UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d)
of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) July 23, 2008
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SJW Corp.
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(Exact name of registrant as specified in its charter)
California 1-8966 77-0066628
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification
No.)
110 W. Taylor Street, San Jose, California 95110
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(Address of principal executive offices) (Zip Code)
(408) 279-7800
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Registrant's telephone number, including area code
Not Applicable
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(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is
intended to simultaneously satisfy the filing obligation of the
registrant under any of the following provisions:
[ ] Written communications pursuant to Rule 425 under
the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under
the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule
14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule
13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.02 Results of Operations and Financial Condition.
On July 23, 2008, SJW Corp. (the "Company") announced its
financial results for the quarter ended June 30, 2008. A copy
of the press release announcing these financial results is
attached hereto as Exhibit 99.1 and incorporated into this Form
8-K by reference.
Item 8.01 Other Events
On July 23, 2008, the Board of Directors of San Jose Water
Company, a wholly owned subsidiary of SJW Corp., approved (1)
the First Amendment to San Jose Water Company's Executive
Supplemental Retirement Plan attached hereto as Exhibit 10.1
(the "Amendment") and (2) the Cash Balance Executive
Supplemental Retirement Plan attached hereto as Exhibit 10.2
(the "Cash Balance SERP").
As a result of the Amendment, executive officers and other
management personnel of San Jose Water Company or other SJW
Corp. affiliates who commence employment on or after March 31,
2008 will not be eligible to participate in the existing San
Jose Water Company Executive Supplemental Retirement Plan. That
plan provides participants with a monthly pension benefit that
supplements the pension they earn under the San Jose Water
Company tax-qualified Retirement Plan (the "Retirement Plan").
The new Cash Balance SERP is a supplemental retirement benefit
plan for executive officers and other key management personnel
of San Jose Water Company and other SJW Corp. affiliates who
commence employment on or after March 31, 2008 and are
accordingly ineligible to participate in the existing Executive
Supplemental Retirement Plan. The actual participants will be
selected from time to time by the Executive Compensation
Committee of the SJW Corp. Board of Directors.
An account balance will be maintained for each participant in
the Cash Balance SERP and will be periodically credited with a
percentage of his or her compensation for the applicable period
based on his or her years of credited service in accordance with
the following formula:
Years of Credited Service Percent of Compensation
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Less than 5 10%
5 but less than 10 11%
10 but less than 15 12%
15 but less than 20 14%
20 or more 16%
The account balance will also be credited periodically with
interest pursuant to a pre-established formula. The participant
will vest in his or her account balance upon completion of ten
(10) years of service or upon certain changes in control or
ownership of SJW Corp.
The account balance accrued under the Cash Balance SERP will be
offset by a portion of the participant's account balance under
the Retirement Plan. Accordingly, at such time as the
participant becomes entitled to receive his or her retirement
benefit under the Cash Balance SERP, a portion of his or her
accrued account balance under the Retirement Plan will be
applied as an offset to his or her Cash Balance SERP account.
The remainder of that account will then be paid in a lump sum on
the first business day of the seventh month following his or her
separation from service.
The Cash Balance SERP also provides a death benefit should the
participant die with a vested account balance. The amount of
the death benefit will be calculated in the same manner as if
the participant had survived and will be payable in a lump sum
to his or her beneficiary.
Item 9.01 Financial Statements and Exhibits.
(c) Exhibits
Exhibit
Number Description of Document
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10.1 First Amendment to San Jose Water Company's
Executive Supplemental Retirement Plan.
10.2 San Jose Water Company Cash Balance Executive
Supplemental Retirement Plan.
99.1 Press Release issued by SJW Corp., dated July 23,
2008, announcing the Second Quarter Financial
Results.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned thereunto duly authorized.
SJW Corp.
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July 23, 2008 /s/ Angela Yip
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Angela Yip, Chief Financial Officer
and Treasurer
Exhibit
Number Description of Document
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10.1 First Amendment to San Jose Water Company's Executive
Supplemental Retirement Plan.
10.2 San Jose Water Company Cash Balance Executive
Supplemental Retirement Plan.
99.1 Press Release issued by SJW Corp., dated July 23,
2008, announcing the Second Quarter Financial
Results.