Analyst Summary
- The Compensation Committee of the Board of Directors approved awards of time-vested restricted stock units and performance awards in the form of restricted stock units to executive officers.
- Executives awarded include Robert J. Sprowls, Eva G. Tang, Paul J. Rowley, Christopher H. Connor, and Gladys M. Farrow.
- Time-vested restricted stock units vest over three years (33%, 33%, and 34% on the first, second, and third anniversaries of the grant date).
- Performance awards also vest over three years (33%, 33%, and 34% on December 31, 2025, 2026, and 2027).
- Performance criteria for Mr. Sprowls, Ms. Tang, and Ms. Farrow include total shareholder return, Golden State Water Company operating expense level, ASUS cumulative net earnings, and ASUS new base acquisition success rate.
- Performance criteria for Mr. Rowley include total shareholder return and Golden State Water Company operating expense level.
- Performance criteria for Mr. Connor include total shareholder return, ASUS cumulative net earnings, and ASUS new base acquisition success rate.
- Executives are entitled to receive dividends payable in additional restricted stock units equal to the amount of dividends payable on an equivalent number of the Company’s common shares.