[Form 4] SJW Group Insider Trading Activity

Rhea-AI Filing Summary

Report of changes in beneficial ownership for H2O AMERICA (HTO) filed on Form 4 shows the reporting person, Kristen A. Johnson, completed a sale and holds shares following the transaction. The filing discloses a disposal of 13,134 shares (comprised of 7,109 issued shares and 6,025 restricted stock units that will vest) and an acquisition of 151 shares via dividend-equivalent deferred stock units derived from Connecticut Water Service, Inc.

After these transactions the reporting person is listed as beneficially owning 17,717 shares. The report identifies Ms. Johnson as a director and Chief Administrative Officer and is signed by an attorney-in-fact on 06/04/2025.

Positive

• Reporting person retains beneficial ownership of 17,717 shares
• Acquisition of 151 shares via dividend-equivalent DSUs demonstrates continued alignment with equity-based compensation

Negative

• Disposition of 13,134 shares on 09/02/2025 represents a significant reduction in short-term holdings
• Price of disposed shares not disclosed in the filing, limiting assessment of proceeds or tax/timing considerations

Insights

Financial Analyst

TL;DR: Insider sold a meaningful block but retains ownership; transaction appears routine rather than company-altering.

The filing reports a disposition of 13,134 shares and an offsetting accrual-based acquisition of 151 DSU shares tied to dividend equivalents. The remaining beneficial ownership is 17,717 shares, which indicates continued economic interest. There is no disclosure of price per share for the sale, no derivative exercises beyond DSUs, and no indication of a planned trading plan. From a liquidity and signaling standpoint the sale is notable but not clearly material to the company’s capital structure based solely on the disclosed counts.

Corporate Governance Expert

TL;DR: Filing documents an insider's scheduled/recorded changes in equity stake; governance implications appear limited.

The report identifies Kristen A. Johnson as both a director and Chief Administrative Officer and discloses common stock and equity awards (restricted stock units and DSUs). The presence of restricted stock units and dividend-equivalent DSUs reflects typical executive compensation mechanics. No amendments, 10b5-1 plan checkboxes, or unusual derivative terms are disclosed. Based on the information provided, there are no governance red flags or indications of extraordinary insider activity.

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^*

Johnson A Kristen

(Last) (First) (Middle)

110 W. TAYLOR STREET

(Street)

SAN JOSE CA 95110

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
H2O AMERICA [ HTO ]

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

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Administrative Officer

3. Date of Earliest Transaction (Month/Day/Year)
09/02/2025

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								13,134(1)	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
Common Stck	(2)	09/02/2025		A		151(2)		(2)	(2)	Common Stock	151	$0	17,717	D

Explanation of Responses:

1. Represents 7,109 shares of the Issuer's common stock ("Common Stock") and 6,025 shares of Common Stock underlying restricted stock units which will vest and become issuable in accordance with their terms.

2. Represents 151 shares subject to deferred stock units ("DSUs") granted to the reporting person pursuant to dividend equivalent rights ("DERs") accrued on outstanding DSUs granted by Connecticut Water Service, Inc., a wholly owned subsidiary of the Issuer. DERs accrue when and as dividends are paid on the Common Stock underlying the awards and will vest and be settled in accordance with the same terms as the DSUs to which they relate.

Remarks:

	/s/ Marisa Joss, Attorney-in-Fact for Kristen A. Johnson	06/04/2025
	** 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 Kristen A. Johnson report on the Form 4?

The Form 4 reports a disposition of 13,134 shares and an acquisition of 151 shares via dividend-equivalent deferred stock units (DSUs).

How many shares does the reporting person own after the reported transactions?

The filing shows the reporting person beneficially owns 17,717 shares following the reported transactions.

What is the issuer and ticker listed on the Form 4?

The Form 4 lists the issuer as H2O AMERICA with the trading symbol HTO.

What roles does the reporting person hold at the company?

The reporting person is identified as a Director and the Chief Administrative Officer.

When were the transactions dated in the Form 4?

The earliest transaction date reported is 09/02/2025, and the Form 4 is signed by an attorney-in-fact on 06/04/2025.