Document:

Exhibit

EXHIBIT 10.73

EXECUTION

SJW GROUP
ASSUMPTION AGREEMENT
This ASSUMPTION AGREEMENT is made as of the 7th day of November 2019, by and between SJW Group, a corporation formed under the laws of Delaware (“SJW”), and [  ] (“Participant”).
WHEREAS, Participant holds one or more outstanding incentive awards granted by Connecticut Water Service, Inc., a Connecticut corporation (“CTWS”), under one or more of the following incentive compensation plans of CTWS (collectively, the “CTWS Plans”): 
-    CTWS 2014 Performance Stock Program; 
-    CTWS 2004 Performance Stock Program; and
-    CTWS 1994 Performance Stock Program.
WHEREAS, Participant’s incentive awards are comprised of one or more of the following types of awards (collectively, the “CTWS Awards”), each evidenced by a Performance Unit Award Agreement and related participant election form, or a Restricted Stock Unit Agreement, (each, an “Award Agreement”):
		
	-
	Performance Share Units (each, a “PSU Award”);

-     Performance Cash Units (each, a “PCU Award”); 
-    Incentive Deferrals (each, an “Incentive Deferral Award”); and
-    Cash-settled Restricted Stock Units (each, an “RSU Award”).
WHEREAS, SJW acquired CTWS pursuant to the Second Amended and Restated Agreement and Plan of Merger (the “Merger Agreement”), dated as of August 5, 2018, by and among SJW, CTWS and Hydro Merger Sub, Inc., a Connecticut corporation and wholly-owned subsidiary of SJW (“Merger Sub”), whereby Merger Sub merged with and into CTWS (the “Merger”), and the shares of CTWS common stock were converted into the right to receive $70.00 per share in cash. 
WHEREAS, the provisions of the Merger Agreement required SJW to assume the obligations of CTWS under certain of the outstanding CTWS Awards as described below and to issue to the holder of each such outstanding CTWS Award an agreement evidencing the assumption of such award by SJW:
		
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	PSU Awards

		
	◦
	Each PSU Award, including both a short-term and a long-term award, granted on January 17, 2019 (the “2019 PSU Award”) was assumed by SJW at target-level performance (determined as described below) without regard to actual performance 

and converted into a time-based vesting award subject to continued employment and covering restricted stock units of SJW based on the Conversion Ratio (as defined below).  Any award amount in excess of target-level performance was forfeited on a prioritization basis (as described below).
		
	◦
	Each PSU Award granted on January 18, 2018 (the “2018 PSU Award”) that, at the Effective Time (as defined in the Merger Agreement), was subject to only time-based vesting based on continued employment was assumed by SJW as a time-based vesting award subject to continued employment and covering restricted stock units of SJW based on the Conversion Ratio.

		
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	Each PSU Award granted on January 19, 2017 (the “2017 PSU Award”) that, at the Effective Time, was subject to only time-based vesting based on continued employment was assumed by SJW as a time-based vesting award subject to  continued employment and covering restricted stock units of SJW based on the Conversion Ratio.

		
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	Each PSU Award granted prior to January 19, 2017 (the “Vested PSU Award”), that at the Effective Time was fully vested but with respect to which Participant has elected to defer the payment of the underlying shares, was assumed by SJW and converted into an award of fully vested restricted stock units of SJW based on the Conversion Ratio.

		
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	PCU Awards

		
	◦
	Each PCU Award, including both a short-term and a long-term award, granted on January 17, 2019 (the “2019 PCU Award”) was assumed by SJW at target-level performance (determined as described below) without regard to actual performance and converted into a time-based vesting cash award subject to continued employment. Any award amount in excess of target-level performance was forfeited on a prioritization basis (as described below).

		
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	Each PCU Award granted prior to January 17, 2019 (the “Pre-2019 PCU Award”) that at the Effective Time was still unvested and outstanding, was accelerated and paid in full to Participant shortly following the closing of the Merger and was not assumed by SJW. 

		
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	Incentive Deferral Awards

		
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	Each Incentive Deferral Award, including both a short-term and a long-term award, granted on January 17, 2019 (the “2019 Incentive Deferral Award”) was assumed by SJW at target-level performance (determined as described below) without regard to actual performance and converted into a time-based vesting cash award subject to continued employment.  Any award amount in excess of target-level performance was forfeited on a prioritization basis (as described below).

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	◦
	Each Incentive Deferral Award granted on January 18, 2018 (the “2018 Incentive Deferral Award”) that, at the Effective Time, was subject to only time-based vesting based on continued employment was assumed by SJW as a time-based vesting cash award subject to continued employment.

		
	◦
	Each Incentive Deferral Award granted on January 19, 2017 (the “2017 Incentive Deferral Award”) that, at the Effective Time, was subject to only time-based vesting based on continued employment was assumed by SJW as a time-based vesting cash award subject to continued employment.

		
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	RSU Awards  

		
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	Each RSU Award granted on December 8, 2017 or March 7, 2018 that, at the Effective Time, was subject to time-based vesting based on continued employment  was assumed by SJW and converted into a time-based vesting award subject to continued employment and covering restricted stock units of SJW based on the Conversion Ratio.

WHEREAS, the applicable conversion ratio (the “Conversion Ratio”) in effect for the assumption of the outstanding stock-settled CTWS Awards under the CTWS Plans, as determined in accordance with the formula provisions of the Merger Agreement, is 1.016 ($70.00 per share of CTWS Stock (as defined below) divided by $68.87, the average per share closing price of SJW Stock (as defined below) for the five consecutive trading days immediately preceding the Effective Time).
WHEREAS, for purposes of calculating the forfeiture of amounts in excess of target-level performance with respect to the 2019 CTWS Awards, CTWS determined target-level performance on an aggregate performance award basis for Participant’s 2019 CTWS Awards and then allocated such target-level performance to the form of awards elected as set forth on Participant’s Award Agreement on a prioritized basis consistent with CTWS’s past practice depending on the type of award Participant elected to receive (instead of a pro-rata allocation across each of Participant’s elected awards).  The general order of priority is Incentive Deferral Awards, PSU Awards and PCU Awards. 
WHEREAS, SJW’s assumption of Participant’s outstanding CTWS Awards under the CTWS Plans became effective immediately upon the Effective Time, and the purpose of this Assumption Agreement is to reflect certain adjustments to Participant’s outstanding CTWS Awards which became necessary by reason of such assumption.
NOW, THEREFORE, it is hereby agreed as follows:
1.PSU Awards. The number of shares of CTWS common stock (“CTWS Stock”) subject to each PSU Award, if any, held by Participant immediately prior to the Effective Time are set forth on the Schedule A attached hereto.  For this purpose, the number of shares of CTWS Stock subject to the 2019 PSU Award immediately prior to the Effective Time is the target number of shares subject to the award.  SJW hereby assumes, as of the Effective Time, all the duties 

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and obligations of CTWS under each of the PSU Awards identified in attached Schedule A (the “Assumed PSU Awards”), and each such Assumed PSU Award is hereby converted into the right to receive shares of SJW common stock (“SJW Stock”) in accordance with the terms of that award, as adjusted pursuant to the provisions of this Agreement. In connection with such assumption, the number of shares of SJW Stock subject to each Assumed PSU Award shall be equal to the number of shares of CTWS Stock subject to the award (as set forth on Schedule A), multiplied by the Conversion Ratio, rounded down to the nearest whole share.  Accordingly, the number of shares of SJW Stock subject to each Assumed PSU Award shall be as specified for that award on the attached Schedule A. 
2.2019 PCU Awards. The target dollar amount subject to the 2019 PCU Award, if any, held by Participant immediately prior to the Effective Time is set forth on the attached Schedule A.  SJW hereby assumes, as of the Effective Time, all the duties and obligations of CTWS under such 2019 PCU Award with respect to the dollar amount set forth on Schedule A in accordance with the terms of that award, as adjusted pursuant to the provisions of this Agreement.   For the avoidance of doubt, each Pre-2019 PCU Award, that at the Effective Time was still unvested and outstanding, was accelerated and paid in full following the closing of the Merger and SJW did not assume any Pre-2019 PCU Award and there are no amounts underlying any Pre-2019 PCU Award owed to Participant.  As a result, there are no Pre-2019 PCU Awards set forth on Schedule A.
3.Incentive Deferral Awards.  The dollar amount subject to each Incentive Deferral Award, if any, held by Participant immediately prior to the Effective Time is set forth on the attached Schedule A.  For this purpose, the dollar amount subject to the 2019 Incentive Deferral Award immediately prior to the Effective Time is the target dollar amount subject to the award.  SJW hereby assumes, as of the Effective Time, all the duties and obligations of CTWS under each of the Incentive Deferral Awards identified on Schedule A attached hereto (the “Assumed Incentive Deferral Awards”) and each Assumed Incentive Deferral Award is hereby converted into the right to receive a dollar amount set forth on Schedule A in accordance with the terms of that award, as adjusted pursuant to the provisions of this Agreement. 
4.RSU Awards. The number of shares of CTWS Stock subject to the RSU Awards, if any, held by Participant immediately prior to the Effective Time are set forth on Schedule A attached hereto.  SJW hereby assumes, as of the Effective Time, all the duties and obligations of CTWS under each of the RSU Awards identified on Schedule A (the “Assumed RSU Awards”), and each Assumed RSU Award is hereby converted into the right to receive a cash amount based on the fair market value of shares of SJW Stock in accordance with the terms of that award, as adjusted pursuant to the provisions of this Agreement.  
5.Provisions Governing Assumed Awards. Except as otherwise set forth in Section 9 below, the following provisions shall govern each CTWS Award hereby assumed by SJW:
(a)Unless the context otherwise requires, all references in each Award Agreement and, if applicable, in the applicable CTWS Plan: (i) to the “Company” shall mean SJW, (ii) to “Common Stock” shall mean SJW Stock, (iii) to the “Board” shall mean the Board of Directors of SJW, and (iv) to the “Committee” 

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or the “Compensation Committee” shall mean the Executive Compensation Committee of the SJW Board of Directors. 
(b)The Grant Date (as such term is defined in the applicable Award Agreement) of each assumed CTWS Award and all other provisions which govern either the issuance or the forfeiture of the assumed CTWS Award shall remain the same as set forth in the Award Agreement applicable to that award, and the provisions of the Award Agreement shall accordingly govern and control Participant’s rights under this Agreement to be issued SJW Stock or cash; provided, that each CTWS Award subject to performance conditions and granted after January 1, 2019, shall no longer be subject to performance conditions and was assumed at target-level performance.  
(c)Pursuant to the terms of the Merger Agreement, each CTWS Award assumed by SJW shall continue to vest based on Participant’s continued employment with CTWS  in accordance with the same time-based vesting schedule in effect under the applicable Award Agreement immediately prior to the Effective Time, and each such assumed CTWS Award that vests in accordance with such schedule shall be paid in accordance with the applicable Award Agreement, including, if applicable, Participant’s payment election.  The vesting dates of each unvested CTWS Award assumed by SJW are set forth on Schedule A attached hereto.  In accordance with the terms of the Merger Agreement, each such CTWS Award shall vest in full upon a termination of Participant’s employment by SJW without Cause within one (1) year following the closing of the Merger.  For purposes of this subsection (c), “Cause” shall mean a termination following the occurrence of any of the following events: (i) Participant’s commission of any felony or any crime involving fraud, dishonesty or moral turpitude; (ii) Participant’s attempted commission of, or participation in, a fraud or act of dishonesty against CTWS, Connecticut Water Company, Maine Water Company or their affiliates (including SJW) or any client of CTWS, Connecticut Water Company, Maine Water Company or their affiliates (including SJW); (iii) Participant’s intentional, material violation of any material contract or agreement between Participant and CTWS, Connecticut Water Company, Maine Water Company, or their affiliates (including SJW); or (iv) Participant’s disqualification or bar by any governmental or self-regulatory authority from serving in the capacity required by his or her job description or Participant’s loss of any governmental or self-regulatory license that is reasonably necessary for Participant to perform his or her duties or responsibilities. 
(d)Each PSU Award assumed by SJW shall, following the closing of the Merger, continue to accrue dividend equivalent rights in accordance with the terms of the applicable Award Agreement based on dividends paid with respect to SJW Stock.
(e)For purposes of applying any and all provisions of the Award Agreement and/or the CTWS Plan relating to Participant’s employment with CTWS, 

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Participant shall be deemed to remain in such employment for so long as Participant remains in continuous employment with SJW or any present or future majority-owned SJW subsidiary.  Accordingly, the provisions of the Award Agreement governing the cessation of vesting and forfeiture of the assumed CTWS Awards upon Participant’s cessation of employment shall hereafter be applied on the basis of Participant’s cessation of employment as an employee with SJW and its majority-owned subsidiaries, and each assumed CTWS Award shall accordingly terminate and be forfeited upon such cessation of employment with SJW and its majority-owned subsidiaries.
(f)The issuance of SJW Stock and cash under each assumed CTWS Award shall be subject to (i) Participant’s execution and delivery of this Assumption Agreement to SJW and (ii) the collection of all applicable income and employment taxes pursuant to Section 6 below. 
6.Taxes. 
(a)Notwithstanding anything to the contrary in the applicable CTWS Plan, any taxes required to be withheld with respect to the shares of SJW Stock which vest and become issuable hereunder shall be collected through an automatic share withholding procedure pursuant to which SJW will withhold, at the time of such issuance, a portion of the shares with a Fair Market Value (measured as of the applicable issuance date in accordance with the applicable CTWS Plan) equal to the amount of those taxes; provided, however, that the amount of any shares so withheld shall not exceed the amount necessary to satisfy the required tax withholding obligations using the minimum statutory withholding rates for federal and state tax purposes that are applicable to supplemental taxable income. Any taxes required to be withheld with respect to amounts payable in cash pursuant to a CTWS Award assumed by SJW shall be deducted from such cash payment before the payment is paid to Participant.
(b)Notwithstanding the foregoing provisions, the employee portion of the federal, state and local employment taxes required to be withheld in connection with the vesting of the shares of SJW Stock or any other amounts hereunder (the “Employment Taxes”) shall in all events be collected from Participant no later than the last business day of the calendar year in which the shares or other amounts vest hereunder. Accordingly, to the extent the payment date for one or more vested shares or cash amounts is to occur in a year subsequent to the calendar year in which those shares or other cash amounts vest, Participant shall, on or before the last business day of the calendar year in which the shares or other amounts vest, deliver to SJW a check payable to its order in the dollar amount equal to the Employment Taxes required to be withheld with respect to those shares or other amounts. The provisions of this Paragraph 6(b) shall be applicable only to the extent necessary to comply with the applicable tax withholding requirements of Internal Revenue Code Section 3121(v). 
7.Electronic Delivery.  The Company may, in its sole discretion, deliver this Assumption Agreement, and any documentation or communication relating to the CTWS Awards 

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assumed by SJW, by electronic means.  The Participant hereby consents to receive such documents by electronic delivery and, if requested, agrees to execute such documents electronically, including through an on-line or electronic system established and maintained by the Company or another third-party designated by the Company.
8.Terms and Conditions. Except to the extent specifically modified by this Assumption Agreement, all of the terms and conditions of each Award Agreement as in effect immediately prior to the Merger shall continue in full force and effect and shall not in any way be amended, revised or otherwise affected by this Assumption Agreement.
9.Employment Agreement.  No terms contained in this Assumption Agreement shall supersede any more favorable terms or provisions with respect to Participant’s CTWS Awards assumed pursuant to this Assumption Agreement, including with respect to accelerated vesting, contained in any employment agreement between CTWS and/or its subsidiaries and the Participant in effect as of the Effective Time, as amended.
10.Prospectus.  Participant hereby acknowledges receipt of a copy of the prospectus in the form attached hereto as Exhibit A describing the assumed CTWS Awards. 
Please sign and return this Assumption Agreement to [   ]

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Schedule A

8Exhibit

EXHIBIT 10.74

AMENDED AND RESTATED 
SUPPLEMENTAL EXECUTIVE RETIREMENT AGREEMENT
This Agreement, made this 15th day of November 2017 by and between THE CONNECTICUT WATER COMPANY (hereinafter referred to as the “Employer”) and Maureen P. Westbrook (hereinafter referred to as the “Employee”).
WITNESSETH THAT:
WHEREAS, the Employee has and is expected to continue to render valuable services to the Employer, and
WHEREAS, the Employer desires to ensure that it will have the benefit of the Employee’s services until she reaches retirement, and
WHEREAS, the Employer wishes to assist the Employee in providing for the financial requirements of the Employee in the event of her retirement, disability or death; and
WHEREAS, the Employer and the Employee entered into an amended and restated Supplemental Executive Retirement Agreement dated January 24, 2008; and
WHEREAS, the parties amended and restated the Supplemental Retirement Agreement to comply with Section 409A of the Internal Revenue Code of 1986, as amended, and regulations issued thereunder (collectively “Section 409A”) effective January 1, 2009; and
WHEREAS, the parties agree to further amend and restate the Supplemental Retirement Agreement to provide for certain benefits on an involuntary termination of employment;
NOW, THEREFORE, in consideration of the premises and of the mutual covenants and agreements herein contained, the parties hereto agree to enter into this Amended and Restated Supplemental Executive Retirement Agreement, effective November 15, 2017, as follows:
1.SUPPLEMENTAL RETIREMENT BENEFIT.
a.    Normal or Deferred Retirement.  If, upon or after the Employee’s attainment of age 65, the Employee shall separate from service and she shall be eligible to receive a benefit under The Connecticut Water Company Employees’ Retirement Plan (hereinafter referred to as the “Retirement Plan”), the Employee shall be entitled to receive pursuant to this Agreement a benefit having a value equal to an annual benefit for her life of (a) 60% of the Employee’s Average Earnings reduced by (b) the annual benefit payable to the Employee under the Retirement Plan in the form of a single life annuity for the life of the Employee (whether or not the benefit under the Retirement Plan is actually paid in such form), commencing at the same time as of which benefits commence hereunder (whether or not the benefit under the Retirement Plan commences at such time).  Such benefit will be payable in accordance with Section 2 below.  The date as of which benefits commence hereunder is the first day of the month following the Employee’s separation from service, even though actual payment may be delayed in accordance with Section 2 hereof.

    

EXHIBIT 10.74

b.    Early Retirement.  If, upon or after the Employee’s attainment of age 55 and prior to attainment of age 65, the Employee shall separate from service and she shall be eligible to receive a benefit under the Retirement Plan, the Employee shall be entitled to receive pursuant to this Agreement a benefit having a value equal to an annual benefit for her life of (a) 60% of the Employee’s Average Earnings reduced by (b) the annual benefit payable to the Employee under the Retirement Plan in the form of a single life annuity for the life of the Employee (whether or not the benefit under the Retirement Plan is actually paid in such form) commencing at age 65 (whether or not the benefit under the Retirement Plan commences at such time).  If such benefit shall commence to be paid prior to the Employee’s attainment of age 62, such benefit shall be reduced by 4% for each complete year by which the date of benefit commencement precedes her attainment of age 62.  Such benefit shall be paid in accordance with Section 2 below.
c.    For purposes of a. and b. above, “Average Earnings” shall have the meaning set forth in the Retirement Plan, except that in determining Average Earnings, Annual Earnings (as defined in the Retirement Plan) shall not be limited to the OBRA ‘93 annual compensation limit, the annual compensation limit imposed under the Economic Growth and Tax Relief Reconciliation Act of 2001 (“EGTRRA”), or any similar limit on annual compensation under Section 401(a)(17) of the Internal Revenue Code of 1986, as amended (the “Code”), imposed by any future legislation.
In determining Average Earnings, if the Employee retires under this Agreement on or after attainment of age 62, Annual Earnings shall also include the value of all of the following: (1) Cash Units, (2) Restricted Stock, and (3) Performance Shares awarded to a Participant under the Connecticut Water Service, Inc. Performance Stock Program (the “Program”) for any year in which such awards are made.  Notwithstanding the foregoing, in no event shall awards which are long-term awards or PARSAs under the Program be taken into account in determining Average Earnings.  The value of such awards (other than long-term awards or PARSAs) shall be included within Annual Earnings in the year in which such amounts are finally determined and actually awarded.  Such amounts, if credited to a Performance Share Account, shall not be counted a second time when payment is made from such Account.
The calculation of the benefit set forth in a. and b. above, and of all other benefits payable under this Agreement, shall be performed by the Compensation Committee under the Retirement Plan, and the calculations and interpretations of such Committee shall be final and binding on the parties hereto.
The Employee will not be deemed to have retired unless she has experienced a separation from service as defined in Section 409A of the Code.
d.    Disability Benefit.  If the Employee shall incur a separation from service due to a disability, the Employee shall be entitled to receive pursuant to this Agreement a benefit having a value equal to an annual benefit for her life calculated in the manner set forth in b. above; provided, however, that the reduction factor pursuant to b. above shall be 0.72 if the Employee’s benefit commencement date precedes age 62 by more than 7 complete years.  The Employee will not be deemed to have terminated employment unless she has experienced a separation from service as defined in Section 409A of the Code.  Such benefit shall be paid in accordance with 

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EXHIBIT 10.74

Section 2 below.  Notwithstanding the foregoing in this Section 1.d, “disability” shall be determined by the Compensation Committee, and the Employee will be considered to be disabled if the Employee is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than twelve months.
e.    Termination of Employment without Cause or due to Disability.  If the Employee shall incur a separation from service by the Employer without Cause (as defined in the employment agreement between the Employee and the Employer) or due to Employee’s disability at any time before the attainment of age 62, (a) the Employee will be entitled to receive a benefit pursuant to this Agreement calculated in accordance with Section 1.b (and Section 1.d in the case of disability), but which benefit shall not be reduced regardless of the fact the Employee has not yet attained age 62 (i.e., there shall be no benefit reduction of 4% for each complete year by which the date the benefit commences precedes the attainment of age 62) and (b) in determining Average Earnings, Annual Earnings shall be determined consistent with the second paragraph of Section 1.c above.
f.    Absence of Other Benefits.  No benefits shall be paid to the Employee pursuant to this Agreement other than as provided in a. through e. above.
2.    TERMS AND CONDITIONS OF BENEFIT.  The annual lifetime benefit calculated in accordance with Section 1 hereof shall be paid in monthly installments on the first day of each month.  Such installments paid pursuant to 1.a, 1.b or 1.d shall be calculated as if they were to commence to be paid on the first day of the first month following the Employee’s separation from service.  However, if the Employee is a “specified employee” as that term is defined under Section 409A, at the time of separation from service, actual payment will commence on the first day of the seventh (7th) month following the date of the Employee’s separation from service, and the first payment shall include all payments that would have been made had payments commenced on the first day of the month following the Employee’s separation from service, so that the first installment made pursuant to 1.a., 1.b. or 1.d, if the Employee is a specified employee, shall be equal to seven (7th) such installments.  If the Employee is not a “specified employee” at the time of separation from service, payment of monthly installments shall commence on the first day of the first month following the Employee’s separation from service.
If the Employee is a specified employee at the time of separation and should die after separation, but prior to the first day of the seventh (7th) month following separation from service, a lump sum equal to the amount the Employee would have received had she commenced receiving benefits immediately upon the first day of the month following separation from service and ending on the date of death shall be paid to the Employee’s estate; and the Employee’s surviving spouse, if any, shall receive any 50% survivor annuity payments for the period from the Employee’s date of death to the first day of the seventh (7th) month following separation from service.  Any payments made pursuant to the preceding sentence shall be made on the first day of the seventh (7th) month following separation from service.

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EXHIBIT 10.74

The form in which the benefit hereunder shall be paid is, if the Employee is unmarried at the time of separation from service, an annuity for the life of the Employee only and, if the Employee is married at the time of separation from service, an annuity for the life of the Employee with the provision that after the Employee’s death, 50% of the annual benefit that was payable to the Employee shall be continued to the Employee’s surviving spouse for life (a “Joint and Survivor Annuity”).  The benefit payable as a Joint and Survivor Annuity shall be calculated by applying to the benefit calculated in accordance with Section 1.a., 1.b., or 1.d. hereof, as appropriate, the factors for the 50% contingent annuity option set forth in the Retirement Plan.  The Joint and Survivor Annuity shall be actuarially equivalent to the life annuity form of payment.
Monthly installments of benefits shall be paid on the first day of the month and shall cease to be paid as of the first day of the month following the date of the Employee’s death, unless a Joint and Survivor Annuity is then in effect, in which event the installments shall continue to be paid on the first day of the month and shall cease as of the first day of the month following the death of the Employee’s surviving spouse.  A Joint and Survivor Annuity shall be deemed to be in effect if the Employee is married at the time of separation from service, regardless of whether the Employee dies prior to actual commencement of benefits.
3.    DEATH BENEFIT.  If the Employee has attained age 55 while in service with the Employer and dies thereafter, while in the service of the Employer, and if the Employee’s spouse or other beneficiary is entitled to a death benefit under the Retirement Plan, said spouse or other beneficiary shall be entitled to receive a death benefit pursuant to this Plan.  However, if the Employee is survived by her spouse, such spouse shall be deemed to be entitled to receive a spousal pre-retirement death benefit under the Retirement Plan even if a waiver of such spousal pre-retirement death benefit is in effect under such Plan.  The amount of said death benefit shall be determined as if the Employee had been terminated without Cause on the day prior to her death (with benefits provided in accordance with Section 1.e above) with either a Joint and Survivor Annuity in effect, if her spouse survives her, or a five years certain and life annuity (as described in the Retirement Plan) in effect, if she has no spouse or her spouse does not survive her.  However, rather than being paid in the form of a survivor annuity or in installments for the five-year period, payment of the present value of the death benefit shall be made in a lump sum on the first day of the first month following the Employee’s death.  The actuarial assumptions to be utilized in computing the present value thereof shall be the interest rate and mortality assumptions then being utilized under the Retirement Plan in computing lump sum payments.
No other death benefits shall be payable in the event of the Employee’s death while in the service of the Employer.
4.    LIMITATION OF BENEFIT.  If the Employee’s employment shall be terminated for cause involving fraud, dishonesty, moral turpitude, gross misconduct, gross failure to perform her duties, or disclosure of secret or other confidential information of the Employer to any competitor or to any person not authorized to receive such information, neither the Employee, her spouse, her beneficiary nor her estate shall be entitled to receive any benefit under this Agreement.

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EXHIBIT 10.74

5.    ABSENCE OF FUNDING.  Benefits payable pursuant to this Agreement shall not be funded, and the Employer shall not be required to segregate or earmark any of its assets for the benefit of the Employee, her spouse, her beneficiary or her estate.  Such benefits shall not be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment or garnishment by creditors of the Employee, her spouse, her beneficiary or her estate, and any attempt to anticipate, alienate, transfer, assign or attach these benefits shall be void.  The Employee, her spouse, her beneficiary or her estate shall have only a contractual right against the Employer for the benefits hereunder and shall have the status of general unsecured creditors.  Notwithstanding the foregoing, in order to pay benefits pursuant to this Agreement, the Employer may establish a grantor trust (hereinafter the “Trust”) within the meaning of Section 671 of the Internal Revenue Code of 1986, as amended.  Some or all of the assets of the Trust may be dedicated to providing benefits to the Employee, her spouse, her beneficiary or her estate pursuant to this Agreement, but, nevertheless, all assets of the Trust shall at all times remain subject to the claims of the Employer’s general creditors in the event of the Employer’s bankruptcy or insolvency.
6.    MISCELLANEOUS.
a.    This Agreement may be amended at any time by mutual written agreement of the parties hereto, but no amendment shall operate to give the Employee, her spouse, her estate or any other beneficiary, either directly or indirectly, any interest whatsoever in any funds or assets of the Employer, except the right to receive the payments herein provided and the right to receive such payments from assets held in the Trust.
b.    This Agreement shall not supersede any other contract of employment, whether oral or in writing, between the Employer and the Employee, nor shall it affect or impair the rights and obligations of the Employer and the Employee, respectively, thereunder.  Nothing contained herein shall impose any obligation on the Employer to continue the employment of the Employee.
c.    This Agreement shall be construed in all respects under the laws of the State of Connecticut.
d.    This Agreement has been prepared with reference to Section 409A of the Internal Revenue Code and should be interpreted and administered in a manner consistent with Section 409A.
e.    This Amendment and Restatement is effective as of November 15, 2017.

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EXHIBIT 10.74

IN WITNESS WHEREOF, the Employer and the Employee have executed this Agreement on the day and year above written.
	
				
	 
	 
	THE CONNECTICUT WATER COMPANY

	 
	 
	 
	 

	11.21.17
	 
	By
	/s/ Kristen A. Johnson

	Date
	 
	 
	Kristen A. Johnson

	 
	 
	 
	Vice President Human Resources & Corporate Secretary

	 
	 
	 
	 

	11/21/17
	 
	By
	/s/ Maureen P. Westbrook

	Date
	 
	 
	Maureen P. Westbrook

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