Document:

EX-10.1

 Exhibit 10.1 

SJW GROUP 
 EXECUTIVE
SEVERANCE PLAN 
 AS AMENDED AND RESTATED EFFECTIVE OCTOBER 26, 2022 

* * * 
 The SJW Group
Amended and Restated Executive Severance Plan (the “Plan”) was originally adopted as of January 28, 1999 by SJW Group (“Company”) for the benefit of the Officers (as defined below) of the Company and/or other members of
the Employer Group (as defined below). The Plan was amended and restated numerous times since its original adoption date with the most recent amendment and restatement being effective January 1, 2010. The Plan was subsequently amended
October 26, 2010, November 15, 2016, July 26, 2017, October 20, 2017 (amendment effective as of November 6, 2017), October 9, 2019 and December 18, 2020. The Plan is hereby being amended and restated effective as
of October 26, 2022. 
 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 Company now desires to incorporate the prior amendments into the Plan and to provide that, in addition to the Chief
Executive Officer, Officers who become eligible for participation in the Plan on or following October 26, 2022 shall not receive the special tax gross-up set forth in Section 14(b) through (g). 

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 A) 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; 
 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. 

  
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 (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 

 

	 	(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; 

  
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	 	(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 Group
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. Notwithstanding the foregoing, “Officer” shall not include an individual who (a) is
employed by Connecticut Water Service, Inc. or any of its subsidiaries, unless such individual has been expressly designated by the Executive Compensation Committee of the Board of Directors as a participant in the Plan, (b) has an employment
agreement with Connecticut Water Service, Inc. or any of its subsidiaries, or (c) is eligible to participate under the Change in Control Severance Plan established on December 8, 2017 for certain eligible employees of Connecticut Water
Service, Inc., Connecticut Water Company, Maine Water Company, and their affiliates. 
 (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. 

(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 

  
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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: 

 

	 	(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. Unless otherwise determined by the Plan Administrator, 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 

  
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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. Notwithstanding
the foregoing generally applicable payment schedule for such cash amount, should the applicable Change in Control event not otherwise qualify as a change in ownership or effective control of the Company or a change in ownership of a substantial
portion of the Company’s assets, as determined in each instance in accordance with the standards of Section 1.409A-3(i)((5) of the Treasury Regulations, or should the Separation from Service
triggering the Change in Control Benefit otherwise occur prior to such a qualifying Change in Control event, then such cash amount shall be paid at such other time and in such other form, or pursuant to such other schedule, as is necessary to comply
with any applicable requirements of Code Section 409A. The applicable cash amount for each Officer participating in the Plan shall be equal to the Applicable Multiple of the sum of the Officer’s annual rate of Salary and annual target
bonus (each at the level in effect in the fiscal year of such cessation of Employee status or, if higher, immediately before the Change in Control). 

  

	 	(2)	 A cash amount for the Company’s Chief Executive Officer equal to the annual bonus for the year of such
cessation of Employee status based on actual performance, pro-rated for the number of days of employment during the year of termination, which shall be paid in a lump sum payment at the same time annual
bonuses for such year are paid to other executives of the Company (but in any event no later than March 15 of the year following the year of the cessation of Employee status). 

 

	 	(3)	 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

  
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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. 

  

	 	(4)	 The Company will make provisions in its Executive Supplemental 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. 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. 

  

	 	(5)	 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. 

  
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	 	(6)	 The Officer (other than an Excluded Officer (as defined in Section 14(h)) shall, to the extent applicable,
also be entitled to the special Tax Gross-Up under Section 14(b) through (g) 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 B) 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. 
 (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. 

  
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	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. 

(a) 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 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. 
 (b) Nothing in this Plan or any other Company document prohibits an Officer from providing
confidential information to, or from reporting possible violations of law or regulation to, any self-regulatory authority or governmental agency, or from making disclosures that are protected under the applicable whistleblower provisions of state or
federal law or regulation. 
 (c) Federal law provides certain protections to individuals who disclose a trade secret to their attorney, a
court, or a government official in certain confidential circumstances. Specifically, federal law provides that an individual shall not be criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret
under either of the following conditions: (i) where the disclosure is made (1) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney; and (2) solely for the purposes of
reporting or investigating a suspected violation of law; or (ii) where the disclosure is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. See 18 U.S.C. § 1833(b)(1). Federal
law also provides that an individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court
proceeding, if the individual (A) files any document containing the trade secret under seal; and (B) does not disclose the trade secret, except pursuant to court order. See 18 U.S.C. § 1833(b)(1). 

  
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	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. 

  
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	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. 

(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

  
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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. If you challenge the decision of the Plan
Administrator, a review by a court of law will be limited to the facts, evidence and issues presented during the claims procedure set forth above. The appeal process described herein must be exhausted before you can pursue the claim in Federal
court. Facts and evidence that become known to you after having exhausted the appeals procedure may be submitted for reconsideration of the appeal in accordance with the time limits established above. Issues not raised during the appeal will be
deemed waived. Any legal action in Federal court concerning a claim for benefits must commence within one hundred eighty (180) days after the date of the Plan Administrator’s final decision on the claim (i.e., one hundred eighty
(180) days after the date of the final denial under this claims procedure). 
  

	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
(other than an Excluded Officer (as defined below)) 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: 

  
 12 

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. 

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). 

  
 13 

 (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). 

(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 

 (h) Excluded Officers shall not be entitled to the Tax
Gross-Up. For the avoidance of doubt, Section 14(b) through (g) shall not apply to the Excluded Officers, but the Excluded Officers shall remain subject to Section 14(a). For purposes of this
Section 14(h), the term “Excluded Officers” shall mean (i) the Company’s Chief Executive Officer and (ii) Officers who become eligible to participate in the Plan on or following October 26, 2022. 

  
 15 

 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 26th day of October, 2022. 

 

			
	        SJW GROUP
		
	By:	 	 /s/ Eric W. Thornburg

		 	Eric W. Thornburg, President and
		 	Chief Executive Officer

  
 16 

 EXHIBIT A 

DESIGNATION OF BENEFICIARIES 

I, hereby designate the following person(s) as my Beneficiary(ies) under the SJW Group 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 B 

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 Group 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 current and former 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, the Federal Age Discrimination in Employment Act of 1967, the Americans with Disability Act, the Rehabilitation Act of 1973, the Family and Medical Leave Act, the Equal Pay Act, the Employee Retirement Income Security Act, the Worker
Adjustment and Retraining Notification Act, the Uniform Services Employment and Reemployment Rights Act, the Genetic Information Nondiscrimination Act, the Immigration Reform and Control Act, the California Fair Employment and Housing Act, the Unruh
Civil Rights Act, the California Business and Professions Code, the California Equal Pay Law, the California Whistleblower Protection Act, the California Family Rights Act, the California Private Attorneys General Act, the California Pregnancy
Disability Leave Law, California Paid Sick Days, the California WARN law, the California Constitution, the Illinois Human Rights Act (IHRA), the Right to Privacy in the Workplace Act, the Illinois Worker Adjustment and Retraining Notification Act,
the Illinois One Day Rest in Seven Act, the Illinois Union Employee Health and Benefits Protection Act, the Illinois Employment Contract Act, the Illinois Labor Dispute Act, the Illinois Victims’ Economic Security and Safety Act, the Illinois
Whistleblower Act, the Illinois Equal Pay Act, the Illinois Biometric Information Privacy Act, the Illinois Constitution as well as any claims under local statutes and ordinances that may be legally waived and released, including the Cook County
Human Rights Ordinance, and the Chicago Human Rights Ordinance, the New York State Human Rights Law (NYSHRL), the New York Labor Law (NYLL) (including but not limited to the Retaliatory Action by Employers Law, the New York State
Worker Adjustment and Retraining Notification Act, all provisions prohibiting discrimination and retaliation, and all provisions regulating wage and hour law), the New York Civil Rights Law, Section 125 of the New York Workers’
Compensation Law, Article 23-A of the New York Correction Law, the New York City Human Rights Law (NYCHRL), and 

  
 18 

 
the New York City Earned Sick Leave Law (NYCESLL), all as amended, 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 Executive Supplemental Retirement Plan, the San Jose Water Company Cash Balance Executive Supplemental 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 THAT THE CREDITOR OR RELEASING PARTY DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR
AT THE TIME OF EXECUTING THE RELEASE, AND THAT IF KNOWN BY HIM OR HER WOULD HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR OR RELEASED PARTY.” 

This Release 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. Nothing in this Release applies to claims for unemployment benefits, workers compensation benefits, state disability benefits, any rights to vested benefits, such as pension or retirement benefits, the rights to which are
governed by the terms of the applicable plan documents and award agreements, or any other claim that cannot be released or waived as a matter of law. Nothing in this Release prevents Officer from filing an administrative charge or complaint
with, or testifying, assisting, or participating in an investigation, hearing, or proceeding conducted by, the Equal Employment Opportunity Commission or any other similar federal, state, or local administrative agencies although Officer waives any
right to monetary relief related to any filed charge or administrative complaint. 
 Officer acknowledges that, among other rights subject
to his or her Release, 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 and Illinois law, 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 Agreement, or is a resident of Illinois, (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. 

  
 19 

 Nothing in this Release restricts or prohibits Officer from initiating communications
directly with, responding to any inquiries from, providing testimony before, providing confidential information to, reporting possible violations of law or regulation to, or from filing a claim or assisting with an investigation directly with a
self-regulatory authority or a government agency or entity, including the U.S. Equal Employment Opportunity Commission, the Department of Labor, the National Labor Relations Board, the Department of Justice, the Securities and Exchange Commission,
the Congress, any agency Inspector General, or any state agency (collectively, the “Regulators”), from discussing or disclosing information about unlawful acts in the workplace, such as harassment or discrimination or any other conduct
that Officer has reason to believe is unlawful or from making other disclosures that are protected under the whistleblower provisions of state or federal law or regulation. However, to the maximum extent permitted by law, Officer is waiving his or
her right to receive any individual monetary relief from the Employer or any others covered by this Release resulting from such claims or conduct, regardless of whether Officer or another party has filed them, and in the event Officer obtains such
monetary relief, the Employer will be entitled to an offset for the payments made pursuant to this Release. This Release does not limit Officer’s right to receive an award from any Regulator that provides awards for providing information
relating to a potential violation of law. Officer does not need the prior authorization of the Employer to engage in conduct protected by this paragraph, and Officer does not need to notify the Employer that Officer has engaged in such conduct. 

Please take notice that federal law provides criminal and civil immunity to federal and state claims for trade secret misappropriation to
individuals who disclose a trade secret to their attorney, a court, or a government official in certain confidential circumstances that are set forth at 18 U.S.C. §§ 1833(b)(1) and 1833(b)(2) related to the reporting or investigation of a
suspected violation of the law, or in connection with a lawsuit for retaliation for reporting a suspected violation of the law. 
 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”)

  
 20Exhibit 4.1 

   

 Axio Financial LLC 

 60 East 42nd Street, 26th Floor

New York, New York 10165 

   

 October 28, 2022 

   

 m+ Buffered Growth Fund, m+ funds Trust, Series 9-1 

   

 c/o The Bank of New York Mellon, as Trustee 

 240 Greenwich Street, 22W Floor 

 New York, New York 10286 

   

		 Re: 	 m+ funds Trust, Series 9-1 (the “Trust”) 

   

 Ladies and Gentlemen: 

   

 We have examined Amendment No. 4 to the Registration
Statement (File No. 333-258905) for the above captioned Trust. We hereby consent to the use in the Registration Statement of the references
to Axio Financial LLC as depositor performing evaluation services for the Trust. 

   

 You are hereby authorized to file a copy of
this letter with the Securities and Exchange Commission. 

   

	   	 Very truly yours, 	   
	   	   	   
	   	 Axio Financial LLC 
	   
	   	   	   
	   	 By: 	 /s/ Stephen Clancy 	   
	   	   	 Name: Stephen Clancy 	   
	   	   	 Title:  Senior Vice President

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