California Water (CWT) VP Thomas A. Scanlon Surrenders Shares for Taxes

What Happened

• Thomas A. Scanlon, VP, Corporate Controller & Principal Accounting Officer of California Water Service Group (CWT), had shares withheld/surrendered to cover tax withholding obligations related to vested restricted stock. The filing shows 30 shares were surrendered on 2026-09-04 and another 30 shares on 2026-09-05 at $50.03 per share, totaling 60 shares and about $3,002 in value. These are dispositions for tax withholding (transaction code F), not open-market sales.

Key Details

• Transaction dates and prices:
  • 2026-09-04: 30 shares @ $50.03 = $1,501 (withheld/surrendered)
  • 2026-09-05: 30 shares @ $50.03 = $1,501 (withheld/surrendered)
• Total surrendered: 60 shares, total ≈ $3,002.
• Transaction type/code: F — payment of exercise price or tax liability via share withholding (covers tax withholding on vested Restricted Stock Awards).
• Footnotes in the filing:
  • F1: shares withheld to satisfy tax withholding for an RSA granted March 4, 2025.
  • F3: shares withheld to satisfy tax withholding for an RSA granted June 5, 2024.
  • F2: filing notes holdings include shares acquired through the Employee Stock Purchase Program (ESPP).
• Shares owned after the transactions: not specified in the provided filing summary.
• Filing: Form 4 filed 2026-09-08 reporting the 9/4 and 9/5 transactions; filing appears to be within the usual short reporting window and no late-filing flag was indicated.

Context

• These were withholding/surrender transactions to cover taxes on vested restricted stock — a routine administrative transaction (often called a cashless withholding) rather than a discretionary open-market sale. Such withholdings generally do not signal management sentiment about the company’s stock price. Purchases or open-market sales by insiders typically convey clearer trading intent.