Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-05-21

American States Water (AWR)

CEO Robert Sprowls was paid $5,028,665 in fiscal year 2025, ↑ up 2.4% from fiscal year 2024 (SEC filing 0001140361-26-013117 ↗): executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$5,028,665 ↑
Robert Sprowls total, FY2025
—
CEO pay percentile vs peers
—
CEO-to-median pay ratio
92.06%
Say-on-pay support, latest vote

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Sample answer — “What is the CEO’s total compensation?”
- Robert Sprowls (President and Chief Executive Officer), FY2025 total compensation $5,028,665 (base salary $974,327) [exec_comp, SEC accession 0001140361-26-013117, filed 2026-04-03]

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AWR's next annual pay disclosure, estimated April 3, 2027.est. Filing ↗

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Robert Sprowls$974,327$312,000$1,991,967$0$892,125$827,884$30,362$5,028,665
President and Chief Executive Officer
Paul Rowley488,15455,720151,4790171,963751,35433,0521,651,722
Senior Vice President – Regulated Water Utility of Golden State Water Company
Eva Tang629,56869,369151,4790226,689420,21025,6091,522,924
Senior Vice President – Finance, Chief Financial Officer, Corporate Secretary and Treasurer
Gladys Farrow391,26437,723108,8690119,021411,14326,0661,094,086
Vice President – Finance, Treasurer and Assistant Secretary of Golden State Water Company
Christopher Connor429,63256,976158,3370158,311140,20431,873975,333
Senior Vice President of American States Utility Services, Inc. and its subsidiaries

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY2024→2025
Robert Sprowls$5,028,665$4,908,976$5,324,271↑ +119,689
Paul Rowley1,651,7221,320,7721,341,334↑ +330,950
Eva Tang1,522,9241,050,7951,471,735↑ +472,129
Gladys Farrow1,094,086943,4091,096,102↑ +150,677
Christopher Connor975,333922,150883,197↑ +53,183

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

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Companies that benchmark against AWR
3 companies name AWR as a compensation peer

Each company listed discloses AWR in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named AWR in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01b

Executives — the named officers

One page per officer: the same table above, read for one person at a time — his own figure and every fiscal year the register holds.

ExecutiveRoleFY2025 total
Christopher ConnorSVP$975,333
Paul RowleySVP$1,651,722
Eva TangCFO$1,522,924
Gladys FarrowExecutive$1,094,086
Robert SprowlsCEO$5,028,665
02

Equity transactions since the proxy statement was filed

No insider equity transactions reported since the proxy statement.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Paul RowleyPSU2025-03-13439983—1,598$74,795
Robert SprowlsRSU2025-03-13——6,503—507,299
Robert SprowlsPSU2025-03-138,71119,512—33,1711,484,668
Christopher ConnorRSU2025-03-13——1,027—80,116
Christopher ConnorPSU2025-03-134591,028—2,23678,221
Gladys FarrowPSU2025-03-13316707—1,20253,794
Gladys FarrowRSU2025-03-13——706—55,075
Paul RowleyRSU2025-03-13——983—76,684
Eva TangRSU2025-03-13——983—76,684
Eva TangPSU2025-03-13439983—1,67174,795
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Paul Rowley$76,684$74,795$049.4%
Robert Sprowls507,2991,484,668074.5%
Christopher Connor80,11678,221049.4%
Gladys Farrow55,07553,794049.4%
Eva Tang76,68474,795049.4%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Robert SprowlsPSU68,022—$4,930,235
Eva TangPSU3,503—253,897
Christopher ConnorPSU3,445—249,694
Paul RowleyPSU3,350—242,808
Gladys FarrowPSU2,521—182,722
Christopher ConnorRSU2,064—149,599
05

Incentive-plan design — the Compensation Discussion & Analysis

Compensation is designed to reflect challenging metrics, with approximately 75% of the CEO's compensation at risk, tied to performance measures including relative TSR and internal goals.

CEO STI target (% of salary)—
CEO LTI target (% of salary)—
Independent consultantPearl Meyer
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingtrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-05-1928,620,7412,468,427253,23392.06%Passed
20252025-05-2028,175,6051,924,683200,70093.61%Passed
20242024-05-2127,159,1421,378,629248,77894.35%Passed
20232023-05-2326,704,3371,348,336188,74895.19%Passed
20222022-05-2426,647,0621,173,722207,82495.78%Passed
20212021-05-1826,426,827860,287207,68696.85%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-05-1992.06%a
20252025-05-2093.61%b
20242024-05-2194.35%c

a. Voting standard not stated in the filing.

b. Voting standard not stated in the filing.

c. Approved under the standard stated in the filing — “Abstentions and broker non-votes on this proposal will have the effect of a vote against the proposal.”.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

09

Board fee structure and ownership guideline

Annual cash retainer$150,000
Annual equity retainer—
Per board meeting fee—
Committee chair fees (audit / comp / nom-gov)22,500 / 20,000 / 16,000
Stock ownership guideline—
10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1American States Water2025Robert Sprowls$974,327$1,991,967$0$892,125$5,028,665

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10d

Frequently asked questions

Who was the highest-paid executive at American States Water in fiscal 2025?
As disclosed, Robert Sprowls (President and Chief Executive Officer) was the highest-paid executive at American States Water in fiscal 2025, with total compensation of $5,028,665.
How did shareholders vote on American States Water's executive compensation?
As disclosed, 92.06% of shareholders supported American States Water's executive compensation in the latest say-on-pay vote.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Robert SprowlsDEF 14A2026-04-030001140361-26-013117Section “Executive Compensation”. As printed: 5,028,665. Filing ↗machine: r2 · c25 · span 1256354–1256364
2Section 01, Paul RowleyDEF 14A2026-04-030001140361-26-013117Section “Executive Compensation”. As printed: 1,651,722. Filing ↗machine: r8 · c25 · span 1292000–1292009
3Section 01, Eva TangDEF 14A2026-04-030001140361-26-013117Section “Executive Compensation”. As printed: 1,522,924. Filing ↗machine: r5 · c25 · span 1274476–1274485
4Section 01, Gladys FarrowDEF 14A2026-04-030001140361-26-013117Section “Executive Compensation”. As printed: 1,094,086. Filing ↗machine: r14 · c25 · span 1330092–1330101
5Section 01, Christopher ConnorDEF 14A2026-04-030001140361-26-013117Section “Executive Compensation”. As printed: 975,333. Filing ↗machine: r11 · c25 · span 1310966–1310973
6Section 03, Paul Rowley PSUDEF 14A2026-04-030001140361-26-013117Section “What equity awards granted to these named executive officers were outstanding at the end of the year?” · grants of plan-based awards table. Filing ↗
7Section 03, Robert Sprowls RSUDEF 14A2026-04-030001140361-26-013117Section “What equity awards granted to these named executive officers were outstanding at the end of the year?” · grants of plan-based awards table. Filing ↗machine: span 1496189–1496196
8Section 03, Robert Sprowls PSUDEF 14A2026-04-030001140361-26-013117Section “What equity awards granted to these named executive officers were outstanding at the end of the year?” · grants of plan-based awards table. Filing ↗
9Section 03, Christopher Connor RSUDEF 14A2026-04-030001140361-26-013117Section “What equity awards granted to these named executive officers were outstanding at the end of the year?” · grants of plan-based awards table. Filing ↗machine: span 1544562–1544568
10Section 03, Christopher Connor PSUDEF 14A2026-04-030001140361-26-013117Section “What equity awards granted to these named executive officers were outstanding at the end of the year?” · grants of plan-based awards table. Filing ↗
11Section 03, Gladys Farrow PSUDEF 14A2026-04-030001140361-26-013117Section “What equity awards granted to these named executive officers were outstanding at the end of the year?” · grants of plan-based awards table. Filing ↗
12Section 03, Gladys Farrow RSUDEF 14A2026-04-030001140361-26-013117Section “What equity awards granted to these named executive officers were outstanding at the end of the year?” · grants of plan-based awards table. Filing ↗machine: span 1559892–1559898
13Section 03, Paul Rowley RSUDEF 14A2026-04-030001140361-26-013117Section “What equity awards granted to these named executive officers were outstanding at the end of the year?” · grants of plan-based awards table. Filing ↗machine: span 1527960–1527966
14Section 03, Eva Tang RSUDEF 14A2026-04-030001140361-26-013117Section “What equity awards granted to these named executive officers were outstanding at the end of the year?” · grants of plan-based awards table. Filing ↗machine: span 1512610–1512616
15Section 03, Eva Tang PSUDEF 14A2026-04-030001140361-26-013117Section “What equity awards granted to these named executive officers were outstanding at the end of the year?” · grants of plan-based awards table. Filing ↗
16Section 06, 2026 voteForm 8-K2026-05-210001628280-26-037056Item 5.07 · say-on-pay result. As reported: 92.06% (votes for as printed: 28,620,741). Filing ↗
17Section 06, 2025 voteForm 8-K2025-05-220001056903-25-000011Item 5.07 · say-on-pay result. As reported: 93.61% (votes for as printed: 28,175,605). Filing ↗
18Section 06, 2024 voteForm 8-K2024-05-230001628280-24-024970Item 5.07 · say-on-pay result. As reported: 94.35% (votes for as printed: 27,159,142). Filing ↗
19Section 01 trend, Δ column (computed)Computed——Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
20Section 03b vehicle mix (computed)Computed——RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
21American States Water (subject), Section 10b CEO totalDEF 14A2026-04-030001140361-26-013117CEO total compensation as printed in American States Water's own proxy. As printed: 5,028,665. Filing ↗machine: r2 · c25 · span 1256354–1256364