Document:

Chief Executive Officer Employment Agreement

 Exhibit 10.9 
 December 9, 2008 
 W. Richard Roth 
 C/o SJW Corp. 
 110 W. Taylor Street 
 San Jose, CA
95110 
 Dear Rich: 
 It gives me great pleasure
to present you with this amended and restated agreement concerning your continued employment with SJW Corp. (“SJW”) and its three majority-owned subsidiaries, San Jose Water Company, SJW Land Company and SJWTX, Inc. (the four entities
collectively referred to as the “Company”). This new agreement will replace your existing employment agreement with the Company which was effective as of January 1, 2003. This new agreement is effective retroactive to January 1,
2008. 
 1. Positions and Duties. You will continue in the positions of President and Chief Executive Officer of SJW, San Jose Water
Company, SJW Land Company and SJWTX, Inc. and will report directly to Board of Directors of SJW (the “Board”). Your duties and responsibilities will be those assigned from time to time by the Board and will be commensurate with your
positions. You will be expected to perform all such assigned duties and responsibilities, to devote substantially all of your time, attention and effort to the business and affairs of the Company, and to use your reasonable best efforts to promote
the best interests of the Company. Your principal place of employment will be the Company’s corporate offices in San Jose, California, subject to travel associated with your duties. During your period of continued employment with the Company,
you must not render any services for any other person, firm or entity that represents a conflict of interest with the business of the Company. SJW hereby agrees to continue, for so long as you remain Chief Executive Officer, to nominate you as a
member of the Board at each meeting of the SJW shareholders at which Board members are to be elected. You shall serve in such capacity at no additional compensation. 
 2. Term. The initial term of this amended and restated agreement shall commence on January 1, 2008 and end on the second business day of January, 2010. At the end of each calendar year within such
term, the term shall automatically be extended for an additional one-year period, unless the Company gives prior written notice of non-renewal no later than November 30, 2008 or November 30th of each successive year thereafter; provided,
however, that the term of this agreement shall in no event extend beyond November 16, 2017. 

 3. At-Will Employment. Although this agreement has a term as set forth above, your employment with
the Company may be terminated by you or by the Company at any time during or after the term of the agreement, for any reason, with or without notice, subject to the payment of any benefits which may be owed you hereunder based on the circumstances
of such termination. The at-will nature of your employment relationship with the Company, as described immediately above, may only be changed by express written approval of a disinterested majority of the Board. 
 4. Salary and Bonus. 
 (a) Your base salary will be at a rate of $455,000 per year, effective January 1, 2008, to be paid according to the Company’s standard payroll practices for salaried employees. Your base salary will be reviewed periodically as set
forth below, and your annual rate of base salary as in effect from time to time during the term of this agreement will be referred to as “Base Salary.” 
 (b) You will also be entitled to an annual bonus (“Annual Bonus”) for each fiscal year of the Company based on achievement of
reasonable Company and individual performance goals established for each such fiscal year by the Executive Compensation Committee of the Board after consultation with you. Effective January 1, 2008, your targeted Annual Bonus will be
twenty-five percent (25%) of your Base Salary, but your actual Annual Bonus for any fiscal year within the term of this agreement may range from 0 to 150% of such target, based on the Executive Compensation Committee’s determination of the
level of achievement of the applicable performance goals for the year. Your target Annual Bonus will be reviewed periodically as set forth below. The actual Annual Bonus you earn for each fiscal year will be paid as soon as practicable after the end
of that fiscal year, recognizing a reasonable time to calculate performance for the measurement period, but in no event later than March 15 of the fiscal year immediately succeeding the fiscal year for which that Annual Bonus is earned. In no
event shall the Annual Bonus you earn for any fiscal year be paid to you at any time during that year. 
 (c) Payment of your
Base Salary and Annual Bonus will be subject to all applicable withholdings and deductions, and you will only receive the amount remaining after such withholdings and deductions have been made. 
 5. Annual Review. 
 (a) The Executive Compensation Committee of the Board will review annually your performance. Your performance will be evaluated based upon mutually approved written criteria to be developed jointly by the Executive Compensation Committee
and you. In connection with that review, the Executive Compensation Committee shall also review and consider appropriate adjustments to your Base Salary, target Annual Bonus, long-term incentives and other compensation in order to further the
objective of maintaining your total compensation at a competitive level and may, as part of that process, retain the services of a professional compensation consultant. However, neither your Base Salary nor the sum of your Base Salary 

  

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and target Annual Bonus will decrease from any previous level in effect under this agreement, except for a reduction of not more than fifteen percent
(15%) effected as part of, and consistent with, any across-the-board reduction in the salaries or target annual bonuses of senior officers of the Company to which you and the Executive Compensation Committee have mutually agreed and which
occurs prior to a change in control of the Company. 
 (b) Unless you expressly agree otherwise, you will be eligible to
participate in the Company’s current long-term incentive programs, including the Company’s Long-Term Incentive Plan, as amended from time to time (the “Long-Term Incentive Plan), and any other cash or equity incentive programs
hereafter established for senior officers of the Company (subject to such modifications to such programs as the Executive Compensation Committee shall determine to be necessary and appropriate to preserve the income tax deductibility of the
compensation paid under those programs) at participation levels determined each fiscal year in connection with your annual performance review. 
 6. Initial Stock Options and DERs. 
 (a) On April 29, 2003 the Company granted you an option to purchase
Seven Thousand Six Hundred and Four (7,604) shares of the Company’s common stock (the “Initial Option”) under and subject to the terms of the Long-Term Incentive Plan. The Initial Option is a non-statutory stock option with a
maximum term of ten (10) years, subject to earlier termination as set forth below, and is evidenced by a formal stock option agreement between you and the Company. The exercise price of the Initial Option was $84.00 per share, the fair market
value per share of the Company’s common stock (the “Common Stock”) on the grant date, as determined under the Long-Term Incentive Plan. The number of shares of Common Stock subject to the Initial Option and the exercise price payable
per share as set forth above have each been subsequently adjusted to reflect stock splits of the outstanding Common Stock that have been effected to date and will continue to be adjusted, from time to time, to reflect subsequent splits of the
outstanding Common Stock and other similar changes to the Common Stock effected without the Company’s receipt of consideration. 
 (b) The Initial Option has vested and become exercisable with respect to all of the shares of Common Stock for which it was granted. Should your employment terminate by reason of your death, disability or retirement (i.e., after age
fifty-five (55) and ten (10) years of service), your Initial Option shall, to the extent outstanding at that time, remain exercisable until the earlier of (i) the expiration of the four (4)-year period measured from your termination
date or (ii) the remainder of the initial ten (10) year term. Otherwise, the Initial Option shall expire ninety (90) days after your termination date (or immediately upon your termination if for Good Cause), but in no event will the
Initial Option remain exercisable after the expiration of the ten (10)-year term. 
 (c) You were credited with dividend
equivalent rights (“DERs”), awarded under the Long-Term Incentive Plan, with respect to the shares of Common Stock subject to the Initial Option. Those DERs terminated upon the earlier of the quarterly dividend record date sixteen
(16) quarters after the grant date of the Initial Option or the date that the 

  

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Initial Option was exercised for such shares. The shares of Common stock attributable to your DERs, together with any unconverted cash amounts, were
distributed to you in the 2007 calendar year, and you no longer have any further DERs with respect to your Initial Option. 
 (d) You have also received other stock option grants and stock-based awards during your period of employment with the Company, and those grants and awards, to the extent outstanding on the date this amended and restated agreement is
executed, will continue in effect in accordance with the agreements evidencing those grants and awards; provided, however, that the June 2003 SERP Deferred Restricted Stock Award Agreement evidencing the establishment of the SERP Deferred Stock
Account referred to in Section 7 below will be replaced by the terms and provisions set forth in Section 7(c) below and shall cease to be outstanding, or to have any force or effect, upon the execution of this amended and restated
agreement. 
 In addition, you shall be eligible for such other stock option, restricted stock unit and DER awards, or other
forms of equity or equity-like compensation, as the Executive Compensation Committee may determine each year. The Committee shall consider your personal performance, competitive practice for comparable positions outside the Company, grants to other
senior officers of the Company, availability of shares in the Long-Term Incentive Plan, and other relevant factors. 
 7. SERP.

 (a) You shall continue to participate in the Company’s Executive Supplemental Retirement Plan (“SERP”). In
consideration, in part, of your agreement to the amendment made to the SERP on April 29, 2003 to eliminate the minimum benefit equal to 55% of your Final Average Compensation, you were granted on April 29, 2003 the right to receive a
number of shares of Common Stock, awarded under the restricted stock unit provisions of the Long-Term Incentive Plan, determined as follows: a SERP Deferred Stock Account was established for you and credited on April, 29, 2003 with thirteen thousand
eight hundred ninety (13,890) units, with each unit representing the right to receive one share of Common Stock. In addition, each time a cash dividend is paid on the outstanding Common Stock, you will be credited with a dollar amount equal to
the dividend paid per share multiplied by the number of units credited, as of the record date for that dividend, to your SERP Deferred Stock Account (including any additional units resulting from the annual crediting mechanism set forth in the next
sentence). As of the first business day in January each year, your SERP Deferred Stock Account will be credited with that number of additional units determined by dividing (i) the cash dividend equivalent amounts so credited to you in the
previous year by (ii) the average of the fair market value per share of the Common Stock on each of the dates in the immediately preceding year on which dividends were paid. 
 (b) The units credited to your SERP Deferred Stock Account vested in thirty-six (36) monthly installments on the first day of each
month over the thirty-six (36)-month period measured from January 1, 2003 and are now fully vested. Any units credited to your SERP Deferred Stock Account on or after January 1, 2006 as a result of the dividend rights described above will
also be fully vested. 
  

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 (c) The units credited to your SERP Deferred Stock Account in accordance with Paragraph
7(a) were subsequently adjusted to reflect stock splits of the outstanding Common Stock effected to date and will continue to be adjusted, from time to time, to reflect subsequent splits of the outstanding Common Stock and other similar changes to
the Common Stock effected without the Company’s receipt of consideration. Such units shall be payable in shares of Common Stock. For those units which were vested as of December 31, 2004, the distribution will commence on the later of your
termination of employment or attainment of age 55. For those units which vest after December 31, 2004, the distribution will be commence on the later of (i) the date of your Separation from Service or (ii) your
attainment of age 55. You may elect to receive the shares of Common Stock attributable to your units either in a single lump sum or in up to ten (10) annual installments. For those units which were vested as of December 31, 2004, you may
make your election no later than one (1) year prior to the later of your termination of employment or attainment of age 55. For the units which vested after December 31, 2004, you must make your election by December 31, 2008. In the
absence of a timely election, the shares will be distributed in a lump sum. Any cash amounts credited to your SERP Deferred Stock Account but not converted to stock units at the time of distribution shall be paid in cash. The provisions of this
Section 7(c) shall supersede and replace the terms and provisions of your June 2003 SERP Deferred Restricted Stock Award Agreement evidencing the establishment of your SERP Deferred Stock Account, and that agreement shall no longer have any
independent force or effect. 
 (d) The issuance of shares of Company Common Stock under the SERP Deferred Stock Account shall
be subject to satisfaction of all tax withholding obligations with respect to such shares. In order to satisfy all such tax withholding obligations, the number of shares of Common Stock which you would otherwise be entitled to receive will be
reduced by that number of shares which, as of the date of distribution, has an aggregate Fair Market Value (as defined in the Long-Term Incentive Plan) equal to the total amount of tax withholding obligations applicable to the shares issuable on
that date. 
 (e) If the distribution event for the units which vest after December 31, 2004 is your Separation from
Service, then that distribution will be subject to the deferral provisions of Section 12(a) below. 
 8. Expense Reimbursement.
The Company will reimburse you for the reasonable expenses you incur in connection with the performance of your duties, consistent with Company policy and practice. You must submit appropriate evidence of each such business expense within one
hundred twenty (120) days after the later of (i) your incurrence of that expense or (ii) your receipt of the invoice or billing statement for such expense, and the Company will provide you with the requisite reimbursement within
thirty (30) business days thereafter. In no event, however, will any expense be reimbursed later than the close of the calendar year following the calendar year in which that expense is incurred. 
 9. Perquisites and Other Benefits. Except as otherwise precluded by applicable law or regulations, you will continue to be entitled, during the
term of this amended and restated agreement, to receive the same level of perquisites in effect for you as of the effective date of this amended and restated agreement, including a Company-provided luxury motor vehicle (with replacement at every
three or four-year interval), vehicle maintenance, first 

  

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class business travel, Company-paid club memberships, financial support for your participation in community activities (and authority to bind the Company at
a level to be agreed upon from time to time), training and continuing education, single assignment of an Executive Assistant and reimbursement of home office expenses attributable to the services required of you pursuant to this amended and restated
agreement. You must submit appropriate evidence of each reimbursable expense you incur pursuant to this Section 9 within one hundred twenty (120) days after the later of (i) your incurrence of that expense or (ii) your receipt of
the invoice or billing statement for such expense. The Company will provide you with the requisite reimbursement within thirty (30) business days thereafter. In no event, however, will any expense be reimbursed later than the close of the
calendar year following the calendar year in which that expense is incurred. 
 10. Conditions to Reimbursement. Any amounts to which
you become entitled pursuant to Section 8 or 9 (whether by way of reimbursement or in-kind benefits) in each calendar year within the term of this agreement and any other reimbursement to which you become entitled pursuant to the provisions of
this agreement during such calendar year shall not reduce the amounts (or in-kind benefits) to which you may become entitled hereunder in any other calendar year within the term of this agreement. In addition, none of your rights to reimbursement or
in-kind benefits hereunder may be liquidated or exchanged for any other benefit. 
 11. Severance Benefits. 
 (a) You shall continue to be eligible for benefits under the Company’s Executive Severance Plan (which provides benefits in the event
of a qualifying termination of your employment in connection with a Change in Control, as defined therein). In addition, if (i) the Company involuntarily terminates your employment for any reason other than death, disability or Good Cause or
you resign from the Company’s employ for Good Reason and (ii) you are not entitled to benefits under the Executive Severance Plan in connection with such termination of your employment, you will be entitled to the following contractual
severance benefits pursuant to this amended and restated agreement: 
  

	 	•	 	 Cash severance equal to three and nine-tenths (3.9) times your annual rate of Base Salary (at the level in effect at the time of such termination of employment
or at such higher level as was in effect at any time during the immediately preceding twelve months), payable in a single lump sum on the first business day of the first calendar month, within the sixty (60) day period measured from the date
you incur a Separation from Service by reason of such termination of employment, that is coincident with or next following the date on which your required release under Section 11(b) below first becomes effective following the expiration of any
applicable revocation period. In no event, however, shall such lump sum payment be made later than the last day of such sixty (60)-day period on which the release is so effective, unless a further deferral is required pursuant to Section 12 of
this restated agreement. 

  

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	 	•	 	 Provided you and your spouse and eligible dependents elect to continue medical care coverage under the Company’s group health care plans pursuant to the
applicable COBRA provisions, the Company will reimburse you for the costs you incur to obtain such continued coverage for yourself, your spouse and your eligible dependents (collectively, the “Coverage Costs”) until the earlier of
(x) the end of the thirty-six (36)-month period measured from the date your employment terminates or (y) the first date on which you are covered under another employer’s health benefit program without exclusion for any pre-existing
medical condition. During the period for which your COBRA 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 you 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 your Coverage Costs under each applicable plan or policy, you must submit appropriate evidence to the Company of each periodic payment of your Coverage Costs within one
hundred twenty (120) days after the required payment date for those Coverage Costs, and the Company shall within thirty (30) days after such submission reimburse you for that payment. To the extent you incur any other medical care expenses
reimbursable pursuant to the coverage obtained in accordance herewith, you shall submit appropriate evidence of each such expense to the plan administrator within one hundred twenty (120) 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) your 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 or other medical care expenses are treated as taxable income to you, the Company shall report the reimbursement as taxable W-2 wages and collect the applicable withholding taxes, and the resulting tax liability
shall be your sole responsibility. 

 (b) Your receipt of such contractual severance benefits shall be
conditioned upon (i) your execution and delivery to the Company, within twenty-one days (or forty-five (45) days if such longer period is required under applicable law) after the date your 

  

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employment with the Company terminates, of a general release in substantially the form of general release required under the Executive Severance Plan, and
(ii) such release becoming effective in accordance with applicable law following the expiration of any applicable revocation period. 
 (c) For purposes of this amended and restated agreement: 
  

	 	•	 	 “Good Cause” shall be deemed to exist if, and only if (i) you engage in acts or omissions that result in substantial harm to the business or property
of the Company or its affiliates and that constitute dishonesty, intentional breach of a fiduciary obligation or intentional wrongdoing, or (ii) you are convicted of a criminal violation involving fraud or dishonesty.

  

	 	•	 	 “Good Reason” shall exist if, and only if, without your express written consent (i) there is a significantly adverse change in the nature or scope of
your authority or in your overall working environment; (ii) you are removed from any of the positions specified for you in Section 1 of this agreement; (iii) you are assigned duties materially inconsistent with your present duties,
responsibilities and status; (iv) there is a reduction in your rate of Base Salary or target Annual Bonus, other than a reduction in an amount not in excess of fifteen percent (15%) of either your Base Salary or the sum of your Base Salary
and target Annual Bonus pursuant to a uniform reduction in the base salary or target bonus payable to all senior executives of the Company to which you and the Executive Compensation Committee have mutually agreed and which occurs prior to a change
in control of the Company; (v) the Company changes by fifty-five (55) miles or more the principal location at which you are required to perform your services hereunder or (vi) there is a material breach by the Company of any of its
obligations hereunder which remains uncured for more than thirty (30) days following your written notice to the Board in which you specifically identify the material breach which has occurred. 

  

	 	•	 	 “Separation from Service” shall be deemed to have occurred at such time as the level of your bona fide services 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 you rendered as an Employee during the immediately preceding thirty-six (36) months. Any such determination, 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 

  

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have occurred while you are on a 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 you are provided with a right to reemployment with one or more members of the Employer Group by either statute or contract; provided, however, that in the event of a 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 you to be unable to perform your 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 you are not provided with a right to
reemployment by either statute or contract, then you will be deemed to have Separated from Service on the first day immediately following the expiration of the applicable six (6)-month or twenty-nine (29)-month period. 

 

	 	•	 	 You will be deemed to remain an “Employee” for so long as you remain 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. 

  

	 	•	 	 “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 1.414(c)-2 of the Treasury Regulations. 

 (d) In the event of your
death during the term of this amended and restated agreement, your employment will terminate under this agreement. The Company shall make payments of any salary and/or bonus that is earned but unpaid as of the date of death to your legal
representative, subject to any applicable deferral elections in effect for those amounts under Section 409A of the Code. 
 12.
Deferral of Payment. 
 (a) Notwithstanding any provision to the contrary in this amended and restated agreement (other
than Section 12(b) below), no payments or benefits to which you become entitled hereunder in connection with your Separation from Service (other than the reimbursement of your Coverage Costs during the applicable period of COBRA coverage) shall

  

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be made or paid to you prior to the earlier of (i) the first day of the seventh (7th) month following the date of your Separation
from Service or (ii) the date of your death, if you are deemed, pursuant to the procedures established by the Executive Compensation Committee in accordance with the applicable standards of Internal Revenue Code Section 409A (“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 Section 409A, to be a “specified employee” at the time of such
Separation from Service and such delayed commencement is otherwise required in order to avoid a prohibited distribution under Section 409A(a)(2). Upon the expiration of the applicable deferral period, all payments deferred pursuant to this
Section 12 shall be paid to you in a lump sum, and any remaining payments due under this agreement shall be paid in accordance with the normal payment dates specified for them herein. The specified employees subject to such a delayed
commencement date shall be identified on December 31 of each calendar year and shall include any person 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. If you are so identified on any such December 31, you shall have specified employee status for the twelve (12)-month period beginning on April 1 of the following calendar year.

 (b) The deferral provisions of Section 12(a) shall not apply to any payments or benefits in which your vested on
December 31, 2004, except to the extent those payments or benefits are materially modified after October 3, 2004. 
 13.
Non-Solicitation. During the term of your employment and or one (1) year thereafter, you hereby agree that you will not (i) encourage any employee, consultant, or person who was employed by the Company on the date of termination of
your employment (or at any time during the six (6) month period prior to termination of your employment) to leave the Company for any reason, nor will you solicit their services; or (ii) assist any other person or entity in such
encouragement or solicitation. This provision is not intended to restrict you from performing the duties of your employment in the best interest of the Company. 
 14. Confidential and Proprietary Information. You agree to comply with the Company’s standard policies regarding disclosure of confidential and proprietary information, both during and subsequent to the
term of this agreement. 
 15. Section 409A Compliance. To the extent there is any ambiguity as to whether any provision
of this restated and amended agreement 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. 
 16. Integration. The terms and
conditions set forth in this amended and restated agreement (together with the Executive Severance Plan and all other documents referenced herein and all documents evidencing outstanding awards made to you under the Company’s Long-Term
Incentive Plan or any other incentive plan) will constitute the entire agreement between you and the Company with regard to your employment with the Company 

  

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and the termination of that employment. This amended and restated agreement supersedes your previous employment agreement with the Company, and that
agreement shall cease to have any further force or effect. This amended and restated agreement shall be governed by the laws of the State of California, without regard to choice of law rules. 
 Please contact me should you wish to discuss any of the provisions of your amended and restated employment agreement. I have enclosed a duplicate original of such
agreement. Please sign both copies and return one signed copy to me and retain the second copy for your records. 
  

			
	Sincerely,
	
	SJW Corp.
		
	By:	 	 
		 	Mark L. Cali,
		 	Chair, Executive Compensation Committee of the SJW Corp. Board of Directors

 I HAVE READ THIS AMENDED AND RESTATED EMPLOYMENT AGREEMENT CAREFULLY AND UNDERSTAND AND ACCEPT ITS TERMS. I SIGN
THIS AGREEMENT VOLUNTARILY AND FREELY: 

					
			
	  	 		 	Date:                             ,
2008
	W. Richard Roth	 		 	

  

 11SJW Corp. Executive Severance Plan, effective October. 22, 2008

 Exhibit 10.12 
 SJW CORP. 
 EXECUTIVE SEVERANCE PLAN 
 AS AMENDED AND RESTATED EFFECTIVE OCTOBER 22, 2008 
 * * * 
 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 and January 1, 2008, is hereby
further amended and restated effective as of October 22, 2008. The purpose of such restatement is 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. 
 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”); and 
 WHEREAS, the Employer wishes to
retain the services of the Officers and to encourage the Officers to remain with the Employer; and 
 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 (as defined below) affecting Employer; and 
 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 deems it advisable to amend and
restate 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. 
 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 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; 
  

 2 

 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) 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) “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 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 

  

	 	(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. 

  

 3 

 (h) “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. 
 (i) “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. 
 (j) “Plan Administrator” shall mean the Executive Compensation Committee of the Company’s Board of Directors. 
 (k) “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. 
 (l) “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 

  

 4 

 
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. 
 (m)
“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: 
  

	 	(1)	 A cash 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) 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. 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 

  

 5 

	 	 
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. 

  

	 	(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 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 payment date, 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

  

 6 

	 	 
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 of continued Salary to which such Officer is, upon his
or her Separation from Service, entitled by reason of the Applicable Multiple in effect for him or her pursuant to Section 2(a)(1) above. 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. 
  

 7 

 (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. 
 (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. 
  

 8 

	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. 
  

	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. 
  

 9 

	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
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. 
  

 10 

 (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. 
  

	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. 
  

 11 

 Y is the total Excise Tax imposed on the Officer. 
 A is the Excise Tax rate in effect at the time. 
 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 

  

 12 

 
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). 
 (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. 
  

 13 

 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 22nd day of October,
2008. 
  

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

  

 14 

 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 
  

 15 

 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               
                                         
                                         
                                         
                               
  

 16 

 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. 
  

 17 

 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”)

  

 18

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