Document:

SJW Corp. Executive Severance Plan, amended and restated

 Exhibit 10.14 
 SJW CORP. 
 EXECUTIVE SEVERANCE PLAN 

AS AMENDED AND RESTATED EFFECTIVE JANUARY 1, 2010 
 * * * 
 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, October 22, 2008 and December 31, 2008, is hereby further amended and restated effective as of January 1, 2010. 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 December 2008 restatement was to modify the formula provisions of the Plan governing the cash severance benefits payable thereunder. The purpose of the January 1, 2010 restatement is to clarify certain
payment provisions in effect under 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”). 
 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 

 

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 (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; 
 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 last day of the sixty (60)-day period measured from the date of the Officer’s Separation from Service, provided that the release required of the Officer under Section 2(b) is delivered within the applicable
time period set forth in such Section 2(b) and such release is effective and enforceable at that time following the expiration of any applicable revocation period. 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) 

  

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	 	(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 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
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. 

  

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	 	(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 if and only if the 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 the
maximum applicable review and revocation periods in effect 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 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. 
  

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 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 27th
 day of January, 2010. 
  

			
	SJW CORP.
		
	By:	 	 /s/ W. Richard Roth

		 	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”)

  

 19Form of Chief Executive Officer Restricted Stock Unit Issuance Agreement

 Exhibit 10.30 
 SJW CORP. 
 RESTRICTED STOCK UNIT ISSUANCE AGREEMENT

 RECITALS 
 A. The Board has adopted the Plan for the purpose of retaining the services of selected Employees of the Corporation (or any Parent or Subsidiary). 
 B. Participant is to render valuable services to the Corporation (or a Parent or Subsidiary), and this Agreement is executed pursuant to, and is intended to carry out the purposes of, the Plan in
connection with the Corporation’s issuance of an equity incentive award under the Plan designed to retain Participant’s continued service. 
 C. All capitalized terms in this Agreement shall have the meaning assigned to them in the attached Appendix A. 
 NOW, THEREFORE, it is hereby agreed as follows: 
 1. Grant of
Restricted Stock Units. The Corporation hereby awards to Participant, as of the Award Date, Restricted Stock Units under the Plan. Each Restricted Stock Unit which vests during Participant’s period of Service shall entitle Participant
to receive one share of Common Stock on the applicable issuance date. The number of shares of Common Stock subject to the awarded Restricted Stock Units, the applicable vesting schedule for those shares, the applicable date or dates on which those
vested shares shall become issuable to Participant and the remaining terms and conditions governing the award (the “Award”) shall be as set forth in this Agreement. 
  

			
	 Participant
	  	W. Richard Roth
		
	 Award Date:
	  	                    
		
	Number of Shares Subject to Award:	  	     shares of Common Stock (the “Shares”)
		
	 Vesting Schedule:
	  	The Shares shall vest in a series of          (    ) successive equal annual installments upon
Participant’s completion of each year of Service over the          (    )-year period measured from the Award Date (the “Normal Vesting Schedule”). However, the
Shares may be subject to accelerated vesting in accordance with the provisions of Paragraphs 4 and 6 below.

			
	Issuance Schedule:	  	The Shares in which the Participant vests on an annual basis in accordance with the Normal Vesting Schedule shall be issued, subject to the Corporation’s collection of all
applicable Withholding Taxes, on the applicable annual vesting date (the “Issuance Date”) or as soon thereafter as administratively practicable, but in no event later than the close of the calendar year in which such annual vesting date
occurs or (if later) the fifteenth day of the third calendar month following such vesting date. The Shares which vest pursuant to Paragraph 4 or Paragraph 6 of this Agreement shall be issued in accordance with the provisions of the applicable
Paragraph. The applicable Withholding Taxes are to be collected pursuant to the procedure set forth in Paragraph 8 of this Agreement.

 2. Limited Transferability. Prior to actual receipt of the Shares which vest and become issuable hereunder, Participant may not transfer any interest in the Award or the underlying
Shares. Any Shares which vest hereunder but which otherwise remain unissued at the time of Participant’s death may be transferred pursuant to the provisions of Participant’s will or the laws of inheritance or to Participant’s
designated beneficiary or beneficiaries of this Award. Participant may also direct the Corporation to re-issue the stock certificates for any Shares which in fact vest and become issuable under the Award during his lifetime to one or more designated
family members or a trust established for Participant and/or his family members. Participant may make such a beneficiary designation or certificate directive at any time by filing the appropriate form with the Plan Administrator or its designee.

 3. Cessation of Service. Except as otherwise provided in Paragraph 4 or Paragraph 6 below, should
Participant cease Service for any reason prior to vesting in one or more Shares subject to this Award, then the Award shall be immediately cancelled with respect to those unvested Shares, and the number of Restricted Stock Units will be reduced
accordingly. Participant shall thereupon cease to have any right or entitlement to receive any Shares under those cancelled units. 
 4. Accelerated Vesting. 
 A. Upon (i) the Participant’s cessation of Employee status by reason
of death or Permanent Disability, (ii) the Participant’s resignation from Employee status for Good Reason or (iii) the Corporation’s termination of the Participant’s Employee status other than for Good Cause, all the
Restricted Stock Units at the time subject to this Award, together with the underlying Shares, shall immediately vest. 
 B.
The Shares to which the Participant becomes entitled pursuant to the vesting provisions of Paragraph 4.A shall be issued on the date of his Separation from Service due to such cessation of Employee status or as soon as administratively practicable
thereafter, subject to the Corporation’s collection of the applicable Withholding Taxes, but in no event later than the close of the calendar year in which such Separation from Service occurs or (if later) the fifteenth (15th) day of the
third (3rd) calendar month following the date of such Separation from Service. 
  

 2 

 C. The accelerated vesting provisions of this Paragraph 4 shall apply and be effective
whether such cessation or termination of Employee status occurs before or after the consummation of a Change in Control transaction. 
 5. Stockholder Rights. Participant shall not have any stockholder rights, including voting, dividend or liquidation rights, with respect to the Shares subject to the Award until the Shares vest and Participant becomes the
record holder of those Shares upon their actual issuance following the Company’s collection of the applicable Withholding Taxes. 
 6. Change in Control. 
 A. Any Restricted Stock Units subject to this Award at the time of a Change in
Control may be assumed by the successor entity or otherwise continued in full force and effect or may be replaced with a cash retention program of the successor entity which preserves the Fair Market Value of the underlying Shares at the time of the
Change in Control and provides for the subsequent vesting and payout of that value in accordance with the same vesting and payout provisions that would be applicable to those Shares in the absence of such Change in Control. In the event of such
assumption or continuation of the Award or such replacement of the Award with a cash retention program, no accelerated vesting of the Restricted Stock Units shall occur at the time of the Change in Control. 
 B. In the event the Award is assumed or otherwise continued in effect, the Restricted Stock Units subject to the Award will be adjusted
immediately after the consummation of the Change in Control so as to apply to the number and class of securities into which the Shares subject to those units immediately prior to the Change in Control would have been converted in consummation of
that Change in Control had those Shares actually been issued and outstanding at that time. To the extent the actual holders of the outstanding Common Stock receive cash consideration for the Common Stock in consummation of the Change in Control, the
successor corporation may, in connection with the assumption or continuation of the Restricted Stock Units subject to the Award at that time, substitute one or more shares of its own common stock with a fair market value equivalent to the cash
consideration paid per share of Common Stock in the Change in Control transaction, provided such shares are registered under the federal securities laws and readily tradable on an established securities exchange. 
 C. If the Restricted Stock Units subject to this Award at the time of the Change in Control are not assumed or otherwise continued in
effect or replaced with a cash retention program in accordance with Paragraph 6.A above, then those units shall vest immediately prior to the closing of the Change in Control. The Shares subject to those vested units shall be converted into the
right to receive the same consideration per share of Common Stock payable to the other stockholders of the Corporation in consummation of that Change in Control, and such consideration per Share shall be distributed to Participant upon the tenth
(10th) business day following the earliest to occur of (i) the Issuance Date determined for that Share in accordance with the Normal Vesting Schedule, (ii) the date of Participant’s Separation from Service or
(iii) the first date following a Qualifying Change in Control on which the distribution can be made without contravention of any applicable provisions of Code Section 409A. Such distribution shall be subject to the Corporation’s
collection of the applicable Withholding Taxes pursuant to the provisions of Paragraph 8. 
  

 3 

 D. This Agreement shall not in any way affect the right of the Corporation to adjust,
reorganize or otherwise change its capital or business structure or to merge, consolidate, dissolve, liquidate or sell or transfer all or any part of its business or assets. 
 7. Adjustment in Shares. Should any change be made to the Common Stock by reason of any stock split, stock dividend,
recapitalization, combination of shares, exchange of shares, spin-off transaction, extraordinary dividend or distribution or other change affecting the outstanding Common Stock as a class without the Corporation’s receipt of consideration, or
should the value of outstanding shares of Common Stock be substantially reduced as a result of a spin-off transaction or an extraordinary dividend or distribution, or should there occur any merger, consolidation or other reorganization, then
equitable adjustments shall be made by the Plan Administrator to the total number and/or class of securities issuable pursuant to this Award in order to reflect such change and thereby prevent a dilution or enlargement of benefits hereunder. The
determination of the Plan Administrator shall be final, binding and conclusive. In the event of a Change in Control, the adjustments (if any) shall be made in accordance with the provisions of Paragraph 6. 
 8. Issuance of Shares/Collection of Withholding Taxes. 
 A. On each applicable Issuance Date (or any earlier date on which the Shares are to be issued in accordance with the terms of this
Agreement), the Corporation shall issue to or on behalf of the Participant a certificate (which may be in electronic form) for the applicable number of shares of Common Stock, subject, however, to the Corporation’s collection of the applicable
Withholding Taxes. 
 B. The Corporation shall collect the applicable Withholding Taxes with respect to the Shares which vest
and become issuable hereunder through an automatic share withholding procedure pursuant to which the Corporation will withhold, at the time of such issuance, a portion of the Shares with a Fair Market Value (measured as of the applicable issuance
date) equal to the amount of those taxes; provided, however, that the amount of any Shares so withheld shall not exceed the amount necessary to satisfy the Corporation’s required tax withholding obligations using the minimum
statutory withholding rates for federal and state tax purposes that are applicable to supplemental taxable income. In the event payment is to be made in a form other than the Shares, then the Corporation shall collect from the Participant the
applicable Withholding Taxes pursuant to such procedures as the Corporation deems appropriate under the circumstances. 
  

 4 

 C. Notwithstanding the foregoing provisions of Paragraph 8.B, the employee portion of the
federal, state and local employment taxes required to be withheld by the Corporation in connection with the vesting of the Shares or any other amounts hereunder (the “Employment Taxes”) shall in all events be collected from the Participant
no later than the last business day of the calendar year in which the Shares or other amounts vest hereunder. Accordingly, to the extent the Issuance Date for one or more vested Shares or the distribution date for such other amounts is to occur in a
year subsequent to the calendar year in which those Shares or other amounts vest, the Participant shall, on or before the last business day of the calendar year in which the Shares or other amounts vest, deliver to the Corporation a check payable to
its order in the dollar amount equal to the Employment Taxes required to be withheld with respect to those Shares or other amounts. The provisions of this Paragraph 8.C shall be applicable only to the extent necessary to comply with the applicable
tax withholding requirements of Code Section 3121(v). 
 D. Except as otherwise provided in Paragraph 6 and Paragraph 8.B,
the settlement of all Restricted Stock Units which vest under the Award shall be made solely in shares of Common Stock. In no event, however, shall any fractional shares be issued. Accordingly, the total number of shares of Common Stock to be issued
pursuant to this Award shall, to the extent necessary, be rounded down to the next whole share in order to avoid the issuance of a fractional share. 
 9. Deferred Issuance Date. Notwithstanding any provision to the contrary in this Agreement, no Shares or other amounts which become issuable or distributable by reason of Participant’s
Separation from Service shall actually be issued or distributed to Participant prior to the earlier of (i) the first day of the seventh (7th) month following the date of such Separation from Service or (ii) the date of
Participant’s death, if Participant is deemed at the time of such Separation from Service to be a specified employee under Section 1.409A-1(i) of the Treasury Regulations issued under Code Section 409A, as determined by the Plan
Administrator in accordance with consistent and uniform standards applied to all other Code Section 409A arrangements of the Corporation, and such delayed commencement is otherwise required in order to avoid a prohibited distribution under Code
Section 409A(a)(2). The deferred Shares or other distributable amount shall be issued or distributed in a lump sum on the first day of the seventh (7th) month following the date of Participant’s Separation from Service or, if earlier,
the first day of the month immediately following the date the Corporation receives proof of Participant’s death. 
 10.
Benefit Limit. The benefit limitation of this Paragraph 10 shall apply only to the extent Participant is not otherwise entitled to a Code Section 4999 tax gross-up, pursuant to the terms of the Corporation’s
Executive Severance Plan (or any successor plan), with respect to the Shares that vest on an accelerated basis in connection with a Change in Control or subsequent cessation of Employee status: 
 In the event the vesting and issuance of the Shares subject to this Award would otherwise constitute a parachute payment
under Code Section 280G, then the vesting and issuance of those Shares shall be subject to reduction to the extent necessary to assure that the number of Shares which vest and are issued under this Award will be limited to the
greater of (i) the number of Shares which can vest and be issued without triggering a parachute payment under Code Section 280G or (ii) the maximum number of Shares which can vest and be issued under this Award so as to
provide the Participant with the greatest after-tax amount of such vested and issued Shares after taking into account any excise tax the Participant may incur under Code Section 4999 with respect to those Shares and any other benefits or
payments to which the Participant may be entitled in connection with any change in control or ownership of the Corporation or the subsequent termination of the Participant’s Service. 
  

 5 

 11. Compliance with Laws and Regulations. The issuance of shares of Common
Stock pursuant to the Award shall be subject to compliance by the Corporation and Participant with all applicable requirements of law relating thereto and with all applicable regulations of any Stock Exchange on which the Common Stock may be listed
for trading at the time of such issuance. 
 12. Notices. Any notice required to be given or delivered to the
Corporation under the terms of this Agreement shall be in writing and addressed to the Corporation at its principal corporate offices. Any notice required to be given or delivered to Participant shall be in writing and addressed to Participant at
the address indicated below Participant’s signature line on this Agreement. All notices shall be deemed effective upon personal delivery or upon deposit in the U.S. mail, postage prepaid and properly addressed to the party to be notified.

 13. Successors and Assigns. Except to the extent otherwise provided in this Agreement, the provisions of this
Agreement shall inure to the benefit of, and be binding upon, the Corporation and its successors and assigns and Participant, Participant’s assigns, the legal representatives, heirs and legatees of Participant’s estate and any
beneficiaries of the Award designated by Participant. 
 14. Construction. This Agreement and the Award evidenced
hereby are made and granted pursuant to the Plan and are in all respects limited by and subject to the terms of the Plan. All decisions of the Plan Administrator with respect to any question or issue arising under the Plan or this Agreement shall be
conclusive and binding on all persons having an interest in the Award. 
 15. Governing Law. The interpretation,
performance and enforcement of this Agreement shall be governed by the laws of the State of California without resort to that State’s conflict-of-laws rules. 
 16. Employment at Will. Nothing in this Agreement or in the Plan shall confer upon Participant any right to continue in Service for any period of specific duration or interfere with or
otherwise restrict in any way the rights of the Corporation (or any Parent or Subsidiary employing or retaining Participant) or of Participant, which rights are hereby expressly reserved by each, to terminate Participant’s Service at any time
for any reason, with or without cause. 
  

 6 

 IN WITNESS WHEREOF, the parties have executed this Restricted Stock Unit Issuance
Agreement on the respective dates indicated below. 
  

			
	SJW CORP.
		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

		
	Dated:	 	            ,         
	
	W. Richard Roth
		
	Signature:	 	  

		
	Address:	 	  

		
		 	  

		
	Dated:	 	            ,         

  

 7 

 APPENDIX A 
 DEFINITIONS 
 The following definitions shall be in
effect under the Agreement: 
 A. Agreement shall mean this Restricted Stock Unit Issuance Agreement. 

B. Award shall mean the award of Restricted Stock Units made to Participant pursuant to the terms of the Agreement.

 C. Award Date shall mean the date the Restricted Stock Units are awarded to Participant pursuant to the
Agreement and shall be the date indicated in Paragraph 1 of the Agreement. 
 D. Board shall mean the
Corporation’s Board of Directors. 
 E. Change in Control shall mean any change in control or ownership of
the Corporation which occurs by reason of one or more 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 Corporation or a person that directly or indirectly controls, is controlled by, or is under control with,
the Corporation or an employee benefit plan maintained by any such entity, of beneficial ownership (as defined in Rule 13d-3 of the Exchange Act) of securities of the Corporation which, when added to other acquisitions of such securities effected by
such person or related group during the twelve (12)-month period ending with the most recent acquisition, represent thirty percent (30%) or more of the total combined voting power of the Corporation’s then-outstanding securities;

 (ii) a merger, recapitalization, consolidation, or other similar transaction to which the Corporation 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 Corporation’s outstanding voting securities immediately before the transaction; 
 (iii) a sale, transfer or disposition of all or substantially all of the Corporation’s assets, unless securities representing at least 50% of the combined voting power of the then-outstanding
securities of the entity acquiring the Corporation’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
Corporation’s outstanding voting securities immediately before the transaction, 

 (iv) a merger, recapitalization, consolidation, or other transaction to
which the Corporation is a party or the sale, transfer, or other disposition of all or substantially all of the Corporation’s assets if, in either case, the members of the Board 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 Corporation’s assets, as the case may be, or a parent thereof (for this purpose, any change in the
composition of the 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, provided such change occurs within twelve
(12) months after the effective date of the transaction); or 
 (v) a change in the composition of the Board
over a period of twelve (12) 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; 
 provided that no Change in
Control shall occur if the result of the transaction is to give more ownership or control of the Corporation to any person or related group of persons who held securities representing more than thirty percent (30%) of the combined voting power
of the Corporation’s outstanding securities as of March 3, 2003. 
 F. Code shall mean the Internal
Revenue Code of 1986, as amended. 
 G. Common Stock shall mean the shares of the Corporation’s common stock.

 H. Corporation shall mean SJW Corp., a California corporation, and any successor corporation to all or
substantially all of the assets or voting stock of SJW Corp. which shall by appropriate action adopt the Plan and/or assume the Award. 
 I. Employee shall mean an individual who is in the employ of the Corporation (or any Parent or Subsidiary), 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; provided, however, that solely for purposes of determining whether Participant has incurred a Separation from Service, the term “Employee” shall have the meaning assigned to such term in the Separation
from Service definition set forth in this Appendix. 
 J. Fair Market Value per share of Common Stock on any
relevant date shall be the closing selling price per share on the date in question on the Stock Exchange on which the Common Stock is at that time primarily traded, as such price is officially quoted in the composite tape of transactions on such
exchange. If there is no reported sale of Common Stock on such Stock Exchange on the date in question, then the Fair Market Value shall be the closing selling price on the exchange on the last preceding date for which such quotation exists.

 K. Good Cause shall be deemed to exist if, and only if: (i) Participant
engages in acts or omissions that result in substantial harm to the business or property of the Corporation or any Parent or Subsidiary and that constitute dishonesty, intentional breach of fiduciary obligation or intentional wrongdoing or
(ii) Participant is convicted of a criminal violation involving fraud or dishonesty. 
 The foregoing definition shall not
in any way preclude or restrict the right of the Corporation (or any Parent or Subsidiary) to discharge or dismiss Participant or any other person in the Service of the Corporation (or any Parent or Subsidiary) for any other acts or omissions, but
such other acts or omissions shall not be deemed, for purposes of the Plan or this Agreement, to constitute grounds for termination for Good Cause. 
 L. Good Reason shall mean the occurrence of any of the following events without Participant’s express written consent: (i) his removal from any of the following positions:
President and Chief Executive Officer of the Corporation, President and Chief Executive Officer of San Jose Water Company and President and Chief Executive Officer of SJW Land Company, or any other significantly adverse change in the nature or the
scope of his authority or overall working environment; (ii) the assignment to Participant of duties materially inconsistent with his duties, responsibilities and status as President and Chief Executive Officer of the Corporation, President and
Chief Executive Officer of San Jose Water Company and President and Chief Executive Officer of SJW Land Company; (iii) a reduction in Participant’s rate of base salary or target annual bonus, other than a reduction in an amount not in
excess of fifteen percent (15%) of either his base salary or the sum of his 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 Corporation to which
Participant and the Executive Compensation Committee have mutually agreed and which occurs prior to a Change in Control; (iv) a change by the Corporation by fifty-five (55) miles or more of the principal location at which Participant is
required to perform Participant’s services hereunder or (v) a material breach by the Corporation of any of its obligations under its restated employment agreement with the Participant dated December 9, 2008 (or any successor
agreement) which remains uncured for more than thirty (30) days following Participant’s written notice to the Board in which Participant specifically identifies the material breach which has occurred. 
 M. 1934 Act shall mean the Securities Exchange Act of 1934, as amended. 
 N. Participant shall mean the person to whom the Award is made pursuant to the Agreement. 

 O. Parent shall mean any corporation (other than the Corporation) in an
unbroken chain of corporations ending with the Corporation, provided each corporation in the unbroken chain (other than the Corporation) owns, at the time of the determination, stock possessing fifty percent (50%) or more of the total combined
voting power of all classes of stock in one of the other corporations in such chain. 
 P. Permanent Disability
shall mean the Participant’s inability to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment expected to result in death or to be of continuous duration of twelve
(12) months or more. 
 Q. Plan shall mean the Corporation’s Long Term Incentive Plan. 
 R. Plan Administrator shall mean either the Board or a committee of the Board acting in its capacity as administrator of the
Plan. 
 S. Restricted Stock Unit shall mean each unit subject to the Award which shall entitle Participant to
receive one (1) share of Common Stock upon the vesting of that unit. 
 T. Qualifying Change in Control shall
mean the date on which there occurs a Change in Control that also qualifies as: (i) a change in the ownership of the Corporation, as determined in accordance with Section 1.409A-3(i)((5)(v) of the Treasury Regulations, (ii) a change
in the effective control of the Corporation, as determined in accordance with Section 1.409A-3(i)((5)(vi) of the Treasury Regulations, or (iii) a change in the ownership of a substantial portion of the assets of the Corporation, as
determined in accordance with Section 1.409A-3(i)((5)(vii) of the Treasury Regulations. 
 U. Separation from
Service shall mean the Participant’s cessation of Employee status by reason of his 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 bona fide services to be performed as an Employee (or as a consultant or independent contractor) permanently decreases to a level that is not more than twenty percent (20%) of the average level of services he rendered as an Employee
during the immediately preceding thirty-six (36) months. Solely for purposes of determining when a Separation from Service occurs, Participant will be deemed to continue in “Employee” status for so long as he remains in the employ of
one or more members 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 Corporation and any Parent or
Subsidiary and any other corporation or business controlled by, controlling or under common control with, 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) 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. Any such determination as to Separation
from Service, however, shall be made in accordance with the applicable standards of the Treasury Regulations issued under Section 409A of the Code. 

 V. Service shall mean Participant’s performance of services for the
Corporation (or any Parent or Subsidiary) in the capacity of an Employee, a non-employee member of the Board or a consultant or independent advisor. Participant shall be deemed to cease Service immediately upon the occurrence of either of the
following events: (i) Participant no longer performs services in any of the foregoing capacities for the Corporation (or any Parent or Subsidiary) or (ii) the entity for which Participant performs such services ceases to remain a Parent or
Subsidiary of the Corporation, even though Participant may subsequently continue to perform services for that entity. Service as an Employee shall not be deemed to cease during a period of military leave, sick leave or other personal leave approved
by the Corporation; provided, however, that the following special provisions shall be in effect for any such leave: 
 (i) Should the period of such leave (other than a disability leave) exceed six (6) months, then Participant shall be deemed to cease Service and to incur a Separation from Service upon the expiration
of the initial six (6)- month period of that leave, unless Participant retains a right to re-employment under applicable law or by contract with the Corporation (or any Parent or Subsidiary). 
 (ii) Should the period of a disability leave exceed twenty-nine (29) months, then Participant shall be deemed to cease
Service and to incur a Separation from Service upon the expiration of the initial twenty-nine (29)-month period of that leave, unless Participant retains a right to re-employment under applicable law or by contract with the Corporation (or any
Parent or Subsidiary). For such purpose, a disability leave shall be 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 causes Participant to be unable to perform the duties of his position of employment with the Corporation (or any Parent or Subsidiary) or any substantially similar position of employment. 
 (iii) Except to the extent otherwise required by law or expressly authorized by the Plan Administrator or by the
Corporation’s written policy on leaves of absence, no Service credit shall be given for vesting purposes for any period Participant is on a leave of absence. 
 W. Stock Exchange shall mean the American Stock Exchange, the Nasdaq Global or Global Select Market or the New York Stock Exchange. 
 X. Subsidiary shall mean any corporation (other than the Corporation) in an unbroken chain of corporations beginning with the
Corporation, provided each corporation (other than the last corporation) in the unbroken chain owns, at the time of the determination, stock possessing fifty percent (50%) or more of the total combined voting power of all classes of stock in
one of the other corporations in such chain. 

 Y. Withholding Taxes shall mean (i) the employee portion of the federal,
state and local employment taxes required to be withheld by the Corporation in connection with the vesting of the shares of Common Stock (or any other property) under the Award and (ii) the federal, state and local income taxes required to be
withheld by the Corporation in connection with the issuance of those vested shares (or any other property).

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