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Third, the Mayor and Board of Aldermen unanimously agreed to establish a corporate
governance system for the purposes of managing Pennichuck Corporation. This corporate
govemance system relies upon well-established principles of corporate law, and is established
pursuant to Pennichuck Corporation's Articles of Incorporation and By-Laws, as adopted by the
City and the Company at the time of the acquisition pursuant to the Merger Agreement
This well-known corporate governance model, which incorporates well-established principles
regarding fiduciary obligations of board members, was structured to provide assurances to the
City’s rating agencies, potential lenders, the New Hampshire Public Utilities Commission and
the many communities we serve that decisions are based on sound business and financial
analysis, and in a manner that minimizes political considerations.
Operations, Communities and Customers. Our companies provide water service to a wide
range of communities and customers.
Pennichuck Water Works, Inc. (hereinafter referred to in this report as Pennichuck Water Works)
provides water service to approximately 29,000 customers in 1] communities which include
Amherst, Bedford, Derry, Epping, Hollis, Merrimack, Milford, Nashua, Newmarket, Plaistow
and Salem.
Pennichuck East Utility, Inc. (hereinafter referred to in this report as Pennichuck East Utility)
provides water service to approximately 8,600 customers in 19 communities which include
Atkinson, Barnstead, Bow, Chester, Conway, Derry, Exeter, Hooksett, Lee, Litchfield,
Londonderry, Middleton, Pelham, Plaistow, Raymond, Sandown, Tilton, Weare and Windham.
Pittsfield Aqueduct Company, Inc. (hereinafter referred to in this report as Pittsfield Aqueduct)
provides water service to approximately 650 customers in Pittsfield.
Pennichuck Water Service Corporation (hereinafter referred to in this report as the Service
Company) provides service in connection with the management of water operations services for
| community; water operations, billing, collection and customer services for 3 communities;
billing services for 4 communities; and water meter testing services, as well as contracted water
services at various levels, for approximately 70 small independently owned water systems.
The Southwood Corporation previously owned various parcels of land in the Town of
Merrimack, which were all transferred to ownership by Pennichuck Corporation as of the end of
2019. Southwood remains as a “corporate shell” at this time, in order to facilitate any actions
which might arise from legacy contractual obligations.
The Company's mission is to be a premier supplier of water in New Hanyshire by providing
reliable, high quality and affordable water in sufficient quantities, and be New England's
premier Supplier of water related contract services by providing high quality solutions to meet
our customers‘ needs,
Strategies supporting the corporate mission have been developed relative to our water resources,
employees, financing, customer services and Company assets. These strategies are available on the
Company’s website, www.pennichuck.com, under the “Management and Financial Information”
caption, and the sub-caption of “Strategic Plan.”
