UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
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| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On December 20, 2022, SJW Group (the “Company”) entered into a Separation Agreement with James P. Lynch (the “Separation Agreement”), who was the former Chief Accounting Officer of the Company, pursuant to which Mr. Lynch will receive the following severance benefits:
| • | A lump sum payment of $511,910.00, such amount being pursuant to the Company’s offer letter to Mr. Lynch dated September 22, 2010 and accepted on September 27, 2010; |
| • | A lump sum payment of $18,725.00, equivalent to the cost of COBRA coverage through July 2023; and |
| • | Title to the Company vehicle Mr. Lynch was allocated immediately before November 3, 2022; |
In the Separation Agreement, Mr. Lynch has agreed to a general release of claims in favor of the Company.
The foregoing summary is qualified in its entirety by the full text of the Separation Agreement filed herewith as Exhibit 10.1, and incorporated herein by reference.
| Item 9.01. | Financial Statements and Exhibits. |
(d) Exhibits
Exhibit Index
| Exhibit No. |
Description | |
| 10.1 | Separation Agreement, dated December 20, 2022, between the Company and Mr. Lynch. | |
| 104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within Inline XBRL document. | |
SIGNATURE
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 hereunto duly authorized.
| SJW GROUP | ||||||
| Date: December 23, 2022 | /s/ Andrew F. Walters | |||||
| Andrew F. Walters, Chief Financial Officer | ||||||