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CALIFORNIA WATER SERVICE GROUP·4

Mar 9, 6:02 PM ET

Bunting Shawn C 4

Research Summary

AI-generated summary

Updated

CWT SVP Shawn Bunting Receives PSU Award; Shares Withheld for Taxes

What Happened
Shawn C. Bunting, Senior Vice President, General Counsel & Business Development at California Water Service Group (CWT), received a grant/vesting of 750 shares on 2026-03-07 (award of Performance Stock Units that vested). To satisfy tax withholding obligations, the company withheld shares: 422 and 49 shares on 3/7 and 76 shares on 3/5 (withheld in connection with an RSA vesting). The withheld shares were not open‑market sales but used to cover taxes. Net from the 3/7 PSU vesting: 750 gross – 471 withheld = 279 shares retained (approx. $12,720 using the reported $45.59 price).

Key Details

  • Transaction dates and prices:
    • 2026-03-05: 76 shares withheld for tax (code F) at $45.78 — $3,479
    • 2026-03-07: 750 shares granted/issued (code A) at $0.00 (PSU vesting)
    • 2026-03-07: 422 shares withheld for tax (code F) at $45.59 — $19,239
    • 2026-03-07: 49 shares withheld for tax (code F) at $45.59 — $2,234
  • Total withheld to cover taxes across these events: 76 + 422 + 49 = 547 shares (total value reported ≈ $24,952).
  • Net shares received from the 3/7 PSU payout: 279 shares (750 − 471 withheld) — approx. $12,720 using $45.59.
  • Footnotes:
    • F1/F3: Withheld shares were surrendered to the issuer to satisfy tax withholding for Restricted Stock Award (RSA) and PSU vesting.
    • F2: The PSU was originally granted 3/7/2023; it vested based on performance and paid out at 46% of the original target.
  • Shares owned after the transactions: not disclosed in the filing.
  • Filing: Report filed 2026-03-09 for transactions on 3/5 and 3/7 — appears timely (filed within required business-day window).

Context

  • These were awards/vestings with share withholding for taxes (disposition code F), not open-market sales, so they do not represent a directional trade by the insider.
  • The PSU payout reflects performance-based vesting (46% of target) from a prior grant (3/7/2023).
  • For retail investors, award vestings are routine compensation events; the key takeaway is the company converted vested equity into net shares for the insider after tax withholding, not that the insider sold shares on the market.