Board of Directors

Nicholas DeBenedictis
Chairman

Nicholas DeBenedictis is the non-executive chairman of the board of Aqua America. Previously, DeBenedictis was Chairman and CEO of Aqua America (formerly Philadelphia Suburban Corporation) from June 1993 to July 2015. The company has grown from a market capitalization of $100 million in 1992 to $4.5 billion today and has experienced 15 years of record earnings.

Aqua America is a publicly traded water and wastewater utility holding company with operating subsidiaries serving approximately 3 million people in eight states. Aqua America is listed on the New York Stock Exchange under the ticker symbol WTR.

Prior to joining Aqua America, DeBenedictis spent three years (1989-1992) as senior vice president of corporate and public affairs for PECO Energy, a $4 billion publicly traded nuclear utility. He was responsible for government relations, economic development and environmental policies, plus implementation of the utility's public policy positions. He now serves on the Board of Exelon, of which PECO is a subsidiary.

From 1986 to 1989, DeBenedictis was president of the Greater Philadelphia Chamber of Commerce. He successfully designed and implemented various economic and business development programs to service the Chamber's growing membership, which dramatically increased to more than 5,500 businesses, putting it among the five largest in the nation.

DeBenedictis served in two cabinet positions in Pennsylvania government: Secretary of the Department of Environmental Resources (1983-1986) and Director of the Office of Economic Development (1981-1983). Before joining the cabinet, he spent eight years (1973-1981) with the U.S. Environmental Protection Agency, first as the Assistant Regional Administrator for Region 3, based in Philadelphia, before being transferred to serve in Washington, D.C. from 1980-1981.

DeBenedictis received a Bachelor's degree in business administration from Drexel University in 1968, and a Master's degree in environmental engineering and science from Drexel in 1969. He served in the Army Corps of Engineers between 1970 and 1973 reaching the rank of Captain. DeBenedictis has received an Honorary Doctorate of Science degree from Widener University, an Honorary Doctorate of Letters degree from Drexel University, and an Honorary Doctor of Humane Letters from Misericordia University.

DeBenedictis was elected Chairman of the Philadelphia Convention & Visitors Bureau's (PCVB) Board of Directors in July 2004 and is the current president of the Pennsylvania Society. He currently serves on the policy committee of the Pennsylvania Business Council and is a former Chairman of the Council (formerly the Pennsylvania Business Roundtable). DeBenedictis is a member of the Executive Committee of the Greater Philadelphia Chamber of Commerce. He also serves on the Board of Directors for many regional businesses, economic and environmental organizations. These include: Drexel University, Exelon Corporation, PNC Bank - Southeast Pennsylvania Advisory, P.H. Glatfelter Company, and Independence Blue Cross. He is a past president of the National Association of Water Companies. DeBenedictis has received numerous awards for public service and civic leadership. They include:

  • 2013 – March of Dimes Service to Humanity Award
  • 2012 – Junior Achievement of the Delaware Valley – Philadelphia Business Hall of Fame Honoree
  • 2011 - Drexel University College of Medicine Honoree for Civic Leadership
  • 2010 Red Cross Southeastern Pennsylvania Chapter
  • 2010 Citizen of the Year Award
  • 2010 Ellipse Award for Improvement of Quality of Life Through Infrastructure
  • 2009 "Heart of Philadelphia Award", Greater Philadelphia Hotel Association
  • 2008 Man of the Year Award, Boys Town of Italy
  • 2008 Anthony J. Drexel Award, Drexel University
  • 2007 Greater Philadelphia Area Leadership Award, Roman Catholic High School
  • 2007 - Knighted as a Cavaliere Ufficiale in the Order of Merit of the Italian Republic
  • Finalist, 2007 Entrepreneur of the Year Award, National Competition, Ernst & Young
  • 2005 William Penn Award, Greater Philadelphia Chamber of Commerce
  • 2005 Hope Award, National Multiple Sclerosis Society, Greater Delaware Valley Chapter
  • 2000 Humanitarian Award, Magee Rehabilitation Hospital
  • 1998 Business Leader of the Year Award, Drexel University
  • 1996 CEO of the Year, Chester County Chamber of Commerce and Industry
  • 1995 Distinguished Citizen of the Year Award, Cradle of Liberty Council of the Boy Scouts of America
Holdings: 46,838 shares     View Transactions
Date Type Shares Traded Price Range
Mar 31, 2017 Acquisition (Non Open Market) 583 32.15
Mar 15, 2017 Disposition (Non Open Market) 794 31.52
Feb 27, 2017 Acquisition (Non Open Market) 22,379 n/a
Feb 27, 2017 Disposition (Non Open Market) 7,902 31.16
Dec 30, 2016 Acquisition (Non Open Market) 624 30.03
Dec 20, 2016 Disposition (Non Open Market) 1,248 30.35
Sep 30, 2016 Acquisition (Non Open Market) 609 30.77
Jun 30, 2016 Acquisition (Non Open Market) 532 35.25
Mar 31, 2016 Acquisition (Non Open Market) 587 31.94
Mar 14, 2016 Sell 96,390 31.52
Mar 14, 2016 Sell 4,141 31.52
Feb 27, 2016 Acquisition (Non Open Market) 39,882 n/a
Feb 27, 2016 Disposition (Non Open Market) 13,236 31.14
Feb 5, 2016 Disposition (Non Open Market) 638 31.52
Jan 20, 2016 Disposition (Non Open Market) 1,160 28.95
Nov 13, 2015 Sell 303 28.40
Jun 30, 2015 Disposition (Non Open Market) 5,186 24.59
Jun 5, 2015 Disposition (Non Open Market) 194 25.78
May 1, 2015 Automatic Sell 48,505 26.63
Apr 1, 2015 Automatic Sell 51,985 26.28
Mar 23, 2015 Automatic Sell 50,000 26.83
Feb 27, 2015 Disposition (Non Open Market) 7,779 26.24
Feb 24, 2015 Acquisition (Non Open Market) 52,440 n/a
Feb 24, 2015 Disposition (Non Open Market) 30,656 26.53
Feb 2, 2015 Disposition (Non Open Market) 9,615 27.53
Jan 26, 2015 Disposition (Non Open Market) 1,030 27.46
Jan 20, 2015 Disposition (Non Open Market) 562 26.94
Jan 2, 2015 Sell 10,349 26.68
Dec 2, 2014 Disposition (Non Open Market) 45 26.43
Dec 1, 2014 Sell 16,667 26.50
Nov 10, 2014 Disposition (Non Open Market) 567 26.46
Nov 3, 2014 Automatic Sell 14,779 26.31
Nov 3, 2014 Automatic Sell 16,667 26.31
Oct 1, 2014 Automatic Sell 31,035 23.60 - 23.61
Oct 1, 2014 Automatic Sell 16,667 23.60
Sep 2, 2014 Automatic Sell 33,333 24.79 - 24.79
Sep 2, 2014 Automatic Sell 16,667 24.79
Aug 1, 2014 Automatic Sell 33,333 23.83 - 23.83
Aug 1, 2014 Automatic Sell 16,667 23.83
Jul 1, 2014 Automatic Sell 33,333 25.98
Jul 1, 2014 Automatic Sell 16,667 25.98
Jun 2, 2014 Automatic Sell 33,333 25.22
Jun 2, 2014 Automatic Sell 16,667 25.22
May 1, 2014 Automatic Sell 33,333 25.19 - 25.19
May 1, 2014 Automatic Sell 16,667 25.19
Apr 1, 2014 Automatic Sell 33,333 24.99 - 24.99
Apr 1, 2014 Automatic Sell 16,667 24.99
Mar 3, 2014 Automatic Sell 33,333 24.83 - 24.83
Mar 3, 2014 Automatic Sell 16,667 24.82
Feb 27, 2014 Acquisition (Non Open Market) 11,500 n/a
Carolyn J. Burke
Director since 2016

Biography: Ms. Burke serves as Executive Vice President, Business Operations and Systems at Dynegy, Inc with overall responsibility for Supply Chain, Safety, Environmental, Information Technology, Construction & Engineering, Outage Services and PRIDE-Dynegy's signature continuous margin and process improvement program. She also retains her role as Chief Integration Officer with overall responsibility for integration activities, most recently for Dynegy's $6 billion EquiPower Corp. and Duke merchant portfolio acquisitions, and Dynegy's project management office. From 2011 to 2014, Ms. Burke served as Dynegy's Chief Administrative Officer with overall responsibility for corporate functions including Communications, Human Resources, Information Technology, Investor Relations and Regulatory Affairs. Prior to joining Dynegy, Ms. Burke served as Global Controller for J.P. Morgan's Global Commodities business. She was also NRG Energy's Vice President and Corporate Controller from 2006 to 2008 and Executive Director of Planning and Analysis from 2004 to 2006. Early in her career, she held various key financial roles at Yale University, the University of Pennsylvania and at Atlantic Richfield Company (now British Petroleum). Ms. Burke graduated from Wellesley College with a BA in Economics and Political Science and earned her MBA at The University Chicago Booth School of Business.

Qualifications: Ms. Burke has over 20 years of experience in various roles within the energy and infrastructure industry with responsibilities ranging from accounting and finance, to information technology and human resources to operations and environmental compliance. The Board of Directors views Ms. Burke's independence, her broad experience in finance and operations, and her leadership roles within the industry as important qualifications, skills and experience that support the Board of Directors' conclusion that Ms. Burke should serve as a director of the Company.

Christopher Franklin
Director since 2015

Christopher H. Franklin is chief executive officer of Aqua America. Aqua America is a publicly traded water and wastewater utility holding company with operating subsidiaries serving approximately 3 million people in eight states. Aqua America is listed on the New York Stock Exchange under the ticker symbol WTR.

Franklin was previously president and chief operating officer, regulated operations. A 20-plus-year veteran of the company, Franklin has held executive roles in public affairs, customer operations and as regional president of the company's southern and mid-western operations, where he managed eight states. While holding that post, Franklin significantly increased the performance and earnings power of these diverse state operations, while simultaneously serving as senior vice president of the company's corporate and public affairs, where he was also responsible for the company's federal, state and municipal legislative affairs, investor relations, and communications.

Since joining Aqua America in December 1992 as director, corporate and public affairs, Franklin headed several successful projects, including advocacy for the passage of legislation designed to provide customers of state-regulated water and wastewater utilities with improved water quality and better water and wastewater systems while allowing a fair and reasonable return for shareholders. Franklin also attained national print and broadcast media coverage for the company, changed the name and rebranded the company and its subsidiaries, and expanded its investor relations outreach to increase analyst coverage of the company.

Before joining Aqua America, Franklin worked at PECO Energy Company (an Exelon Company) where he was regional, civic and economic development officer, responsible for the review, recommendation and promotion of economic development initiatives in the Philadelphia region.

Franklin earned his B.S. from West Chester University and his M.B.A. from Villanova University.

Franklin is active in the utility industry and is vice president of the National Association of Water Companies' board of directors. Franklin serves on the board of directors of ITC Inc. (NYSE: ITC), where he chairs the board committee on operations and serves on the board audit committee. ITC is an expanding electric transmission utility headquartered in Novi, Michigan.

In addition, Franklin is active in the community and serves on the following nonprofit boards:

  • Trustee, University of Pennsylvania Board of Trustees, Philadelphia, PA
  • Trustee, West Chester University's Council of Trustees, West Chester, PA
  • Director, Magee Rehabilitation Hospital, Philadelphia, PA
  • Director, The Walnut Street Theatre, Philadelphia, PA


Franklin lives in Chester County, Pennsylvania with his wife Jennifer and three children, Jack, Isabella and Charlotte.

Holdings: 104,282 shares     View Transactions
Date Type Shares Traded Price Range
Feb 27, 2017 Acquisition (Non Open Market) 8,173 n/a
Feb 27, 2017 Disposition (Non Open Market) 5,574 31.16
Feb 22, 2017 Acquisition (Non Open Market) 13,824 n/a
May 10, 2016 Sell 17,243 32.83
May 10, 2016 Disposition (Non Open Market) 953 32.83
May 10, 2016 Option Execute 18,923 16.15 - 18.61
Mar 30, 2016 Acquisition (Non Open Market) 14,167 32.20
Feb 27, 2016 Acquisition (Non Open Market) 10,404 n/a
Feb 27, 2016 Disposition (Non Open Market) 4,502 31.14
Jan 27, 2016 Disposition (Non Open Market) 10,265 30.13
Jan 27, 2016 Option Execute 12,499 23.57
Sep 14, 2015 Sell 10,000 25.20
Jul 1, 2015 Acquisition (Non Open Market) 4,935 24.80
Feb 25, 2015 Disposition (Non Open Market) 6,482 26.62
Feb 25, 2015 Option Execute 9,186 14.67
Feb 24, 2015 Acquisition (Non Open Market) 13,680 n/a
Feb 24, 2015 Disposition (Non Open Market) 5,636 26.53
Feb 23, 2015 Acquisition (Non Open Market) 4,200 26.26
Nov 19, 2014 Sell 5,000 26.21
Nov 18, 2014 Sell 15,625 26.48
Nov 18, 2014 Option Execute 15,625 15.30
Mar 13, 2014 Sell 18,750 25.00
Mar 13, 2014 Option Execute 18,750 13.72
Feb 27, 2014 Acquisition (Non Open Market) 4,200 n/a
Feb 25, 2014 Acquisition (Non Open Market) 7,434 n/a
Feb 25, 2014 Disposition (Non Open Market) 3,065 24.85
Feb 21, 2014 Option Execute 425 18.61
Feb 20, 2014 Disposition (Non Open Market) 5,300 24.60
Feb 20, 2014 Option Execute 7,663 12.92
Jul 9, 2013 Option Execute 352 23.26
Jul 8, 2013 Disposition (Non Open Market) 10,068 31.56
Jul 8, 2013 Option Execute 16,936 16.15 - 23.26
Feb 27, 2013 Acquisition (Non Open Market) 3,600 29.10
Feb 20, 2013 Disposition (Non Open Market) 723 28.58
Feb 20, 2013 Option Execute 1,196 28.58
Jan 22, 2013 Disposition (Non Open Market) 1,742 27.00
May 30, 2012 Sell 4,402 23.06
May 14, 2012 Sell 1,340 22.68
Feb 24, 2012 Acquisition (Non Open Market) 3,600 n/a
Feb 25, 2011 Acquisition (Non Open Market) 2,194 n/a
Jan 18, 2011 Disposition (Non Open Market) 7,117 23.28
Jan 18, 2011 Option Execute 12,412 12.48 - 16.15
Dec 16, 2010 Automatic Sell 10,414 22.45
Dec 16, 2010 Option Execute 10,414 12.48 - 12.49
Oct 19, 2010 Automatic Sell 10,235 21.00
Oct 19, 2010 Option Execute 10,235 11.46 - 12.48
Mar 15, 2010 Disposition (Non Open Market) 1,790 17.41
Jan 22, 2010 Acquisition (Non Open Market) 5,000 17.14
Feb 26, 2009 Acquisition (Non Open Market) 5,000 19.12
Sep 7, 2007 Sell 2,000 24.00
Richard H. Glanton
Lead Independent Director, Director since 1995

Biography: Mr. Glanton is Founder, Chairman and Chief Executive Officer of ElectedFace Inc., an on-line social media website which consolidates 21 of the most proven and popular social media features and functions into one platform to connect individuals and organizations of all types, including government officials and agencies, educational institutions and their leaders, businesses, faith groups, cultural icons and establishments, and community organizations and associations. Mr. Glanton was Senior Vice President of Corporate Development at Exelon Corporation from 2003 to 2008. From 1983 to 2003, he was a partner at the law firms of Wolf Block LLP (1983 to 1986) and Reed Smith LLP (1986 to 2003). Mr. Glanton is a director of The GEO Group, Inc. and Mistras Group, Inc.

Qualifications: Mr. Glanton has more than 25 years of legal experience in law firms and 13 years of executive experience as President of The Barnes Foundation for more than eight years from 1990 to 1998 and at Exelon Corporation. Mr. Glanton has approximately 29 years of continuous experience serving on boards of publicly traded companies. He has served as a director on boards of five publicly traded companies, four of which are traded on the NYSE and one, CGU, is traded on the United Kingdom Stock Exchange. He served as a Director of CGU of North America, a British-based Insurance Company, from 1983 to 2003 when it was sold to White Mountain Group of Exeter, New Hampshire and Berkshire Hathaway. He was a member of both its Executive and Audit Committees during his 20-year tenure on that board. From 1990 until 2003, he served as Director of PECO Energy/Exelon Corporation Boards until he resigned to assume a senior management position within the company at the request of its Chairman. He served on the Executive, Audit and Governance Committees of PECO/Exelon. He has been a director of the GEO Group since 1998, where he serves on its three member Executive Committee, and as Chairman of the Audit and Finance Committee and a member of its Governance and Compensation Committees. He has served as Chairman of Aqua America's Corporate Governance Committee since 2005. The Board has determined that Mr. Glanton is an independent director. The Board of Directors views Mr. Glanton's independence, his experience in utility acquisitions, his experience as a director of other publicly traded companies and his demonstrated leadership roles in other business activities as important qualifications, skills and experience that support the Board of Directors' conclusion that Mr. Glanton should serve as a director of the Company.

Holdings: 6,404 shares     View Transactions
Date Type Shares Traded Price Range
Mar 31, 2017 Acquisition (Non Open Market) 583 32.15
Dec 30, 2016 Acquisition (Non Open Market) 624 30.03
Sep 30, 2016 Acquisition (Non Open Market) 609 30.77
Sep 27, 2016 Sell 4,650 31.20
Sep 8, 2016 Sell 330 31.10
Jun 30, 2016 Acquisition (Non Open Market) 532 35.25
May 25, 2016 Sell 280 31.77
Mar 31, 2016 Acquisition (Non Open Market) 587 31.94
Jun 5, 2015 Sell 2,300 25.75
Jun 3, 2015 Acquisition (Non Open Market) 2,300 26.44
Jun 6, 2014 Acquisition (Non Open Market) 2,000 25.19
Nov 14, 2013 Sell 1,225 24.97
Jun 14, 2013 Sell 1,600 31.24
Jun 7, 2013 Sell 1,800 30.85
Jun 3, 2013 Acquisition (Non Open Market) 1,600 31.36
Jun 1, 2012 Acquisition (Non Open Market) 2,000 23.09
Jun 1, 2012 Sell 2,820 23.00
Jun 1, 2011 Acquisition (Non Open Market) 2,000 22.44
Nov 19, 2010 Sell 3,600 20.98
Jun 1, 2010 Acquisition (Non Open Market) 2,000 17.44
Mar 15, 2010 Buy 3,839 16.93
Jun 1, 2009 Acquisition (Non Open Market) 2,000 16.73
Jun 2, 2008 Acquisition (Non Open Market) 1,500 17.30
Jun 1, 2007 Acquisition (Non Open Market) 1,500 22.88
Jun 1, 2006 Acquisition (Non Open Market) 1,200 23.17
Lon R. Greenberg
Director since 2005

Biography: Mr. Greenberg is non-executive Chairman of the Board of Directors of UGI Corporation, where he served as Chairman since August 1996 and Chief Executive Officer since August 1995, until his retirement in April, 2013. He was formerly President (July 1994 to August 2005), Vice Chairman of the Board (1995 to 1996) and Senior Vice President – Legal and Corporate Development (1989 to 1994) of UGI Corporation. Mr. Greenberg is a member of the Board of Trustees of Temple University and the Chairman of the Board of Trustees of the Temple University Health System. Mr. Greenberg also serves as a director of Ameriprise Financial, Inc. and AmerisourceBergen Corporation, and a director of UGI Corporation's subsidiaries UGI Utilities, Inc. and AmeriGas Propane, Inc.

Qualifications: Mr. Greenberg has over 20 years of experience in various executive, legal and corporate development roles with a major gas utility company and international distributor of propane. He is also Chairman of the nation's largest retail propane marketer and he serves as a director for a NYSE listed financial planning, products and services company, as well as a NYSE listed global pharmaceutical sourcing and distribution services company. He is a member of the Board of Trustees of a major university in Philadelphia and the university's health system. Mr. Greenberg has served as a member of the Company's Executive Compensation Committee since 2005 and a member of the Company's Audit Committee since 2009, serving as Chairman since 2012. Mr. Greenberg has also held leadership positions with various civic and charitable institutions. The Board of Directors has determined that Mr. Greenberg is an independent director, financially literate and an audit committee financial expert within the meaning of applicable SEC rules. The Board of Directors views Mr. Greenberg's independence, his experience with various aspects of the utility industry, his experience as an executive of a non-utility business and his demonstrated leadership roles in business and community activities as important qualifications, skills and experience that support the Board of Directors' conclusion that Mr. Greenberg should serve as a director of the Company.

Holdings: 32,235 shares     View Transactions
Date Type Shares Traded Price Range
Mar 31, 2017 Acquisition (Non Open Market) 583 32.15
Dec 30, 2016 Acquisition (Non Open Market) 624 30.03
Sep 30, 2016 Acquisition (Non Open Market) 609 30.77
Jun 30, 2016 Acquisition (Non Open Market) 532 35.25
Mar 31, 2016 Acquisition (Non Open Market) 587 31.94
Jun 3, 2015 Acquisition (Non Open Market) 2,300 26.44
Jun 6, 2014 Acquisition (Non Open Market) 2,000 25.19
Jun 3, 2013 Acquisition (Non Open Market) 1,600 31.36
Jun 1, 2012 Acquisition (Non Open Market) 2,000 23.09
Jun 1, 2011 Acquisition (Non Open Market) 2,000 22.44
Jun 1, 2010 Acquisition (Non Open Market) 2,000 17.44
Nov 13, 2009 Buy 6,000 15.75
Jun 1, 2009 Acquisition (Non Open Market) 2,000 16.73
Jun 2, 2008 Acquisition (Non Open Market) 1,500 17.30
Jun 1, 2007 Acquisition (Non Open Market) 1,500 22.88
Jun 1, 2006 Acquisition (Non Open Market) 1,200 23.17
William P. Hankowsky
Director since 2004

Biography: Mr. Hankowsky has been Chairman, President and Chief Executive Officer of Liberty Property Trust, a fully integrated real estate firm, since 2003. Mr. Hankowsky joined Liberty in 2001 as Executive Vice President and Chief Investment Officer. Prior to joining Liberty, he served for 11 years as President of the Philadelphia Industrial Development Corporation. Prior to that, he was Commerce Director for the City of Philadelphia. Mr. Hankowsky serves on the Board of Directors of Citizens Financial Group and on various charitable and civic boards, including the Philadelphia Convention and Visitors Bureau and the Kimmel Regional Performing Arts Center.

Qualifications: Mr. Hankowsky has over 35 years of experience managing public, private and non-profit organizations, including eleven years as Chairman and Chief Executive Officer of Liberty Property Trust, a publicly traded Real Estate Investment Trust which owns 100 million square feet of office and industrial space in over 24 markets throughout the United States and the United Kingdom. He has experience in financing, acquisitions and real estate matters across the United States. Mr. Hankowsky has also held leadership positions with various cultural and civic institutions in the greater Philadelphia region. Mr. Hankowsky has served as Chairman of the Company's Executive Compensation Committee since 2005. The Board of Directors has determined that Mr. Hankowsky is an independent director, financially literate and an audit committee financial expert within the meaning of applicable SEC rules. The Board of Directors views Mr. Hankowsky's independence, his experience with real estate, financing and acquisitions and his demonstrated leadership roles in business and community activities as important qualifications, skills and experience supporting the Board of Directors' conclusion that Mr. Hankowsky should serve as a director of the Company.

Holdings: 28,060 shares     View Transactions
Date Type Shares Traded Price Range
Mar 31, 2017 Acquisition (Non Open Market) 583 32.15
Dec 30, 2016 Acquisition (Non Open Market) 624 30.03
Sep 30, 2016 Acquisition (Non Open Market) 609 30.77
Jun 30, 2016 Acquisition (Non Open Market) 532 35.25
Mar 31, 2016 Acquisition (Non Open Market) 587 31.94
Jun 3, 2015 Acquisition (Non Open Market) 2,300 26.44
Jun 6, 2014 Acquisition (Non Open Market) 2,000 25.19
Jun 3, 2013 Acquisition (Non Open Market) 1,600 31.36
Jun 1, 2012 Acquisition (Non Open Market) 2,200 23.09
Jun 1, 2011 Acquisition (Non Open Market) 2,000 22.44
Jun 1, 2010 Acquisition (Non Open Market) 2,000 1.00
Jun 1, 2009 Acquisition (Non Open Market) 2,000 16.73
Jun 2, 2008 Acquisition (Non Open Market) 1,500 17.30
Jun 1, 2007 Acquisition (Non Open Market) 1,500 22.88
Jun 1, 2006 Acquisition (Non Open Market) 1,200 23.17
Wendell F. Holland
Director as of 2011

Biography: Mr. Holland has been a partner in CFSD Group, LLC, advisors for local and regional utility financing, since July 2009. Mr. Holland was partner in the law firm of Saul Ewing, LLP from October 2008 to September 2013. Mr. Holland served as Chairman of the Pennsylvania Public Utility Commission from 2004 to 2008 and as a Commissioner from 1990 to 1993, and 2003 to 2004. Mr. Holland was Of Counsel to the law firm of Obermayer Rebman from 1999 to 2003, Vice President of American Water Works Company from 1996 to 1999 and a partner at the law firm of LeBoeuf Lamb Greene and McRae from 1993 to 1995. He has served as Treasurer of the National Association of Utility Regulatory Commissioners (NARUC) and also served on NARUC's Executive Committee, Board of Directors, and as Chairman of its Audit and Investment Committees. He is a member of the Board of Bryn Mawr Trust Bank and was a member of the Allegheny Energy Board of Directors from 1994 to 2003.

Qualifications: Mr. Holland has extensive knowledge and experience in the regulation of public utilities, especially water utilities. His experience as chairman of the Public Utility Commission in Pennsylvania for four years and a Commissioner for an additional four years enables him to provide valuable insight into the regulatory process. His service as a member of the Board of Directors of a large, publicly traded energy company also enables him to play a meaningful role on the Company's Board of Directors. As outside counsel to, and an executive at other public utility companies, he has a valuable perspective on the various issues facing public utility companies. The Board of Directors has determined that Mr. Holland is an independent director. The Board of Directors views Mr. Holland's independence, his experience with utility regulation and utility operations, his reputation in the utility industry and his leadership roles in business and community activities as important qualifications, skills and experience supporting the Board of Directors' conclusion that Mr. Holland should serve as a director of the Company.

Holdings: 11,985 shares     View Transactions
Date Type Shares Traded Price Range
Mar 31, 2017 Acquisition (Non Open Market) 583 32.15
Dec 30, 2016 Acquisition (Non Open Market) 624 30.03
Sep 30, 2016 Acquisition (Non Open Market) 609 30.77
Jun 30, 2016 Acquisition (Non Open Market) 532 35.25
Mar 31, 2016 Acquisition (Non Open Market) 587 31.94
Jun 3, 2015 Acquisition (Non Open Market) 2,300 26.44
Jun 6, 2014 Acquisition (Non Open Market) 2,000 25.19
Jun 3, 2013 Acquisition (Non Open Market) 1,600 31.36
Jun 1, 2012 Acquisition (Non Open Market) 2,200 23.09
Ellen T. Ruff
Director since 2006

Biography: Ms. Ruff is a partner in the law firm of McGuire-Woods, LLP. She was President, Office of Nuclear Development, for Duke Energy Corporation, from December 2008 until her retirement in January 2011. Duke Energy Corporation is a leading energy company focused on electric power and gas distribution operations and other energy services in the Americas. From April 2006 through December 2008, Ms. Ruff was President of Duke Energy Carolinas, an electric utility that provides electricity and other services to customers in North Carolina and South Carolina. Ms. Ruff joined the Duke Energy organization in 1978 and during her career held a number of key positions, including: Vice President and General Counsel of Corporate, Gas and Electric Operations; Senior Vice President and General Counsel for Duke Energy; Senior Vice President of Asset Management for Duke Power; Senior Vice President of Power Policy and Planning; and Group Vice President of Planning and External Affairs. Ms. Ruff is a director of Mistras Group, Inc.

Qualifications: Ms. Ruff has over 30 years of experience with a major utility company in various management, operations, legal planning and public affairs positions. Ms. Ruff has lived and worked in North Carolina, an important area of the Company's operations, for many years. Ms. Ruff has served as a member of the Company's Executive Compensation Committee since 2006. The Board of Directors has determined that Ms. Ruff is an independent director. The Board of Directors views Ms. Ruff's independence, her experience with various aspects of the utility industry, her knowledge of North Carolina and her demonstrated leadership roles in business and community activities as important qualifications, skills and experience supporting the Board of Directors' conclusion that Ms. Ruff should serve as a director of the Company.

Holdings: 23,235 shares     View Transactions
Date Type Shares Traded Price Range
Mar 31, 2017 Acquisition (Non Open Market) 583 32.15
Dec 30, 2016 Acquisition (Non Open Market) 624 30.03
Sep 30, 2016 Acquisition (Non Open Market) 609 30.77
Jun 30, 2016 Acquisition (Non Open Market) 532 35.25
Mar 31, 2016 Acquisition (Non Open Market) 587 31.94
Jun 3, 2015 Acquisition (Non Open Market) 2,300 26.44
Jun 6, 2014 Acquisition (Non Open Market) 2,000 25.19
Jun 3, 2013 Acquisition (Non Open Market) 1,600 31.36
Jun 1, 2012 Acquisition (Non Open Market) 2,000 23.09
Jun 1, 2011 Acquisition (Non Open Market) 2,000 22.44
Jun 1, 2010 Acquisition (Non Open Market) 2,000 17.44
Jun 1, 2009 Acquisition (Non Open Market) 2,000 16.73
Jun 2, 2008 Acquisition (Non Open Market) 1,500 17.30
Jun 1, 2007 Acquisition (Non Open Market) 1,500 22.88