Agenda

IN WITNESS WHEREOF, the Guarantor has caused this Guaranty to be executed as of the date
shown above by its duly authorized officers.

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By: a <—

Title: Cc FO

SECTION 10. Notices. All notices provided for herein shall be in writing (including facsimile)
and shall be mailed or delivered to the following addresses or facsimile numbers or to such other address
or facsimile number as cither party may specify by notice to the other:

If to CoBank, as follows: [fto the Guarantor, as follows:
CoBank, ACB Pennichuck Corporation

5500 South Quebec Street 25 Manchester Street

(3) Notice of Default. Promptly after becoming aware thereof, notice of the
breach of any covenant contained in this Guaranty or any instrument or document executed in connection
herewith.

Guarantor agrees to cause all persons occupying or present on any of its properties to comply in all
material respects with all Laws relating to such properties.

(C) ‘Insurance. Maintain insurance with insurance companies or associations
acceptable to CoBank in such amounts and covering such risks as are usually carried by companies
engaged in the same or similar business and similarly situated.

(D) _ Litigation. Except as disclosed in the Company’s Application for Credit dated as
of February 9, 2010 (the Application”), there are no pending legal, arbitration, or governmental actions or
proceedings to which the Guarantor is a party or to which any of its property is subject which, if adversely
determined, could have a material adverse effect on the condition, financial or otherwise, operations,
properties, or business of the Guarantor, or on the ability of the Guarantor to perform its obligations

SECTION 5. Information Regarding Company; Waiver of Notices, Etc. The Guarantor
assumes responsibility for keeping fully informed of the financial condition of the Company, its liability
hereunder and all other circumstances affecting the Company’s ability to pay and perform the Guaranteed
Obligations. The Guarantor agrees that CoBank shall have no duty to report to or notify the Guarantor of:
(i) any information which CoBank shall receive about the financial condition of the Company (including

the terns and conditions of the Loan Documents; (iii) the forbearance by CoBank from exercising any right
or remedy it may have under the Loan Documents or under law; (iv) any inability, faiture, neglect or
omission to obtain, perfect, maintain, enforce, or realize upon any collateral for the Guaranteed Obligations,
or to pursue or obtain any deficiency judgment against the Company following any foreclosure of any
security interest, mortgage or deed of trust; (v) the loss or impairment of any collateral, the subordination or

Attachment C

GUARANTEE OF PAYMENT
(CONTINUING)

THIS GUARANTEE OF PAYMENT (this “Guaranty") is executed as of February 9, 2010, by
PENNICHUCK CORPORATION, a New Hampshire corporation (hereinafter referred to as the
"Guarantor”). in favor COBANK, ACB (hereinafter referred to as "CoBank").

BACKGROUND

IN WITNESS WHEREOF, the partics have caused this Amondment to bo oxeouted by thoir duly
authorized officers as of the date shown shove.

‘CoBANK,
By:

PENNICHUCK EAST UTILITY INC.

Kelli Cho! ; hue

Titley _ axcintant Corporate Sacratary Tile: Chief Kxecutive Officer

(First Amendment to Master Loan Agreement)

Active/4S3203 14.4

Loan No. RX0848

FIRST AMENDMENT TO
MASTER LOAN AGREEMENT

THIS FIRST AMENDMENT TO MASTER LOAN AGREEMENT (this “Agreement” is entered
into as of April 25, 2018, between PENNICHUCK EAST UTILITY INC. a New Hampshire corporation (the
“Company”), and CoBANK, ACB, a federally chartered instrumentality of the United States (“CoBank”).

BACKGROUND

CoBank and the Company are partics to a Mastcr Loan Agreement dated as of February 9, 20!0 (the
“Master Loan Agreement”). The parties now desire to amend the Master Loan Agreement.