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SJW > SEC Filings for SJW > Form 8-K on 23-Sep-2009All Recent SEC Filings

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Form 8-K for SJW CORP


23-Sep-2009

Change in Directors or Principal Officers


Item 5.02 Departure of Directors or Certain Officers; Election
of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

(b) Bonnie Schmidt's employment was terminated effective September 18, 2009. In her employment capacity as the Controller of San Jose Water Company, SJW Corp.'s wholly owned subsidiary, Ms. Schmidt served as the Registrant's principal accounting officer prior to her termination date.

(c) Wendy Avila-Walker, age 46, has been appointed Controller of San Jose Water Company effective September 21, 2009. In such capacity, Ms. Avila-Walker will serve as the Registrant's principal accounting officer.

Ms. Avila-Walker has served as the Director of Compliance of San Jose Water Company since August 2008 and as the Director of Reporting and Finance of San Jose Water Company from May 2005 until August 2008. In such capacities, Ms. Avila-Walker was responsible for the Registrant's compliance with the Sarbanes- Oxley Act of 2002, quarterly and annual reports filed with the Securities and Exchange Commission, earnings press releases, internal reporting, coordination with the outside auditors, and budgeting. Ms. Avila-Walker also provided consulting services for the accounting and information systems departments of San Jose Water Company from February 2005 until May 2005. Prior to that, she held positions of Deputy Chief Information Officer and Acting Deputy Chief Information Officer for the City of San Jose from June 2002 until August 2004, and Administrative Officer for the City of San Jose from March 1999 until June 2002.

Ms. Avila-Walker will receive an annual base salary of $175,000, and her 2009 annual performance-based target bonus is $15,000. The actual bonus each year may range from zero to 150 percent of target depending on corporate and individual performance. Ms. Avila-Walker is also eligible for participation in San Jose Water Company's employee benefit programs and may also become entitled to certain severance benefits under the Registrant's Executive Severance Plan in the event her employment terminates under certain defined circumstances in connection with a change in control of SJW Corp. The principal features of the Executive Severance Plan are summarized in the Proxy Statement filed by the Registrant on March 12, 2009.

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