[Form 4] California Water Service Insider Trading Activity

Rhea-AI Filing Summary

Greg A. Milleman, Vice President, Rates & Regulatory Affairs at California Water Service Group (CWT), reported two share dispositions related to tax withholding on vested restricted stock awards. On 09/05/2025 he surrendered 66 shares at $47.09 and on 09/07/2025 he surrendered 51 shares at $47.09. Explanations state the 66 shares satisfied tax withholding for an RSA granted 06/05/2024 and the 51 shares for an RSA granted 03/07/2023. Following the transactions his beneficial ownership is reported as 11,721.15 shares after the first transaction and 11,670.15 shares after the second, with the latter total including shares acquired through the Employee Stock Purchase Program. The form is signed on behalf of Mr. Milleman on 09/09/2025.

Positive

• Clear disclosure of tax-withholding dispositions tied to specific RSA grant dates
• Post-transaction ownership is fully reported, including Employee Stock Purchase Program shares
• Transactions reported with prices ($47.09) and dates, supporting transparency

Negative

• None.

Insights

Financial Analyst

TL;DR: Small, routine share withholdings to cover taxes on vested RSAs; immaterial to company valuation or control.

The reported disposals are explicitly tax-withholdings of 66 and 51 shares at $47.09 tied to RSA vesting events. Such share surrenders are standard compensation mechanics and do not indicate voluntary cash-sale-driven insider selling. The remaining beneficial ownership levels (~11.7k shares) are modest and, based on the filing alone, have no clear material impact on investor valuation or governance.

Corporate Governance Expert

TL;DR: Disclosure aligns with Section 16 reporting; transactions classified as withholding for tax obligations, not discretionary trades.

The form identifies the reporting person as an officer and provides clear explanations linking each disposition to RSA vesting dates. The use of Code F (share withholding) and the inclusion of ESPP-acquired shares in the post-transaction total reflect appropriate reporting conventions. No governance concerns or unexplained transfers are present in the filing text.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Milleman Greg A

(Last) (First) (Middle)

1720 NORTH FIRST STREET

(Street)

SAN JOSE CA 95112

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
CALIFORNIA WATER SERVICE GROUP [ CWT ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	VP Rates & Regulatory Affairs

3. Date of Earliest Transaction (Month/Day/Year)
09/05/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	09/05/2025		F		66(1)	D	$47.09	11,721.15	D
Common Stock	09/07/2025		F		51(2)	D	$47.09	11,670.15(3)	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Represents the number of shares withheld and surrendered to the issuer to satisfy the tax withholding obligations that arose in connection with the vesting of Restricted Stock (RSA) Award granted on June 5, 2024.

2. Represents the number of shares withheld and surrendered to the issuer to satisfy the tax withholding obligations that arose in connection with the vesting of Restricted Stock (RSA) Award granted on March 7, 2023.

3. Includes shares acquired through the Employee Stock Purchase Program.

	By: /s/ Michelle R. Mortensen For: Greg A. Milleman	09/09/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What transactions did Greg A. Milleman report for CWT?

He reported two dispositions by share withholding: 66 shares on 09/05/2025 and 51 shares on 09/07/2025, both at $47.09 per share.

Why were shares disposed of in this Form 4 for CWT?

The filings state the shares were surrendered to satisfy tax withholding obligations arising from the vesting of Restricted Stock Awards granted on 06/05/2024 and 03/07/2023.

How many CWT shares does Mr. Milleman beneficially own after these transactions?

Following the 09/05/2025 transaction he reported 11,721.15 shares; after the 09/07/2025 transaction he reported 11,670.15 shares, the latter including ESPP shares.

What reporting code describes these transactions?

The transactions are reported with Code F, which the filing uses for shares withheld to satisfy tax obligations related to compensation awards.

When was the Form 4 signed and filed for these transactions?

The signature block shows the form was signed on behalf of Greg A. Milleman on 09/09/2025.