
      while in the employ of the Company or during the Non-Competition Period;
      or

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            (iv) influence or attempt to influence any Person that is a
      contracting party with the Company at any time during the Non-Competition
      Period to terminate any written or oral agreement with the Company.

            The restrictions set forth in paragraphs (i) through (iv) of this
Section 9(a) shall be collectively referred to herein as the "Non-Competition
Restrictions." For purposes of this Agreement, the term "AHM Business" shall
mean the residential mortgage lending or residential mortgage brokerage business
as conducted by the Company and any business involving the supply of services
substantially similar to services provided by the Company at the time of the
termination of the Executive's employment.

            (b) The Executive agrees that for the period ending on the Fifth
Anniversary or for such longer period of time if the Executive is employed by
the Company in accordance with Section 3(b) hereof or as may be extended under
this Section 9, or as otherwise set forth in this Agreement (the
"Non-Solicitation Period"), the Executive shall not, whether for the Executive's
own account or in conjunction with or on behalf of any other Person, solicit or
entice away from the Company any officer, employee or customer of the Company or
any subsidiary or affiliate of the Company during the Non-Solicitation Period
nor engage, hire, employ, or induce the employment of any such Person whether or
not such officer, employee or customer would commit a breach of contract by
reason of leaving service or transferring business; except, the Executive may
hire up to two (2) employees of the Company who reported directly to the
Executive at the Company, who, at no time while employed by the Company,
individually earned in excess of $100,000.00 in any calendar year, and so long
as such employees, prior to terminating their employment with the Company,
execute non-solicitation and non-hire agreements with the Company in a form
deemed acceptable by the Company. The restrictions set forth in this Section
9(b) shall be collectively referred to herein as the "Non-Solicitation
Restrictions."

            (c) Notwithstanding anything herein to the contrary, the restrictive
provisions hereof shall not prohibit the Executive from (i) engaging in any of
the business activities or businesses described in Section 4(b) hereof during
the term of this Agreement and/or during the Non-Competition Period, (ii) having
an equity interest in the securities of any entity engaged in the AHM Business
or any business with respect to which the Executive obtained confidential or
proprietary data or information, which entity's securities are listed on the New
York Stock Exchange, the American Stock Exchange or the Nasdaq National Market,
to the extent that such interest does not exceed one percent (1%) of the
outstanding equity interests of such entity or (iii) with the prior written
consent of the Company, serving as a director or other advisor to any other
Person.

            (d) The Executive agrees that the covenants and restrictions
contained in this Section 9 are reasonable covenants and restrictions under the
circumstances, and further agrees that if in the opinion of a court of competent
jurisdiction, such restraint is not reasonable in any respect, such court shall
have the right, power and authority to excise or modify such provision or
provisions of these covenants which as to such court shall appear not
reasonable, including, but not limited to, the right, power and authority to
reduce the periods during which the Executive is subject to the restrictions set
forth in this Section 9, and to enforce the remainder thereof as so amended.

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            (e) Notwithstanding anything in this Agreement to the contrary, if
either the Executive or the Company shall terminate the Executive's employment
during the term of this Agreement for any reason, including, but not limited to,
the election by the Company or the Executive not to extend or further extend the
term of this Agreement pursuant to Sections 3(b) and 7(d) hereof, the Executive
shall be subject to the Non-Competition Restrictions set forth in this Section 9
for a period of three (3) years from the Date of Termination

            (f) Notwithstanding anything in this Agreement to the contrary, if
either the Executive or the Company shall terminate the Executive's employment
during the term of this Agreement for any reason, including, but not limited to,
the election by the Company or the Executive not to extend or further extend the
term of this Agreement pursuant to Sections 3(b) and 7(d) hereof, the Executive
shall be subject to the Non-Solicitation Restrictions set forth in this Section
9 for a period of eight (8) years from the Date of Termination.

            (g) The Non-Competition Agreement shall be terminated as of the
Effective Date of this Agreement.

            10. Indemnification. The Company shall indemnify the Executive to
the fullest extent permitted by the General Corporation Law of the State of
Delaware, as amended from time to time.

            11. Successors; Binding Agreement.

            (a) The Company will require any successor (whether direct or
indirect, by purchase, merger, consolidation or otherwise) to all or
substantially all of the business and/or assets of the Company to expressly
assume and agree to perform this Agreement in the same manner and to the extent
that the Company would be required to perform it if no such succession had taken
place; provided, however, that no such agreement with a successor shall release
the Company without the Executive's express written consent. Failure of the
Company to obtain such agreement prior to the effectiveness of any such
succession shall be a breach of this Agreement and shall entitle the Executive
to compensation from the Company in the same amount and on the same terms as the
Executive would be entitled to hereunder if the Executive's employment were
terminated by the Company other than pursuant to Section 7(b) hereof, except
that the Non-Competition Restrictions and the Non-Solicitation Restrictions set
forth in section 9 of this Agreement shall remain in full force and effect for a
period of three (3) years from the Date of Termination, and that, for purposes
of implementing the foregoing, the date on which any such succession becomes
effective shall be deemed the Date of Termination.

            (b) If the Executive should die while any amounts are due and
payable to the Executive hereunder, all such amounts, unless otherwise provided
herein, shall be paid in accordance with the terms of the Agreement to the
Executive's devisees, legatee or other designee or, if there be no such
designee, to the Executive's estate.

            (c) Except as to withholding of any tax under the laws of the United
States or any state or locality, neither this Agreement nor any right or
interest hereunder nor any amount payable at any time hereunder shall be subject
in any manner to alienation, sale, transfer, assignment, pledge, attachment or
other legal process, or encumbrance of any kind by the

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Executive or the beneficiaries of the Executive or by legal representatives
without the Company's prior written consent, nor shall there be any right of
set-off or counterclaim in respect of any debts or liabilities of the Executive,
the Executive's beneficiaries or legal representatives against any right or
interest hereunder or any amount payable at any time hereunder to the Executive,
the Executive's beneficiaries or legal representatives; provided, however, that
nothing in this Section 11 shall preclude the Executive from designating a
beneficiary to receive any benefit payable on the Executive's death, or the
legal representatives of the Executive from assigning any rights hereunder to
the Person or Persons entitled thereto under the Executive's will or, in case of
intestacy, to the Person or Persons entitled thereto under the laws of intestacy
applicable to the Executive's estate.

            12. Parties. This Agreement shall be binding upon and shall inure to
the benefit of the Company and the Executive, the Executive's heirs,
beneficiaries and legal representatives.

            13. Entire Agreement; Amendment.

            (a) This Agreement contains the entire understanding of the parties
with respect to the subject matter hereof and supersedes any and all other
agreements between the parties with respect to the subject matter hereof,
including, but not limited to, the Original Employment Agreement and the
Non-Competition Agreement.

            (b) Any amendment of this Agreement shall not be binding unless in
writing and signed by both (i) an officer or director of the Company duly
authorized to do so and (ii) the Executive.

            14. Enforceability. In the event that any provision of this
Agreement is determined to be invalid or unenforceable, the remaining terms and
conditions of this Agreement shall be unaffected and shall remain in full force
and effect, and any such determination of invalidity or enforceability shall not
affect the validity or enforceability of any other provision of this Agreement.

            15. Notices. All notices which may be necessary or proper for either
the Company or the Executive to give to the other shall be in writing and shall
be sent by hand delivery, registered or certified mail, return receipt
requested, overnight courier or facsimile, if to the Executive, to him at [ ],
with a copy to Lorenzini & Associates, Ltd., 1900 Spring Road, Suite 501, Oak
Brook, Illinois 60523, Attention: Ronald N. Lorenzini, Esq., Facsimile: (630)
684-0410, and, if to the Company, to it at its principal executive offices at
538 Broadhollow Road, Melville, New York 11747, Attention: General Counsel,
Facsimile: (800) 209-7276, with a copy to the Company, to it at its principal
executive offices at 538 Broadhollow Road, Melville, New York, 11747, Attention:
Director of Human Resources,, and shall be deemed given when sent, provided that
any Notice of Termination or other notice given pursuant to Section 7 shall be
deemed given only when received. Either party may by like notice to the other
party change the address at which the Executive or it is to receive notices
hereunder.

            16. Governing Law. THIS AGREEMENT IS EXECUTED IN THE STATE OF NEW
YORK AND SHALL BE GOVERNED BY, AND BE ENFORCEABLE IN

                                      -11-
<PAGE>

ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO THE
PRINCIPLES OF CONFLICTS OF LAWS THEREOF.

            17. Effective Date. This Agreement shall become effective as of July
1, 2003.

            18. Definitions. The following terms, when capitalized in this
Agreement, shall have the meanings set forth or incorporated by reference in
this Section 18.

            (a) "Alt-A Loans" shall mean alternate "A" mortgage loans.

            (b) "Applicable Reference Price" shall mean (i) with respect to
loans (other than HELOC Loans) that will be sold to a third party and not held,
in securitized or whole-loan form, by AHMIC or any affiliate or subsidiary
thereof, the highest price quoted by any one of the Reference Banks (expressed
as a percentage of par) for best efforts delivery and a delivery window not less
than, but closest to, the lock-in period granted by the secondary marketing desk
of AHMIC (or its affiliate or subsidiary, as the case may be) at the time the
loan is locked; (ii) with respect to loans that will be held by AHMIC or any
affiliate or subsidiary thereof (other than loans designated by the Company as
Alt-A Loans and subprime loans), including loans held in securitized or
whole-loan form, the price posted by AHMIC (or its affiliate or subsidiary, as
the case may be) with respect to each such loan; (iii) with respect to loans
that have been designated by the Company as Alt-A Loans or subprime loans and
will be held by AHMIC or any affiliate or subsidiary thereof, in securitized or
whole-loan form, the price posted by AHMIC (or its affiliate or subsidiary, as
the case may be) with respect to each such loan, plus 0.375% of the principal
amount of such loan; and (iv) with respect to all HELOC Loans, whether or not
such loans are sold to a third party or held, in securitized or whole-loan form,
by AHMIC or any affiliate or subsidiary thereof, 100.625% of the original funded
balance at the time of the closing of such loan.

            (c) "AHMIC" means American Home Mortgage Investment Corp., a
Maryland corporation and the parent company of the Company.

            (d) "Base Salary" shall have the meaning set forth in Section 6(a)
hereof. (e) "Borrower Price" with respect to a loan shall mean (i) with respect
to all loans other than HELOC Loans, 100% of the principal amount of such loan,
minus any points, whether denominated as origination fees or discounts, paid by
the borrower in connection with such loan, and (ii) with respect to HELOC Loans,
100% of the original funded balance at the time of the closing of such loan,
minus any points, whether denominated as origination fees or discounts, paid by
the borrower in connection with such loan.

            (f) "Cause" shall have the meaning set forth in Section 7(b)(i)
hereof.

            (g) "Company" means American Home Mortgage Holdings, Inc., a
Delaware corporation, and any successors to its business and/or assets, which
executes and delivers an agreement provided for in Section 11(a) or which
otherwise becomes bound by all the terms and conditions of this Agreement by
operation of law.

                                      -12-
<PAGE>

            (h) "Credit Loss" shall mean the Company's good faith estimate of
the loss it incurs if the Company is forced to repurchase a loan or the Company
is forced to indemnify a loan. The sum of the losses for such repurchased and
indemnified loans at the end of the applicable time period will be equal to the
credit losses for such period.

            (i) "Date of Termination" shall have the meaning set forth in
Section 7(h) hereof.

            (j) "Disability" shall have the meaning set forth in Section
7(b)(ii) hereof.

            (k) "Eastern Division" shall include all of the Company's retail
channel branches and retail channel sales personnel designated by the Chief
Executive Officer as part of the Eastern Division of the Company; provided,
however, that the Eastern Division shall not include MortgageSelect, American
Brokers Conduit or any other unit or division of the Company that reports to the
Company's Alternative Division; and provided, further, that the Eastern Division
may from time to time be expanded or reduced (by state or otherwise) by the
Chief Executive Officer to reflect the operational needs of the Company; and
provided, further, that for purposes of determining any compensation due the
Executive under Section 6 hereof, the term "Eastern Division" shall not include
the retail channel branches and retail channel sales personnel acquired in
connection with any Excluded Acquisition.

            (l) "Eastern Division Acquisition" means any acquisition, except for
an Excluded Acquisition, by the Company of any company, business, mortgage
origination pipeline, group of employees or other assets, whether by merger,
acquisition, asset purchase or any other transaction, that is designated by the
Chief Executive Officer as an Eastern Division Acquisition.

            (m) "Excluded Acquisition" shall mean any Eastern Division
Acquisition proposed by the Company which the Executive believes is not in his
best interests, and with respect to which the Executive, as soon as practicable
prior to the Company's completion of such acquisition, notifies the Company in
writing that such acquisition should not be treated as an Eastern Division
Acquisition for purposes of this Agreement. With respect to an Excluded
Acquisition, (i) the Invested Capital Charge shall not be increased to take into
account any capital outlays incurred by the Company in connection with such
Excluded Acquisition, and (ii) the retail sales channel branches and retail
channel sales personnel acquired in connection with such Excluded Acquisition
shall not be included in the term "Eastern Division" for purposes of determining
any compensation due the Executive under Section 6 hereof.

            (n) "Expenses" shall include all direct and allocated costs charged
to the Eastern Division, including, but not limited to, (i) employment costs,
such as wages, salaries, commissions, overrides, profit participation and
profit-sharing type costs (including, but not limited to, the Profit
Participation Payment payable to the Executive hereunder), payroll taxes,
employee benefits and all other employment expenses; (ii) Credit Losses; (iii)
costs to determine a borrower's eligibility for a loan, including appraisals,
credit reports, automated underwriting fees, social security checks and other
investigation fees; (iv) costs of marketing, including advertising, promotion
and public relations; (v) other costs for loan origination and processing,
including copying, messenger and overnight delivery and office consumables; (vi)
costs of

                                      -13-
<PAGE>

running branches and offices, including rent, insurance, utilities, office
maintenance and upkeep and depreciation; (vii) allocated costs for corporate
overhead not to exceed $585 per loan, provided, however, that if a loan is a
second lien that is closed concurrently with a first lien, such corporate
overhead costs shall not exceed $195 per loan; and (viii) Invested Capital
Charges; and all of such Expenses shall be calculated according to the Company's
standard practices as may be amended from time to time.

            (o) "Good Reason" shall have the meaning set forth in Section 7(c)
hereof.

            (p) "HELOC Loan" shall mean a home equity line of credit.

            (q) "Invested Capital Charge" initially shall equal the amount of
$6,000,000, but shall be adjusted in the event that the Company engages in one
or more Eastern Division Acquisitions during a given fiscal year, such that the
Invested Capital Charge shall be increased to take into account any capital
outlays incurred by the Company in connection with such Eastern Division
Acquisition(s), with any such increase in the Invested Capital Charge to be
determined in good faith by the Chief Executive Officer prior to the
consummation of such Eastern Division Acquisition(s); provided, however, that
the Invested Capital Charge shall not include any capital outlays incurred by
the Company in connection with an Excluded Acquisition.

            (r) "Merger Agreement" shall have the meaning set forth in the
recitals.

            (s) "Net Interest Income" shall mean (i) for the eighteen months
ending December 31, 2004, 16 basis points per loan, and (ii) for all subsequent
fiscal years, an amount determined in good faith by the Chief Executive Officer.

            (t) "Non-Competition Agreement" shall have the meaning set forth in
the recitals.

            (u) "Non-Competition Period" shall have the meaning set forth in
Section 9(a) hereof.

            (v) "Non-Competition Restrictions" shall have the meaning set forth
in Section 9(a) hereof.

            (w) "Non-Solicitation Period" shall have the meaning set forth in
Section 9(b) hereof.

            (x) "Non-Solicitation Restrictions" shall have the meaning set forth
in Section 9(b) hereof.

            (y) "Notice of Termination" shall have the meaning set forth in
Section 7(g) hereof.

            (z) "Original Employment Agreement" shall have the meaning set forth
in the recitals.

                                      -14-
<PAGE>

            (aa) "Origination Volume" shall mean the dollar volume of Eastern
Division loan originations.

            (bb) "Payment Audit" shall have the meaning set forth in Section
6(b)(iv) hereof.

            (cc) "Payment Determination" shall have the meaning set forth in
Section 6(b)(iv) hereof.

            (dd) "Per Loan Revenue" for each loan shall be the sum of (i) the
product of the difference between the Applicable Reference Price for the loan
(expressed as a percentage of par) less the Borrower Price for such loan
(expressed as a percentage of par) and (x) with respect to all loans other than
HELOC Loans, the loan's principal amount, and (y) with respect to HELOC Loans,
the original funded balance at the time of the closing of such loan, all at the
time such loan is last locked; (ii) all fees (excluding points included in the
price paid by the borrower that are included in (i) above) charged the borrower
by the Company in connection with the borrower's loan application and loan
closing (but excluding fees associated with the Company's ongoing ownership of
the borrower's loan after the closing of the loan) including, but not limited
to, servicing of the borrower's loan, or delivery of any services or financing
or products for the borrower; (iii) fees earned from brokering loan applications
to outside companies; (iv) the Secondary Allocation; and (v) Net Interest Income
on loans held for sale.

            (ee) "Person" means any individual, corporation, partnership,
limited liability company, limited duration company, trust or other entity of
any nature whatsoever.

            (ff) "Profit Participation Payment" shall have the meaning set forth
in Section 6(b)(ii) hereof.

            (gg) "Profits" means, with respect to the Eastern Division, for any
measurement period, the sum of the Per Loan Revenue for all loans that were
funded by the Company during the measurement period, or were brokered by the
Company and closed by another lender during the measurement period, and in all
cases, were originated by the Eastern Division, minus Expenses.

            (hh) "Reference Banks" shall mean Chase Manhattan Mortgage, Citicorp
Mortgage, Countrywide Credit Corp., Washington Mutual and Wells Fargo Mortgage.

            (ii) "Reference Price Verification" shall have the meaning set forth
in Section 19 hereof.

            (jj) "Secondary Allocation" shall mean (i) for the eighteen months
ending December 31, 2004, 20 basis points per loan, and (ii) for all subsequent
fiscal years, an amount determined in good faith by the Chief Executive Officer.

            (kk) "Volume Override Payment" shall have the meaning set forth in
Section 6(b)(i) hereof.

                                      -15-
<PAGE>

            19. Reference Price Verification. Not more than twelve times in any
year during the term of this Agreement, the Executive shall be entitled to
request information from the Company in order to verify the Applicable Reference
Price with respect to a given loan (a "Reference Price Verification"). The
Executive shall send any request for a Reference Price Verification to the
Company in writing. Upon receipt of such request, the Company's capital markets
group shall furnish information to the Executive in order to verify that the
Applicable Reference Price with respect to such loan was established in
accordance with the terms of this Agreement.

                           [Signature Page to Follow]

                                      -16-
<PAGE>

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

                                       AMERICAN HOME MORTGAGE HOLDINGS, INC.

                                       By:    /s/ Michael Strauss
                                           ------------------------------------
                                           Name:  Michael Strauss
                                           Title: Chief Executive Officer and
                                                  President

                                       EXECUTIVE

                                       /s/ Thomas J. Fiddler
                                       ----------------------------------------
                                       Thomas J. FiddlerExhibit 10.13(h)

                     CHANGE IN CONTROL TERMINATION AGREEMENT

      This Change in Control Termination Agreement (the "Agreement") is entered
into as of November 1, 2004, between Middlesex Water Company, a New Jersey
corporation, with its principal place of business located at 1500 Ronson Road,
P.O. Box 1500, Iselin, New Jersey 08830-0452, (the "Company"), and Dennis W.
Doll, residing at 15 Edward Avenue, Monroe Township, New Jersey 08831, (referred
to as "You" in this Agreement).

Recitals

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

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

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

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

      1. Term of Agreement. This Agreement shall commence as of November 1, 2004
and shall continue in effect through December 31, 2005. However, commencing on
December 31, 2005, and each December 31 afterwards, the term

<PAGE>

of this Agreement shall automatically be extended for one additional year
unless, no later than the preceding November 1, the Company shall have given
notice that it does not wish to extend this Agreement. Notwithstanding the
foregoing, if a Change In Control of the Company shall be proposed to occur or
have occurred during the original or any extended term of this Agreement, this
Agreement shall continue in effect until your termination of employment with the
Company or its successor or when all amounts due under this Agreement following
a termination have been paid, whichever is later.

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

      3. Termination Following Change In Control. If any of the events described
in Section 2 above constituting a Change In Control of the Company shall have
occurred, unless the termination is (A) because of your death, Disability or
Retirement, (B) by the Company for Cause, or (C) by you other than for Good
Reason, on the subsequent termination or "Constructive Termination" of your
employment during the term of this Agreement: (i) you shall be entitled to the
benefits provided in subsection 4.3 below if such termination occurs on or
before the third anniversary of the Change in Control or (ii) you shall be
entitled to the benefits provided in subsection 4.4 below if such termination
occurs after the third anniversary of the Change in Control.

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

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

                                  Page 2 of 11
<PAGE>

            3.2.1 The willful and continued failure by you to substantially
            perform your duties with the Company as such employment was
            performed by you prior to the Change of Control (other than any such
            failure resulting from your incapacity due to physical or mental
            illness or any such actual or anticipated failure after the issuance
            by you of a Notice of Termination for Good Reason as defined in
            Subsections 3.4 and 3.3, respectively) after a written demand for
            substantial performance is delivered to you by the Board, which
            demand specifically identifies the manner in which the Board
            believes that you have not substantially performed your duties; or

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

            3.3 Good Reason. You shall be entitled to terminate your employment
for Good Reason. For purposes of this Agreement, "Good Reason" shall mean,
without your express written consent, the occurrence in connection with a Change
In Control of the Company of any of the following circumstances unless, in the
case of paragraphs 3.3.1, 3.3.5, 3.3.6, 3.3.7, or 3.3.8, the circumstances are
fully corrected prior to the Date of Termination specified in the Notice of
Termination, as defined in Subsections 3.5 and 3.4, respectively, given in
respect of them. If you have Good Reason for your termination you shall be
considered to have been "Constructively Terminated" by the Company under the
following circumstances:

            3.3.1 The assignment to you of any duties inconsistent with your
            status and position (i) prior to the Change In Control where such
            change is a direct result of any pending Change in Control; or (ii)
            as such status exists immediately prior to the Change In Control of
            the

                                  Page 3 of 11
<PAGE>

            Company, or (iii) a substantial adverse alteration in the nature or
            status of your responsibilities from those in effect immediately
            prior to the Change In Control of the Company whichever is
            applicable;

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

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

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

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

            3.3.6 The failure by the Company to continue to provide you with (i)
            benefits substantially similar to those enjoyed by you under any of
            the Company's life insurance, medical, health and accident, or
            disability plans in which you were participating at the time of the
            Change In Control of the Company was in effect for the employees of
            the Company generally at the time of the Change In Control, (ii) the
            failure to continue to provide you with a Company automobile or
            allowance in lieu of it at the time of the Change In Control of the

                                  Page 4 of 11
<PAGE>

            Company, (iii) the taking of any action by the Company that would
            directly or indirectly materially reduce any of such benefits or
            deprive you of any material fringe benefit enjoyed by you at the
            time of the Change In Control of the Company, or (iv) the failure by
            the Company to provide you with the number of paid vacation days to
            which you are entitled on the basis of years of service with the
            Company in accordance with the Company's normal vacation policy in
            effect at the time of the Change In Control of the Company;

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

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

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

            3.5 Date of Termination, etc. "Date of Termination" shall mean (A)
if your employment is terminated for Disability, 30 days after Notice of
Termination is given (provided that you shall not have returned to the full-time
performance of your duties during such 30-day period), and (B) if your
employment is terminated pursuant to Subsection 3.2 or 3.3 above or for any
other reason (other than Disability), the date specified in the Notice of
Termination (which, in the case of a termination pursuant to Subsection 3.2
above shall not be less than 30 days, and in the case of a termination pursuant
to Subsection 3.3 above shall not be less than 15 nor more than 60 days,
respectively, from the date

                                  Page 5 of 11
<PAGE>

the Notice of Termination is given). However, if within 15 days after any Notice
of Termination is given, or, if later, prior to the Date of Termination (as
determined without regard to this provision), the party receiving the Notice of
Termination notifies the other party that a dispute exists concerning the
termination, then the Date of Termination shall be the date on which the dispute
is finally determined, either by mutual written agreement of the parties, by a
binding arbitration award, or by a final judgment, order, or decree of a court
of competent jurisdiction (which is not appealable or with respect to which the
time for appeal has expired and no appeal has been perfected). The Date of
Termination shall be extended by a notice of dispute only if the notice is given
in good faith and the party giving the notice pursues the resolution of the
dispute with reasonable diligence. Notwithstanding the pendency of any such
dispute, the Company will continue to pay you your full compensation in effect
when the notice giving rise to the dispute was given (including, but not limited
to, base salary) and continue you as a participant in all compensation, benefit,
and insurance plans in which you were participating when the notice giving rise
to the dispute was given, until the dispute is finally resolved in accordance
with this Subsection. Amounts paid under this Subsection are in addition to all
other amounts due under this Agreement and shall not be offset against or reduce
any other amounts due under this Agreement.

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

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

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

                                  Page 6 of 11
<PAGE>

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

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

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

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

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

                                  Page 7 of 11
<PAGE>

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

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

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

            4.4 After the third anniversary of the Change In Control, if your
employment by the Company shall be terminated (a) by the Company other than for
Cause, Retirement or Disability, or (b) by you for Good Reason (as defined in
Section 3.3 herein), then you shall be entitled to the benefits provided in
Section 4.3 above and as otherwise provided under this Agreement except that sub
paragraph 4.3.2(i) shall read: (i) a lump sum severance payment equal to one and

                                  Page 8 of 11
<PAGE>

one half (1.5) times the average of your Compensation for the five (5) years
prior to the occurrence of the circumstance giving rise to the notice of
Termination (the "Termination Payment").

            4.5 For purposes of this Agreement, "Compensation" shall mean the
aggregate remuneration paid by the Company to you during a calendar year,
including bonuses, awards under the Company's Restricted Stock Plan, benefits
under employee benefit plans, automobile allowances or any fees paid to you as
remuneration for serving as a Director of the Company.

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

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

      5. Successors; Binding Agreement.
         -----------------------------

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

            5.2 This Agreement shall inure to the benefit of and be enforceable
by your personal or legal representatives, executors, administrators, heirs,
distributees, and legatees. If you should die while any amount would still be
payable to you if you had continued to live, all such amounts, unless otherwise
provided in this Agreement, shall be paid in accordance with the terms of this

                                  Page 9 of 11
<PAGE>

Agreement to your legatee or other designee or, if there is no such designee, to
your estate.

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

      7. Miscellaneous
         -------------

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

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

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

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

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

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

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

                                 Page 10 of 11
<PAGE>

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

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

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

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

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

                                           MIDDLESEX WATER COMPANY

                                       By:   /s/Dennis G. Sullivan
                                          --------------------------------
                                                 Dennis G. Sullivan
                                                 President

ATTEST:

/s/ Kenneth J. Quinn
---------------------------
Kenneth J. Quinn
Vice President and
Secretary

                                                  /s/Dennis W. Doll
                                          ---------------------------------
                                                  Dennis W. Doll

                                 Page 11 of 11

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