Annual Retainer Fee Deferral Program

                                                   Exhibit 10.1

                               SJW CORP.

                          ANNUAL RETAINER FEE

                      DEFERRAL ELECTION PROGRAM

                      _________________________

               AS AMENDED AND RESTATED OCTOBER 27, 2005

               ________________________________________

I.    PURPOSE.

      The objective of the Annual Retainer Fee Deferral Program

      (the "Program") is to promote the long-term success of the 

      SJW Corp. (the "Corporation") by linking incentive 

      opportunities for non-employee members of the Board to the 

      performance of the Corporation.

II.   ELIGIBILITY.

      All non-employee members of the Board are eligible to 

      participate in the Program.

III.  DEFERRAL AWARDS.

      A.  Term of Program.  The Program will commence with 

      deferral of the Annual Board Retainer Fee attributable to 

      the period beginning September 1, 2003 and continuing 

      through December 31, 2003 (the "Initial Deferral Period").  

      The Program will continue on an annual basis from January 

      1, 2004 on, unless otherwise specified by the Committee.

      B.  Deferral Procedure.  A non-employee director (or 

      "Participant") may defer either fifty percent (50%) or one 

      hundred percent (100%) of the annual retainer fee for a 

      period (the "Annual Retainer") by completing and filing 

      with the Corporation a Deferral Election Form.  For the 

      Initial Deferral Period, the Corporation must receive such 

      election no later than August 31, 2003.  For all other 

      deferral periods, such election must be received by 

      December 31 of the calendar year before the year for which 

      the Annual Retainer is to be paid, unless otherwise 

      specified by the Committee.  Each such election shall be 

      irrevocable and cannot be modified for any reason.

      C.  Form of Deferral.  The Annual Retainer that is 

      deferred for any year will be paid in the form of a 

      restricted stock award, subject to the terms of this 

      Program.  Each restricted stock award attributable to a 

      deferred Annual Retainer for any year shall be made on the 

      first business day of the year for which such Annual 

      Retainer is earned, but will vest in monthly installments, 

      as the Annual Retainer would have been  otherwise earned; 

      provided that for the Initial Deferral Period, the 

      deferral elections will be limited to that portion of the

      2003 Annu