EX-10.1



 





Exhibit 10.1




			
	 	 	 
	Connecticut Water Company

93 West Main Street

Clinton, CT 06413-1600


	 	






					
	Office: 860.669.8636

Fax: 860.669.9326

Customer Service: 800.286.5700

	 	 
	 	 






October 5, 2007




Mr. Nicholas Rinaldi

51 Fanningberry Drive

Marion, CT 06444




Dear Nick:



I am extremely pleased to offer you the position of Controller reporting directly to David Beroit
Vice President of Finance & CFO of Connecticut Water Service, Inc.



The attached compensation offer outlines the key dimensions of the compensation package. Also
included is an outline of our standard benefits package.



We are excited about the prospect of you joining our team. Your position will be highly
prominent and a central tenant of my strategy for success. There is nothing more important to me
than developing a world class workforce and leadership team. While there is much to do, with your
leadership, I am confident we will achieve great things.



If the attached documentation is acceptable, please initial each page of the Term Sheet and return
to me by fax at 860-669-7328 or similar.



I very much look forward to working with you and making Connecticut Water an even greater company.




Very truly yours




	 	 	 	 	 
	 	 	 
	/s/ Jennifer L. Daddio
 	 	 
	Jennifer L. Daddio 	 	 
	Manager, Human Resources 	 	 
	 



DB/jd/file

Enclosures




Accepted and date:




	 	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	Nicholas Rinaldi

	 	Date
	 	 






 









 






			
	 	 	 
	Connecticut Water Company

93 West Main Street

Clinton, CT 06413-1600


	 	






					
	Office: 860.669.8636

Fax: 860.669.9326

Customer Service: 800.286.5700

	 	 
	 	 






Connecticut Water Service, Inc.

Executive Compensation Term Sheet




	 	 	 
	Title:

	 	Controller
	 
	 	 
	Reports to:

	 	VP Finance & CFO
	 
	 	 
	Base Salary:

	 	$130,000 per year, paid bi-weekly. To be reviewed annually.
2007 Incentive award- $20,000 based on achievement of specific
initiatives.
	 
	 	 
	2008
	 	 
	Annual Incentive
Award:

	 	15% of salary midpoint at target ($125,654)

8% at threshold
	 

	 	25% maximum
	 

	 	Taken in cash, Performance Stock, or Restricted Stock, determined by
Compensation Committee of the Board based on financial perfomance,
corporate indicators and strategic initiatives.
	 
	 	 
	2008
	 	 
	Long Term
Incentives:

	 	Annual awards of Restricted Stock consistent with 2004

Performance Stock Plan, with value equal to annual incentive plan.
	 

	 	
Deferred Compensation Agreement; defer up to 12% of salary with
interest earned at Moody’s AAA Corporate Bond Yield average plus an
additional 1.5 to 3%.
	 
	 	 
	 

	 	Pension and Supplemental Executive Retirement Plan; 60% of last 5 year
average base salary, including bonus, reduced by Pension payments from
previous employers. Five year vesting.
	 
	 	 
	Vacation:

	 	Four (4) weeks
	 
	 	 
	Holidays:

	 	Thirteen (13) paid with two (2) personal days
	 
	 	 
	401(k):

	 	Yes, 50% match to statutory maximum, first 4%
	 
	 	 
	Professional
Certifications:

	 	Cost covered






Accepted and date:




	 	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	Nicholas Rinaldi

	 	Date
	 	 






 









 






			
	 	 	 
	Connecticut Water Company

93 West Main Street

Clinton, CT 06413-1600


	 	






					
	Office: 860.669.8636

Fax: 860.669.9326

Customer Service: 800.286.5700

	 	 
	 	 






Executive Compensation Term Sheet — Page 2




	 	 	 
	Insurance:

	 	See standard Company documentation
	 

	 	Medical — managed care and point-of-service options; employee pays 25%
of premium
	 

	 	Dental— yes; with employee contribution
	 

	 	Eye Care — disconnts on routine exams and prescription eye wear
	 

	 	Life — 1 times salary up to $250,000; premium fully paid by company
	 

	 	Short Term Disability — 100% of salary for first 90 days; 60% to 180 days
	 

	 	Long Term Disability — 60% of salary; $10,000/month max
	 

	 	Employee Counseling Assistance
	 

	 	Flexible Medical Spending Account
	 
	 	 
	Change in Control:

	 	1-year salary and annual incentive award.
	 
	 	 
	Cell phone:

	 	Yes
	 
	 	 
	Start Date:

	 	tbd






Accepted and date:




	 	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	Nicholas Rinaldi

	 	Date
	 	 






 









 






			
	 	 	 
	Connecticut Water Company

93 West Main Street

Clinton, CT 06413-1600


	 	






					
	Office: 860.669.8636

Fax: 860.669.9326

Customer Service: 800.286.5700

	 	 
	 	 






Connecticut Water Service, Inc.

The Connecticut Water
Company






Other Employee Benefits





	 	•	 	Medical Insurance — managed and point-of-service options. Employees pays 25% of premium
	 
	 	•	 	Holidays — Thirteen (13) paid per year
	 
	 	•	 	Personal — Two (2) per year
	 
	 	•	 	Dental Insurance — basic and premium coverage; employee pays a portion of premium
	 
	 	•	 	Savings Plan — 401(k) with Company match of $0.50 to employee’s $1.00 up to 4%
of covered compensation
	 
	 	•	 	Pension Plan — Company paid; 5 year vesting
	 
	 	•	 	Flexible Spending — pre-tax salary deferral for reimbursement of miscellaneous
medical expense and dependent daycare expense
	 
	 	•	 	Eyewear Discount Program — discounts on frames, lenses, routine eye exam
	 
	 	•	 	Life Insurance — 1 X of annual salary; paid in full by company
	 
	 	•	 	Employee Assistance Program — confidential, toll-free number for counseling
	 
	 	•	 	Tuition Reimbursement — 80% for approved courses up to a max of $4,000 per year;
$15,000 lifetime max.
	 
	 	•	 	Direct Stock Purchase — allows employees to purchase CTWS stock without a broker’s
fee