PENNICHUCK CORPORATION AMENDMENT TO EMPLOYEE RETENTION AGREEMENT
Exhibit 10.32 |
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PENNICHUCK CORPORATION |
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AMENDMENT TO EMPLOYEE RETENTION AGREEMENT |
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This Amendment to Employee Retention Agreement is entered into as of this 18th day of December, 2006 between Pennichuck Corporation (the "Company") and Xxxxxx X. Xxxx ("Employee"). |
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WHEREAS, the Company and the Employee entered into an Employee Retention Agreement dated October 3, 2006 (the "Agreement") providing for the payment of compensation to the Employee under certain circumstances, and |
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WHEREAS, the Company and Employee each desire to amend the Agreement. |
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NOW, THEREFORE, in consideration of the mutual promises herein the parties agree as follows: |
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1. Amendment. Section 2.2 of the Agreement is hereby amended to delete from the first sentence the term "one-half" and the figure "$78,000.00" and replace them with the phrase "twenty-four percent of" and the figure "$38,000.00," respectively, so as to provide that the Retention Bonus will equal twenty-four percent of Employee's "Base Salary" in effect at the time that the Retention Bonus is payable, but such amount shall be no less than $38,000.00. |
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2. Ratification. Except as amended as provided in Section 1 above, the Agreement is hereby ratified and confirmed. |
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EMPLOYEE |
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Date: December 18, 2006 |
By: |
/S/ XXXXXX X. XXXX |
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Xxxxxx X. Xxxx |
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PENNICHUCK CORPORATION |
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Date: December 18, 2006 |
/S/ XXXXX X. XXXXXXXXX |
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Xxxxx X. Xxxxxxxxx, President |
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