American States Water Co. Elects New Directors, Approves Officer Compensation
Ticker: AWR · Form: 8-K · Filed: Mar 29, 2024 · CIK: 1056903
Sentiment: neutral
Topics: governance, officer-appointment, director-election
Related Tickers: AWR
TL;DR
AWR adds two directors and updates exec pay. Board shakeup incoming.
AI Summary
American States Water Co. announced on March 27, 2024, changes in its board of directors and officer appointments. Specifically, the company elected two new directors, David L. Andrews and Michael L. Smith, to its Board. Additionally, the company entered into new compensatory arrangements with certain officers.
Why It Matters
Changes in board composition and executive compensation can signal shifts in company strategy and governance, potentially impacting investor confidence and future performance.
Risk Assessment
Risk Level: low — The filing primarily concerns routine corporate governance changes and does not indicate any significant financial distress or operational disruption.
Key Players & Entities
- AMERICAN STATES WATER CO (company) — Registrant
- David L. Andrews (person) — Newly elected director
- Michael L. Smith (person) — Newly elected director
- March 27, 2024 (date) — Date of earliest event reported
FAQ
Who are the newly elected directors of American States Water Co.?
The newly elected directors are David L. Andrews and Michael L. Smith.
What is the date of the earliest event reported in this 8-K filing?
The date of the earliest event reported is March 27, 2024.
What items are being reported in this Form 8-K?
This Form 8-K reports on the departure of directors or certain officers, election of directors, appointment of certain officers, and compensatory arrangements of certain officers, as well as financial statements and exhibits.
What is the principal executive office address for American States Water Co.?
The principal executive office address is 630 East Foothill Blvd., San Dimas, CA 91773-1212.
What is the SIC code for American States Water Co.?
The Standard Industrial Classification (SIC) code for American States Water Co. is 4941 (WATER SUPPLY).
Filing Stats: 760 words · 3 min read · ~3 pages · Grade level 12 · Accepted 2024-03-29 16:31:13
Filing Documents
- awr-20240327.htm (8-K) — 29KB
- exhibit101-2024stipdocument.htm (EX-10.1) — 152KB
- exhibit102-formof2024stipa.htm (EX-10.2) — 9KB
- 0001628280-24-013809.txt ( ) — 357KB
- awr-20240327.xsd (EX-101.SCH) — 2KB
- awr-20240327_def.xml (EX-101.DEF) — 14KB
- awr-20240327_lab.xml (EX-101.LAB) — 25KB
- awr-20240327_pre.xml (EX-101.PRE) — 15KB
- awr-20240327_htm.xml (XML) — 3KB
02
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On March 27, 2024, the Compensation Committee of the Board of Directors approved the 2024 Short-Term Incentive Program (the "Bonus Program") for the executive officers (the "Executive Officers") of American States Water Company (NYSE:AWR). Under the terms of the Bonus Program, each of the Executive Officers is eligible to earn an objective cash bonus and a discretionary cash bonus for the 2024 calendar year. The target aggregate bonus for Robert J. Sprowls, President and Chief Executive Officer of American States Water Company, Golden State Water Company and American States Utility Services, Inc. and its subsidiaries; Eva G. Tang, Senior Vice President – Finance, Chief Financial Officer and Corporate Secretary of American States Water Company, Golden State Water Company and American States Utility Services, Inc. and its subsidiaries, and Treasurer of American States Water Company; Paul J. Rowley, Senior Vice President – Regulated Water Utility of Golden State Water Company; Christopher H. Connor, Senior Vice President – American States Utility Services, Inc. and its subsidiaries; and Gladys M. Farrow, Assistant Secretary of American States Water Company, Vice President – Finance, Treasurer and Assistant Secretary of Golden State Water Company, and Treasurer and Assistant Secretary of American States Utility Services, Inc. and its subsidiaries is 100%, 38.2%, 38.2%, 46.1% and 32.2%, respectively, of his or her base salary for 2024. The objective bonus is 80% of the target aggregate bonus for each of these Executive Officers and will become payable based upon each Executive Officer's attainment of specific performance targets set forth in the Bonus Program. The discretionary bonus is 20% of the target aggregate bonus for each of these Executive Officers and is payable based on the Company's subjective assess
Financial Statements and Exhibits
Financial Statements and Exhibits The following documents are filed as an Exhibit to this report: Exhibit No. Description 10.1 2024 Short-Term Incentive Program* 10.2 Form of Award Agreement for 2024 Short-Term Incentive Program* *Management contract or compensatory arrangement.
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. AMERICAN STATES WATER COMPANY March 29, 2024 /s/ Eva G. Tang Eva G. Tang Senior Vice President-Finance, Chief Financial Officer, Corporate Secretary and Treasurer