Form 4: CWT Executive Reports Routine Stock Withholding for Taxes

California Water Service Group SVP Michael Luu reported the withholding of shares to cover tax obligations related to vested restricted stock awards.

Summary

• Michael B. Luu, SVP Corporate Services & Chief Risk Officer of California Water Service Group (CWT), filed a Form 4 reporting changes in beneficial ownership.
• On September 5, 2025, 69 shares of common stock were withheld by the issuer at a price of $47.09 per share to satisfy tax withholding obligations from a Restricted Stock Award (RSA) granted on June 5, 2024.
• Following this transaction, Mr. Luu beneficially owned 22,695.056 shares of common stock.
• On September 7, 2025, an additional 54 shares of common stock were withheld by the issuer at a price of $47.09 per share for tax obligations related to an RSA granted on March 7, 2023.
• After both transactions, Mr. Luu's direct beneficial ownership of common stock was 22,641.056 shares.
• The reported beneficial ownership includes shares acquired through the Employee Stock Purchase Program.

Sentiment

Score: 5

Explanation: The filing reports routine, non-discretionary transactions related to tax withholding on vested equity awards, which is a neutral event for the company and its stock price.

Positives

• The reported transactions are a result of the vesting of Restricted Stock Awards (RSAs), indicating the executive met performance or tenure conditions for these awards.

Negatives

• A total of 123 shares of common stock were disposed of to satisfy tax withholding obligations, reducing the executive's direct beneficial ownership.

Future Outlook

This filing does not contain any forward-looking statements or guidance.

Industry Context

This is a routine insider transaction filing (Form 4) detailing tax-related share withholding, which is a common occurrence for executives receiving equity compensation across all industries, including the utilities sector.

Comparison to Industry Standards

• The withholding of shares to cover tax obligations upon the vesting of restricted stock awards is a standard practice for equity compensation plans across publicly traded companies, aligning with typical industry compensation structures.

Stakeholder Impact

• Shareholders: The transactions are routine and do not indicate a change in management's confidence or strategic direction. They represent a minor, expected reduction in an executive's direct beneficial ownership due to tax settlement.
• Employees: The vesting of RSAs and subsequent tax withholding are standard components of executive compensation, reflecting the company's established incentive programs.

Key Dates

Keywords

CWT, California Water Service Group, Michael B. Luu, Form 4, insider transaction, stock withholding, restricted stock award, beneficial ownership