Miller Susan P. 4

What Happened
Susan P. Miller, Vice President of American States Water (AWR), received three equity awards (derivative units) during 2025: 8.274 shares on 06/03/2025 at $78.44 ($649), 9.614 shares on 09/03/2025 at $73.52 ($707), and 9.764 shares on 12/02/2025 at $72.89 ($712). On 02/18/2026, 68.0195 shares were disposed (withheld) to satisfy a tax liability at $74.88 per share, valued at $5,093. The award entries use transaction code A (award/grant) and the withholding is coded F (tax withholding), which is not an open‑market sale but a withholding to cover taxes.

Key Details

• Award dates/prices/values: 06/03/2025 — 8.274 sh @ $78.44 ($649); 09/03/2025 — 9.614 sh @ $73.52 ($707); 12/02/2025 — 9.764 sh @ $72.89 ($712).
• Withholding: 02/18/2026 — 68.0195 shares withheld @ $74.88 to satisfy tax liability (reported as disposed) = $5,093.
• Total new shares credited from these awards: ~27.652 shares (aggregate value ≈ $2,068).
• Shares owned after the transaction: not stated in the filing.
• Footnotes: derivative units were credited on the award dates at fair market value (F1–F3); F4 confirms 68.0195 shares withheld to satisfy tax liability.
• Filing: Report filed 2026-02-20 for transactions through 2026-02-18 — appears timely (not noted as late).

Context
These entries reflect equity compensation being credited and a routine tax-withholding settlement. The withheld shares represent tax withholding (not an open-market sale), and awards are compensation rather than a purchase indicating a personal investment decision.