Connecticut Water Service, Inc. (OTCMKTS:CTWSO) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

ME Staff 8-k
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Connecticut Water Service, Inc. (OTCMKTS:CTWSO) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

Item 5.02 Compensatory Arrangements of Certain Officers

Adoption of the 2017 Connecticut Water Company Deferred
Compensation Plan
Effective January 1, 2017, the Board of Directors (the Board) of
Connecticut Water Service, Inc., a Connecticut corporation (the
Company), adopted the 2017 Connecticut Water Company Deferred
Compensation Plan (the Plan). The Plan is an unfunded, nonqualified
deferred compensation plan under which designated eligible
employees (Participants) may elect to defer compensation. Eligible
Participants will be selected by the Compensation Committee of the
Board on an annual basis from among a select group of key
management or highly compensated employees of the Company and its
subsidiaries.
to the Plan and subject to applicable tax laws, Participants may
elect to defer up to 50% of their base salary and up to 50% of
incentive compensation earned. In addition to elective deferrals
made by Plan Participants, the Plan permits, but does not require,
the Company, to make discretionary contributions. Participants
accounts increase or decrease based on the hypothetical investment
of the account balances in one or more investment funds.
Participants elect the investment funds in which their accounts are
hypothetically invested. Participants may elect to receive payment
of their vested account balances in a single cash payment or in
annual installments for a period of up to ten (10) years.
Payments will be made on the first to occur of the following: (i)
on the fixed date or dates (if any) specified in the Participants
deferral election; (ii) upon a Participants separation from
service; and (iii) a Participants death. If the payment event is
the Participants separation from service or death, payment shall be
made within 90 days of such payment event.
Compensation that is deferred under the Plan will represent general
unsecured obligations of the Company to pay such amounts in
accordance with the terms of the Plan. The Company may at any time,
in its sole discretion, terminate the Plan or amend or modify the
Plan, in whole or in part, provided that Participants’ vested
account balances are not reduced.
The foregoing description is not complete and is qualified in its
entirety by references to the full text of the Plan, a copy of
which is filed as Exhibit 10.1>to this Current Report on Form
8-K and is incorporated into this Item 5.02 by reference.
Amendments to Deferred Compensation Agreements
Concurrently with the Companys adoption of the Plan described
above, the Company and certain of the Companys officers (including
the named executive officers) have entered into amendments to the
Companys existing
Deferred Compensation Agreements with the Companys officers (the
Amendments).
Under the Amendments, the Company and each officer have agreed that
no elections may be made under the Agreements to defer salary
earned after 2016. Each Amendment also provides that the amounts
payable under the original Agreement prior to the Amendment will
remain subject to the terms of the original Agreement, including
but not limited to the time and form of payment specified in the
original Agreement.
The foregoing description of the Amendments is not complete and is
qualified in its entirety by references to the full text of the
form of the Amendment, a copy of which is filed as Exhibit
10.2>to this Current Report on Form 8-K and is incorporated into
this Item 5.02 by reference.
Item 9.01 Financial Statements and Exhibits
The following documents are filed herewith as exhibits hereto:
(d) Exhibits
10.1
2017 Connecticut Water Company Deferred Compensation
Plan.
10.2
Form of amendment to Deferred Compensation Agreement,
between the Connecticut Water Company and certain
executive officers of the Company.
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About Connecticut Water Service, Inc. (OTCMKTS:CTWSO)

Connecticut Water Service, Inc. is a non-operating holding company. The Company’s income is derived from the earnings of its subsidiary companies, including The Connecticut Water Company (Connecticut Water), The Maine Water Company (Maine Water), New England Water Utility Services, Inc. (NEWUS) and Chester Realty Company (Chester Realty). It operates through three segments: Water Operations, Real Estate Transactions, and Services and Rentals. The Water Operations segment consists of its regulated water activities to supply public drinking water to customers. The Real Estate Transactions segment involves the sale or donation for income tax benefits of its real estate holdings. The Services and Rentals segment provides contracted services to water and wastewater utilities and other clients, and also leases certain of the Company’s properties to third parties through unregulated companies in the State of Connecticut and through Maine Water in the State of Maine.

Connecticut Water Service, Inc. (OTCMKTS:CTWSO) Recent Trading Information

Connecticut Water Service, Inc. (OTCMKTS:CTWSO) closed its last trading session 00.00 at 16.10 with shares trading hands.