Miller Susan P. 4

What Happened

• Susan P. Miller, Vice President of American States Water (AWR), was credited with multiple equity awards in early March 2026. The largest grant was 1,147.515 shares at $74.44 each (valued at $85,421). She also received 770 shares (priced at $0.00 in the filing, likely vested units) and 8.213 shares at $75.46 (valued at $620).
• To satisfy tax liabilities associated with the awards, 398.5324, 89.4592, and 84.6725 shares were withheld on or about March 13, 2026 (total ~572.7 shares; cash value reported $29,667 + $6,659 + $6,303 = $42,629). A small 2.014-share disposition (to the issuer) at $0.00 appears to be an adjustment for partial shares.

Key Details

• Dates and prices:
  • 03/05/2026: 2.014 shares disposed to issuer @ $0.00 (adjustment); 8.213 shares acquired @ $75.46 ($620) and 770 shares credited @ $0.00 (derivative units credited at FMV).
  • 03/12/2026: 1,147.515 shares acquired @ $74.44 ($85,421) and 770 shares (see above).
  • 03/13/2026: 398.532, 89.459, and 84.673 shares withheld to satisfy tax liabilities (values $29,667; $6,659; $6,303 respectively).
• Total awarded (gross): ~1,925.7 shares (includes 770 shares at $0.00). Total withheld for taxes: 572.7 shares ($42.6k).
• Footnotes: F2 indicates derivative units credited on 03/05/2026 at fair market value; F3–F5 explain the specific share-withholdings to satisfy tax liabilities; F1 notes an adjustment for partial shares.
• Shares owned after the transactions: not reported in the provided data.
• Filing timeliness: Form filed 2026-03-16 reporting transactions through mid-March; no late-filing flag was provided in the information supplied.

Context

• These transactions are primarily awards/grants (code A) and subsequent withholding to satisfy tax liabilities (code F). The withheld shares represent a cashless settlement to cover taxes, not open-market sales by the insider.
• Awards and withholding are common for employee equity compensation and do not by themselves indicate a purchase or open-market sale driven by investment views.