Business Context and Reporting Period
This Form 8-K Current Report was filed by American States Water Company and Golden State Water Company on March 12, 2026. The filing discloses corporate governance actions regarding executive compensation approved by the Compensation Committee of the Board of Directors.
Key Financial Metrics
The filing does not provide financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity. The report focuses exclusively on the terms of equity-based compensation awards granted to executive officers.
Material Changes
The material event reported is the approval and grant of time-vested restricted stock units (RSUs) and performance-based RSUs to five executive officers effective March 12, 2026. No changes to financial results or operational metrics are disclosed in this document.
Guidance, Outlook, and Management Commentary
Management commentary is limited to the structure of the compensation awards. The performance awards are tied to specific criteria including Total Shareholder Return, Golden State Water Company operating expense levels, American States Utility Services, Inc. (ASUS) cumulative net earnings, and ASUS new base acquisition success rates. Vesting schedules for time-vested awards occur over three years (33%, 33%, 34%), while performance awards vest on December 31 of 2026, 2027, and 2028.
Important Facts for Investors to Verify
- Executive Awards: Robert J. Sprowls (CEO) received 7,362 time-vested RSUs and a target of 22,088 performance RSUs.
- Other Recipients: Eva G. Tang (CFO), Paul J. Rowley (SVP Regulated Water), Christopher H. Connor (SVP ASUS), and Gladys M. Farrow (Assistant Secretary) received time-vested and performance RSUs ranging from 769 to 1,125 units.
- Performance Criteria: Verify the specific metrics for performance awards, which vary by executive and include Total Shareholder Return and operational efficiency targets.
- Dividend Rights: All awarded RSUs are entitled to dividend equivalents payable in additional RSUs.
- Financial Data: This filing contains no financial statements; refer to the most recent 10-K or 10-Q for revenue and earnings data.