Year(1)	Summary Comp. Table for CEO $			Comp. Actually Paid to CEO(2) $			Average Summary Comp. Table Total for Non-CEO NEOs $			Average Comp. Actually Paid to Non-CEO NEOs(2) $			Value of Initial Fixed $100 Investment Based on:						Net Income $M(4)			Budget to Actual Performance (EPS)(5)
Year(1)	Summary Comp. Table for CEO $			Comp. Actually Paid to CEO(2) $			Average Summary Comp. Table Total for Non-CEO NEOs $			Average Comp. Actually Paid to Non-CEO NEOs(2) $			TSR $			Peer Group TSR(3) $			Net Income $M(4)			Budget to Actual Performance (EPS)(5)
2025		$	6,875,256		$	3,250,025		$	1,407,430		$	891,721		$	90.04		$	89.87		$	127.8		(4.9)%
2024			4,803,389			4,682,415			943,423			859,492			97.46			92.93			190.8		53.0%
2023			4,856,752			3,689,961			1,003,883			704,548			107.84			105.53			51.9		(52.1)%
2022			3,351,529			3,111,318			820,950			829,540			123.71			123.42			96.0		(1.7)%
2021			3,718,087			4,495,501			1,204,755			1,050,610			144.06			144.46		$	101.1		6.5%

(1)

The CEO for all five reporting years was Martin Kropelnicki. The other NEOs were:

Year	CEO	Other NEOs
2025	Martin Kropelnicki	James Lynch, Shawn Bunting, Michael Luu, and Shannon Dean
2024	Martin Kropelnicki	James Lynch, David Healey, Shawn Bunting, Michael Luu, and Shannon Dean
2023	Martin Kropelnicki	David Healey, Thomas Smegal III, Paul Townsley, Michael Luu, Ronald Webb, and Shawn Bunting
2022	Martin Kropelnicki	Thomas Smegal III, Paul Townsley, Robert Kuta and Michael Luu
2021	Martin Kropelnicki	Thomas Smegal III, Paul Townsley, Robert Kuta and Lynne McGhee

(2)

Amounts reported in this column are based on total compensation reported for our CEOs and the average of the total compensation of our other NEOs in the Summary Compensation Table for the indicated reporting year and adjusted as shown in the table below. Fair value of equity awards was computed in accordance with the Company’s methodology used for financial reporting purposes.

(3)

Amounts reported in this column represent returns on an initial $100 investment based on the Robert W. Baird Water Utility Index, which we chose as peer group for purposes of the Pay versus Performance table.

(4)

Net income in 2024 includes $64.0 million of interim rate relief related to 2023 that was recorded in 2024 due to the delayed 2021 California General Rate Case decision.

(5)

In accordance with SEC rules, the Group is required to include in the Pay versus Performance table the “most important” financial performance measure (as determined by the company) used to link compensation actually paid to our CEO and other named executive officers to Group performance for the most recently completed fiscal year. The Group determined that the annual budget-to-actual performance of the Group meets this requirement. This performance measure compares the actual diluted earnings per share to the forecasted diluted earnings per share for the calendar year. The forecasted diluted earnings per share is adopted during the budget process by the Board of Directors each year. By adhering to budgets, management is able to demonstrate to the Board, stockholders and customers that the Group is effective at managing controllable costs and has the ability to efficiently execute its business plan.

Chairman, President & CEO Summary Compensation Table (SCT) Total to Compensation Actually Paid (CAP) Reconciliation

	2025 $
Summary Compensation Table Reported Compensation			6,875,256
Deduction for pension values reported in SCT for the covered year			(2,254,426)
Increase for pension value attributable to current year’s service and any change in pension value attributable to plan amendments made in the covered year		$	64,313
Deduction for grant date fair value of equity awards reported in “Stock Awards” column of the SCT for the covered year			(1,950,119)
Increase for the fair value as of the end of the covered year of all equity awards granted during the covered year that are outstanding and unvested as of the end of such covered year			1,752,906
Deduction for the change in fair value as of the end of the covered year of any equity awards granted in any prior year that are outstanding and unvested as of the end of such covered year			(1,258,067)
Increase for the change in fair value as of the vesting date of any equity awards granted in any prior year for which all applicable vesting conditions were satisfied during the covered year			10,293
Increase for the dollar value of any dividends or other earnings paid on stock or option awards in the covered year prior to the vesting date that are not otherwise reflected in the fair value of such award			9,868
Total Compensation Actually Paid			3,250,025

Average Non-Chairman, President & CEO NEO SCT Total to CAP Reconciliation

	2025 $
Summary Compensation Table Reported Compensation		1,407,430
Deduction for pension values reported in SCT for the covered year		(406,712)
Increase for pension value attributable to current year’s service and any change in pension value attributable to plan amendments made in the covered year		56,108
Deduction for grant date fair value of equity awards reported in “Stock Awards” column of the SCT for the covered year		(272,015)
Increase for the fair value as of the end of the covered year of all equity awards granted during the covered year that are outstanding and unvested as of the end of such covered year		244,925
Deduction for the change in fair value as of the end of the covered year of any equity awards granted in any prior year that are outstanding and unvested as of the end of such covered year		(140,719)
Increase for the change in fair value as of the vesting date of any equity awards granted in any prior year for which all applicable vesting conditions were satisfied during the covered year		1,387
Increase for the dollar value of any dividends or other earnings paid on stock or option awards in the covered year prior to the vesting date that are not otherwise reflected in the fair value of such award		1,318
Total Compensation Actually Paid		891,721

Named Executive Officers, Footnote

(1)

The CEO for all five reporting years was Martin Kropelnicki. The other NEOs were:

Year	CEO	Other NEOs
2025	Martin Kropelnicki	James Lynch, Shawn Bunting, Michael Luu, and Shannon Dean
2024	Martin Kropelnicki	James Lynch, David Healey, Shawn Bunting, Michael Luu, and Shannon Dean
2023	Martin Kropelnicki	David Healey, Thomas Smegal III, Paul Townsley, Michael Luu, Ronald Webb, and Shawn Bunting
2022	Martin Kropelnicki	Thomas Smegal III, Paul Townsley, Robert Kuta and Michael Luu
2021	Martin Kropelnicki	Thomas Smegal III, Paul Townsley, Robert Kuta and Lynne McGhee

PEO Total Compensation Amount

$ 6,875,256

$ 4,803,389

$ 4,856,752

$ 3,351,529

$ 3,718,087

Adjustment To PEO Compensation, Footnote

(2)

Amounts reported in this column are based on total compensation reported for our CEOs and the average of the total compensation of our other NEOs in the Summary Compensation Table for the indicated reporting year and adjusted as shown in the table below. Fair value of equity awards was computed in accordance with the Company’s methodology used for financial reporting purposes.

Chairman, President & CEO Summary Compensation Table (SCT) Total to Compensation Actually Paid (CAP) Reconciliation

	2025 $
Summary Compensation Table Reported Compensation			6,875,256
Deduction for pension values reported in SCT for the covered year			(2,254,426)
Increase for pension value attributable to current year’s service and any change in pension value attributable to plan amendments made in the covered year		$	64,313
Deduction for grant date fair value of equity awards reported in “Stock Awards” column of the SCT for the covered year			(1,950,119)
Increase for the fair value as of the end of the covered year of all equity awards granted during the covered year that are outstanding and unvested as of the end of such covered year			1,752,906
Deduction for the change in fair value as of the end of the covered year of any equity awards granted in any prior year that are outstanding and unvested as of the end of such covered year			(1,258,067)
Increase for the change in fair value as of the vesting date of any equity awards granted in any prior year for which all applicable vesting conditions were satisfied during the covered year			10,293
Increase for the dollar value of any dividends or other earnings paid on stock or option awards in the covered year prior to the vesting date that are not otherwise reflected in the fair value of such award			9,868
Total Compensation Actually Paid			3,250,025

Non-PEO NEO Average Compensation Actually Paid Amount

$ 891,721

859,492

704,548

829,540

1,050,610

Compensation Actually Paid vs. Total Shareholder Return

Compensation Actually Paid vs. Company Selected Measure

Tabular List, Table

Tabular List of Performance Metrics

The following are the most important financial performance measures (and non-financial performance measures), as determined by the Group, that link compensation actually paid to our NEOs to the Group’s performance for the most recently completed fiscal year.

	Budget to Actual Performance (EPS)
	Stockholder Return
	Infrastructure Improvement and Utility Plant Investment
	Customer Service and Support
	Emergency Preparedness and Safety
	Water Quality and Public Health
	PFAS Investment and Recovery

Peer Group Total Shareholder Return Amount

89.87

92.93

105.53

123.42

144.46

Company Selected Measure Amount

(4.9)

53

(52.1)

(1.7)

6.5

Net Income Loss Interim Rate

$ 64,000,000

Pay vs Performance Disclosure

Non-GAAP Measure Description

(5)

In accordance with SEC rules, the Group is required to include in the Pay versus Performance table the “most important” financial performance measure (as determined by the company) used to link compensation actually paid to our CEO and other named executive officers to Group performance for the most recently completed fiscal year. The Group determined that the annual budget-to-actual performance of the Group meets this requirement. This performance measure compares the actual diluted earnings per share to the forecasted diluted earnings per share for the calendar year. The forecasted diluted earnings per share is adopted during the budget process by the Board of Directors each year. By adhering to budgets, management is able to demonstrate to the Board, stockholders and customers that the Group is effective at managing controllable costs and has the ability to efficiently execute its business plan.