[Form 4] SJW Group Insider Trading Activity

Rhea-AI Filing Summary

Form 4 filing dated 07/03/2025 for H2O AMERICA (HTO) discloses that Chief Administrative Officer Kristen A. Johnson received an equity award on 07/01/2025.

• Non-derivative transaction: 2,037 shares of common stock were acquired (Code “A”) at a cost of $0, reflecting restricted stock units (RSUs) granted under the Long-Term Incentive Plan. The RSUs vest in two equal annual instalments over two years, with possible accelerated vesting under certain conditions.
• Post-transaction direct holdings: 13,134 shares (comprised of 7,109 common shares and 6,025 unvested RSUs).
• Derivative holdings: 17,566 deferred stock units (DSUs) reported, which arose from dividend-equivalent rights on previous DSUs granted by Connecticut Water Service, Inc., a wholly-owned subsidiary of the issuer.
• No shares were sold, and no cash purchases were made; the filing reflects equity compensation designed to align management incentives with shareholder interests.

The transaction is routine compensation-related and does not signal a change in fundamentals, but it marginally increases insider ownership.

Positive

• Increased insider ownership: Johnson’s direct holdings rose by 2,037 shares, modestly boosting management–shareholder alignment.

Negative

• None.

Insights

Equity Compensation Analyst

TL;DR: Routine RSU grant; neutral impact, mild alignment signal.

The 2,037-share RSU award to CAO Kristen Johnson is standard long-term incentive compensation. Because it vests over two years and required no cash outlay, it does not reflect an active insider purchase, limiting its signaling value. Post-grant direct ownership of 13,134 shares (≈0.04 % of a 32 M share base, if comparable to peers) remains modest. The additional 17,566 DSUs are carry-overs from dividend equivalents and do not alter voting power until settlement. Overall, the filing neither materially enhances insider alignment nor signals distress; I classify it as neutral.

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)
07/01/2025

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	07/01/2025		A		2,037(1)	A	$0	13,134(2)	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	(3)	07/01/2025		A		0		(3)	(3)	Common Stock	0	$0	17,566	D

Explanation of Responses:

1. Represents 2,037 shares of the issuer's common stock ("Common Stock") underlying restricted stock units ("RSUs") granted to the reporting person under the issuer's Long-Term Incentive Plan. Each RSU entitles the reporting person to receive one share of Common Stock upon vesting of the RSU. The RSUs will vest in two annual successive installments upon the completion of the reporting person's each year of service with the issuer for the two-year period measured from the date of grant, subject to accelerated vesting under certain prescribed circumstances.

2. Represents 7,109 shares of the Common Stock and 6,025 shares of Common Stock underlying RSUs that will vest and become issuable in accordance with their terms.

3. Represents 17,566 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	07/03/2025
	** 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 did the HTO Form 4 report on 07/03/2025?

It reported a grant of 2,037 RSU-linked shares to CAO Kristen Johnson on 07/01/2025.

Did the officer buy or sell any H2O America shares for cash?

No. The shares were awarded at $0 as part of long-term incentive compensation; no sales were reported.

How many HTO shares does Kristen Johnson now own directly?

Following the grant, she holds 13,134 shares (including unvested RSUs).

What are the 17,566 derivative securities mentioned?

They are deferred stock units accrued from dividend-equivalent rights on prior DSUs tied to Connecticut Water Service awards.

When will the newly granted RSUs vest?

The RSUs vest in two equal annual installments over the two-year period starting 07/01/2025, subject to accelerated vesting in certain cases.