SEVERANCE AGREEMENT AND RELEASE
This SEVERANCE AGREEMENT AND RELEASE ("AGREEMENT"), dated this 7th day of
September, 2007, is by and between Maine & Maritimes Corporation, a Maine corporation (the "Company")
and Annette N. Arribas ("Arribas"). The Parties agree as follows:
1. Severance Pay . The Company agrees to pay Arribas severance pay equivalent to nine months salary at
Arribas's current rate of pay, subject to withholding required by law (hereinafter the "Severance
Amount"). Arribas agrees that this Severance Amount is being offered by the Company as full consideration for
the terms of this Severance Agreement and Release (hereinafter the "Agreement") and in honor of her years of
service to the Company, and is not compensation she would otherwise be entitled to receive under Maine law or
No payment of the Severance Amount shall be made until the effective date hereof, meaning after the expiration
date of the revocation period set forth in Section 9 below. Severance checks shall be mailed to Arribas at her
home address on a bi-weekly basis in accordance with the Company's normal payroll schedule beginning with
the first full payroll period following the effective date and continuing for nine consecutive months.
2. Vacation Pay . The parties agree that in addition to the Severance Amount discussed in paragraph
one, Arribas will receive payment for all unused accrued vacation hours (subject to required withholdings) as of
August 24, 2007.
3. Moving Expenses . In addition to the Severance Amount discussed in paragraph one, the Company
will make direct payment to a moving company for packing and transportation of household items related to
Arribas's relocation from Presque Isle, Maine, to her new residence in the continental United States during the 12
month period following the execution of this Agreement up to a maximum payment of $10,000.
4. Unemployment Eligibility . The Company hereby states that