Amendment No. 3 to California Water Service Company Supplemental Executive Retirement Plan

Summary

California Water Service Company has amended its Supplemental Executive Retirement Plan for certain management and highly compensated employees. Effective January 1, 2003, the amendment reduces the years of service required for full vesting in the plan from 35 years to 15 years. The amendment also updates the table used to calculate normal retirement benefits based on years of service, with full benefits now available after 15 years.

EX-10.23 10 p16836_ex10-23.txt SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN Exhibit 10.23 CALIFORNIA WATER SERVICE COMPANY SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN AMENDMENT NO. 3 WHEREAS, California Water Service Company (the "Company") maintains the California Water Service Company Supplemental Executive Retirement Plan (the "Plan"), for the benefit of a select group of the Company's management and highly compensated employees; WHEREAS, the Board of Directors has amended the Plan to decrease the number of years required for full vesting in the Plan from 35 years to 15 years; NOW, THEREFORE, effective as of January 1, 2003, the Plan is hereby amended as follows: 3. The table in Section 5.1(a) of the Plan used to determine participants' "Normal Retirement Benefits" under the Plan is restated to read as follows: Years of Service Percentage 5 11.25% 6 16.13 7 21.00 8 25.88 9 30.75 10 34.63 11 40.50 12 45.38 13 50.25 14 55.13 15 60.00 221