Document:

SJW Corp. Executive Severance Plan, effective January 1, 2009

 Exhibit 10.13 
 SJW CORP. 
 EXECUTIVE SEVERANCE PLAN 
 AS AMENDED AND RESTATED EFFECTIVE JANUARY 1, 2009 
 * * * 
 The SJW Corp. Executive Severance Plan (the “Plan”), originally adopted as of January 28, 1999 by SJW Corp. (“Company”)
for the benefit of the Officers (as defined below) of the Company and/or other members of the Employer Group (as defined below) and as previously amended as of September 21, 1999, May 1, 2003, January 1, 2008 and
October 22, 2008, is hereby further amended and restated effective as of January 1, 2009. The purpose of the October 22, 2008 restatement was to conform the provisions of the plan document to the applicable requirements of
Section 409A of the Internal Revenue Code and the Treasury Regulations issued thereunder and effect certain administrative revisions to the Plan. The purpose of the January 1, 2009 restatement is to modify the formula provisions of the
Plan governing the cash severance benefits payable thereunder. 
 W I T N E S S E
T H: 
 WHEREAS, the Officers are currently employed by the Company and/or one or more other members of the Employer
Group (collectively referred to as the “Employer”). 
 WHEREAS, the Employer wishes to retain the services of the Officers
and to encourage the Officers to remain with the Employer. 
 WHEREAS, the Company desires to maintain this Plan to provide security
for the Officers in the event their employment with the Employer is affected under certain circumstances in connection with a Change in Control affecting the Employer. 
 WHEREAS, the benefits provided under the Plan may be deemed to constitute a deferred compensation arrangement subject to Section 409A of the Internal Revenue Code and the applicable Treasury Regulations
thereunder; and 
 WHEREAS, the Company has previously amended and restated the provisions of the Plan so that those provisions comply
with the applicable requirements of Section 409A of the Internal Revenue Code and the Treasury Regulations thereunder. 
 WHEREAS,
the Company now desires to revise the formula provisions of the Plan governing the calculation of the cash severance benefits payable under the Plan so that a separate formula calculation will be utilized for the Company’s Chief Executive
Officer solely for that purpose. 
 NOW, THEREFORE, the Plan is hereby amended and restated as set forth below. 

	1.	DEFINITIONS. For purposes of this Plan: 

 (a)
“Beneficiary” shall mean the person or persons whom the Officer shall designate in writing (on the form attached hereto as Exhibit B) to receive any benefits to which such Officer becomes entitled hereunder but which have not been paid or
provided prior to the time of his or her death. Such designation shall be valid only if it is made on such form, and the Employer receives that form prior to the Officer’s death. 
 (b) “Change in Control” shall be deemed to take place upon the occurrence of any of the following events: 
 (i) The acquisition, directly or indirectly, by any person or related group of persons (as such term is used in Sections 13(d) and 14(d)
of the Exchange Act), other than the Company or a person that directly or indirectly controls, is controlled by, or is under, control with the Company or an employee benefit plan maintained by the Company or such person, of beneficial ownership (as
defined in Rule 13d-3 of the Exchange Act) of securities of the Company that results in such person or related group of persons beneficially owning securities representing 30% or more of the combined voting power of the Company’s
then-outstanding securities; 
 (ii) A merger, recapitalization, consolidation, or other similar transaction to which the
Company is a party, unless securities representing at least 50% of the combined voting power of the then-outstanding securities of the surviving entity or a parent thereof are immediately thereafter beneficially owned, directly or indirectly and in
substantially the same proportion, by the persons who beneficially owned the Company’s outstanding voting securities immediately before the transaction; 
 (iii) A sale, transfer or disposition of all or substantially all of the Company’s assets, unless securities representing at least
50% of the combined voting power of the then-outstanding securities of the entity acquiring the Company’s assets or parent thereof are immediately thereafter beneficially owned, directly or indirectly and in substantially the same proportion,
by the persons who beneficially owned the Company’s outstanding voting securities immediately before the transaction; 
 (iv) A merger, recapitalization, consolidation or other transaction to which the Company is a party or the sale, transfer or other disposition of all or substantially all of the Company’s assets if, in either case, the members of the
Company’s Board of Directors immediately prior to consummation of the transaction do not, upon consummation of the transaction, constitute at least a majority of the board of directors of the surviving entity or the entity acquiring the
Company’s assets, as the case may be, or a parent thereof (for this purpose, any change in the composition of the Company’s Board of Directors that is anticipated or pursuant to an understanding or agreement in connection with a
transaction will be deemed to have occurred at the time of the transaction); or 
 (v) A change in the composition of the
Company’s Board of Directors over a period of thirty-six (36) consecutive months or less such that a majority of the Board members ceases, by reason of one or more contested elections for Board membership, to be comprised of 

  

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individuals who either (a) have been Board members since the beginning of such period or (b) have been elected or nominated for election as Board
members during such period by at least a majority of the Board members who were described in clause (a) or who were previously so elected or approved and who were still in office at the time the Board approved such election or nomination;

 provided, however, that no Change in Control shall be deemed to occur for purposes of this Plan if the result of the transaction is to give
more ownership or control of the Company to any person or related group of persons who held securities representing more than thirty percent (30%) of the combined voting power of the Company’s outstanding securities as of March 3,
2003. 
 (c) “Code” shall mean the Internal Revenue Code of 1986, as amended. 
 (d) “Employee” means an individual for so long as he or she is in the employ of at least one member of the Employer Group, subject to the
control and direction of the employer entity as to both the work to be performed and the manner and method of performance. 
 (e)
“Employer Group” means the Company and each member of the group of commonly controlled corporations or other businesses that include the Company, as determined in accordance with Sections 414(b) and (c) of the Code and the Treasury
Regulations thereunder, except that in applying Sections 1563(1), (2) and (3) of the Code for purposes of determining the controlled group of corporations under Section 414(b), the phrase “at least 50 percent” shall be used
instead of “at least 80 percent” each place the latter phrase appears in such sections, and in applying Section 1.414(c)-2 of the Treasury Regulations for purposes of determining trades or businesses that are under common control for
purposes of Section 414(c), the phrase “at least 50 percent” shall be used instead of “at least 80 percent” each place the latter phrase appears in Section 1.4.14(c)-2 of the Treasury Regulations. 
 (f) “Employer” shall mean collectively the Company and each of the other members of the Employer Group. 
 (g) “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended from time to time. 
 (h) “Good Cause” shall be deemed to exist with respect to an Officer if, and only if: 
  

	 	(1)	The Officer engages in acts or omissions that result in substantial harm to the business or property of the Employer and that constitute dishonesty, intentional breach of fiduciary
obligation or intentional wrongdoing; 

  

	 	(2)	The Officer is convicted of a criminal violation involving fraud or dishonesty; or 

  

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	 	(3)	The Officer intentionally and knowingly participates in the preparation or release of false or materially misleading financial statements relating to the Company’s operations
and financial condition or the Officer intentionally and knowingly submits any false or erroneous certification required of him or her under the Sarbanes-Oxley Act of 2002 or any securities exchange on which shares of the Company’s common stock
are at the time listed for trading. 

 (i) “Good Reason” shall exist with respect to an Officer if and only if,
without the Officer’s express written consent: 
  

	 	(1)	there is a significantly adverse change in the nature or the scope of the Officer’s authority or in his or her overall working environment; 

  

	 	(2)	the Officer is assigned duties materially inconsistent with his or her present duties, responsibilities and status; 

  

	 	(3)	there is a reduction in the sum of the Officer’s rate of base salary and target bonus; or 

  

	 	(4)	the Employer changes by fifty-five (55) miles or more the principal location in which the Officer is required to perform services; 

 provided, however, that, before the Officer may resign for any Good Reason event, the Officer must first provide written notice to the Employer identifying
such Good Reason event within ninety (90) days after the occurrence of such event and the Employer shall have failed to cure such event within thirty (30) days after receipt of such written notice. 
 (j) “Officer” shall mean (i) any individual who has been elected as an officer of SJW Corp. or San Jose Water Company by the Board of
Directors and is serving in such capacity at any time during the applicable time period set forth in Section 2(a) of the Plan, unless expressly excluded from coverage under the Plan by the Board of Directors at the time of such election, and
(ii) any individual who has been elected as an officer of any other member of the Employer Group and has been expressly designated by the Executive Compensation Committee of the Board of Directors as a participant in the Plan and is serving in
such capacity at any time during the applicable time period set forth in Section 2(a) of the Plan. The persons who are Officers as of October 1, 2008 are set forth on Exhibit A. 
 (k) “Plan Administrator” shall mean the Executive Compensation Committee of the Company’s Board of Directors. 
 (l) “Salary” shall mean the annual rate of base salary in effect for the Officer on (l) the date of the Change in Control or, if greater,
(2) the date the Officer’s employment with the Employer terminates. 
  

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 (m) “Separation from Service” shall mean the Officer’s cessation of Employee status and
shall be deemed to occur for purposes of the Plan at such time as the level of his or her bona fide services to be performed as an Employee (or non-employee consultant) permanently decreases to a level that is not more than twenty percent
(20%) of the average level of services he or she rendered as an Employee during the immediately preceding thirty-six (36) months (or such shorter period for which he or she may have rendered such service). Any such determination as to
Separation from Service, however, shall be made in accordance with the applicable standards of the Treasury Regulations issued under Code Section 409A. In addition to the foregoing, a Separation from Service will not be deemed to have occurred
while an Employee is on military leave, sick leave or other bona fide leave of absence if the period of such leave does not exceed six (6) months or any longer period for which such Employee is, either by statute or contract, provided with a
right to reemployment with one or more members of the Employer Group; provided, however, that in the event of an Employee’s leave of absence due to any medically determinable physical or mental impairment that can be expected to
result in death or to last for a continuous period of not less than six (6) months and that causes such individual to be unable to perform his or her duties as an Employee, no Separation from Service shall be deemed to occur during the first
twenty-nine (29) months of such leave. If the period of leave exceeds six (6) months (or twenty-nine (29) months in the event of disability as indicated above) and the Employee is not provided with a right to reemployment either by
statute or contract, then such Employee will be deemed to have a Separation from Service on the first day immediately following the expiration of such six (6)-month or twenty-nine (29)-month period. 
 (n) “Specified Employee” shall mean an Officer who is, pursuant to procedures established by the Plan Administrator in accordance with the
applicable standards of Code Section 409A and the Treasury Regulations thereunder and applied on a consistent basis for all non-qualified deferred compensation plans of the Employer Group subject to Code Section 409A, deemed at the time of
his or her Separation from Service to be a “specified employee” under Code Section 409A. The Specified Employees shall be identified on December 31 of each calendar year and shall include each Officer who is a “key
employee” (within the meaning of that term under Code Section 416(i)) at any time during the twelve (12)-month period ending with such date. An Officer who is so identified as a Specified Employee will have that status for the twelve
(12)-month period beginning on April 1 of the following calendar year. 
  

	2.	BENEFITS UPON TERMINATION OF EMPLOYMENT. 

 (a) If
(i) at any time during the period beginning with the execution of a definitive agreement to effect a Change in Control and ending with the earlier of (x) the termination of that agreement without a Change in Control or (y) the
expiration of the twenty-four (24)-month period measured from the effective date of the Change in Control contemplated by that agreement, an Officer incurs a Separation from Service because his or her Employee status is involuntarily terminated by
his or her Employer for any reason other than Good Cause, or (ii) at any time within the twenty-four (24)-month period measured from the effective date of a Change in Control, the Officer incurs a Separation from Service as a result of his or
her resignation from Employee status for Good Reason, then the Employer shall provide that Officer with the following benefits (collectively the “Change in Control Benefit”), provided and only if such Officer timely delivers the requisite
release under Section 2(b) and such release become effective in accordance with applicable law: 
  

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	 	(1)	A cash amount determined in accordance with the formula provisions set forth below shall be paid (less any customary taxes and withholdings) in a series of successive equal annual
installments over the period of years equal to the Applicable Multiple in effect for the Officer. Unless otherwise specified in attached Exhibit A, the Applicable Multiple for each Officer shall be three (3). The first such annual installment shall
be paid on the first day of the first month, within the sixty (60)-day period measured from the date of the Officer’s Separation from Service, that is coincident with or next following the date on which the release required of the Officer under
Section 2(b) below first becomes effective following the expiration of any applicable revocation period. In no event, however, shall such initial payment be made later than the last day of such sixty (60)-day period on which the release is so
effective. Each subsequent installment shall be paid on each successive one-year anniversary of the initial payment date, and the right to each installment payment hereunder shall be treated as a right to a series of separate payments for purposes
of Section 409A. The applicable cash amount shall be determined as follows: 

  

	 	a.	for the Company’s Chief Executive Officer, an amount equal to the Adjusted Applicable Multiple of such Officer’s annual rate of Salary (at the level in effect in the
fiscal year of such cessation of Employee status or, if higher, immediately before the Change in Control), with the Adjusted Applicable Multiple to be three and three quarters (3.75) and to be used solely for purposes of
calculating such cash severance payment, and for all other calculations and determinations under the Plan, the Applicable Multiple of three (3) shall be used for the Chief Executive Officer, including (without limitation) the number of annual
installments in which the Salary amount calculated hereunder is to be paid; and 

  

	 	b.	for each of the other Officers participating in the Plan, an amount equal to the Applicable Multiple of the sum of the Officer’s annual rate of Salary and annual target bonus
(each at the level in effect in the fiscal year of such cessation of Employee status or, if higher, immediately before the Change in Control) 

  

	 	(2)	 If the Officer elects to continue medical care coverage under the Company’s group health care plans pursuant to COBRA, the Employer will reimburse the Officer
for the costs such Officer incurs to obtain such continued coverage for himself or herself and his or her spouse and eligible dependents (collectively, the “Coverage Costs”) until the earlier of (x) the date of the last annual
installment payable under Section 2(a)(1) above or (y) the first date on which the Officer is covered under another employer’s health benefit program without exclusion for any pre-existing medical condition. During the period for
which the Officer’s COBRA 

  

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coverage rights are in effect, such coverage shall be obtained under the Company’s group health care plans. For the period (if any) following the
completion of such COBRA coverage and continuing through the completion of the limited period for which medical care coverage is to be provided hereunder, such coverage shall continue under the Company’s group health plans or pursuant to one or
more other plans or insurance policies providing equivalent coverage. In order to obtain reimbursement for the Officer’s Coverage Costs under each applicable plan or policy, the Officer must submit appropriate evidence to the Employer of each
periodic payment of his or her Coverage Costs within ninety (90) days after the required payment date of those Coverage Costs, and the Employer shall within thirty (30) days after such submission reimburse the Officer for that payment. To
the extent the Officer incurs any other medical care expenses reimbursable pursuant to the coverage obtained in accordance herewith, the Officer shall submit appropriate evidence of each such expense to the plan administrator within ninety
(90) days after incurrence of that expense and shall receive reimbursement of the documented expense within thirty (30) days after such submission or after any additional period that may be required to perfect the claim. During the period
such medical care coverage remains in effect hereunder, the following provisions shall govern the arrangement: (a) the amount of Coverage Costs or other medical care expenses eligible for reimbursement in any one calendar year of such coverage
shall not affect the amount of Coverage Costs or other medical care expenses eligible for reimbursement in any other calendar year for which such reimbursement is to be provided hereunder; (ii) no Coverage Costs or other medical care expenses
shall be reimbursed after the close of the calendar year following the calendar year in which those Coverage Costs or expenses were incurred; and (iii) the Officer’s right to the reimbursement of such Coverage Costs or other medical care
expenses cannot be liquidated or exchanged for any other benefit. To the extent the reimbursed Coverage Costs are treated as taxable income to the Officer, the Employer shall report the reimbursement as taxable W-2 wages and collect the applicable
withholding taxes, and the resulting tax liability shall be the Officer’s sole responsibility. 

  

	 	(3)	 The Company will make provisions in its Supplemental Executive Retirement Plan (SERP) so that the Officer will, upon a Separation from Service under the
circumstances set forth in Section 2(a), be credited for purposes of computing such Officer’s benefits under the SERP with an additional number of Years of Service and years of age equal to the number of years for which such Officer is,
upon his or her Separation from Service, to receive continued Salary by reason of the Applicable Multiple in effect for him or her pursuant to Section 2(a)(1) above (for purposes of clarification, the Applicable Multiple to be utilized for the
Company’s 

  

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Chief Executive Officer under this Section 2(a)(3) shall be three (3). In no event, however, shall any benefit be payable under the SERP earlier than it
otherwise would have been paid in the absence of such additional Years of Service and age credits. 

  

	 	(4)	All outstanding stock options held by the Officer will immediately vest and become exercisable in full and may be exercised for any or all of the underlying shares until the
expiration or sooner termination of the option term. Except as otherwise expressly provided in the agreement evidencing such award, each restricted stock unit or other stock award held by the Officer will also immediately vest, and the underlying
shares will become issuable, in accordance with the terms of the applicable award agreement. All outstanding Dividend Equivalent Rights held by the Officer at such time will immediately vest, and any shares or cash amounts attributable to those
rights will be paid to the Officer at the same time those shares and amounts would have otherwise been payable in the absence of such vesting acceleration. 

  

	 	(5)	The Officer shall, to the extent applicable, also be entitled to the special Tax Gross-Up under Section 14 of this Plan as part of his or her Change in Control Benefit.

 (b) The Officer shall be entitled to only one Change in Control Benefit under this Plan. The Change in Control Benefit will
be provided only if Officer delivers to the Employer an executed Release Agreement (in substantially the form attached hereto as Exhibit C) within twenty-one (21) days (or forty-five (45) days if such longer period is required by
applicable law) following his or her Separation from Service under the circumstances set forth in Section 2(a), and no portion of the Change in Control Benefit will be provided or paid prior to the expiration of any applicable revocation period
for such Release. No payments will be made under the Plan to the Officer if such Officer revokes the delivered Release. In the event that the Officer dies before receiving the full Change in Control Benefit to which he or she becomes entitled
hereunder, his or her Beneficiary shall be paid the remaining payments as they become due. 
 (c) No portion of the Change in Control Benefit
to which the Officer becomes entitled under this Plan (other than the reimbursement of Coverage Costs during the applicable period of COBRA coverage) shall actually be paid or provided to the Officer prior to the earlier of
(i) the first day of the seventh month following the month in his or her Separation from Service occurs or (ii) the date of his or her death, if the Officer is a Specified Employee at the time of such Separation from Service
and such delay is otherwise required in order to avoid a prohibited distribution under Code Section 409A(a)(2). Upon the expiration of the applicable deferral period, all payments or benefits deferred pursuant to this Paragraph
2(c) shall be paid, reimbursed or provided in a lump sum to the Officer, and any remaining payments or benefits shall be paid or provided in accordance with the normal payment dates specified for them herein. 
  

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 (d) If an Officer ceases Employee status under circumstances other than those set forth in
Section 2(a), then the Employer shall have no further obligation with respect to the Officer under this Plan, and that Officer shall accordingly not be entitled to any Change in Control Benefit hereunder. 
 (e) A cessation of Employee status in connection with a Change in Control will not qualify an Officer for benefits hereunder if the Officer is offered
continuing employment with a successor or controlling entity involved in the Change in Control, provided that (i) such successor or controlling entity has assumed the Company’s obligations hereunder with respect to such Officer and
(ii) the terms of such continuing employment would not constitute a Good Reason event if offered by the Company. 
  

	3.	NO SOLICITATION OF REPRESENTATIVES AND OFFICERS. 

 No Officer shall, directly or indirectly, in his or her individual capacity or otherwise, induce, cause, persuade, or attempt to induce, cause or persuade, any representative, agent or employee of the Company or any of its affiliates to
terminate such person’s employment relationship with the Company or any other member of the Employer Group, or to violate the terms of any agreement between such representative, agent or employee and the Company or any other member of the
Employer Group. 
  

	4.	CONFIDENTIALITY. 

 Preservation of a continuing
business relationship between the Company or other members of the Employer Group and their respective customers, representatives, and employees is of critical importance to the continued business success of the Company and the other members of the
Employer Group, and it is the active policy of the Company and the other members of the Employer Group to guard as confidential certain information not available to the public relating to the business affairs of the Company and the other members of
the Employer Group. In view of the foregoing, no Officer shall, without the prior written consent of the Company, disclose to any person or entity any such confidential information that was obtained by the Officer in the course of his or her
employment with the Company or any other member of the Employer Group. This Section 4 shall not be applicable if and to the extent the Officer is required to testify in a legislative, judicial or regulatory proceeding pursuant to an order of
Congress, any state or local legislature, a judge or an administrative law judge or is otherwise required by law to disclose such information. 
  

	5.	FORFEITURE. 

 If an Officer shall at any time
violate any obligation under Section 3 or 4 in a manner that results in material damage to the Company or any other member of the Employer Group or its business, such Officer shall immediately forfeit his or her right to any benefits under this
Plan, and the Employer shall thereafter have no further obligation hereunder to the Officer or his or her Beneficiary or any other person. 
  

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	6.	OFFICER ASSIGNMENT. 

 Neither the Officer nor his or
her Beneficiary shall have any power or right to transfer, assign, anticipate, hypothecate, mortgage, commute, modify, or otherwise encumber in advance any of the benefits payable hereunder, nor shall any of such benefits be subject to seizure for
the payment of any debts, judgments, alimony, or separate maintenance owed by the Officer or his or her Beneficiary, or be transferable by operation of law in the event of bankruptcy, insolvency, or otherwise. 
  

	7.	BENEFITS UNFUNDED. 

 The Plan is intended to be
unfunded for purposes of Employee Retirement Income Security Act of 1974 (“ERISA”) and the Internal Revenue Code. The Employer’s obligation under this Plan shall be that of an unfunded and unsecured promise by the Employer to pay
money in the future. All distributions under this Plan shall be paid from the general assets of the Employer. The right of the Officer or any Beneficiary to receive a distribution under this Plan shall be an unsecured claim against the general
assets of the Employer, and neither the Officer nor any Beneficiary shall have any priority rights in or against any assets of the Employer or Company and its Affiliates and Associates. 
  

	8.	APPLICABLE LAW. 

 Except to the extent preempted by
ERISA or other federal laws, the Plan and all matters arising under it shall be governed by the laws of the State of California. 
 To the
extent there is any ambiguity as to whether any provision of this Plan would otherwise contravene one or more requirements or limitations of Code Section 409A, such provision shall be interpreted and applied in a manner that does not result in
a violation of the applicable requirements or limitations of Code Section 409A and the Treasury Regulations thereunder. 
  

	9.	NO EMPLOYMENT CONTRACT. 

 This Plan shall not be
deemed to constitute a contract of employment between an Officer and his or her Employer, nor shall any provision hereof restrict the right of the Employer to discharge the Officer, or restrict the right of the Officer to terminate his or her
employment. 
  

	10.	SEVERABILITY. 

 In the event any provision of this
Plan is held illegal or invalid, the remaining provisions of this Plan shall not be affected thereby. 
  

	11.	SUCCESSORS. 

 The Plan shall be binding upon and
inure to the benefit of the Company and the other members of the Employer Group participating in the Plan, the Officers and their respective heirs, representatives and successors. As a condition to any Change in Control, the new controlling 

  

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organization or any other person described in Section 1(b) must agree to assume and to discharge the obligations of the Employer under this Plan. Upon
the occurrence of such event, the term “Employer” as used in the Plan shall be deemed to refer to such new controlling organization or other person. 
  

	12.	CLAIMS PROCEDURE. 

 (a) The Plan shall be
administered by the Plan Administrator. The Plan Administrator shall have the power, in its discretion, to interpret and make all determinations as to the eligibility if an Officer to participate in this Plan, any right of an Officer to benefits
under this Plan and the amount of benefits (if any) to which an Officer may become entitled under this Plan, and its interpretation or determination thereof in good faith shall be final and conclusive on the Officer and his or her Beneficiary and
shall be subject to review only to the extent a court concludes that such interpretation or determination is arbitrary and capricious. The Plan Administrator may, from time to time, allocate to one or more of its members (or to any other person or
persons or organizations) any of its power with respect to the interpretation and determination as to rights to benefits under the Plan. 
 (b) If a claim for benefits under the Plan is denied in whole or in part, the claimant will be notified by the Plan Administrator or its delegate within 90 days after the date the claim is delivered to the Employer, or 180 days if the
claimant is told that additional time is needed. The notification will be written in understandable language and will state (i) specific reasons for denial of the claim, (ii) specific references to Plan provisions on which the denial is
based, (iii) a description (if appropriate) of any additional material or information necessary for the claimant to perfect the claim and why such material or information is necessary, and (iv) an explanation of the procedure for reviewing
the denied claim. A claim that is not acted upon within 90 days (or 180 days in the case of an extension) may be deemed by the claimant to have been denied. 
 (c) Within 60 days after a claim has been denied, or deemed denied, the claimant or his or her authorized representative may make a request for a review by submitting to the Plan Administrator a written statement
(a) requesting a review of the denial of the claim; (b) setting forth all of the grounds upon which the request for review is based and any facts in support thereof; and (c) setting forth any issues or comments which the claimant
deems relevant to the claim. The claimant may review pertinent documents relating to the denial. 
 (d) The Plan Administrator shall make a
decision on review within 60 days after the receipt of the claimant’s request for review or receipt of all additional materials reasonably requested by the Plan Administrator from the claimant, unless an extension of time for processing a
review is required, in which case the claimant will be notified, and a decision will be made within 120 days after receipt of the request for review. The decision will be in writing, and in understandable language. It will give specific references
to the Plan provisions on which the decision is based. The decision of the Plan Administrator on review shall be final and conclusive upon all persons except to the extent it is found by a court to be arbitrary or capricious. 
  

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	13.	AMENDMENT AND TERMINATION. 

 (a) The Company shall
have the right to amend this Plan from time to time and may terminate this Plan at any time; provided that (i) within twenty-four (24) months following a Change in Control, no amendment may be made that diminishes any Officer’s right
to benefits under this Plan in the event of a Separation from Service under the circumstances set forth in Section 2(a) and (ii) no amendment or termination may adversely affect an Officer’s rights to benefits that he or she would
have received under this Plan with respect to a Change in Control (as defined herein immediately before such amendment or termination) that occurs (or with respect to which a definitive agreement is executed) within twenty-four (24) months
after the date of such amendment or termination. 
 (b) This Section 13 may not be amended in any manner that would adversely affect any
Officer’s rights hereunder without his or her consent. In addition, no amendment or termination of this Plan shall modify the distribution and payment provisions (including the form and timing of such distribution or payment) in effect for the
Change in Control Benefit or any other amount to be provided hereunder. 
  

	14.	TAXES; SPECIAL TAX GROSS-UP. 

 (a) It is intended
that this Plan shall be a non-qualified deferred compensation plan and that any right to payments hereunder shall not be treated as taxable income to the Officer or any Beneficiary prior to distribution thereof. Any payments made under this Plan
shall be subject to the Employer’s collection of all applicable withholding taxes, and the Officer shall only receive the net amount remaining after such withholding taxes have been collected. 
 (b) If an Officer qualifies for a Change in Control Benefit hereunder, he or she shall receive as part of such Change in Control Benefit a special cash
payment (the “Tax Gross-Up”) sufficient to reimburse him or her on an after-tax basis for any excise tax imposed, pursuant to Code Section 4999 or any successor provision or similar tax (“Excise Tax”), on such Officer with
respect to the entire Change in Control Benefit and any other compensation from his or her Employer deemed to constitute a parachute payment under Code Section 280G, so that such Officer does not incur any out-of-pocket cost with respect to
such Excise Tax. The amount of any such Tax Gross-Up will be determined pursuant to the following formula and will be subject to the Employer’s collection of all applicable federal, state and local income and employment with withholding taxes
and any Excise Tax: 
 X = Y / (1 - (A + B + C)), where

 X is the total dollar amount of the Tax Gross-Up payable to the Officer. 
 Y is the total Excise Tax imposed on the Officer. 
 A is the Excise Tax rate in effect at the time. 
  

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 B is the highest combined marginal federal income and applicable state income tax rate in effect
for the Officer, after taking into account the deductibility of state income taxes against federal income taxes to the extent allowable, for the calendar year in which the Tax Gross-Up is paid. 
 C is the applicable Hospital Insurance (Medicare) Tax Rate in effect for the Officer for the calendar year in which the Tax Gross-Up is paid.

 (c) Within thirty (30) days after any Change in Control transaction in which one or more of the Change in Control Benefits paid or
provided to the Officer constitute, in the opinion of the Officer’s tax advisor, parachute payments under Code Section 280G for which the Officer is liable for an Excise Tax, the Officer shall identify the nature of those parachute
payments to the Company and submit to the Company the calculation of the Excise Tax attributable to those payments and the Tax Gross-Up to which the Officer is entitled with respect to such tax liability. Within thirty (30) days after the date
of the Officer’s Separation from Service under the circumstances set forth in Section 2(a), the Officer shall identify to the Company the nature of any additional parachute payments which such Officer is to receive pursuant to this Plan in
connection with such Separation from Service and submit to the Company the calculation of the Excise Tax attributable to those payments and the Tax Gross-Up to which the Officer is entitled with respect to such tax liability. In each such instance,
the Company will pay the applicable Tax Gross-Up to the Officer (net of all applicable withholding taxes, including any taxes required to be withheld under Code Section 4999) within ten (10) business days after the Officer’s
submission of the calculation of such Excise Tax and the resulting Tax Gross-Up or (if later) at the time such Excise Tax is remitted to the appropriate tax authorities, provided that (i) such calculations represent a reasonable interpretation
of the applicable law and regulations and (ii) to the extent the Tax Gross-Up relates to any Change in Control Benefit attributable to the Officer’s Separation from Service, that portion of the Tax Gross-Up shall be subject to the delayed
payment provisions of Section 2(c). 
 (d) In the event that the Officer’s actual Excise Tax liability is determined by a Final
Determination to be greater than the Excise Tax liability taken into account for purposes of the Tax Gross-Up paid to the Officer pursuant to the preceding provisions of this Section 14, then within ninety (90) days following the Final
Determination, the Officer shall submit to the Company a new Excise Tax calculation based upon that Final Determination. The Company shall pay the Officer the additional Tax Gross-Up attributable to that excess Excise Tax liability within ten
(10) business days thereafter or (if later) at the time the additional Excise Tax is remitted to the appropriate tax authorities, provided that (i) such calculations represent a reasonable interpretation of the applicable law and
regulations and (ii) to the extent the Tax Gross-Up is attributable to any Change in Control Benefit triggered by the Officer’s Separation from Service, that portion of the Tax Gross-Up shall be subject to the delayed payment provisions of
Section 2(c). 
  

 13 

 (e) In the event that the Officer’s actual Excise Tax liability is determined by a Final
Determination to be less than the Excise Tax liability taken into account for purposes of the Tax Gross-Up paid to the Officer pursuant to the preceding provisions of this Section 14, then the Officer shall refund to the Company, promptly upon
receipt, any federal or state tax refund attributable to the Excise Tax overpayment. 
 (f) For purposes of this Section 14, a
“Final Determination” means an audit adjustment by the Internal Revenue Service that is either (i) agreed to by both the Officer (or his or her estate) and the Company (such agreement by the Company to be not unreasonably withheld) or
(ii) sustained by a court of competent jurisdiction in a decision with which the Officer and the Company concur (such concurrence by the Company to be not unreasonably withheld) or with respect to which the period within which an appeal may be
filed has lapsed without a notice of appeal being filed. 
 (g) In order to assure that the Tax Gross-Up provisions of this Section 14
comply with the applicable requirements of Code Section 409A, the following limitations shall be controlling, notwithstanding anything to the contrary in the preceding provisions of this Section 14: 
 (i) In no event shall any Tax Gross-Up to which the Officer becomes entitled pursuant to this Section 14 be made later than the close
of the calendar year following the calendar year in which the Excise Tax triggering the right to such payment is remitted to the appropriate tax authorities. 
 (ii) To the extent the Officer may become entitled to any reimbursement of expenses incurred by him or her at the direction of the Company
in connection with any tax audit or litigation addressing the existence or amount of the Excise Tax, such reimbursement shall be paid to the Officer no later than the close of the calendar year following the calendar year in which the Excise Tax
that is the subject of such audit or litigation is remitted to the appropriate tax authorities or, if no Excise Tax is found to be due as a result of such audit or litigation, no later than the close of the calendar year following the calendar year
in which the audit is completed or there is a final and nonappealable settlement or other resolution of the litigation. 
  

 14 

 IN WITNESS WHEREOF, the Company has caused this Amended and Restated Executive Severance Plan to
be executed in its name by its duly authorized officer, all as of this          day of
                    , 2008. 
  

			
	SJW CORP.
		
	By:	 	 
		 	W. Richard Roth, President and
		 	Chief Executive Officer

  

 15 

 EXHIBIT A 
 OFFICERS 
  

	
	 W. Richard Roth,
 President and Chief Executive
Officer, SJW Corp., San Jose Water Company,
 SJW Land Company and SJWTX, Inc.

	
	 R. Scott Yoo,
 Chief Operating Officer, San
Jose Water Company

	
	 George J. Belheumeur,
 Senior Vice President -
Operations, San Jose Water Company

	
	 Angela Yip,
 Executive Vice President of Finance,
SJW Corp., San Jose Water Company,
 SJW Land Company and SJWTX, Inc.

	
	 David A. Green,
 Chief Financial Officer and Treasurer,
SJW Corp., San Jose Water Company,
 SJW Land Company and SJWTX, Inc.

	
	 Palle L. Jensen,
 Vice President - Regulatory Affairs,
San Jose Water Company

	
	 Suzy Papazian,
 Corporate Secretary, SJW Corp., San Jose
Water Company, SJW Land
 Company and SJWTX, Inc.

	
	 Dana R. Drysdale,
 Vice President – Information
Systems, San Jose Water Company

	
	 Janelle McCombs,
 Vice President, SJW Land
Company

	
	 Thomas Hodge,
 Vice President, SJWTX,
Inc.

	
	 Craig S. Giordano,
 Chief Engineer, San Jose Water
Company

  

 16 

 EXHIBIT B 
 DESIGNATION OF BENEFICIARIES 
 I, hereby designate the following person(s) as my
Beneficiary(ies) under the SJW Corp. Executive Severance Plan (the “Plan”) to receive any amounts that might be payable as of the date of my death: 
  

							
	 Name:
	 	 	  	Percentage:	  	                %
		
	 Address:
	 	 
				
	 Name:
	 	 	  	Percentage:	  	                %
		
	 Address:
	 	 

 This designation supersedes all prior Beneficiary designations I have made under the Plan. 
  

					
	DATED:                    , 20        
	 		 	  

  

 17 

 EXHIBIT C  
 RELEASE AGREEMENT 
 This Release Agreement (“Release”) was given to me,
                     (“Officer”), this      day of
                    , 20        , by
                     (the “Employer”). At such time as this Release becomes effective and enforceable (i.e., the revocation period
discussed below has expired), and assuming Officer is otherwise eligible for payments under the terms of the SJW Corp. Executive Severance Plan (the “Plan”), Employer agrees to pay Officer pursuant to the terms of the Plan an amount equal
to $                     payable in
                    (        ) equal annual installments (minus customary payroll taxes and
withholdings). 
 In consideration of the receipt of the promise to pay such amount, Officer hereby agrees, for himself or herself, his or
her heirs, executors, administrators, successors and assigns (hereinafter referred to as the “Releasors”), to fully release and discharge the Employer and its officers, directors, employees, agents, insurers, underwriters, subsidiaries,
parents, affiliates, associates, successors and assigns (hereinafter referred to as the “Releasees”) from any and all actions, causes of action, claims, obligations, costs, losses, liabilities, damages and demands under any federal, state
or local law or laws, or common law, whether or not known, suspected or claimed, which the Releasors have, or hereafter may have, against the Releasees arising out of or in any way related to Officer’s employment with the Employer or the
termination of that employment, including (without limitation) claims of wrongful discharge, emotional distress, defamation, fraud, breach of contract, breach of the covenant of good faith and fair dealing, discrimination claims based on sex, age,
race, national origin, disability or any other basis under Title VII of the Civil Rights Act of 1964, as amended, the California Fair Employment and Housing Act, the Federal Age Discrimination in Employment Act of 1967, as amended
(“ADEA”), the Americans with Disability Act, contract claims, tort claims, and wage or benefit claims, including (without limitation) claims for salary, bonuses, commissions, stock grants, stock options, vacation pay, fringe benefits,
severance pay or any other form of compensation (other than the payments and benefits to which Officer is entitled under the Plan, his or her vested rights under the San Jose Water Company Section 401(k) Plan, the San Jose Water Company
Retirement Plan, the San Jose Water Company Supplemental Executive Retirement Plan and any worker’s compensation benefits under any workers’ compensation insurance policy or fund). 
 In releasing claims unknown to Officer at present, Officer is waiving all rights and benefits under Section 1542 of the California Civil
Code, and any law or legal principle of similar effect in any jurisdiction: “A general release does not extend to claims which the creditor does not know or suspect to exist in his favor at the time of executing the release, which if known
by him must have materially affected his settlement with the debtor.” 
 This Release and Waiver does not pertain to any claims
which may subsequently arise in connection with the Employer’s default in any of its payment obligations under the Plan. 
  

 18 

 Officer acknowledges that, among other rights subject to his or her Release and Waiver, Officer is hereby
waiving and releasing any rights he or she may have under ADEA, that this release and waiver is knowing and voluntary, and that the consideration given for this release and waiver is in addition to anything of value to which Officer was already
entitled from the Employer. Officer further acknowledges that he or she has been advised, as required by the Older Workers Benefit Protection Act, that: (a) the release and waiver granted herein does not relate to claims which may arise after
this release and waiver is executed; (b) he or she has the right to consult with an attorney prior to executing this release and waiver (although Officer may choose voluntarily not to do so); and if Officer is over 40 years old upon execution
of this (c) Officer has twenty-one (21) days from the date of termination of his or her employment with the Employer in which to consider this release and waiver (although Officer may choose voluntarily to execute this release and waiver
earlier); (d) Officer has seven (7) days following the execution of this release and waiver to revoke his or her consent to this release and waiver; and (e) this release and waiver shall not be effective until the seven (7)-day
revocation period has expired. 
 In case any part of this Release is later deemed to be invalid, illegal or otherwise unenforceable, Officer
agrees that the legality and enforceability of the remaining provisions of this Release will not be affected in any way. 
  

					
	Dated:                    ,         
	 		 	  
		 		 	(“Officer”)

  

 19San Jose Water Company Special Deferral Election Plan

 Exhibit 10.14 
 SAN JOSE WATER COMPANY 
 SPECIAL DEFERRAL ELECTION PLAN 
 OCTOBER 22, 2008 AMENDMENT AND RESTATEMENT  
 EFFECTIVE AS OF JANUARY 1, 2008  
 ARTICLE I 
 NAME AND PURPOSE 
 1.01
Purpose. San Jose Water Company, a corporation duly organized and existing under the laws of State of California (the “Corporation”), established the Special Deferral Election Plan (the “Plan”), effective as of
January 1, 2005, in order to provide a select group of the management personnel and other highly compensated employees of one or more participating employers with an opportunity to defer a portion of their earnings each year and to realize an
investment return on those funds during the deferral period. This amendment and restatement of the Plan was adopted by the Executive Compensation Committee of the Company’s Board of Directors on October 22, 2008, effective as of
January 1, 2008, to conform the provisions of the plan document to the applicable requirements of Section 409A of the Internal Revenue Code and the Treasury Regulations issued thereunder. The Plan as so amended and restated shall continue
to function solely as a so-called “top hat” plan of deferred compensation subject to the provisions of the Employee Retirement Income Security Act of 1974 (as amended from time to time) applicable to such a plan. The provisions of the Plan
and its various amendments in effect prior to this amendment and restatement were intended to comply with the proposed Treasury Regulations under Internal Revenue Code Section 409A and the regulatory guidance provided by the U.S. Treasury and
the Internal Revenue Service with respect to Section 409A compliance and transitional relief. 
 1.02 General. The
benefits provided under the Plan shall be paid, as they become due, either directly from the Participating Employer’s general assets or through a grantor trust arrangement established in accordance with the provisions of Article VIII. The
interest of each participant (and his or her beneficiary) in any benefits that become payable under the Plan shall be no greater than that of an unsecured creditor of the Participating Employer. 
 ARTICLE II 
 ADMINISTRATION OF
THE PLAN 
 2.01 Plan Administrator. The Plan shall be administered by the Executive Compensation Committee of the
Board of Directors of SJW Corp. The Executive Compensation Committee acting in such administrative capacity shall be referred to in this document as the Plan Administrator and shall have full and complete authority to administer the Plan and shall
select the eligible employees who are to participate in the Plan. 

 2.02 Authority. The interpretation and construction of any provision of the Plan and the
adoption of rules and regulations for plan administration shall be made by the Plan Administrator. Decisions of the Plan Administrator shall be final and binding on all parties who have an interest in the Plan, including (without limitation) all
decisions relating to an individual’s eligibility for participation in the Plan, his or her entitlement to benefits hereunder and the amount of any such benefit entitlement. 
 ARTICLE III 
 DEFINITIONS 
 3.01 “Account” shall mean the account maintained for each Participant on the books and records of the Participating Employer to
which there shall be credited the Eligible Earnings deferred by such Participant pursuant to his or her Deferral Elections under the Plan. 
 The Participant’s Account will be divided into a series of subaccounts, and there will accordingly be a separate Deferral Election Subaccount for each year the Participant defers a portion of his or her Eligible Earnings. There
shall also be established a separate Deferral Election Subaccount with respect to the March 2005 bonus payment which the Participant may have elected in whole or in part to defer under the Plan in accordance with the provisions of the Plan as in
effect at that time. 
 3.02 “Affiliated Company” shall mean (i) the Corporation and (ii) any other member
of the group of commonly controlled corporations or other businesses that include the Corporation, as determined in accordance with Sections 414(b) and (c) of the Code and the Treasury Regulations thereunder. 
 3.03 “Board” shall mean the Corporation’s Board of Directors. 
 3.04 “Change in Control” shall mean a change in ownership or control of the Corporation or a change in ownership or control of
SJW Corp., a California corporation (“SJW Corp.) which occurs while SJW Corp. is the beneficial owner (as determined pursuant to Rule 13d-3 of the 1934 Act) of securities that possess more than fifty percent (50%) of the total combined
voting power of the Corporation’s outstanding voting securities. 
 A Change in Control of the Corporation shall be deemed to occur if:

 (i) any one person or more than one person acting as a group (other than the Corporation or any entity that directly or
indirectly controls, is controlled by or is under common control with, the Corporation) acquires beneficial ownership (as determined pursuant to Rule 13d-3 of the 1934 Act) of securities that, together with any other securities beneficially owned by
such person or group, possess more than fifty percent (50%) of the total combined voting power of the Corporation’s outstanding voting securities; 
  

 2 

 (ii) a merger, reorganization, consolidation or other similar transaction to which the
Corporation in a party, unless (A) securities possessing more than fifty percent (50%) of the total combined voting power of the surviving entity or the parent thereof are, immediately after such transaction, owned beneficially, directly
or indirectly, by the person or persons who beneficially owned the Corporation’s outstanding voting securities immediately before such transaction or (B) the other party to the merger, reorganization or other transaction is an entity that
directly or indirectly controls, is controlled by or is under common control with, the Corporation; 
 (iii) a majority of the
Board members is replaced over a twelve (12)-month period by Board members whose appointment or election is not endorsed by a majority of those individuals serving as Board members immediately prior to the date of such appointment or election; or

 (iv) the Corporation sells all or substantially all of its assets in connection with the liquidation or dissolution of the
Corporation (other than to an entity that directly or indirectly controls, is controlled by or is under common control with, the Corporation), unless securities possessing more than fifty percent (50%) of the total combined voting power of the
entity acquiring such assets or the parent thereof are, immediately after such sale, owned beneficially, directly or indirectly, by the person or persons who beneficially owned the Corporation’s outstanding voting securities immediately before
such sale. 
 A Change in Control of SJW Corp. shall be deemed to occur upon the closing of any of the following transactions: 
 (i) The acquisition, directly or indirectly by any person or related group of persons (as such term is used in Sections 13(d) and 14(d) of
the Exchange Act), other than SJW Corp. or a person that directly or indirectly controls, is controlled by, or is under, control with SJW Corp. or an employee benefit plan maintained by any such entity, of beneficial ownership (as defined in Rule
13d-3 of the 1934 Act) of securities of SJW Corp. which, when aggregated with any other acquisition of such securities by such person or group within the twelve (12)-month period ending with the date of the latest such acquisition, results in such
person or related group of persons beneficially owning securities representing thirty percent (30%) or more of the combined voting power of the then-outstanding securities of SJW Corp.; 
 (ii) A merger, recapitalization, consolidation, or other similar transaction to which SJW Corp. is a party, unless securities representing
more than fifty percent (50%) of the combined voting power of the then-outstanding securities of the surviving entity or a parent thereof are immediately thereafter beneficially owned, directly or indirectly, by the persons who beneficially
owned the outstanding voting securities of SJW Corp. immediately before the transaction; 
  

 3 

 (iii) A sale, transfer or disposition of all or substantially all of the assets of SJW
Corp., unless securities representing more than fifty percent (50%) of the combined voting power of the then-outstanding securities of the entity acquiring the SJW Corp. assets or the parent of such acquiring entity are immediately thereafter
beneficially owned, directly or indirectly, by the persons who beneficially owned the outstanding voting securities of SJW Corp. immediately before the transaction; 
 (iv) A change in the composition of the Board of Directors of SJW Corp. over a twelve (12)-month period such that a majority of those
Board members ceases, by reason of one or more contested elections for Board membership, to be comprised of individuals who either (a) have been Board members since the beginning of such period or (b) have been elected or nominated for
election as Board members during such period by at least a majority of the Board members who were described in clause (a) or who were previously so elected or approved and who were still in office at the time the Board approved such election or
nomination; 
 provided, however, that no Change in Control of SJW Corp. shall be deemed to occur if the result of the transaction is to give
more ownership or control of SJW Corp. to any person or related group of persons who held securities representing more than thirty percent (30%) of the combined voting power of the outstanding securities of SJW Corp. as of March 3, 2003.

 3.05 “Code” shall mean the Internal Revenue Code of 1986, as amended from time to time. 
 3.06 “Corporation” shall mean San Jose Water Company and any successor or assignee corporation, whether by way of merger,
acquisition or other reorganization. 
 3.07 “Deferral Election” shall mean the irrevocable election filed by the
Participant under Article V of this Plan pursuant to which a portion of his or her Eligible Earnings for the Plan Year is to be deferred in accordance with the provisions of the Plan. 
 3.08 “Eligible Earnings” shall mean any direct and current cash compensation, including salary, bonuses and other incentive-type
compensation, earned by the Participant for service as an Employee during the Plan Year. Eligible Earnings shall also include any bonus earned by the Participant for service as an Employee during the period commencing January 1, 2004 and
continuing through March 31, 2005 and otherwise payable to such Participant in March 2005 in the absence of a Deferral Election under the Plan (the “March 2005 Bonus Payment”). In no event, however, shall a Participant’s Eligible
Earnings include, for purposes of the Plan: 
 (i) any item of compensation (other than the March 2005 Bonus Payment) earned
for a period of service rendered prior to the effective date of the Deferral Election which the Participant filed with respect to that item, or 
  

 4 

 (ii) any item of compensation paid or distributed to the Participant after a period of
deferral, whether under this Plan or any other program of deferred compensation maintained by the Corporation or any Affiliated Company. 
 3.09 “Eligible Employee” shall mean any Employee who is either a highly compensated employee of his or her Participating Employer or part of its management personnel, as determined pursuant to guidelines established
from time to time by the Plan Administrator. In no event shall any of the following individuals be deemed to be Eligible Employees: 
 (i) an Employee who is not resident in the United States, 
 (ii) any individual classified as an independent
contractor or consultant or as a temporary employee, or 
 (iii) any individual who has ceased Employee status, whether by
reason of Retirement or otherwise. 
 3.10 “Employee” shall mean an individual for so long as he or she is in the
employ of at least one member of the Employer Group, subject to the control and direction of the employer entity as to both the work to be performed and the manner and method of performance. 
 3.11 “Employer Group” means the (i) Corporation and (ii) any other member of the group of commonly controlled
corporations or other businesses that include the Corporation, as determined in accordance with Sections 414(b) and (c) of the Code and the Treasury Regulations thereunder, except that in applying Sections 1563(1), (2) and (3) for
purposes of determining the controlled group of corporations under Section 414(b), the phrase “at least 50 percent” shall be used instead of “at least 80 percent” each place the latter phrase appears in such sections and in
applying Section 1.414(c)-2 of the Treasury Regulations for purposes of determining trades or businesses that are under common control for purposes of Section 414(c), the phrase “at least 50 percent” shall be used instead of
“at least 80 percent” each place the latter phrase appears in Section 1.4.14(c)-2 of the Treasury Regulations. 
 3.12
“Extended Deferral Election” shall mean a Participant’s election, made in accordance with the terms and conditions of Section 7.02 of this Plan, to defer the distribution of his or her Deferral Election
Subaccount for an additional period of at least five (5) years measured from the January 31 date (or the date of any other specified event) on which that particular subaccount was scheduled to first become due and payable under the Plan.

 3.13 “1934 Act” shall mean the Securities Exchange Act of 1934, as amended from time to time. 
 3.14 “Participant” shall mean each Eligible Employee who participates in the Plan through one or more Deferral Elections under
Article V. 
  

 5 

 3.15 “Participating Employer” shall mean, with respect to each Participant, the
Affiliated Company employing that individual which has, with the consent of the Plan Administrator, adopted this Plan as a deferred compensation program for one or more of its Eligible Employees. The Participating Employers for the 2007 Plan Year
are set forth in attached Schedule I. Any additional Affiliated Companies which may from time to time become Participating Employers shall be listed in revised Schedule I. 
 3.16 “Plan Year” shall mean each calendar year the Plan continues in effect, beginning with the 2005 calendar year. 

3.17 “Separation from Service” shall mean the Participant’s cessation of Employee status by reason of his or her death,
retirement or termination of employment. The Participant shall be deemed to have terminated employment for such purpose at such time as the level of his or her bona fide services to be performed as an Employee (or non-employee consultant)
permanently decreases to a level that is not more than twenty percent (20%) of the average level of services he or she rendered as an Employee during the immediately preceding thirty-six (36) months (or such shorter period for which he or
she may have rendered such Employee service). Any such determination as to Separation from Service, however, shall be made in accordance with the applicable standards of the Treasury Regulations issued under Code Section 409A. In addition to
the foregoing, a Separation from Service will not be deemed to have occurred while the Participant is on military leave, sick leave or other bona fide leave of absence if the period of such leave does not exceed six (6) months or any longer
period for which such Participant’s right to reemployment with one or more members of the Employer Group is provided either by statute or contract; provided, however, that in the event of a Participant’s leave of absence due
to any medically determinable physical or mental impairment that can be expected to result in death or to last for a continuous period of not less than six (6) months and that causes such individual to be unable to perform his or her duties as
an Employee, no Separation from Service shall be deemed to occur during the first twenty-nine (29) months of such leave. If the period of leave exceeds six (6) months (or twenty-nine (29) months in the event of disability as indicated
above) and the Participant’s right to reemployment is not provided either by statute or contract, then such Employee will be deemed to have a Separation from Service on the first day immediately following the expiration of such six (6)-month or
twenty-nine (29)-month period. 
 3.18 “Specified Employee” shall mean any employee of the Employer Group who
is, pursuant to procedures established by the Plan Administrator in accordance with the applicable standards of Code Section 409A and the Treasury Regulations thereunder and applied on a consistent basis for all non-qualified deferred
compensation plans of the Employer Group subject to Code Section 409A, deemed at the time of his or her Separation from Service to be a “specified employee” under Code Section 409A. The Specified Employees shall be identified on
December 31 of each calendar year and shall include each employee who is a “key employee” (within the meaning of that term under Code Section 416(i)) of the Employer Group at any time during the twelve (12)-month period ending
with such date. An individual who is so identified as a Specified Employee will have that status for the twelve (12)-month period beginning on April 1 of the following calendar year. 
  

 6 

 3.19 “Valuation Date” shall mean any date as of which the balance credited to
each of the Participant’s Deferral Election Subaccounts under the Plan is to be determined. If the date in question is coincident with a date on which the U.S. financial markets are open for business, then the Valuation Date shall be that same
date; otherwise, the Valuation Date shall be first date immediately preceding the date in question on which the U.S. financial markets are open for business. 
 ARTICLE IV 
 PARTICIPATION 
 4.01 Eligibility Rules. The Plan Administrator shall have absolute discretion in selecting the Eligible Employees who are to participate in
the Plan for each Plan Year. An Eligible Employee selected for participation for any Plan Year must, in order to participate in the Plan for that year, file his or her Deferral Election on or before the last day of the immediately preceding Plan
Year. However, an Eligible Employee who is first selected for participation in the Plan after the start of a Plan Year and who has not otherwise been eligible for participation in any other non-qualified elective account balance plan subject to Code
Section 409A and maintained by one or more Affiliated Companies will have until the thirtieth (30th) day following the date he or she is so selected in which to file his or her Deferral Election for that Plan Year. 
 4.02 Cessation of Participation. Every Eligible Employee who becomes a Participant may continue to file Deferral Elections under the Plan
for one or more subsequent Plan Years until the earliest of (i) his or her exclusion from the Plan upon written notice from the Plan Administrator, (ii) his or her cessation of Employee status or (iii) the termination of
the Plan. The Plan Administrator shall have complete discretion to exclude one or more individuals from Participant status for one or more Plan Years as the Plan Administrator deems appropriate, including the entire period the Participant continues
in Employee status following such exclusion. However, no such exclusion authorized by the Plan Administrator shall become effective until the first day of the first Plan Year next following the date of the Plan Administrator resolution authorizing
such exclusion. If any individual is excluded from Participant status for one or more Plan Years, then such individual shall not be entitled to defer any part of his or her Eligible Earnings for those Plan Years. 
 ARTICLE V 
 DEFERRAL ELECTION

 5.01 Annual Election. Each Participant shall have the right to file a Deferral Election to defer a portion of his or her
Eligible Earnings for each Plan Year for which he or she is to be or remain a Participant. 
  

 7 

 5.02 Election Procedure. Each Deferral Election shall be made in compliance with all of the
following requirements and shall not be effective unless such requirements are met: 
 A. The Deferral Election must be
exercised by means of a written notice filed with the Plan Administrator or its designate. The notice shall be substantially in the form of the Deferral Election attached as Exhibit A and must be filed on or before the last day of the calendar year
immediately preceding the start of the Plan Year for which the Eligible Earnings subject to that election are to be earned. However, an Eligible Employee who is first selected for participation in the Plan after the start of a Plan Year and who has
not otherwise been eligible for participation in any other non-qualified elective account balance plan subject to Code Section 409A and maintained by one or more Affiliated Companies must file his or her initial Deferral Election no later than
thirty (30) days after the date he or she is so selected. Such Deferral Election shall only be effective for Eligible Earnings attributable to Employee service for the period commencing with the first day of the first calendar month coincident
with or next following the filing of such Deferral Election and ending with the close of such Plan Year. 
 B. The percentage
of Eligible Earnings which a Participant may elect to defer each Plan Year pursuant to his or her Deferral Election must comply with the following guidelines: 
 (i) To the extent the Participant’s base salary is the subject of the Deferral Election, the amount to be deferred pursuant to such
election must not be less than five percent (5%), nor more than fifty percent (50%), of the portion of such base salary included within his or her Eligible Earnings for such Plan Year. 
 (ii) To the extent the Participant’s bonus or other incentive compensation is the subject of the Deferral Election, the amount to be
deferred pursuant to such election must be a multiple of five percent (5%), up to one hundred percent (100%) of the portion of such bonus or other incentive compensation included in his or her Eligible Earnings for such Plan Year. 

C. The Participant must also specify in the Deferral Election the event or date which shall serve as the commencement date for the
distribution of the Deferral Election Subaccount attributable to that election. The following commencement dates shall be permissible: 
  

	 	-	 	 January 31 of any calendar year which is at least five (5) calendar years after the calendar year in which the Eligible Earnings credited to such
subaccount were earned, 

  

	 	-	 	 January 31 of the calendar year following the calendar year in which occurs the Participant’s Separation from Service, 

  

 8 

	 	-	 	 the earlier of (i) January 31 of any calendar year which is at least five (5) calendar years after the calendar year in which the
Eligible Earnings credited to such subaccount were earned or (ii) January 31 of the calendar year following the calendar year in which occurs the Participant’s Separation from Service, or 

  

	 	-	 	 the closing of a Change in Control transaction. 

  

	 	-	 	 the earliest of (i) January 31 of any calendar year which is at least five (5) calendar years after the calendar year in which the
Eligible Earnings credited to such subaccount were earned, (ii) January 31 of the calendar year following the calendar year in which occurs the Participant’s Separation from Service or (iii) the closing of a Change in Control
transaction, or 

  

	 	-	 	 any other combination of the foregoing. 

 D. The Participant shall also specify in the Deferral Election the manner in which the Deferral Election Subaccount attributable to that election shall be distributed. The following methods of distribution shall be
permissible: 
  

	 	-	 	 lump sum payment, 

  

	 	-	 	 annual installments over five (5)-year term, or 

  

	 	-	 	 annual installments over ten (10)-year term 

 For purposes of Sections 7.02 and 7.08, an installment distribution shall be treated as a single aggregate payment, and not as a series of individual installment payments. 
 E. The Deferral Election for a particular Plan Year shall become irrevocable as of the first day of that Plan Year (or any later day the
Deferral Election for such Plan Year may be filed under Section 5.02 by a newly-eligible Participant), and no subsequent changes may be made to that Deferral Election once it becomes irrevocable. 
 5.03 Deferral Election Subaccounts. A separate Deferral Election Subaccount shall be established for each Plan Year for which the
Participant defers a portion of his or her Eligible Earnings under the Plan. Such subaccount shall be credited with the Eligible Earnings subject to the Deferral Election in effect for that Plan Year, as and when those Eligible Earnings would have
otherwise become due and payable to the Participant in the absence of such Deferral Election. A separate Deferral Election Subaccount shall also be maintained for any portion of the March 2005 Bonus Payment which the Participant may have elected to
defer under the Plan. The Participant shall at all times be fully vested in the balance credited to each of his or her Deferral Election Subaccounts. 
  

 9 

 5.04 Withholding Taxes. The Participant shall be responsible for the satisfaction of
all federal, state and local employment and other payroll taxes (including FICA taxes) which are required to be withheld on the Eligible Earnings deferred under the Plan and shall accordingly pay such taxes as and when they become due under
applicable law, either by separate check payable to the Participating Employer or through the Participating Employer’s withholding of those taxes from other wages and earnings payable to the Participant. Accordingly, the Participant’s
Deferral Election shall be deemed to authorize such tax withholding by the Participating Employer in the absence of any other arrangement made by the Participant to satisfy his or her withholding tax liability. 
 5.05 Subsequent Distribution. The Deferral Election Subaccounts shall be distributed in accordance with the provisions of Article VII of
the Plan. 
 ARTICLE VI 
 INVESTMENT RETURN 
 6.01 Investment Return for 2005 Calendar Year. For the period from January 1,
2005 to December 31, 2005 (the “2005 Investment Year”), each of the Participant’s outstanding Deferral Election Subaccounts was adjusted periodically to reflect the earnings, gains and losses equal to the actual investment
experience realized for the period by one or more of the investment funds selected by the Participant from the investment alternatives available under the Plan for the 2005 Investment Year. At the close of the 2005 Investment Year, each of the
Participant’s outstanding Deferral Election Subaccounts was valued in accordance with the valuation procedures set forth in Section 6.05, and the balance shall thereafter be credited with a fixed rate of interest in accordance with the
applicable provisions of Sections 6.02 and 6.03. 
 6.02 Investment Return for 2006 Calendar Year. For the period from
January 1, 2006 to December 31, 2006 (the “2006 Investment Year”), each of the Participant’s outstanding Deferral Election Subaccounts was credited with a fixed rate of interest, compounded semi-annually, equal to the
30-year long-term borrowing cost of funds to the Corporation (or the equivalent thereof), as measured as of the start of the 2006 Investment Year. Following the close of the 2006 Investment Year, the Deferral Election Subaccounts shall be credited
with a fixed rate of interest in accordance with the applicable provisions of Section 6.03. 
 6.03 Investment Return for
Subsequent Calendar Years. Commencing January 1, 2007 and continuing throughout the period there remains an outstanding balance credited to such subaccount, each of the Participant’s Deferral Election Subaccounts shall be credited
with a fixed rate of interest, compounded semi-annually and periodically reset in accordance with the following procedures: 
  

	 	•	 	 For each Plan Year, beginning with the 2007 Plan Year, the fixed rate of interest shall be equal to the lower of (i) the then current 30-year long-term
borrowing cost of funds to the Corporation (or the equivalent thereof), as measured as of the start of such Plan Year, or (ii) 120% of the long-term Applicable Federal Rate determined as of the start of such Plan Year and based on semi-annual
compounding. 

  

 10 

 6.04 Charges to Account. Each of the Participant’s Deferral Election Subaccounts shall
be charged with its allocable share of the costs and expenses incurred in connection with the administration of the investment return provisions of this Article VI, except to the extent one or more Participating Employers elect in their sole
discretion to pay all or a portion of those costs and expenses. 
 6.05 Account Value. The value of each of the
Participant’s Deferral Election Subaccounts on any Valuation Date in question shall be equal to the balance credited to that subaccount as of the close of business on that date, including the appropriate adjustments for (i) any deferred
Eligible Earnings or investment gains or earnings or interest return credited to such subaccount as of such date and (ii) any distributions, hardship withdrawals or investment losses charged against the subaccount as of such date. 

6.06 Account Statements. Following the close of each calendar quarter, each Participant shall receive a written statement of the
value of each of his or her Deferral Election Subaccounts as of the last Valuation Date in that quarter. 
 ARTICLE VII 
 DISTRIBUTION OF BENEFITS 
 7.01 Normal Distribution. The Participant’s Deferral Election Subaccount for a particular Plan Year shall become due and payable in accordance with the commencement date and method of distribution designated by the
Participant in his or her Deferral Election for that Plan Year, and such distribution shall be made or begin on the designated commencement date or event or as soon as administratively practicable thereafter, but in no event later than the
later of (i) the close of the calendar year in which the designated commencement date or event occurs or (ii) the fifteenth (15th) day of the third (3rd) calendar month following the occurrence of such commencement
date or event. 
 7.02 Extended Deferral Election. A Participant may make an Extended Deferral Election with respect to any
Deferral Election Subaccount maintained for him or her under the Plan, provided the Participant remains at the time of such election a highly compensated Employee or member of the management group of an Affiliated Company (as determined pursuant to
guidelines established by the Plan Administrator). However, only one Extended Deferral Election may be made per Deferral Election Subaccount. The Extended Deferral Election must be made by filing an appropriate election form with the Plan
Administrator at least twelve (12) months prior to the date the Deferral Election Subaccount subject to such election is scheduled to become payable pursuant to Section 7.01, and the Extended Deferral Election for that subaccount shall in
no event become effective or otherwise have any force or applicability until the expiration of the twelve (12)-month period measured 

  

 11 

 
from the date such election is filed with the Plan Administrator. Accordingly, the Extended Deferral Election shall become null and void should the
Participant’s pre-existing specified commencement date or event occur within that twelve (12)-month period. The Extended Deferral Election must also specify a January 31 commencement date in a Plan Year which is at least five (5) Plan
Years later than the Plan Year in which the distribution of that subaccount would have otherwise been made or commenced in the absence of the Extended Deferral Election. As part of the Extended Deferral Election, the Participant may also elect a
different method of distribution, provided the selected method complies with one of the forms of distribution specified in Section 5.02E. Once the Extended Deferral Election becomes effective in accordance with the foregoing provisions of this
Paragraph 7.02, such election shall remain in effect, whether or not the Participant continues in Employee status; provided, however, that in the event of the Participant’s death, the provisions of Paragraph 7.05 shall apply. 
 7.03 Special Distribution Election in 2007. Notwithstanding the limitations and restrictions of Section 7.02, Participants may make a
special election to change the time and form of the distribution of one or more of their Deferral Election Subaccounts, provided that the distribution election is made at least twelve months in advance of the newly elected distribution date, and the
election is made no later than December 31, 2007. An election made pursuant to this Section 7.03 shall be treated as an initial distribution election and shall be subject to any special administrative rules imposed by the Plan
Administrator, including rules intended to comply with Section 409A of the Code. No election under this Section 7.03 shall (i) change the payment date of any distribution otherwise scheduled to be paid in 2007 or cause a payment to be
made in 2007 that was otherwise scheduled for payment in a later year or (ii) be permitted after December 31, 2007 
 7.04
Hardship Withdrawal. If a Participant (A) incurs a severe financial hardship as a result of (i) a sudden and unexpected illness or accident involving the Participant or his or her spouse or any dependent (as determined pursuant
to Section 152(a) of the Code), (ii) a casualty loss involving the Participant’s property or (iii) other similar extraordinary and unforeseeable event beyond the Participant’s control and (B) does not have any other
resources available, whether through reimbursement or compensation (by insurance or otherwise), liquidation of existing assets (to the extent such liquidation would not itself result in financial hardship) or cancellation of his or her existing
Deferral Election under the Plan, to satisfy such financial emergency, then the Participant may apply to the Plan Administrator for an immediate distribution from his or her Account in an amount necessary to satisfy such financial hardship and the
tax liability attributable to such distribution. The Plan Administrator shall have complete discretion to accept or reject the request and shall in no event authorize a distribution in an amount in excess of that reasonably required to meet such
financial hardship and the tax liability attributable to that distribution. 
 7.05 Death Before Full Distribution. If the
Participant dies before the entire balance of his or her Account is distributed, then the unpaid balance shall be paid in a lump sum to his or her designated beneficiary(ies) under the Plan. Such payment shall be made within sixty (60) days
after the date of the Participant’s death or as soon as administratively practical following the Participant’s death, but in no event later than the later of (i) the end of the calendar year in which the
Participant’s death occurs or (ii) the fifteenth (15th) day of the third (3rd)

  

 12 

 
calendar month following the date of the Participant’s death. The Participant may designate one or more such beneficiaries, or may revoke his or her
existing beneficiary designation and make a new designation, by filing a properly completed Beneficiary Designation, in substantially the form of attached Exhibit B, with the Plan Administrator or its designate. Should the Participant die without a
valid beneficiary designation in effect or after the death of his or her designated beneficiary(ies), then any amounts due him or her under the Plan shall be paid to the personal representative of his or her estate. 
 7.06 Valuation. The amount to be distributed from any Deferral Election Subaccount pursuant to this Article VII shall be determined on the
basis of the balance credited to that subaccount as of the most recent practicable Valuation Date (as determined by the Committee or its designate) preceding the date of the actual distribution. For a Participant who has elected an installment
distribution for any Deferral Election Subaccount, such distribution shall be effected through a series of substantially equal payments (as adjusted for investment gains or losses), and the amount of each such annual installment shall accordingly be
determined by dividing the balance credited to that subaccount as of the most recent practicable Valuation Date (as determined by the Plan Administrator) preceding the date of the actual distribution of that installment by the number of installments
(including the current installment) remaining in the selected five (5) or ten (10)-year distribution period. 
 7.07
Withholding. All payments made under the Plan shall be subject to the Participating Employer’s withholding of all required federal, state and local income and employment/payroll taxes, and all such payments shall be net of such tax
withholding. 
 7.08 Small Account Balances. 
 A. If the aggregate balance of the Participant’s Account is not greater than the applicable dollar amount in effect under Code
Section 402(g)(1)(B) at the time of the Participant’s Separation from Service and the Participant is not otherwise at that time participating in any other non-qualified elective account balance plan subject to Code Section 409A and
maintained by one or more members of the Affiliated Group, then that balance shall be distributed to the Participant in a lump sum distribution on the date of such Separation from Service or as soon as administratively practical thereafter, whether
or not the Participant elected that form of distribution or distribution event, but in no event shall such lump sum distribution be made later than the later of (i) the end of the calendar year in which such Separation from
Service occurs or (ii) the fifteenth (15th) day of the third (3rd) calendar month following the date of such Separation from Service. 
 B. Should the aggregate present value of all of the remaining unpaid installments due to a Participant who is receiving one or more installment distributions under the Plan fall below Twenty-Five Thousand Dollars
($25,000), then those unpaid installments shall be paid to the Participant in a single lump sum within thirty (30) days thereafter. 
  

 13 

 7.09 Mandatory Deferral of Distribution. Notwithstanding any provision to the contrary in
this Article VII or any other article in the Plan, no distribution which becomes due and payable by reason of a Participant’s Separation from Service shall be made to such Participant prior to the earlier of (i) the first day
of the seventh (7th) month following the date of the Participant’s Separation from Service or (ii) the date of his or her death, if the Participant is deemed at the time of such Separation from Service to be a Specified Employee
and such delayed commencement is otherwise required in order to avoid a prohibited distribution under Code Section 409A(a)(2). Upon the expiration of the applicable deferral period, all payments deferred pursuant to this
Section 7.09 (whether they would have otherwise been payable in a single sum or in installments in the absence of such deferral) shall be paid in a lump sum to the Participant, and any remaining payments due under the Plan shall be paid in
accordance with the normal payment dates specified for them herein. During such deferral period, the Participant’s Account shall continue to be subject to the investment return provisions of Article VI. 
 ARTICLE VIII 
 MISCELLANEOUS

 8.01 Benefits Not Funded. The obligation to pay the vested balance of each Participant’s Deferral Election
Subaccounts hereunder shall at all times be an unfunded and unsecured obligation of the Participating Employer. Except to the extent the Corporation or any Participating Employer may in its sole discretion elect to implement a grantor trust to hold
funds for the payment of any benefits which become due and payable hereunder, neither the Corporation nor any Participating Employer shall have any obligation to establish any trust, escrow arrangement or other fiduciary relationship for the purpose
of segregating funds for the payment of the balances credited to such subaccounts, nor shall the Corporation or any Participating Employer be under any obligation to invest any portion of its general assets in mutual funds, stocks, bonds, securities
or other similar investments in order to accumulate funds for the satisfaction of its obligations under the Plan. 
 8.02 General
Creditor Status. The Participant (or his or her beneficiary) shall look solely and exclusively to the general assets of the Participating Employer for the payment of the Deferral Election Subaccounts maintained on the Participant’s
behalf under the Plan. Payments from any grantor trust established by the Corporation or any Participating Employer under the Plan shall be made as and when benefits become payable to Participants in accordance with the distribution provisions of
Article VII of the Plan, with any remaining balance due the Participants to be paid out of the general assets of the Participating Employer. 
 8.03 No Employment Right. Neither the action of the Corporation or the Participating Employer in establishing or maintaining the Plan, nor any action taken under the Plan by the Committee, nor any provision of the Plan itself
shall be construed so as to grant any person the right to remain in the employ of the Participating Employer or any other Affiliated Company for any period of specific duration, and the Participant may be discharged at any time, with or without
cause. 
  

 14 

 8.04 Amendment/Termination. The Plan Administrator may at any time amend the provisions of
the Plan to any extent and in any manner the Plan Administrator shall deem advisable, and such amendment shall become effective at the time of such Plan Administrator action. Without limiting the generality of the foregoing, the Plan Administrator
may amend the Plan to impose such restrictions upon (i) the timing, filing and effectiveness of Deferral Elections or Extended Deferral Elections and (ii) the distribution provisions of Article VII which the Plan Administrator deems
appropriate or advisable in order to avoid the current income taxation of amounts deferred under the Plan which might otherwise occur as a result of changes to the tax laws and regulations governing deferred compensation arrangements such as the
Plan. The Plan Administrator may also at any time terminate the Plan in whole or in part. Except for such modifications, limitations or restrictions as may otherwise be required to avoid current income taxation or other adverse tax consequences to
Participants as a result of changes to the tax laws and regulations applicable to the Plan, no such plan amendment or plan termination authorized by the Plan Administrator shall adversely affect the benefits of Participants accrued to date under the
Plan or otherwise reduce the then outstanding balances credited to their Deferral Election Subaccounts or otherwise adversely affect the distribution provisions in effect for those subaccounts, and all amounts deferred prior to the date of any such
plan amendment or termination shall, subject to the foregoing exception, continue to become due and payable in accordance with the distribution provisions of Article VII as in effect immediately prior to such amendment or termination. 
 8.05 Applicable Law. The Plan is intended to constitute an unfunded deferred compensation arrangement for a select group of management and
other highly compensated persons, and all rights hereunder shall be construed, administered and governed in all respects in accordance with the provisions of the Employee Retirement Income Security Act of 1974 (as amended from time to time)
applicable to such an arrangement and, to the extent not pre-empted thereby, by the laws of the State of California without resort to its conflict-of-laws provisions. If any provision of this Plan shall be held by a court of competent jurisdiction
to be invalid or unenforceable, the remaining provisions of the Plan shall continue in full force and effect. 
 8.06 Satisfaction of
Claims. Any payment made to a Participant or his or her legal representative or beneficiary in accordance with the terms of this Plan shall to the extent thereof be in full satisfaction of all claims with respect to that payment which such
person may have against the Plan, the Plan Administrator (or its designate), the Corporation, the Participating Employer and all other Affiliated Companies, any of whom may require the Participant or his or her legal representative or beneficiary,
as a condition precedent to such payment, to execute a receipt and release in such form as shall be determined by the Plan Administrator. 
 8.07 Alienation of Benefits. No person entitled to any benefits under the Plan shall have the right to alienate, pledge, hypothecate or otherwise encumber his or her interest in such benefits, and those benefits shall not, to
the maximum extent permissible by law, be subject to claim of his or her creditors or liable to attachment, execution or other process of law. Notwithstanding the foregoing, any benefits in which the Participant has a vested right under the Plan may
instead be distributed to one or more third parties (including, without limitation, the Participant’s former spouse) to the extent such distribution is required by a domestic relations order or other order or directive of a court with
jurisdiction over the Participant and his or her benefits hereunder, and the Participant shall cease to have any right, interest or entitlement to any benefits to be distributed pursuant to such order or directive. 
  

 15 

 8.08 Expenses. In addition to the expenses and costs set forth in Section 6.03, each
Participant’s Account shall also be charged with its allocable share of all other costs and expenses incurred in the operation and administration of the Plan, except to the extent one or more Participating Employers elect in their sole
discretion to pay all or a portion of those costs and expenses. 
 8.09 Successors and Assigns. The obligation of each
Participating Employer to make the payments required hereunder shall be binding upon the successors and assigns of that Participating Employer, whether by merger, consolidation, acquisition or other reorganization. Except for such modifications,
limitations or restrictions as may otherwise be required to avoid current income taxation or other adverse tax consequences to Participants as a result of changes to the tax laws and regulations applicable to the Plan, no amendment or termination of
the Plan by any such successor or assign shall adversely affect or otherwise impair the rights of Participants to receive benefit payments hereunder, to the extent attributable to amounts deferred prior to the date of such amendment or termination,
in accordance with the applicable distribution provisions of Article VII hereof as in effect immediately prior to such amendment or termination. 
 8.10 Compliance with Code Section 409A. To the extent there is any ambiguity as to whether any provision of this Plan would otherwise contravene one or more requirements or limitations of Code Section 409A, such
provision shall be interpreted and applied in a manner that does not result in a violation of the applicable requirements or limitations of Code Section 409A and the Treasury Regulations thereunder. 
 ARTICLE IX 
 BENEFIT CLAIMS

 9.01 Claims Procedure. No application is required for the payment of benefits under the Plan. However, if any
Participant (or beneficiary) believes he or she is entitled to a benefit from the Plan which differs from the benefit determined by the Plan Administrator, then such individual may file a written claim for benefits with the Plan Administrator. Each
claim shall be acted upon and approved or disapproved within ninety (90) days following receipt by the Plan Administrator. 
 9.02
Denial of Benefits. In the event any claim for benefits is denied, in whole or in part, the Plan Administrator shall notify the claimant in writing of such denial and of his or her right to a review by the Plan Administrator and shall set
forth, in a manner calculated to be understood by the claimant, specific reasons for such denial, specific references to pertinent provisions of the Plan on which the denial is based, a description of any additional material or information necessary
to perfect the claim, an explanation of why such material or information is necessary, and an explanation of the review procedure. 
  

 16 

 9.03 Review. 
 A. Any person whose claim for benefits is denied in whole or in part may appeal to the Plan Administrator for a full and fair review of
the decision by submitting to the Plan Administrator, within ninety (90) days after receiving written notice from the Plan Administrator of such denial, a written statement: 
 (i) requesting a review by the Plan Administrator of his or her claim for benefits; 
 (ii) setting forth all of the grounds upon which the request for review is based and any facts in support thereof; and 
 (iii) setting forth any issues or comments which the claimant deems pertinent to his or her claim. 
 B. The Plan Administrator shall act upon each such appeal within sixty (60) days after receipt of the claimant’s request for
review by the Plan Administrator, unless special circumstances require an extension of time for processing. If such an extension is required, written notice of the extension shall be furnished to the claimant within the initial sixty (60)-day
period, and a decision shall be rendered as soon as possible, but not later than one hundred twenty (120) days after receipt of the initial request for review. The Plan Administrator shall make a full and fair review of each such appeal and any
written materials submitted by the claimant or the Participating Employer in connection therewith and may require the Participating Employer or the claimant to submit such additional facts, documents or other evidence as the Plan Administrator may,
in its sole discretion, deem necessary or advisable in making such a review. On the basis of its review, the Plan Administrator shall make an independent determination of the claimant’s eligibility for benefits under the Plan. The decision of
the Plan Administrator on any benefit claim shall be final and conclusive upon all persons. 
 C. Should the Plan
Administrator deny an appeal in whole or in part, the Plan Administrator shall give written notice of such decision to the claimant, setting forth in a manner calculated to be understood by the claimant the specific reasons for such denial and
specific reference to the pertinent Plan provisions on which the decision was based. The notice shall also include a statement that the claimant has a right to bring a civil action under Section 502(a) of the Employee Retirement Income Security
Act of 1974 (as amended from time to time). 
  

 17 

 SCHEDULE I 
 LIST OF PARTICIPATING EMPLOYERS 
 San Jose Water Company 
  

 18 

 EXHIBIT A 
 SPECIAL DEFERRAL ELECTION PLAN 
 DEFERRAL ELECTION FORM  
 200     PLAN YEAR 
 Please check the applicable boxes and complete form as appropriate. 
  

	 ̈    A.	I hereby elect to participate in the Special Deferral Election Plan (the “Plan”) for the 200     plan year 

 I hereby elect to defer payment of a portion of my eligible earnings for services rendered in the 200     plan year, in the
dollar amount determined in accordance with the following elections: 
 Base Salary:
            % (in increments of one percent, with a minimum of 5% and a maximum of 50%) of my base salary earned for service rendered during the 200    
plan year. 
 Bonus/Incentive Compensation:
            % (in increments of 5%, up to a maximum of 100%) of any cash bonus or other cash incentive compensation earned for service rendered during the
200     plan year. 
  

	 ̈    B.	I hereby elect the following commencement date for the distribution of my deferral election subaccount for the 200     plan year:

              January 31 of calendar year
             (must be at least five (5) calendar years after the 200     calendar year). 
              January 31 of the calendar year following the calendar year in which
my separation from service occurs. 
              the closing of a Change
in Control (as such term is defined in the Plan) 
              the
earlier of (i) January 31 of calendar year             (a calendar year which is at least five (5) calendar years after the
200     calendar year) or (ii) January 31 of the calendar year following the calendar year in which my separation from service occurs. 
              the earlier of (i) January 31 of the calendar
year following the calendar year in which my separation from service occurs or (ii) the closing of a Change in Control. 

              the
earlier of (i) January 31 of calendar year             (a calendar year which is at least five (5) calendar years after the
200     calendar year) or (ii) the closing of a Change in Control. 
              the earliest of (i) January 31 of calendar year             (a
calendar year which is at least five (5) calendar years after the 200     calendar year), (ii) January 31 of the calendar year following the calendar year in which my separation from service occurs or
(iii) the closing of a Change in Control. 
  

	 ̈    C.	I hereby elect the following method of distribution for my deferral election subaccount for the 200     plan year: 

              lump sum payment 
              annual installments over five (5)-year term, or 
              annual installments over ten (10)-year term 
 I understand that no distribution shall be made or commence, in connection with my separation from service, prior to the earlier of
(i) the expiration of the six (6)-month period measured from the date of such separation from service or (ii) the date of my death, if I am deemed at the time of such separation from service to be a “specified employee” within
the meaning of that term under Code Section 409A and the applicable regulations thereunder. 
 As required by the Federal tax laws, my
deferral election shall become irrevocable on the first day of the 200     plan year and cannot be changed or modified under any circumstances after that day. 
 To the extent my rights under law to the earnings deferred pursuant to this election are greater than the rights of a general unsecured creditor of my
Participating Employer, I hereby waive those rights and agree that I shall have only the rights of a general unsecured creditor with respect to the payment of my deferred earnings. 
 I understand I am responsible for the satisfaction of all federal, state and local employment and other payroll taxes (including FICA taxes) which are
required to be withheld on the compensation I defer under the Plan, and I shall pay such taxes as and when they become due under applicable law, either by separate check payable to my Participating Employer or through my Participating
Employer’s withholding of those taxes from other wages and earnings payable to me. Accordingly, this deferral election shall be deemed to authorize such tax withholding by my Participating Employer in the absence of any other arrangement made
by me to satisfy such withholding tax liability. 
  

 2 

	 ̈    D.	I hereby elect not to defer any portion of my base salary for the 200     Plan Year under the Plan. 

  

	 ̈    E.	I hereby elect not to defer any portion of my bonus or other incentive compensation for the 200     Plan Year under the Plan. 

  

	 ̈    F.	I hereby elect to have the deferral elections specified in Sections A through C above continue for each subsequent plan year, until I change my deferral elections in accordance with
the provisions of the Plan. Any such change shall become effective for a particular plan year only if the new deferral election is filed not later than the December 31 immediately prior to the start of that plan year. 

 

	
	Printed
Name:                                        
                    
	
	Signature:                                      
                              
	
	Dated:
                                        ,
200__

  

 3 

 EXHIBIT B 
 SPECIAL DEFERRAL ELECTION PLAN 
 DESIGNATION OF BENEFICIARY 
 I hereby designate the following individual or individuals as the beneficiary or beneficiaries of all my right, title and interest in and to the unpaid
vested balance credited to my account under the Special Deferral Election Plan at the time of my death, hereby revoking any prior designation of beneficiaries made by me under such Plan: 
  

											
		  	Name	  		  	Relationship	  		  	Percent of Total
						
	 (1)    
	  	 	  		  	 	  		  	 
						
	 (2)
	  	 	  		  	 	  		  	 
						
	 (3)
	  	 	  		  	 	  		  	 
						
	 (4)
	  	 	  		  	 	  		  	 

 The beneficiary must survive me; otherwise, his or her designated share is to be divided equally
among the beneficiaries who do survive me. 
  

			
	Signature:	 	 

			
		
	Name:	 	 

	
	
	Date:                                      
  , 20

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