Document:

Exhibit

Exhibit 10.2
FORM OF COMCAST CORPORATION
RESTRICTED STOCK UNIT AWARD
This is a Restricted Stock Unit Award (the “Award”) dated _______________, 20__, from Comcast Corporation (the “Company”) to the Grantee.  The vesting of Restricted Stock Units is conditioned on the Grantee’s continuation in service from the Date of Grant through each applicable Vesting Date, and on the Company’s attainment of certain performance objectives, as further provided in this Award.  The delivery of Shares under this Award is intended to constitute performance-based compensation, within the meaning of section 162(m) of the Code, and Treasury Regulations issued under section 162(m) of the Code.
1.Definitions.  Capitalized terms used herein are defined below or, if not defined below, have the meanings given to them in the Plan.
(a)“Account” means an unfunded bookkeeping account established pursuant to Paragraph 6(e) and maintained by the Committee in the name of Grantee (a) to which Deferred Stock Units are deemed credited and (b) to which an amount equal to the Fair Market Value of Deferred Stock Units with respect to which a Diversification Election has been made and interest thereon are deemed credited, reduced by distributions in accordance with the Plan. 
(b)“Award” means the award of Restricted Stock Units hereby granted.
(c)“Board” means the Board of Directors of the Company.
(d)“Cause” means (i) fraud; (ii) misappropriation; (iii) embezzlement; (iv) gross negligence in the performance of duties; (v) self-dealing; (vi) dishonesty; (vii) misrepresentation; (viii) conviction of a crime of a felony; (ix) material violation of any Company policy; (x) material violation of the Company’s Code of Ethics and Business Conduct or, (xi) in the case of an employee of a Company who is a party to an employment agreement with a Company, material breach of such agreement; provided that as to items (ix), (x) and (xi), if capable of being cured, such event or condition remains uncured following 30 days written notice thereof. 
(e)“Code” means the Internal Revenue Code of 1986, as amended.
(f)“Committee” means the Compensation Committee of the Board or its delegate.
(g)“Date of Grant” means the date first set forth above, on which the Company awarded the Restricted Stock Units.
(h)“Deferred Stock Units” means the number of hypothetical Shares subject to an Election.
(i)“Disabled Grantee” means:
(1)Grantee, if Grantee’s employment by a Participating Company terminates by reason of Disability; or
(2)Grantee’s duly-appointed legal guardian following Grantee’s termination of employment by reason of Disability, acting on Grantee’s behalf.
(j)“Employer” means the Company or the subsidiary or affiliate of the Company for which Grantee is performing services on the Vesting Date.
(k)“Grantee” means the individual to whom this Award has been granted as identified on the attached Long-Term Incentive Awards Summary Schedule.
(l)“HSR Act” means the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended.

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(m)“Long-Term Incentive Awards Summary Schedule” means the schedule attached hereto, which sets forth specific information relating to the grant and vesting of this Award.
(n)“Normal Retirement” means Grantee’s termination of employment that is treated by the Participating Company as a retirement under its employment policies and practices as in effect from time to time.
(o)“Operating Cash Flow.” 
(1)     In General.  In general, “Operating Cash Flow” means operating income before depreciation and amortization for the Company and those of its affiliates that are included with the Company in its consolidated financial statements, as determined by the Committee.            
(2)     Comparability of Operating Cash Flow Between Performance Periods.   With respect to any Performance Goal applicable to this Award, in the event there is a significant acquisition or disposition of any assets, business division, company or other business operations of the Company that is reasonably expected to have an effect on Operating Cash Flow, the Committee shall adjust the Operating Cash Flow for the prior Performance Period and the Performance Period to which the performance condition applies to take into account the impact of such acquisition or disposition on a pro forma basis such that the measurement of Operating Cash Flow for the Performance Period to which the performance condition applies is comparable to that for the prior Performance Period.  Such adjustment shall be based upon the historical equivalent of Operating Cash Flow of the assets so acquired or disposed of for the prior Performance Period, as shown by such records as are available to the Company, as further adjusted to reflect any aspects of the transaction that should be taken into account to ensure comparability between amounts in the prior Performance Period and the Performance Period to which the performance condition applies.
(p)“Performance Goal” means each of the following Tiered Performance Goals:
(1)     The Tier One Performance Goal is achieved if Operating Cash Flow for a Performance Period is at least [__] percent but less than [__] percent of Operating Cash Flow for the immediately preceding 12-consecutive month period;
(2)     The Tier Two Performance Goal or Target Performance Goal is achieved if Operating Cash Flow for a Performance Period is at least [__] percent but not more than [__] percent of Operating Cash Flow for the immediately preceding 12-consecutive month period;
(3)     The Tier Three Performance Goal is achieved if Operating Cash Flow for a Performance Period is [__] percent or more of Operating Cash Flow for the immediately preceding 12-consecutive month period.
(q)“Performance Period” means the calendar year, so such other period of at least 12 months designated in the Long-Term Incentive Awards Summary Schedule during which a Grantee may earn Performance-Based Compensation..     
(r)“Plan” means the Comcast Corporation 2002 Restricted Stock Plan, incorporated herein by reference.
(s)“Restricted Period” means, with respect to each Restricted Stock Unit, the period beginning on the Date of Grant and ending on the Vesting Date.
(t)“Restricted Stock Units” means the total number of restricted stock units granted to Grantee pursuant to this Award as set forth on the attached Long-Term Incentive Awards Summary Schedule.  Each Restricted Stock Unit entitles Grantee, upon the Vesting Date of such Restricted Stock Unit, to receive one Share.
(u) “Retired Grantee” means Grantee, following Grantee’s termination of employment pursuant to a Normal Retirement.
(v)“Rule 16b-3” means Rule 16b-3 promulgated under the 1934 Act, as in effect from time to time.
(w)“Shares” mean shares of the Company’s Class A Common Stock, par value $.01 per share.

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(x)“Vesting Date” means the date(s) on which Grantee vests in all or a portion of the Restricted Stock Units, as set forth on the attached Long-Term Incentive Awards Summary Schedule.  A “Scheduled Vesting Date” is a date referenced on the Long-Term Incentive Awards Summary Schedule on which Grantee may vest in all or a portion of the Restricted Stock Units if all the conditions to such vesting are satisfied.
(y)“1934 Act” means the Securities Exchange Act of 1934, as amended.
2.Grant of Restricted Stock Units.  Subject to the terms and conditions set forth herein and in the Plan, the Company hereby grants to Grantee the Restricted Stock Units.
3.Dividend Equivalents.  
(a)The Restricted Stock Units are granted with dividend equivalent rights.  If the Company declares a cash dividend on the Shares, an amount equivalent to such dividend will be credited to an unfunded bookkeeping account with respect to each outstanding and unvested Restricted Stock Unit (the “Dividend Equivalent Amount”) on the record date of such dividend.
(b)The Dividend Equivalent Amount will be credited as cash, without interest, and will not be converted to Shares.  The Dividend Equivalent Amount will be payable in cash, but only upon the applicable Vesting Date(s) of the underlying Restricted Stock Units as determined in accordance with Paragraph 4 below, and will be cancelled and forfeited if the underlying Restricted Stock Units are cancelled or forfeited as determined in accordance with Paragraph 5 below. 
4.Vesting of Restricted Stock Units.
(a)Subject to the terms and conditions set forth herein and in the Plan, Grantee shall vest in the Restricted Stock Units on the Vesting Dates set forth on the attached Long-Term Incentive Awards Summary Schedule, and as of each Vesting Date shall be entitled to the delivery of Shares with respect to such Restricted Stock Units; provided, however, that on the Vesting Date, Grantee is, and has from the Date of Grant continuously been, an employee of the Company or a Subsidiary Company during the Restricted Period, provided further that the applicable Performance Goal as set forth on the attached Long-Term Incentive Awards Summary Schedule has been satisfied, and provided further that Grantee has complied with all applicable provisions of the HSR Act.
(b)Notwithstanding Paragraph 4(a) to the contrary, if Grantee’s employment with the Company or a Subsidiary Company terminates during the Restricted Period due to (i) Grantee’s death or (ii) Grantee becoming a Disabled Grantee within the meaning of Paragraph 1(i)(1), the Vesting Date for the Restricted Stock Units shall be accelerated so that a Vesting Date will be deemed to occur with respect to the Restricted Stock Units on the date of such termination of employment; provided, however, that Grantee has complied with all applicable provisions of the HSR Act.
(c)Notwithstanding Paragraphs 4(a) to the contrary, and subject to the non-solicitation or non-competition obligations described in Paragraph 4(d), if Grantee’s employment with the Company or a Subsidiary Company terminates during the Restricted Period for any reason other than (i) Grantee’s death, (ii) Grantee becoming a Disabled Grantee within the meaning of Paragraph 1(i)(1) or (iii) a Company-initiated termination for Cause, after having attained age 62 and completing ten (10) or more years of service with the Company or a Subsidiary Company, the following shall apply, provided further that the applicable Performance Goal as set forth on the attached Long-Term Incentive Awards Summary Schedule has been satisfied, and provided further that Grantee has complied with all applicable provisions of the HSR Act:
(1)If, at the time of such termination of employment, Grantee has completed at least ten (10) but less than fifteen (15) years of service with the Company or a Subsidiary Company, any Vesting Date for the Restricted Stock Units that would have occurred on or prior to the date that is the third (3rd) anniversary of such termination of employment shall continue to occur in accordance with the Long-Term Incentive Awards Summary Schedule, and as of each Vesting Date Grantee shall be entitled to the delivery of Shares with respect to such Restricted Stock Units.
(2)If, at the time of such termination of employment, Grantee has completed at least fifteen (15) but less than twenty (20) years of service with the Company or a Subsidiary Company, any Vesting Date for the Restricted Stock Units that would have occurred on or prior to the date that is the fourth (4th) anniversary of such termination of employment shall continue to occur in accordance with the Long-Term Incentive Awards Summary Schedule, and as of each Vesting Date shall be entitled to the delivery of Shares with respect to such Restricted Stock Units.

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(3)If, at the time of such termination of employment, such Grantee has completed twenty (20) or more years of services with the Company or a Subsidiary Company, any Vesting Date for the Restricted Stock Units that would have occurred on or prior to the date that is the fifth (5th) anniversary of such termination of employment shall continue to occur in accordance with the Long-Term Incentive Awards Summary Schedule, and as of each Vesting Date shall be entitled to the delivery of Shares with respect to such Restricted Stock Units.
(d)Notwithstanding Paragraph 4(c), the Restricted Stock Units will be subject to forfeiture by the Committee, in its sole discretion, if Grantee breaches either of the following non-solicitation or non-competition obligations during the period following termination of employment and before the applicable Vesting Date:
(1)Grantee shall not, directly or indirectly, solicit, induce, encourage or attempt to influence any customer, employee, consultant, independent contractor, service provider or supplier of the Company to cease to do business or to terminate the employment or other relationship with the Company.
(2)Grantee shall not, directly or indirectly, engage or be financially interested in (as an agent, consultant, director, employee, independent contractor, officer, owner, partner, principal or otherwise), any activities for any business (whether conducted by an entity or individuals, including Grantee in self-employment) that is engaged in competition, directly or indirectly through any entity controlling, controlled by or under common control with such business, with any of the business activities carried on by the Company, any of its subsidiaries or any other business unit of the Company, or being planned by the Company, any of its subsidiaries or any other business unit of the Company with Grantee’s knowledge at the time of Grantee’s termination of employment.  This restriction shall apply in any geographical area of the United States in which the Company carries out business activities.  Nothing herein shall prevent Grantee from owning for investment up to one percent (1%) of any class of equity security of an entity whose securities are traded on a national securities exchange or market.
(e)If Restricted Stock Units would have vested pursuant to the Long-Term Incentive Awards Summary Schedule or Paragraphs 4(b) or 4(c), but did not vest solely because Grantee was not in compliance with all applicable provisions of the HSR Act, the Vesting Date for such Restricted Stock Units shall occur on the first date following the date on which they would have vested pursuant to the Long-Term Incentive Awards Summary Schedule or Paragraphs 4(b) or 4(c) on which Grantee has complied with all applicable provisions of the HSR Act.
5.Forfeiture of Restricted Stock Units.
(a)Subject to the terms and conditions set forth herein and in the Plan, if Grantee’s employment with the Company and all Subsidiaries terminates during the Restricted Period, other than due to death or Disability and except as otherwise provided in Paragraph 4(c), Grantee shall forfeit the Restricted Stock Units as of such termination of employment.  Upon a forfeiture of the Restricted Stock Units as provided in this Paragraph 5, the Restricted Stock Units shall be deemed canceled.
(b)The provisions of this Paragraph 5 shall not apply to Shares issued in respect of Restricted Stock Units as to which a Vesting Date has occurred.
6.Deferral Elections.
Grantee may elect to defer the receipt of Shares issuable with respect to Restricted Stock Units, consistent, however, with the following:
(a)Initial Elections.  Grantee shall have the right to make an Initial Election to defer the receipt of all or a portion of the Shares issuable with respect to Restricted Stock Units hereby granted by filing an Initial Election to defer the receipt of such Shares on the form provided by the Committee for this purpose.
(1)Deadline for Deferral Election.  An Initial Election to defer the receipt of Shares issuable with respect to Restricted Stock Units hereby granted shall not be effective unless it is filed with the Committee on or before June 30, 2017.
(2)Deferral Period.  Subject to Paragraph 6(c), all Shares issuable with respect to Restricted Stock Units that are subject to an Initial Election under this Paragraph 6(a) shall be delivered to Grantee without any legend or restrictions (except those that may be imposed by the Committee, in its sole judgment, under Paragraph 8), on the 

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date designated by Grantee, which shall not be earlier than January 2 of the third calendar year beginning after the Vesting Date, nor later than January 2 of the eleventh calendar year beginning after the Vesting Date.
(3)Effect of Failure of Vesting Date to Occur.  An Initial Election shall be null and void if a Vesting Date does not occur with respect to Restricted Stock Units identified in such Initial Election.
(b)Regular Deferral Elections.  No Regular Deferral Election shall be effective until 12 months after the date on which a Subsequent Election is filed with the Committee.  Grantee shall have the right to make a Regular Deferral Election to defer the receipt of all or a portion of the Shares issuable with respect to Restricted Stock Units hereby granted that are not subject to an Initial Election by filing a Regular Deferral Election to defer the receipt of such Shares on the form provided by the Committee for this purpose.
(1)Deadline for Deferral Election.  A Regular Deferral Election to defer the receipt of Shares issuable with respect to Restricted Stock Units hereby granted shall not be effective unless it is filed with the Committee:
(a)     For Restricted Stock Units with a Scheduled Vesting Date of [____] from Date of Grant, [____] from Date of Grant;
(b)     For Restricted Stock Units with a Scheduled Vesting Date of [____] from Date of Grant, [____] from Date of Grant;
(c)     For Restricted Stock Units with a Scheduled Vesting Date of [____] from Date of Grant, [____] from Date of Grant;
(d)     For Restricted Stock Units with a Scheduled Vesting Date of [____] from Date of Grant, [____] from Date of Grant;
(e)     For Restricted Stock Units with a Scheduled Vesting Date of [____] from Date of Grant, [____] from Date of Grant.
(2)Deferral Period.  If Grantee makes a Regular Deferral Election to defer the distribution date for Shares issuable with respect to some or all of the Restricted Stock Units hereby granted, Grantee may elect to defer the distribution date for a minimum of five years and a maximum of ten additional years from the Scheduled Vesting Date.
(3)Effect of Failure of Vesting Date to Occur.  A Regular Deferral Election shall be null and void if a Vesting Date does not occur with respect to Restricted Stock Units identified in such Initial Election.
(c)Subsequent Elections.  No Subsequent Election shall be effective until 12 months after the date on which a Subsequent Election is filed with the Committee.
(1)If Grantee makes an Initial Election, a Regular Deferral Election or pursuant to this Paragraph 6(c)(1) makes a Subsequent Election to defer the distribution date for Shares issuable with respect to some or all of the Restricted Stock Units hereby granted, Grantee may elect to defer the distribution date for a minimum of five years and a maximum of ten additional years from the previously-elected distribution date by filing a Subsequent Election with the Committee on or before the close of business at least one year before the date on which the distribution would otherwise be made.
(2)If Grantee dies before Shares subject to an Initial Election under Paragraph 6(a) are to be delivered, the estate or beneficiary to whom the right to delivery of such Shares shall have passed may make a Subsequent Election to defer receipt of all or any portion of such Shares for five additional years from the date delivery of Shares would otherwise be made, provided that such Subsequent Election must be filed with the Committee at least one year before the date on which the distribution would otherwise be made, as reflected on Grantee’s last Election.
(3)If Grantee becomes a Retired Grantee before Shares subject to an Initial Election under Paragraph 6(a) are to be delivered, Grantee may make a Subsequent Election to defer all or any portion of such Shares for five additional years from the date delivery of Shares would otherwise be made.  Such a Subsequent Election must be filed with the Committee at least one year before the date on which the distribution would otherwise be made.

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(d)Diversification Election.  As provided in the Plan and as described in the prospectus for the Plan, a Grantee with an Account may be eligible to make a Diversification Election on an election form supplied by the Committee for this purpose.
(e)Book Accounts.  An Account shall be established for each Grantee who makes an Initial Election.  Deferred Stock Units shall be credited to the Account as of the Date an Initial Election becomes effective.  Each Deferred Stock Unit will represent a hypothetical Share credited to the Account in lieu of delivery of the Shares to which an Initial Election, Subsequent Election or Acceleration Election applies.  If an eligible Grantee makes a Diversification Election, then to the extent an Account is deemed invested in the Income Fund, the Committee shall credit earnings with respect to such Account at the Applicable Interest Rate.
(f)Status of Deferred Amounts.  Grantee’s right to delivery of Shares subject to an Initial Election, Subsequent Election or Acceleration Election, or to amounts deemed invested in the Income Fund pursuant to a Diversification Election, shall at all times represent the general obligation of the Company.  Grantee shall be a general creditor of the Company with respect to this obligation, and shall not have a secured or preferred position with respect to such obligation.  Nothing contained in the Plan or an Award shall be deemed to create an escrow, trust, custodial account or fiduciary relationship of any kind.  Nothing contained in the Plan or an Award shall be construed to eliminate any priority or preferred position of Grantee in a bankruptcy matter with respect to claims for wages.
(g)Non-Assignability, Etc.  The right of Grantee to receive Shares subject to an Election under this Paragraph 6, or to amounts deemed invested in the Income Fund pursuant to a Diversification Election, shall not be subject in any manner to attachment or other legal process for the debts of Grantee; and no right to receive Shares or cash hereunder shall be subject to anticipation, alienation, sale, transfer, assignment or encumbrance.
7.Notices.  Any notice to the Company under this Agreement shall be made in care of the Committee at the Company’s main office in Philadelphia, Pennsylvania.  All notices under this Agreement shall be deemed to have been given when hand-delivered or mailed, first class postage prepaid, and shall be irrevocable once given.
8.Securities Laws.  The Committee may from time to time impose any conditions on the Shares issuable with respect to Restricted Stock Units as it deems necessary or advisable to ensure that the Plan satisfies the conditions of Rule 16b-3, and that Shares are issued and resold in compliance with the Securities Act of 1933, as amended.
9.Delivery of Shares; Repayment.
(a)Delivery of Shares.  Except as otherwise provided in Paragraph 6, the Company shall notify Grantee that a Vesting Date with respect to Restricted Stock Units has occurred.  Within ten (10) business days of a Vesting Date, the Company shall, without payment from Grantee, satisfy its obligations to (1) pay the Dividend Equivalent Amount (if any) and (2) deliver Shares issuable under the Plan either by (i) delivery of a physical certificate for Shares issuable under the Plan or (ii) arranging for the recording of Grantee’s ownership of Shares issuable under the Plan on a book entry recordkeeping system maintained on behalf of the Company, in either case without any legend or restrictions, except for such restrictions as may be imposed by the Committee, in its sole judgment, under Paragraph 8, provided that the Dividend Equivalent Amount (if any) will not be paid and/or Shares will not be delivered to Grantee until appropriate arrangements have been made with the Employer for the withholding of any taxes which may be due with respect to such payment of the Dividend Equivalent Amount and/or delivery of such Shares. The Company may condition delivery of certificates for Shares upon the prior receipt from Grantee of any undertakings which it may determine are required to assure that the certificates are being issued in compliance with federal and state securities laws. The right to payment of any fractional Shares shall be satisfied in cash, measured by the product of the fractional amount times the Fair Market Value of a Share on the Vesting Date, as determined by the Committee.
(b)Repayment.  If it is determined by the Board that gross negligence, intentional misconduct or fraud by Grantee caused or partially caused the Company to have to restate all or a portion of its financial statements, the Board, in its sole discretion, may, to the extent permitted by law and to the extent it determines in its sole judgment that it is in the best interests of the Company to do so, require repayment of Shares delivered pursuant to the vesting of the Restricted Stock Units, or to effect the cancellation of unvested Restricted Stock Units, if (i) the vesting of the Award was calculated based upon, or contingent on, the achievement of financial or operating results that were the subject of or affected by the restatement, and (ii) the extent of vesting of the Award would have been less had the financial statements been correct.  In addition, to the extent that the receipt of an Award subject to repayment under this Paragraph 9(b) has been deferred pursuant to Paragraph 6 (or any other plan, program or arrangement that permits the deferral of receipt of an Award), such Award (and any earnings credited with respect thereto) shall be forfeited in lieu of repayment.

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10.Section 409A.  Notwithstanding the above, to the extent that any Restricted Stock Units are determined by the Company to be “nonqualified deferred compensation” under section 409A of the Code and its implementing regulations and guidance and Shares become deliverable with respect to such Restricted Stock Units as a result of the Grantee’s termination of employment, such Shares will only be delivered if such termination of employment constitutes a “separation from service” within the meaning of Treas. Reg. 1.409A-1(h) and, to the extent compliance with the requirements of Treas. Reg. § 1.409A-3(i)(2) is necessary to avoid the application of an additional tax under Section 409A of the Code, Shares that would otherwise become deliverable upon the Grantee’s “separation from service” will be deferred (without interest) and issued to the Grantee immediately following that six month period.
11.Award Not to Affect Employment.  The Award granted hereunder shall not confer upon Grantee any right to continue in the employment of the Company or any subsidiary or affiliate of the Company.
12.Miscellaneous.
(a)The Award granted hereunder is subject to the approval of the Plan by the shareholders of the Company to the extent that such approval (i) is required pursuant to the By-Laws of the National Association of Securities Dealers, Inc., and the schedules thereto, in connection with issuers whose securities are included in the NASDAQ National Market System, or (ii) is required to satisfy the conditions of Rule 16b-3.
(b)The address for Grantee to which notice, demands and other communications to be given or delivered under or by reason of the provisions hereof shall be Grantee’s address as reflected in the Company’s personnel records.
(c)The validity, performance, construction and effect of this Award shall be governed by the laws of the Commonwealth of Pennsylvania, without giving effect to principles of conflicts of law.
	
		
	 
	COMCAST CORPORATION

	 
	

BY:            
            

	 
	

ATTEST:
            

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FORM OF LONG-TERM INCENTIVE AWARDS SUMMARY SCHEDULE
This Long-Term Incentive Awards Summary Schedule (this “Schedule) provides certain information related to Restricted Stock Units you were granted by Comcast Corporation on [_______________] (the “Date of Grant”).  This Schedule is intended to be, and shall at all times be interpreted as, a part of your Comcast Corporation Restricted Stock Unit Award document.
Restricted Stock Unit Award
	
		
	Grantee:
	[________________]

	Date of Grant:
	[_______________]

	Common Stock:
	Comcast Corporation Class A Common Stock

	Number of Restricted Stock Units Granted:
	___ at Tier Two Performance Goal ( the “Target Performance Goal”)

[__]% of [___] at Tier Three Performance Goal

	[YEAR 1] RSUs
	[__]%  of the Restricted Stock Units, determined at the Target Performance Goal.

	[YEAR 2] RSUs
	[__]%  of the Restricted Stock Units, determined at the Target Performance Goal. 

	[YEAR 3] RSUs
	[__]%  of the Restricted Stock Units, determined at the Target Performance Goal.

	[YEAR 4] RSUs
	[__]%  of the Restricted Stock Units, determined at the Target Performance Goal.

	[YEAR 5] RSUs
	[__]%  of the Restricted Stock Units, determined at the Target Performance Goal.

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	Vesting Dates  and Vesting Percentages of Restricted Stock Units:
	The vesting percentage for any Performance Period shall be mathematically interpolated for achievement between: 
-- the lowest performance level of the Tier One Performance Goal ([__]% year over year increase in Operating Cash Flow) and the lowest level of achievement of the Tier Two Performance Goal ([__]% year over year increase in Operating Cash Flow).  The interpolation of vesting shall range from [__]% to [__]%; 
-- the highest performance level of the Tier Two Performance Goal ([__]% year over year increase in Operating Cash Flow) and the lowest performance level of the Tier Three Performance Goal ([__]% year over year increase in Operating Cash Flow)  The interpolation of vesting shall range from [__]% to [__]%.  
Fractional results shall be rounded to next lower full Share.
(1)  [YEAR 1] RSUs:  On [________] FROM DATE OF GRANT]:
[__]%, provided that the Tier One Performance Goal is satisfied;
[__]%, provided that the Tier Two Performance Goal is satisfied;
[__]%, provided that the Tier Three Performance Goal is satisfied.
For Year 1 RSUs, the Performance Period is the 12-consecutive month period beginning April 1, 20__ and ending the next following March 31.
(2)  [YEAR 2] RSUs:  On [________] of Date of Grant, the greater of the vesting percentage as determined for [YEAR 1] RSUs, or 
[__]%, provided that the Tier One Performance Goal is satisfied;
[__]%, provided that the Tier Two Performance Goal is satisfied;
[__]%, provided that the Tier Three Performance Goal is satisfied.
For Year 2 RSUs, the Performance Period is the calendar year 20__.
(3)  [YEAR 3] RSUs
On [________] of Date of Grant, the greater of the vesting percentages as determined for [YEAR 2] RSUs or: 
[__]%, provided that the Tier One Performance Goal is satisfied;
[__]%, provided that the Tier Two Performance Goal is satisfied;
[__]%, provided that the Tier Three Performance Goal is satisfied.
For Year 3 RSUs, the Performance Period is the calendar year 20__.
(4)  [YEAR 4] RSUs
On [________] of Date of Grant, the greater of the vesting percentages as determined for [YEAR 3] RSUs or 
[__]%, provided that the Tier One Performance Goal is satisfied;
[__]%, provided that the Tier Two Performance Goal is satisfied;
[__]%, provided that the Tier Three Performance Goal is satisfied.
For Year 4 RSUs, the Performance Period is the calendar year 20__.
(5)  [YEAR 5] RSUs
On [________] of Date of Grant, the greater of the vesting percentages as determined for [YEAR 4] RSUs or 
[__]%, provided that the Tier One Performance Goal is satisfied;
[__]%, provided that the Tier Two Performance Goal is satisfied;
[__]%, provided that the Tier Three Performance Goal is satisfied.
For Year 5 RSUs, the Performance Period is the calendar year 20__.

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	Notwithstanding anything herein to the contrary, to the extent a Vesting Date for any RSUs has not occurred because of the failure to satisfy an applicable Performance Goal for any year by the applicable Scheduled Vesting Date, such RSUs which have not vested and become nonforfeitable shall immediately and automatically, without any action on the part of the Grantee or the Company, be forfeited by the Grantee and deemed canceled.

10EX-10.1

 Exhibit 10.1 
 UNITIL CORPORATION 
 SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

 AS ADOPTED BY UNITIL SERVICE CORP. 
 (as amended and restated effective December 31, 2016) 

 Table of Contents 

 

							
	 	  	 	  	Page	 
	 Article
	  			
			
	1	  	 Purpose and Intent
	  	 	1	 
			
	2	  	 Definitions
	  	 	2	 
			
	3	  	 Administration
	  	 	6	 
			
	4	  	 Participation
	  	 	7	 
			
	5	  	 Eligibility for Benefits Amount
	  	 	8	 
			
	6	  	 Amount and Form of Retirement Benefits
	  	 	9	 
			
	7	  	 Payment of Retirement Benefits
	  	 	10	 
			
	8	  	 Death Benefit
	  	 	11	 
			
	9	  	 Change in Control
	  	 	12	 
			
	10	  	 Forfeiture of Benefits
	  	 	13	 
			
	11	  	 Nature of Claim for Payments
	  	 	14	 
			
	12	  	 Code Section 409A
	  	 	15	 
			
	13	  	 No Assignment or Alienation
	  	 	16	 
			
	14	  	 No Contract of Employment
	  	 	17	 
			
	15	  	 Claims and Appeal Procedure
	  	 	18	 
			
	16	  	 Amendment
	  	 	20	 
			
	17	  	 Governing Law
	  	 	21	 
			
	18	  	 Successors
	  	 	22	 

  

  
 (i)

 Article 1 
 PURPOSE AND INTENT 
 The principal
objective of the Unitil Corporation Supplemental Executive Retirement Plan As Adopted By Unitil Service Corp. (the “Plan”) is to ensure the payment of a competitive level of retirement income in order to attract, retain and motivate
selected executives. The Plan was designed to provide supplements to designated employees which, when combined with other employment related and government sponsored retirement benefits, will provide for the aggregate level of retirement benefits
specified herein. The Plan is intended to be “a plan which is unfunded and is maintained by an employer primarily for the purpose of providing deferred compensation for a select group of management or highly compensated employees” within
the meaning of sections 201(2), 301(a)(3) and 401(a)(1) of ERISA, and shall be interpreted and administered in a manner consistent therewith. 
 The Plan was originally established and adopted effective January 1, 1987, and was amended and restated effective January 1, 1998 and again effective December 31, 2007. The Plan is hereby
further amended and restated in its entirety, effective December 31, 2016. 

  
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 Article 2 
 DEFINITIONS 
 Whenever used herein, unless the context clearly
indicates otherwise, the following words and phrases shall have the meanings herein specified, and the following definitions shall be equally applicable to both the singular and plural forms of any of the terms herein defined. The masculine pronoun
whenever used herein shall include the feminine and neuter genders and the singular number as used herein shall include the plural, and the plural the singular, unless the context clearly indicates a different meaning.    

 2.1    “Basic Plan” shall mean the Unitil Corporation Retirement Plan as adopted, and from time to time
amended, by the Employer. 
 2.2    “Basic Plan Benefit” shall mean the annual amount of benefit payable from the
Basic Plan to a Participant in the form of a straight life annuity. 
 2.3    “Beneficiary” shall mean the
individual designated by the Participant to receive payments upon the death of a Participant in accordance with Article 8. 

2.4    “Board of Directors” shall mean the Board of Directors of Unitil Corporation or any successor thereof. 

2.5    “Change in Control” shall mean the occurrence of any of the following: 

 

	 	(a)	Unitil Corporation 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 Corporation; 

  

	 	(b)	 any person (as such term is defined in Section 13(d) of the Exchange Act), group, corporation or other entity other than Unitil Corporation or a
wholly-owned subsidiary of Unitil Corporation, purchases shares pursuant to a tender offer or exchange offer to acquire any common stock of Unitil Corporation (or securities convertible into common stock) for cash, securities or any other
consideration, 

  
 2 

	 	
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 Corporation (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 Corporation approve (i) any consolidation or merger of Unitil Corporation in which Unitil Corporation is not the continuing or surviving
corporation or pursuant to which shares of common stock of Unitil Corporation would be converted into cash, securities or other property (except where Unitil Corporation shareholders before such transaction will be the owners of more than
seventy-five (75%) percent of all classes of voting stock of the surviving entity), or (ii) any sale, lease, exchange or other transfer (in one transaction or a series of related transactions) of all or substantially all the assets of Unitil
Corporation; or 

  

	 	(d)	there shall have been a change in a majority of the members of the Board of Directors within a twenty-five (25) month period unless the election or nomination for
election by the Unitil Corporation 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 2.5(c) and if the Board of
Directors determines the approved transaction will not be completed and is abandoned prior to any termination of the Participant’s employment, a Change in Control shall no longer be in effect and the provisions of the Plan shall continue in
effect as if a Change in Control had not occurred.     
 2.6    “Change in Control
Participant” shall have the meaning given to that term in Section 9.1. 
 2.7    “Early Retirement Date”
shall mean the first day of the month in which the Participant has both attained age fifty-five (55) and completed fifteen (15) years of Service (excluding Service completed prior to age eighteen (18)). 

2.8    “Employer” shall mean Unitil Service Corp. and any affiliated employer and any successor company which may continue
the Plan. 

  
 3 

 2.9    “Final Average Earnings” shall mean the highest twelve (12) month
average of the sum of base salary plus cash incentive payments received by a Participant, calculated by determining the thirty-six (36) consecutive month period of the last one hundred twenty
(120) months of his tenure as an employee with the Employer during which he received the highest sum of base salary plus cash incentive payments, and then dividing that sum by three (3). 

2.10    “Normal Retirement Date” shall mean the first day of the month in which occurs the
Participant’s 65th birthday. 

2.11    “Other Retirement Income” shall mean the retirement income payable to a Participant from the following sources as
of the date the Participant’s benefits commence under the Plan: 
  

	 	(a)	the straight life annuity equivalent of the value of the total contributions, but not including a Participant’s salary deferral contributions, made by the Employer
under the Unitil Corporation Tax Deferred Savings and Investment Plan on behalf of the Participant during such Participant’s employment at the Employer; and 

 

	 	(b)	retirement income in the form of a straight life annuity payable to a Participant from any previous employers. 

In determining the straight life annuity equivalent under this Section 2.11, the following actuarial assumptions shall be used: the interest rate or
rates and table used by the Pension Benefit Guaranty Corporation to value immediate annuities (as of the beginning of the calendar year in which the determination is being made) under Section 4062 of the Employee Retirement Income Security Act
of 1974. 
 2.12    “Participant” shall mean an employee of the Employer who is designated by the Board of
Directors to participate in the Plan. 
 2.13    “Plan” shall mean the Unitil Corporation Supplemental Executive
Retirement Plan As Adopted By Unitil Service Corp. and as set forth in this document and as may be amended from time to time. 

2.14    “Primary Social Security Benefit” shall mean the annual primary insurance amount to which the Participant is
entitled or would, upon application therefor, be entitled at the later of age 65 or 

  
 4 

 
actual retirement under the provisions of the Federal Social Security Act as in effect on the Participant’s termination date assuming that the Participant will have no income after
termination which would be treated as wages for purposes of the Social Security Act.     

2.15    “Retirement Date” shall mean the first to occur of the Participant’s Normal Retirement Date or Early
Retirement Date. 
 2.16    “Service” shall mean a Participant’s years of Credited Service as defined in the
Basic Plan for benefit calculation purposes, provided that, except as provided in Section 7.2, no Service shall be credited to a Participant subsequent to his termination of Participation pursuant to Section 4.2. 

  
 5 

 Article 3 
 ADMINISTRATION 
 The Plan shall be administered by the Board of
Directors. The Board of Directors shall have the authority to interpret the provisions of the Plan and decide all questions and settle all disputes which may arise in connection with the Plan, all in the sole exercise of its discretion. The Board of
Directors may establish operative and administrative rules and procedures in connection therewith, provided that such procedures are consistent with the requirements of section 503 of ERISA. All interpretations, decisions and determinations made by
the Board of Directors shall be final, conclusive and binding on all persons concerned. No member of the Board of Directors who is a Participant may vote or otherwise participate in any decision or act with respect to a matter relating to himself or
his beneficiaries. 

  
 6 

 Article 4 
 PARTICIPATION 
 4.1    Participation. The Participants
in the Plan shall be those “management” or “highly compensated” employees within the meaning of sections 201(2), 301(a)(3) and 401(a)(1) of ERISA who shall be employees of the Employer and who shall be selected from time to time
by the Board of Directors. Unless selected by the Board of Directors in the sole exercise of its discretion, no employee of the Employer shall have a right to become a Participant in the Plan. Notwithstanding anything herein to the contrary, upon a
Change in Control, no new Participants may be added to the Plan. 
 4.2    Termination of Participation. A
Participant’s participation in the Plan shall end upon his termination of service with the Employer for any reason or his ceasing to be a management or highly compensated employee within the meaning of Sections 201(2), 301(a)(3) and 401(a)(1)
of ERISA. In addition, subject to Section 7.2, the Board of Directors may terminate an employee’s participation in the Plan. 

  
 7 

 Article 5 
 ELIGIBILITY FOR BENEFITS 

5.1    Eligibility for Retirement Benefits. A Participant shall be eligible to receive a benefit under the Plan if
(a) the Participant’s employment terminates on or after his Retirement Date or (b) a Change in Control has occurred. Benefits shall be determined in accordance with Article 6 or Article 9, as the case may be, and shall commence in
accordance with Article 7. 
 5.2    Eligibility for Pre-Retirement Death
Benefits. The Beneficiary of each Participant who dies before commencement of benefits pursuant to Section 7.1 or Section 7.2, as the case may be, but after either (a) a Change in Control or (b) completing at least five years
of Service shall be eligible to receive the benefit described in Article 8. 
 5.3    Termination Prior to
Retirement. Except as otherwise provided in Section 5.2 and Article 9, no benefits are payable under the Plan if a Participant’s employment terminates for any reason, including death, prior to the Participant’s Retirement Date.

  
 8 

 Article 6 
 AMOUNT AND FORM OF RETIREMENT BENEFITS 
 6.1    Amount of Benefit. The annual retirement benefit payable to a Participant under the Plan whose termination of employment occurs on or after his Normal Retirement Date
shall equal sixty percent (60%) of such Participant’s Final Average Earnings reduced, but not below zero, by the sum of (a), (b) and (c) where 
  

	 	(a)	equals the Basic Plan Benefit; 

  

	 	(b)	equals the Other Retirement Income; and 

  

	 	(c)	equals the Primary Social Security Benefit. 

6.2    Early Retirement Benefit. The annual retirement benefit payable to a Participant under the Plan whose termination of
employment occurs on or after his Early Retirement Date shall be determined in accordance with the provisions of Section 6.1 but shall be reduced by 5/12 of one percent (1%) for each full calendar month that the Participant’s termination
of employment precedes the month in which occurs the Participant’s 60th birthday. 
 6.3    Form of Benefit. The
retirement benefits determined under this Article 6 shall be payable as a monthly annuity for the life of a Participant unless the Participant has elected to receive reduced benefits in an optional form of payment. 

The optional forms of payment available for election by a Participant under the Plan shall be the same as those provided under the Basic Plan, provided
that any such election shall be made prior to the Participant’s termination of employment. If an optional form of payment is elected, the benefits payable shall be the actuarial equivalent of the Participant’s retirement benefits under the
Plan. In determining actuarial equivalence, the actuarial reduction factors set forth in the Basic Plan used to convert a straight life annuity to an optional form of payment shall be used under the Plan. 

  
 9 

 Article 7 
 PAYMENT OF RETIREMENT BENEFITS 

7.1    Termination on or after Retirement Date. Except as otherwise provided in Section 7.2 and Articles 8 and 12, all
benefits payable under the Plan shall commence on the date of the Participant’s termination of employment. Benefits will continue to be paid on the first day of each succeeding month. The last payment will be on the first day of the month in
which the retired Participant dies unless the Participant has elected an optional form of payment in accordance with Section 6.3. 

7.2    Termination before Retirement Date after a Change in Control. Except as otherwise provided in Articles 8 and 12,
benefits payable to a Change in Control Participant pursuant to Article 9 shall commence on the earlier to occur of the following: (a) the date the Change in Control Participant could have received benefits under Section 6.1 or
(b) the date the Change in Control Participant could have received benefits under Section 6.2, as the case may be, determined by assuming the Change in Control Participant had remained employed and continued to accrue additional years of
Service after the date of employment termination. Benefits will continue to be paid on the first day of each succeeding month. The last payment will be on the first day of the month in which the retired Change in Control Participant dies unless the
Change in Control Participant has elected an optional form of payment in accordance with Section 6.3. For avoidance of doubt, if a Participant’s employment terminates on or after the Participant’s Retirement Date, the
Participant’s benefits shall be determined pursuant to Article 6 and shall be paid pursuant to Section 7.1, whether or not a Change in Control has occurred. 

  
 10 

 Article 8 
 DEATH BENEFIT 
 8.1    Amount. A
Beneficiary described in Section 5.2 shall receive an annuity for life determined in accordance with the surviving spouse benefit provision of the Basic Plan (other than the requirement that such benefit may only be paid to the surviving
spouse) and the relevant provisions of Article 6 or, after a Change in Control, Article 9. 
 8.2    Commencement.
The benefit described in Section 8.1 shall commence as of the first day of the month following the later of (a) the date the Participant dies or (b) the Participant’s Retirement Date. 

  
 11 

 Article 9 
 CHANGE IN CONTROL 

9.1    Eligibility for Change in Control Benefits. Notwithstanding anything contained herein to the contrary, if a Change in
Control occurs, Participants in the Plan as of the date of the Change in Control shall be entitled to receive benefits determined in accordance with this Article 9 if the Participant’s employment terminates prior to the Participant’s
Retirement Date (a “Change in Control Participant”). 
 9.2    Amount of Change in Control Benefit. A
Change in Control Participant’s benefit payable pursuant to this Article 9 shall be determined in accordance with the provisions of (a) Section 6.1, if, pursuant to Section 7.2, the Change in Control Participant’s benefits
commence on the first date the Participant could have received benefits under Section 6.1 or (b) Section 6.2, if, pursuant to Section 7.2, the Change in Control Participant’s benefits commence on the first date the
Participant could have received benefits under Section 6.2. 
 9.3    Payment of Change in Control Benefit. A
Change in Control Participant’s benefits shall be paid in accordance with Section 7.2. 

  
 12 

 Article 10 
 FORFEITURE OF BENEFITS 

Notwithstanding anything herein to the contrary, if a Participant or Beneficiary who is receiving, or may be entitled to receive, a
benefit hereunder engages in competition with the Employer or any affiliated employer (without prior authorization of the Board of Directors) or is discharged for cause, or performs acts of willful malevolence or gross negligence in a matter of
material importance to the Employer or any affiliated employer, payments thereafter payable hereunder to such Participant or Beneficiary shall, at the discretion of the Board of Directors, be forfeited and the Employer shall have no further
obligation hereunder to such Participant or Beneficiary, provided, however, that no action by the Board of Directors pursuant to this Article 10 shall have any effect on the benefits that a Change in Control Participant is otherwise entitled to
receive hereunder. 

  
 13 

 Article 11 
 NATURE OF CLAIM FOR PAYMENTS 
 Benefits under the Plan shall be paid from the general assets of the Employer (which term, solely for the purposes of this Article 11, shall mean the Employer or any affiliated employer). The Plan
shall be administered as an unfunded plan which is not intended to meet the qualification requirements of section 401 of the Internal Revenue Code of 1986, as amended (the “Code”). Neither a Participant nor his Beneficiary shall be
entitled to receive any payment for benefits under the Plan from the qualified trust maintained for the Basic Plan. Should the Board of Directors elect to insure the Plan, in whole or in part, through the medium of life insurance or annuities, or
both, the Employer shall be the owner and beneficiary of any insurance or annuity contracts. The Employer reserves the absolute right, in its sole discretion, to terminate such life insurance or annuities, as well as any other program, at any time,
either in whole or in part. At no time shall the Participant be deemed to have any right, title, or interest in or in any specified asset or assets of the Employer, including, but not by way of restriction, any insurance or contract or contracts or
the proceeds therefrom. Any such policy shall not in any way be considered to be security for the performance of the obligations of the Employer under the Plan. If the Employer decides to purchase a life insurance or annuity policy on the life of
the Participant, he shall sign any papers that may be required for that purpose and undergo any medical examination or tests which may be necessary. 

  
 14 

 Article 12 
 CODE SECTION 409A 
 The provisions of the Plan and
all payments made pursuant to the Plan 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”). If the Participant is a “specified employee,” as determined under the Employer’s policy for determining specified employees, on the date on which the Participant’s termination
of employment occurs, the Participant’s benefits shall not be paid or commence until the first business day after the date that is six months following the Participant’s termination of employment or, if the Participant dies during such six
month period, on the first business day after the date of the Participant’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-month period. In addition, interest will accrue at the Federal short-term rate determined under Section 1274(d) of the Code (as in effect on the date of the separation from service or, if such date is not
a business day, the first business day prior to such date) on all payments not paid to the Participant prior to the first business day after the sixth month anniversary of termination of employment that otherwise would have been paid during such six-month period had this delay provision not applied to the Participant and shall be paid with the first payment after such six-month period. For all purposes under the Plan,
references to termination of employment or words of similar import shall be interpreted to mean “separation from service,” as that term is used in Section 409A, and the Participant’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. 

  
 15 

 Article 13 
 NO ASSIGNMENT OR ALIENATION 
 The interest hereunder of any Participant or Beneficiary shall not be alienable by the Participant or Beneficiary by assignment or any other method and shall not be subject to be taken by his creditors by
any process whatsoever, and any attempt to cause such interest to be so subjected shall not be recognized, except to such extent required by law. 

  
 16 

 Article 14 
 NO CONTRACT OF EMPLOYMENT 
 The Plan shall not be deemed to constitute a contract of employment between the Employer and any Participant, or to be consideration for the employment of any Participant. Neither the action of
establishing the Plan for the Employer nor any action taken by or on behalf of the Employer or by the Board of Directors under the provisions hereof, nor any provision of the Plan, shall be construed as giving to any Participant the right to be
retained in its employ or any right to any payment whatsoever except to the extent of the benefits provided for by the Plan. The Employer expressly reserves its right at any time to dismiss any Participant without liability for any claim against the
Employer or for any claim for any payment whatsoever, except to the extent provided for in the Plan. 

  
 17 

 Article 15 
 CLAIMS AND APPEAL PROCEDURES 
 In the event that benefits under the Plan are not paid to a Participant or his Beneficiary or contingent annuitant (each a “Claimant”) and the Claimant believes he is entitled to receive them,
the Claimant (this will also include, for the purposes of these procedures, any representative authorized by the Claimant) may file a claim in writing with the Employer. If such claim is denied in whole or in part, the Claimant will be provided with
written notification within ninety (90) days after such claim is received by the Employer. The written notice will (a) set forth the specific reasons for denying the claim; (b) make reference to the specific portions of the Plan that
resulted in the denial of the claim; (c) describe any additional material or information still required from the Claimant to complete the claim; and (d) explain the claims review procedures and applicable time limits. 

If special circumstances require more time for the Employer to process such claim, the Employer will provide the Claimant a notice before
the end of the first ninety (90) days after the claim is received. This notice will explain the reasons for the extension and the date a decision is expected. The extension will not be for more than ninety (90) days. 

If such claim is denied by the Employer, the Claimant will have sixty (60) days to request a review. The Claimant will have a right
to a reasonable opportunity for full and fair review of the adverse determination. The Claimant may submit any and all written comments, documents, records and other information relating to the claim. The Employer will take into account all
comments, documents, records and information the Claimant has submitted, regardless of whether or not they were submitted or considered in the original determination. The Claimant will be provided, upon request and free of charge, access to and
copies of documents, records and other information relevant to the claim. 
 The Employer will notify the Claimant of the
decision on review within sixty (60) days after the Employer received the request for review, unless special circumstances make an extension of time necessary for the Employer to process the review (for example, if a hearing is deemed
necessary). In that case, the Employer will notify the Claimant of the decision on review not later than one hundred twenty (120) days after the Employer first received the request for review. If

  
 18 

 
such an extension of time for review is required, written notice of the extension will be furnished to the Claimant before the end of the first sixty (60) days, and will include the reasons
for the extension and the date the decision is expected. If the extension is due to the Claimant’s failure to submit information necessary to decide the claim, the period for making the benefit determination will be tolled from the date on
which the notification of the extension is sent to the Claimant until the date the Claimant responds to the request for information. 
 Any notice of the Employer’s adverse determination of such claim on appeal will set forth the specific reasons for the adverse decision on such appeal and will reference the specific portions of the
Plan on which the adverse decision is based. The Claimant will be notified of his rights to access relevant documents, as well as information on further steps that the Claimant is entitled to take. 

An adverse decision of the Employer on a claim may be appealed by the Claimant to a court of competent jurisdiction. 

  
 19 

 Article 16 
 AMENDMENT 
 The Plan may be altered, amended or revoked in writing
by the Board of Directors at any time; provided, however, that no such alteration, amendment or revocation (a) that adversely affects a Participant’s or Beneficiary’s vested benefits under the Plan shall be made without the prior
written consent of the Participant or Beneficiary so affected, or (b) that is made after a Change in Control shall be made without the prior written consent of all Participants or Beneficiaries then entitled to benefits hereunder. 

  
 20 

 Article 17 
 GOVERNING LAW 
 The Plan shall be governed and
construed in accordance with the laws of the State of New Hampshire except to the extent preempted by federal law. 

  
 21 

 Article 18 
 SUCCESSORS 
 The provisions of the Plan shall bind and inure to the
benefit of the Employer and its successors and assigns. The term successors as used herein shall include any corporate or other business entity which shall, whether by merger, consolidation, purchase or otherwise acquire all or substantially all of
the business and assets of the Employer, and successors of any such corporation or other business entity. 

  
 22

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