EXHIBIT 10.1
SAN JOSE WATER COMPANY
EXECUTIVE SUPPLEMENTAL
RETIREMENT PLAN
(As Amended and Restated Effective October 28, 2009)
PLAN AMENDMENT NO. 1
The San Jose Water Company Executive Supplemental Retirement Plan, as
amended and restated effective October 28, 2009 (the "Plan"), is hereby
further amended as follows, effective as of the respective dates
indicated below:
1. Section 1.34 of the Plan is hereby amended in its entirety to
read as follows, effective as of the original effective date of the Plan
in order to conform the provisions of the Plan to the actual manner in
which the Plan has been administered in practice:
"1.34 Year of Service means a Year of Credited Service, as
defined and calculated in accordance with Section 2.74 of the March 31,
2008 restatement of the San Jose Water Company Retirement Plan (or any
predecessor version of such plan)."
2. Section 3.1 of the Plan is hereby amended in its entirety to
read as follows, effective as of January 1, 2010:
"3.1 Retirement Benefit Formula. The actual Retirement Benefit
to be paid under this Plan to a vested Participant beginning on his or
her Benefit Commencement Date determined in accordance with Section 3.2
shall be calculated on the basis of the following formula for determining
a Participant's normal retirement benefit and shall be adjusted so that
it is the Actuarial Equivalent of such normal retirement benefit after
taking into account any Benefit Commencement Date prior to the
Participant's Normal Retirement Date and/or any form of payment other
than a Single Life Annuity for the Participant:
- The normal retirement benefit is a Single Life Annuity for
the Participant commencing on his or her Normal Retirement Date in a
monthly dollar amount equal to two and two tenths percent (2.2%) of the
Final Average Compensation of such Participant multiplied by his or her
Years of Service (including any partial Year of Service determined in
accordance with Section 2.74 of the San Jose Water Company Retirement
Plan, but not to exceed twenty (20) Years of Service in total) plus one
and one-tenth percent (1.1%) of the Final Average Compensation of such
Participant multiplied by his or her Years of Service in excess of 20
years (including any partial Year of Service determined in accordance
with Section 2.74 of the San Jose Water Company Retirement Plan, but not
to exceed an additional ten (10) years in total), up to a total not to
exceed fifty-five percent (55%) of such Participant's Final Average
Compensation; less the monthly retirement benefit payable to such
Participant from the San Jose Water Company Retirement Plan. However,
the following percentage increases shall be in effect with respect to
such benefit formula:
(a) The one and one-tenth percent (1.1%) and fifty-five
percent (55%) of Final Average Compensation percentages of such formula
shall be increased to one and six tenths percent (1.6%) and sixty percent
(60%) of Final Average Compensation respectively for Participants who are
credited with an Hour of Service, as defined in the San Jose Water
Company Retirement Plan, on or after November 1, 1999.
(b) For each Participant credited with an Hour of Service, as
defined in the San Jose Water Company Retirement Plan, on or after
January 1, 2010, the one and six tenths percent (1.6%) component of the
revised benefit formula in subparagraph (a) above shall be further
increased to two and two tenths percent (2.2%) of Final Average
Compensation for each Year of Service, whether completed on or before
January 1, 2010, in excess of 20 years (including any partial Year of
Service determined in accordance with Section 2.74 of the San Jose Water
Company Retirement Plan, but not to exceed in total the additional number
of Years of Service necessary to reach the maximum 60% of Final Average
Compensation retirement benefit). Accordingly, the maximum retirement
benefit for any such Participant under the Plan shall continue to be
limited to sixty percent (60%) of his or her Final Average Compensation.
The amount of the offset for the monthly retirement benefit
paid from the San Jose Water Company Retirement Plan shall be calculated
on the basis of the single life monthly annuity under such Plan
commencing on the Participant's Normal Retirement Date which is the
Actuarial Equivalent of his or her normal retirement benefit under such
plan."
3. Except as modified by this Plan Amendment No. 1, all the terms
and provisions of the Plan shall continue in full force and effect.
IN WITNESS WHEREOF, San Jose Water Company has caused this Plan
Amendment No. 1 to be executed on its behalf by its duly-authorized
officer on this 27th day of January 2010.
SAN JOSE WATER COMPANY
By: /s/ W. Richard Roth
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W. Richard Roth, President and