SEC Contract Filing

Filing Date: 2018-07-31

Document Content:
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<TYPE>EX-10.3
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<FILENAME>d572580dex103.htm
<DESCRIPTION>EX-10.3
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; line-height:25.0pt; font-size:10pt; font-family:ARIAL" ALIGN="right">Exhibit 10.3 </P>
<P STYLE="margin-top:30pt; margin-bottom:0pt; line-height:0.0pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><B><U>UNITIL CORPORATION </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; line-height:25.0pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><B><U>SEVERANCE AGREEMENT </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; line-height:25.0pt; font-size:11pt; font-family:ARIAL">THIS AGREEMENT, dated this [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] day of
[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] made effective as of the date on which a Change in Control (as defined in
paragraph 2) occurs, by and among Unitil Corporation (&#147;Unitil&#148;), a New Hampshire corporation, Unitil Service Corp., a New Hampshire corporation and a wholly-owned subsidiary of Unitil (&#147;Subsidiary&#148;) (Unitil and Subsidiary are
herein referred to collectively as the &#147;Company&#148;) and
[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] (the &#147;Employee&#148;). </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; line-height:25.0pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><U>W</U> <U>I</U> <U>T</U> <U>N</U> <U>E</U> <U>S</U> <U>S</U> <U>E</U> <U>T</U> <U>H</U>&nbsp;&nbsp;<U>T</U> <U>H</U> <U>A</U>
<U>T</U>: </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; line-height:25.0pt; font-size:11pt; font-family:ARIAL">WHEREAS, the Employee is an employee of the Company and an integral part of its management who participates in the
decision making process relative to short and long-term planning and policy for the Company; and </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; line-height:25.0pt; font-size:11pt; font-family:ARIAL">WHEREAS, the Board of Directors
of Unitil, determined that it would be in the best interests of Unitil, its shareholders and the Employee to assure continuity in the management of the Company&#146;s administration and operations in the event of a Change in Control by entering into
an employment agreement to retain the services of the Employee, and the Board of Directors of the Subsidiary made the same determination; and </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; line-height:25.0pt; font-size:11pt; font-family:ARIAL">WHEREAS, the Company and the Employee previously entered into a severance agreement dated the [&nbsp;&nbsp;] day of
[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], 20[&nbsp;&nbsp;] (the &#147;Prior Agreement&#148;) and the Company and the Employee desire to amend and restate the Prior Agreement; and </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; line-height:25.0pt; font-size:11pt; font-family:ARIAL">WHEREAS, the Company and the Employee agree that this Agreement shall amend and supersede the terms and conditions of the Prior
Agreement. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; line-height:25.0pt; font-size:11pt; font-family:ARIAL">NOW, THEREFORE, it is hereby agreed by and between the parties hereto as follows: </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; line-height:25.0pt; font-size:11pt; font-family:ARIAL">1. <U>Employment</U>. The Company agrees to continue the Employee in its employ
and the Employee agrees to remain in the employ of the Company for the period stated in paragraph 4 hereof and upon the terms and conditions herein provided. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; line-height:25.0pt; font-size:11pt; font-family:ARIAL">2. <U>Change in Control</U>. The term &#147;Change in Control&#148; shall mean the occurrence of any of the following: </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:14%; line-height:25.0pt; font-size:11pt; font-family:ARIAL">(a) Unitil receives a report on Schedule 13D filed with the Securities and Exchange Commission pursuant to Section&nbsp;13(d) of the
Securities Exchange Act of 1934, as amended (hereinafter referred to as the &#147;Exchange Act&#148;), 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; </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:14%; line-height:25.0pt; font-size:11pt; font-family:ARIAL">(b) any person (as such term is defined in Section&nbsp;13(d) of the Exchange
Act), group, corporation or other entity other than Unitil or a wholly-owned subsidiary of Unitil, purchases shares pursuant to a tender offer or exchange offer to acquire any common stock of Unitil (or securities convertible into common stock) for
cash, securities or any other consideration, provided that after consummation of the offer, the person, group, corporation or other entity in question is the beneficial owner (as such term is defined in Rule
<FONT STYLE="white-space:nowrap">13d-3</FONT> under the Exchange Act), directly or indirectly, of twenty-five (25%) percent or more of the outstanding common stock of Unitil (calculated as provided in paragraph (d)&nbsp;of Rule <FONT
STYLE="white-space:nowrap">13d-3</FONT> under the Exchange Act in the case of rights to acquire common stock);