TANG EVA G 4

What Happened

• Eva G. Tang, Senior Vice President & Chief Financial Officer of American States Water Company (AWR), was credited with multiple derivative/share awards during 2025 (June, September, December). Those awards included credited units recorded at fair market value: 11.513 shares @ $78.44 (value $903), 13.379 shares @ $73.52 (value $984), and 13.587 shares @ $72.89 (value $990). Additional credited units (20.824, 24.265, 24.516 shares) show $0.00 price entries (see footnotes re: DRIP/derivative units). On 2026-02-18, 86.0900 shares were withheld (disposed) to satisfy tax withholding, at $74.88 per share for a value of $6,446.

Key Details

• Award/credit transactions (code A): 06/03/2025 — 11.513 shares @ $78.44 (F1); 06/04/2025 — 20.824 shares @ $0.00 (F2); 09/03/2025 — 13.379 shares @ $73.52 (F3); 09/04/2025 — 24.265 shares @ $0.00 (F2); 12/02/2025 — 13.587 shares @ $72.89 (F4); 12/03/2025 — 24.516 shares @ $0.00 (F2).
• Tax withholding/disposition (code F): 02/18/2026 — 86.0900 shares withheld @ $74.88 = $6,446 (F5).
• Shares owned after the transaction: not specified in the provided filing data.
• Footnotes: F1/F3/F4 — derivative units credited on 06/03/2025, 09/03/2025, 12/02/2025 at fair market value; F2 — updated DRIP (dividend reinvestment plan); F5 — 86.0900 shares withheld to satisfy tax liability.
• Filing timing: Report covers transaction date 02/18/2026 and was filed 03/03/2026. This appears later than the typical 2-business-day Form 4 filing window.

Context

• These were awards/credits (A), not open-market purchases. The 86.09-share disposition is a tax-withholding event (F), a routine mechanism that reduces the insider’s holdings to pay taxes on awards—this is a sale on paper but not an indicative voluntary market sale.
• Several credited units were recorded at FMV and others at $0.00 in this filing; the $0.00 lines are tied to DRIP/derivative-unit mechanics per the footnotes rather than open-market purchases or gifts.