This excerpt taken from the SJW DEF 14A filed Mar 12, 2009.
Executive Share Ownership Guidelines
In 2006, the Committee established a policy requiring named executive officers to achieve specific share ownership guidelines within five years. The Committee believes that such a policy is consistent with its philosophy of encouraging executive stock ownership and will serve to further align the interests of the executive officers with those of shareholders. Pursuant to the policy, executive officers will be required to own shares with a value equal to two times the annual base salary for the CEO and one time the annual base salary for the other senior executive officers (including the named executive officers). Shares owned outright, shares underlying restricted stock units, and shares underlying deferred stock units resulting from voluntary deferrals of cash compensation or from dividend equivalent rights all count towards the guideline. Until the guideline is met, each executive is required to hold any shares issued upon the vesting of restricted stock units (net of any shares withheld or sold to cover applicable withholding taxes). As of December 31, 2008, W. Richard Roth had complied with the policy, and the other executive officers have until June 2011 in which to comply (with the exception of the recently hired CFO, David A. Green, who has until August 2013). The following table outlines the named executive officers share ownership as of December 31, 2008: