Amendment to San Jose Water Company Cash Balance Executive Supplemental Retirement Plan for James P. Lynch
San Jose Water Company has amended its Cash Balance Executive Supplemental Retirement Plan specifically for James P. Lynch, effective January 1, 2011. Under this amendment, Mr. Lynch will receive different compensation credits and vesting terms than other participants. He will receive a higher percentage of compensation credits based on years of service, and will become fully vested in his benefits after three years of service. The amendment applies only to Mr. Lynch and does not affect other participants in the plan.
Exhibit 10.2
SAN JOSE WATER COMPANY
CASH BALANCE
EXECUTIVE SUPPLEMENTAL RETIREMENT PLAN
PLAN AMENDMENT
The San Jose Water Company Cash Balance Executive Supplemental Retirement Plan, as amended and restated July 29, 2009 (the “Plan”), is hereby further amended, effective January 1, 2011, as set forth below. All capitalized terms not otherwise expressly defined in this Plan Amendment shall have the meanings assigned to them in the Plan.
1. The participation in the Plan by James P. Lynch (the “Executive”) shall be subject to the following modifications of the terms and provisions otherwise in effect for all other Participants in the Plan and shall, accordingly, apply to and govern his Compensation Credits under the Plan and the vesting of his Accrued Benefit thereunder:
(a) The For each Plan Quarter that the Executive remains an Eligible Employee participating in the Plan, Compensation Credits shall be made to such Executive’s Account in an amount determined in accordance with the provisions of Section 3.2(a) of the Plan but based on the following chart in lieu of the chart that otherwise appears in such Section 3.2(a):
| Years of Credited Service | Percent of Compensation | |
| Less than 20 | 15% | |
| 20 or more | 16% |
(b) Notwithstanding anything to the contrary in Section 4.1 of the Plan, the Executive shall vest in his Accrued Benefit under the Plan upon his completion of Years of Service as follows:
| Years of Service Completed | Vested Percentage | |
| Less than 3 | None | |
| 3 or More | 100% |
2. Except as expressly modified by this Plan Amendment, all the terms and provisions of the Plan shall apply to the Executive and shall govern his participation in the Plan and his accrual of a Retirement Benefit thereunder.
3. This Plan Amendment shall not apply to any Participant in the Plan other than the Executive and shall have no effect or impact on any such other Participant’s benefit entitlement or benefit accrual under the Plan.
IN WITNESS WHEREOF, San Jose Water Company has caused its authorized officer to execute this Plan Amendment in its name and on its behalf on the date indicated below.
| SAN JOSE WATER COMPANY | ||
| By: | /s/ W. Richard Roth | |
| W. Richard Roth, President and | ||
| Chief Executive Officer | ||
| Dated: | September 29, 2010 | |
