Rowley Paul J 4

What Happened

• Paul J. Rowley, Senior VP of Operations at American States Water (AWR), was granted deferred equity (DER) units in 2025 and had shares withheld in February 2026 to cover tax obligations.
• Grants (acquisitions): 11.513 shares at $78.44 on 2025-06-03 ($903); 13.379 shares at $73.52 on 2025-09-03 ($984); 11.752 shares at $72.89 on 2025-12-02 ($857). Total awarded = 36.644 shares.
• Tax withholding (disposition): 86.090 shares were withheld on 2026-02-18 at $74.88 per share to satisfy tax liability (proceeds/value reported = $6,446). This withholding is a routine disposition to cover taxes, not an open-market sale.

Key Details

• Transaction codes: A = Award/Grant; F = Payment of exercise price or tax liability (here, tax withholding).
• Dates & prices: 06/03/2025 (11.513 @ $78.44); 09/03/2025 (13.379 @ $73.52); 12/02/2025 (11.752 @ $72.89); 02/18/2026 withholding (86.090 @ $74.88).
• Footnotes: F1–F3 indicate DER units credited at fair market value on the grant dates; F4 confirms 86.09 shares were withheld to satisfy tax liability.
• Shares owned after transaction: Not specified in this filing.
• Filing timeliness: Report filed 2026-02-27 for a 2026-02-18 transaction — appears late (Form 4s are generally due within 2 business days), which may warrant further review.

Context

• DER units credited at FMV function like deferred stock/RSU awards; subsequent withholding to cover taxes is common and does not necessarily signal a decision to cash out additional holdings.
• This filing reflects compensation-related awards and routine tax withholding rather than a discretionary open-market sale or purchase.