Rowley Paul J 4

What Happened

• Paul J. Rowley, Senior Vice President of Operations at American States Water (AWR), was credited with multiple equity awards in early March 2026 and had shares withheld to cover tax obligations. Reported acquisitions include 11.431 shares at $75.46 ($863) on 03/05 and 873.835 shares at $74.44 ($65,048) on 03/12 (total paid awards ≈885.266 shares, $65,911). He was also credited with 447.804 and 1,071 derivative/plan units (reported at $0 on the form) — footnotes indicate these were derivative units/401(k) updates. On 03/13, a total of 580.472 shares were withheld (three withholding entries) to satisfy tax liabilities, valued at about $43,210 (359.845 @ $74.44 = $26,787; 113.29 @ $74.44 = $8,433; 107.337 @ $74.44 = $7,990). A small 1.588-share adjustment (03/05) was also reported.

Key Details

• Transaction dates and prices:
  • 2026-03-05: 447.804 derivative units credited (F3, FMV), and 11.431 shares @ $75.46 (value $863); 1.588 shares disposed to issuer (adjustment).
  • 2026-03-12: 1,071 units credited and 873.835 shares @ $74.44 (value $65,048).
  • 2026-03-13: Three tax-withholding disposals (code F): 359.845, 113.2903, and 107.3366 shares @ $74.44 (total withheld ≈580.472 shares; total value ≈ $43,210).
• Shares owned after the transactions: Not specified in the provided filing excerpt.
• Notable footnotes:
  • F1: Updated 401(k).
  • F2: Adjustment due to partial shares.
  • F3: Derivative units credited on 03/05/2026 at fair market value.
  • F4–F6: Shares withheld to satisfy tax liability (amounts match the three withholding entries).
• Filing timeliness: No late-filing flag is indicated in the provided record (filed 2026-03-16; transactions reported early–mid March).

Context

• These entries look like grants/awards (including derivative/plan units) followed by routine tax-withholding (shares withheld to satisfy tax liability), not open-market sales. The tax-withholding transactions (code F) function like a sell-to-cover: shares are surrendered/withheld to pay taxes rather than sold on the open market by the insider. Derivative units credited to a 401(k) (per F1/F3) are plan-related and do not necessarily indicate a directional view on the stock.