0001047469-04-008008 Sample Contracts

FORM OF NONQUALIFIED STOCK OPTION AGREEMENT FOR NON-EMPLOYEE DIRECTORS
Nonqualified Stock Option Agreement • March 15th, 2004 • Southwest Water Co • Water supply • California

THIS AGREEMENT, dated , is made by and between Southwest Water Company, a Delaware corporation hereinafter referred to as the “Company,” and , a non-employee director of the Company or Subsidiary of the Company, hereinafter referred to as “Optionee”:

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CREDIT AGREEMENT between SOUTHWEST WATER COMPANY and BANK OF AMERICA, N.A. October 6, 2003
Credit Agreement • March 15th, 2004 • Southwest Water Co • Water supply • California

This Credit Agreement (“Agreement”) dated as of October 6, 2003 is entered into between SOUTHWEST WATER COMPANY, a Delaware corporation (the “Borrower”) and BANK OF AMERICA, N.A. (the “Bank”).

FORM OF EMPLOYEE NON-QUALIFIED STOCK OPTION AGREEMENT
Employee Non-Qualified Stock Option Agreement • March 15th, 2004 • Southwest Water Co • Water supply • California

THIS AGREEMENT, dated is made by and between Southwest Water Company, a Delaware corporation (the “Company”), and , an employee of the Company or a Subsidiary of the Company (the “Employee”).

FORM OF EMPLOYEE NON-QUALIFIED STOCK OPTION AGREEMENT
Form of Employee Non-Qualified Stock Option Agreement • March 15th, 2004 • Southwest Water Co • Water supply • California

THIS AGREEMENT, dated is made by and between Southwest Water Company, a Delaware corporation (the “Company”), and , an employee of the Company or a Subsidiary of the Company (the “Employee”).

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