Document:

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                                                                 Exhibit 10.12.3

                      SUPPLEMENTAL PARTICIPATION AGREEMENT

         A Participation Agreement made and entered into this 30th day of
December, 2003, between The Unionville Water Company (hereinafter referred to as
the `Participating Employer'), Connecticut Water Company (hereinafter referred
to as the "Employer") and Riggs Bank NA. (hereinafter referred to as the
"Trustees").

         WHEREAS, the Participating Employer desires to reward its employees for
faithful service, to establish a bond between employer and employee, to provide
an incentive for efficient and conscientious work, to provide a fund for
retirement, disability, or death, and to retain high-calibre fellow employees;
and

         WHEREAS, there exists a 40 1(k) Profit Sharing Plan entered into on the
30th day of December, 2003 namely the SAVINGS PLAN OF THE CONNECTICUT WATER
COMPANY, called the "Plan," between the Employer and the Trustees (a copy being
attached hereto as Exhibit "A" and made a part hereof by reference); and

         WHEREAS, the Plan provides that any other Participating Employer may,
with the consent of the Employer, adopt the Plan and participate therein by a
properly executed document evidencing said intent of said Participating
Employer;

         NOW, THEREFORE, the Participating Employer hereby becomes a party to
the Plan, effective the 1st day of January, 2004, and the Employer and the
Trustees hereby consent to such adoption a participation upon the following
terms:

         (1)      Wherever a right or obligation is imposed upon the Employer by
         the terms of the Plan, the same shall extend to the Participating
         Employer as the "Employer" under the Plan and shall be separate and
         distinct from that imposed upon the Employer. It is the intention of
         the parties that the Participating Employer shall be a party to the
         Plan and treated in all respects as the Employer thereunder, with its
         employees to be considered as the Employees or Participants, as the
         case may be, thereunder. However, the participation of the
         Participating Employer in the Plan shall in no way diminish, augment,
         modify, or in any way affect the rights and duties of the Employer, its
         Employees, or Participants, under the Plan.

         (2)      The Trustees hereby agree to receive and allocate
         contributions made to the Plan by the Employer and by the Participating
         Employer, as well as to do and perform all acts that are necessary to
         keep records and accounts of all funds held for Participants who are
         Employees of the respective employers.

<PAGE>

                                                                 Exhibit 10.12.3

         (3)      The execution of this Agreement by this Participating Employer
         shall be construed as the adoption of the Plan in every respect as if
         said Plan had this date been executed between the Participating
         Employer and the Trustees, except as otherwise expressly provided
         herein or in any amendment that may subsequently be adopted hereto.

         (4)      All actions required by the Plan and Trust to be taken by the
         Employer shall be effective with respect to the Participating Employer
         if taken by the Employer and pursuant to the Plan, the Participating
         Employer hereby irrevocably designates the Employer as its agent for
         such purposes.

         IN WITNESS WHEREOF, the Participating Employer, the Employer and the
Trustees have caused this Supplemental Participation Agreement to be executed in
their respective names on the day and date first above written.

                                    The Unionville Water Company

                                    By:  /s/  Maureen P. Westbrook<PAGE>

                                                                 Exhibit 10.12.4

                      SUPPLEMENTAL PARTICIPATION AGREEMENT

                  A Participation Agreement made and entered into this 30th day
of December, 2003, between The Crystal Water Company of Danielson (hereinafter
referred to as the Participating Employer"), Connecticut Water Company
(hereinafter referred to as the `Employer') and Riggs Bank N.A. (hereinafter
referred to as the "Trustees').

                  WHEREAS, the Participating Employer desires to reward its
employees for faithful service, to establish a bond between employer and
employee, to provide an incentive for efficient and conscientious work, to
provide a fund for retirement, disability, or death, and to retain high-calibre
fellow employees; and

                  WHEREAS, there exists a 401(k) Profit Sharing Plan entered
into on the 30th day of December, 2003, namely the SAVINGS PLAN OF THE
CONNECTICUT WATER COMPANY, called the "Plan," between the Employer and the
Trustees (a copy being attached hereto as Exhibit "A" and made a part hereof by
reference); and

                  WHEREAS, the Plan provides that any other Participating
Employer may, with the consent of the Employer, adopt the Plan and participate
therein by a properly executed document evidencing said intent of said
Participating Employer;

                  NOW, THEREFORE, the Participating Employer hereby becomes a
party to the Plan, effective the 1st day of January, 2004, and the Employer and
the Trustees hereby consent to such adoption and participation upon the
following terms:

                  (1)      Wherever a right or obligation is imposed upon the
                  Employer by the terms of the Plan, the same shall extend to
                  the Participating Employer as the "Employer" under the Plan
                  and shall be separate and distinct from that imposed upon the
                  Employer. It is the intention of the parties that the
                  Participating Employer shall be a party to the Plan and
                  treated in all respects as the Employer thereunder, with its
                  employees to be considered as the Employees or Participants,
                  as the case may be, thereunder. However, the participation of
                  the Participating Employer in the Plan shall in no way
                  diminish, augment, modify, or in any way affect the rights and
                  duties of the Employer, its Employees, or Participants, under
                  the Plan.

                  (2)      The Trustees hereby agree to receive and allocate
                  contributions made to the Plan by the Employer and by the
                  Participating Employer, as well as to do and perform all acts
                  that are necessary to keep records and accounts of all funds
                  held for Participants who are Employees of the respective
                  employers.

<PAGE>

                                                                 Exhibit 10.12.4

                  (3)      The execution of this Agreement by this Participating
                  Employer shall be construed as the adoption of the Plan in
                  every respect as if said Plan had this date been executed
                  between the Participating Employer and the Trustees, except as
                  otherwise expressly provided herein or in any amendment that
                  may subsequently be adopted hereto.

                  (4)      All actions required by the Plan and Trust to be
                  taken by the Employer shall be effective with respect to the
                  Participating Employer if taken by the Employer and pursuant
                  to the Plan, the Participating Employer hereby irrevocably
                  designates the Employer as its agent for such purposes.

         IN WITNESS WHEREOF, the Participating Employer, the Employer and the
Trustees have caused this Supplemental Participation Agreement to be executed in
their respective names on the day and date first above written.

                                  Unionville Water Company

                                  By: /s/  Maureen P. Westbrook<PAGE>

                                                                 Exhibit 10.13.6

                               SIXTH AMENDMENT TO
                          THE CONNECTICUT WATER COMPANY
                           EMPLOYEES' RETIREMENT PLAN

  (as amended and restated as of January 1, 1997, except as otherwise provided
                                    therein)

         1.       The following sentence is added to Section 2.15, as amended by
the Second Amendment, at the end thereof:

         "Notwithstanding anything to the contrary contained in Section 2.15,
Section 2.32, or elsewhere in the Plan, in no event shall any Employee of The
Unionville Water Company receive credit for Credited Service hereunder prior to
January 1, 2004."

         2.       The following sentence is added to Section 2.40 at the end
thereof:

         "In calculating an Employee's Vesting Service, service with The
Unionville Water Company, both before and after October 31, 2002, shall be taken
into account."

         3.       The following paragraph is added to Section 3.2, as amended by
the Second Amendment, at the end thereof:

         "Employees of The Unionville Water Company shall be eligible to
participate hereunder effective January 1, 2004, provided they have satisfied
the service requirements hereunder as of that date and are otherwise eligible to
participate hereunder. Service with The Unionville Water Company both before and
after October 31, 2002 shall count as Service for purposes of meeting the
eligibility requirements hereunder. In no event shall any Employee of The
Unionville Water Company receive credit for Credited Service hereunder prior to
January 1, 2004."

         4.       Section 4.2, as set forth in the Second Amendment, is amended
by the addition of the following unnumbered paragraph at the end thereof:

         "In the case of Participants who either (1) have not attained a Vested
Percentage of one hundred percent (100%) as of December 31, 2003, or (2) have
first become eligible to participate in this Plan after December 31, 2003, or
both, no more than thirty-seven and one half (37 1/2) years of Credited Service
shall be taken into account. This amendment to Section 4.2 is effective as of
January 1, 2004. In no event shall this change reduce the accrued benefit of any
Participant as of December 31, 2003."

         5.       Section 5.2 is amended to read as follows:

         "5.2     Early Commencement. A Participant who retires in accordance
with the provisions of Section 5.1 and elects to have payment of his Retirement
Income commence on his Early Retirement Date shall be entitled to receive a
reduced Annual Retirement Income in the form stated in Section 4.3. The amount
of such reduced Retirement Income shall equal (a) times (b) where:

<PAGE>

                  (a)      equals such Participant's Normal Retirement Income as
                           determined under Section 4.3 based on his Average
                           Earnings and his Credited Service as of his Early
                           Retirement Date and with the Actuarial Equivalent
                           factors described in Subsections 4.3(b) and 4.3 (c)
                           being determined as of his Early Retirement Date; and

                  (b)      (1) In the case of Participants who are Participants
                           as of December 31, 2003 and have attained a Vested
                           Percentage of one hundred percent (100%) as of
                           December 31, 2003, equals the appropriate percentage
                           factor from the following table:

<TABLE>
<CAPTION>
Complete Years by Which
Early Retirement Date
Precedes Normal                 Early Retirement
Retirement Date                Percentage Factors
-----------------------        ------------------
<S>                            <C>
          10                           .72
           9                           .76
           8                           .80
           7                           .84
           6                           .88
           5                           .92
           4                           .96
           3                          1.00
           2                          1.00
           1                          1.00
           0                          1.00
</TABLE>

                           (2) In the case of Participants who either (A) have
                           not attained a Vested Percentage of one hundred
                           percent (100%) as of December 31, 2003, or (B) first
                           become eligible to participate in this Plan after
                           December 31, 2003, or both, equals the appropriate
                           percentage factor from the following table:

<TABLE>
<CAPTION>
Complete Years by Which
Early Retirement Date
Precedes Normal                 Early Retirement
Retirement Date                Percentage Factors
-----------------------        ------------------
<S>                            <C>
          10                           .40
           9                          .46
           8                          .52
           7                          .58
           6                          .64
           5                          .70
           4                          .76
           3                          .82
           2                          .88
           1                           .94
           0                          1.00
</TABLE>

                                      -2-

<PAGE>

                  (c)      This amendment to Section 5.2 is effective as of
                           January 1, 2004. In no event shall this change reduce
                           the amount of a Participant's benefit at Early
                           Retirement Date below the amount of the benefit that
                           the Participant would have been entitled to receive
                           based upon the early retirement factors set forth in
                           subparagraph (b)(1) of this Section 5.2, based upon
                           his accrued benefit under the Plan as of December 31,
                           2003."

         6.       Except as hereinabove modified and amended, the Plan as
amended shall remain in full force and effect.

         7.       This Amendment is effective as of January 1, 2004.

                                   CERTIFICATE

         The undersigned hereby certifies that The Connecticut Water Company
Employees' Retirement Plan, as amended and restated effective as of January 1,
1997, except as otherwise provided therein, was duly amended by the Board of
Directors of The Connecticut Water Company by a Sixth Amendment on November 12,
2003, and the Plan, as so amended, is in full force and effect.

November 12, 2003                         [ILLEGIBLE]
                                          -----------------------------
                                          Michele G. DiAcri
                                          Corporate Secretary

                                      -3-

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