Mares Michael S JR 4

What Happened
Michael S. Mares Jr., Senior Vice President of Operations at California Water Service Group (CWT), received 900 shares on 2026-03-07 from a vested performance stock unit (PSU) award (acquired at $0). To satisfy tax withholding obligations related to the vesting, a total of 628 shares were surrendered/withheld: 75 shares withheld at $45.78 (≈ $3,434), 495 shares withheld at $45.59 (≈ $22,567), and 58 shares withheld at $45.59 (≈ $2,644). The gross value of the withheld shares is about $28,645. The 900-share acquisition is an award vesting (not an open-market purchase).

Key Details

• Transaction dates: 2026-03-05 (75 shares RSA withholding), 2026-03-07 (900-share PSU vesting; 495 and 58 shares withheld for PSU taxes).
• Prices and amounts withheld: 75 @ $45.78 = $3,434; 495 @ $45.59 = $22,567; 58 @ $45.59 = $2,644. Acquired 900 shares at $0.00 (award).
• Footnotes: F1 = shares withheld to cover tax on a Restricted Stock Award (RSA); F2 = PSU granted 3/7/2023 vested in full with a 46% payout of the original goal; F3 = shares withheld to satisfy tax on PSU vesting.
• Shares owned after transaction: not provided in the excerpt.
• Filing: Form 4 filed 2026-03-09 (appears timely based on reported dates).

Context

• This was an award vesting event, not an open-market sale or purchase. The “disposals” reported are routine withholding/surrender of shares to the company to cover tax obligations — common for equity vesting and not necessarily a directional trading signal.
• The PSU payout was 46% of target per the filing; the net new shares the insider received after withholding would be the 900 vested shares minus the withheld 628 shares (i.e., 272 net shares), unless other holdings or transactions apply.