Kubiak Patrick 4

What Happened Patrick Kubiak, Vice President of Asset Management at American States Water (AWR), received three small equity awards during 2025 and subsequently had shares withheld on Feb 18, 2026 to satisfy tax withholding. Awards credited: 8.274 shares on 2025-06-03 at $78.44 (value $649), 9.614 shares on 2025-09-03 at $73.52 (value $707), and 9.764 shares on 2025-12-02 at $72.89 (value $712). On 2026-02-18, 79.1255 shares (reported as 79.126) were disposed/withheld at $74.88 to cover tax liability, valued at about $5,925. The awards are acquisitions (A) and the withholding is a routine tax-related disposition (F), not an open-market sale.

Key Details

• Transaction dates and terms:
  • 2025-06-03: Award of 8.274 shares @ $78.44 (acquired; $649) — footnote F1.
  • 2025-09-03: Award of 9.614 shares @ $73.52 (acquired; $707) — footnote F2.
  • 2025-12-02: Award of 9.764 shares @ $72.89 (acquired; $712) — footnote F3.
  • 2026-02-18: 79.1255 shares withheld to satisfy tax liability @ $74.88 (disposed; ~$5,925) — footnote F4.
• Total shares from these awards = 27.652 shares (combined value ~$2,068); withheld shares (79.1255) exceed the newly credited awards.
• Shares owned after the transaction: not specified in the filing.
• Footnotes clarify the awards were derivative units credited on the listed dates and 79.1255 shares were withheld to satisfy taxes.
• Filing: Report filed 2026-02-20 for a 2026-02-18 transaction — appears timely (filed within the usual 2-business-day Form 4 window).

Context

• These transactions reflect standard equity compensation (derivative units credited at fair market value) and a routine tax-withholding disposition — not necessarily a signal of intent to buy or sell in the open market.
• For retail investors, awarded shares are common compensation; the tax-withholding disposition should be viewed as administrative rather than a bearish insider sale.