Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-05-19

H2O America (HTO)

Fiscal year 2025 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.

$3,065,270
Eric Thornburg total, FY2025
CEO pay percentile vs peers
21:1
CEO-to-median pay ratio
97.43%
Say-on-pay support, latest vote
Companies that benchmark against HTO
No companies currently name HTO as a compensation peer in their most recent disclosure.

This is the complete answer, not a partial one — the list is never padded.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Eric Thornburg$461,572$0$1,783,435$0$0$806,463$13,800$3,065,270
Former President, Chief Executive Officer and Chairman of the Board
Andrew Walters619,30801,690,0190427,66025,540110,4152,872,942
Chief Executive Officer and Chairman of the Board
Kristen Johnson543,8090395,3490211,681569,96218,1221,738,923
President of Shared Services, Senior Vice President and Chief Administrative Officer
Bruce Hauk543,5980471,5380264,93597,06114,0001,391,132
President and Chief Operating Officer
Willie Brown460,0000286,6550166,367128,08839,0001,080,110
Vice President and General Counsel
Ann Kelly451,2300351,8340191,32955,81225,0001,075,205
Chief Financial Officer and Treasurer

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 FY20242025
Eric Thornburg$3,065,270
Andrew Walters2,872,942
Kristen Johnson1,738,923
Bruce Hauk1,391,132
Willie Brown1,080,110
Ann Kelly1,075,205

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

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
Willie BrownRSU2025-01-022,382$116,003
Willie BrownPSU2025-02-288261,6523,30491,455
Willie BrownPSU2025-02-288261,6522,47879,197
Bruce HaukRSU2025-01-022,998146,003
Bruce HaukPSU2025-02-281,0402,0794,158115,093
Bruce HaukRSU2025-07-012,076110,775
Bruce HaukPSU2025-02-281,0402,0793,11999,667
Kristen JohnsonPSU2025-02-288261,6522,47879,197
Kristen JohnsonRSU2025-01-022,382116,003
Kristen JohnsonPSU2025-02-288261,6523,30491,455
Kristen JohnsonRSU2025-07-012,037108,694
Ann KellyRSU2025-07-0195250,799
Ann KellyPSU2025-07-017061,4112,11775,291
Ann KellyRSU2025-01-021,83389,267
Ann KellyPSU2025-02-2828356584827,086
Ann KellyPSU2025-02-282835651,13031,278
Ann KellyPSU2025-07-017061,4112,82278,113
Eric ThornburgPSU2025-02-285,11310,22515,338490,187
Eric ThornburgRSU2025-01-0211,058538,525
Eric ThornburgPSU2025-02-286,81713,63327,266754,723
Andrew WaltersRSU2025-01-023,163154,038
Andrew WaltersPSU2025-02-281,0972,1934,386242,809
Andrew WaltersPSU2025-02-281,0972,1933,290157,723
Andrew WaltersRSU2025-07-013,580191,029
Andrew WaltersPSU2025-07-013,2296,45712,914714,919
Andrew WaltersPSU2025-07-012,1514,3016,452229,501
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Willie Brown$116,003$170,652$059.5%
Bruce Hauk256,778214,760045.5%
Kristen Johnson224,697170,652043.2%
Ann Kelly140,066211,768060.2%
Eric Thornburg538,5251,244,910069.8%
Andrew Walters345,0671,344,952079.6%

% 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
Eric ThornburgPSU15,338$751,409
Eric ThornburgRSU13,633667,881
Eric ThornburgRSU11,058541,731
Eric ThornburgPSU8,895435,766
Andrew WaltersRSU6,457316,328
Bruce HaukRSU2,998146,872
Andrew WaltersRSU6,452316,083
Eric ThornburgRSU5,624275,520
Eric ThornburgPSU5,130251,319
Ann KellyRSU4,236207,522
Andrew WaltersRSU3,580175,384
Andrew WaltersPSU3,290161,177
Andrew WaltersRSU3,163154,955
Bruce HaukPSU3,119152,800
Kristen JohnsonPSU2,478121,397
Willie BrownPSU2,478121,397
Kristen JohnsonRSU2,382116,694
Willie BrownRSU2,382116,694
Andrew WaltersPSU2,193107,435
Eric ThornburgRSU2,162105,916
Ann KellyPSU2,117103,712
Willie BrownRSU1,15456,534
Bruce HaukPSU2,079101,850
Bruce HaukRSU2,076101,703
Kristen JohnsonRSU2,03799,793
Andrew WaltersPSU1,85090,632
Ann KellyRSU1,83389,799
Kristen JohnsonPSU1,65280,931
Bruce HaukRSU51125,034
Willie BrownRSU1,65280,931
Bruce HaukPSU1,64880,736
Andrew WaltersRSU1,56076,424
Ann KellyRSU1,41169,125
Kristen JohnsonPSU1,39468,292
Bruce HaukRSU1,38968,047
Willie BrownPSU1,36967,067
Kristen JohnsonRSU1,17657,612
Ann KellyRSU95246,638
Ann KellyPSU84841,544
Andrew WaltersPSU80139,241
Bruce HaukPSU71334,930
Kristen JohnsonPSU60329,541
Willie BrownPSU59229,002
Andrew WaltersRSU57928,365
Ann KellyPSU56527,679
Kristen JohnsonRSU43021,066
Willie BrownRSU43021,066
05

Incentive-plan design — the Compensation Discussion & Analysis

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

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-05-1334,474,021908,54896,24697.43%Passed
20252025-05-1426,970,1981,537,53561,81394.61%Passed
20242024-06-2022,256,0904,030,53044,71984.67%Passed
20232023-04-2623,195,9241,419,77151,34894.23%Passed
20222022-04-2723,177,1951,242,70758,38794.91%Passed
20212021-04-2822,182,187465,24968,85897.95%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
20262026-05-1397.43%a
20252025-05-1494.61%b
20242024-06-2084.67%c

a. Voting standard not stated in the filing.

b. Voting standard not stated in the filing.

c. Voting standard not stated in the filing.

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.

07

CEO pay ratio

Ratio (CEO : median employee)21 : 1
CEO total compensation
Median employee compensation
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Gregory P. LandisIndependent · Lead Independent Director · Compensation · Nominating & Governance · Finance$145,000$106,418$251,418
Daniel B. MoreIndependent · Audit (Chair) · Finance (Chair) · Compensation · Nominating & Governance137,500106,418243,918
Carol P. WallaceIndependent · Audit · Finance · Sustainability · Compensation120,000106,418226,418
Heather HuntIndependent · Compensation · Nominating & Governance112,500106,418218,918
Mary Ann HanleyIndependent · Audit · Nominating and Governance · Sustainability110,000106,418216,418
Rebecca A. KleinIndependent · Compensation · Finance · Sustainability · Audit107,500106,418213,918
Denise L. KrugerIndependent · Audit · Sustainability · Finance105,000106,418211,418
Carl GuardinoIndependent · Nominating & Governance · Sustainability · Compensation100,000106,418206,418
Eric W. ThornburgEmployee director · Board Chair112,5000112,500
Nick O. RoweNot independent · Finance · Sustainability · Newly elected
09

Board fee structure and ownership guideline

Annual cash retainer$90,000
Annual equity retainer$110,000
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)25,000 / 20,000 / 15,000
Stock ownership guideline
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$1,050,000
Equity awards (grant-date value)$851,344
All other compensation$0
Total cost of the board$1,901,344

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies H2O America names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including H2O America.

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
1Consolidated Edison, Inc.2025Timothy Cawley$1,445,833$9,773,900$0$2,809,000$19,899,971
2Exelon Corporation2025Calvin Butler1,379,00010,900,02402,665,71915,601,905
3NiSource Inc.2025Lloyd Yates1,191,6679,619,86402,261,78413,197,800
4Southwest Gas Holdings, Inc.2025Karen Haller1,090,6855,776,08501,861,20010,029,409
5Alliant Energy Corporation2025Lisa Barton1,136,9375,471,25501,835,5638,999,073
6DTE Energy Company2025Joi Harris852,3083,098,52001,544,4376,732,386
7H2O America2025Eric Thornburg461,5721,783,435003,065,270

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.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
H2O Americanot disclosednot disclosednot disclosedMercer
Alliant Energy Corporation130%PSU 75 · RSU 25NoPay Governance LLC
Consolidated Edison, Inc.143.5%PSU 70 · RSU 30NoMercer
DTE Energy Company169.87%PSU 70 · RSU 30NoMeridian Compensation Partners LLC
Exelon Corporation133.62%PSU 67 · RSU 33Yes — 3-year TSRWillis Towers Watson
NiSource Inc.146%PSU 80 · RSU 20Yes — Three-Year RTSRMeridian Compensation Partners
Southwest Gas Holdings, Inc.141%PSU 60 · RSU 40NoAon Human Capital Solutions

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

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, Eric ThornburgDEF 14A2026-04-030001628280-26-023458Section “Summary Compensation Table” · page 51. As printed: 3,065,270. Filing ↗machine: r2 · c24 · span 880926–880935
2Section 01, Andrew WaltersDEF 14A2026-04-030001628280-26-023458Section “Summary Compensation Table” · page 51. As printed: 2,872,942. Filing ↗machine: r5 · c24 · span 887265–887274
3Section 01, Kristen JohnsonDEF 14A2026-04-030001628280-26-023458Section “Summary Compensation Table” · page 51. As printed: 1,738,923. Filing ↗machine: r12 · c24 · span 902511–902520
4Section 01, Bruce HaukDEF 14A2026-04-030001628280-26-023458Section “Summary Compensation Table” · page 51. As printed: 1,391,132. Filing ↗machine: r9 · c24 · span 896132–896141
5Section 01, Willie BrownDEF 14A2026-04-030001628280-26-023458Section “Summary Compensation Table” · page 51. As printed: 1,080,110. Filing ↗machine: r15 · c24 · span 908795–908804
6Section 01, Ann KellyDEF 14A2026-04-030001628280-26-023458Section “Summary Compensation Table” · page 51. As printed: 1,075,205. Filing ↗machine: r8 · c24 · span 893579–893588
7Section 03, Willie Brown RSUDEF 14A2026-04-030001628280-26-023458Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1040550–1040557
8Section 03, Willie Brown PSUDEF 14A2026-04-030001628280-26-023458Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1046916–1046922
9Section 03, Willie Brown PSUDEF 14A2026-04-030001628280-26-023458Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1043476–1043482
10Section 03, Bruce Hauk RSUDEF 14A2026-04-030001628280-26-023458Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1011944–1011951
11Section 03, Bruce Hauk PSUDEF 14A2026-04-030001628280-26-023458Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1017659–1017666
12Section 03, Bruce Hauk RSUDEF 14A2026-04-030001628280-26-023458Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1020355–1020362
13Section 03, Bruce Hauk PSUDEF 14A2026-04-030001628280-26-023458Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1014638–1014644
14Section 03, Kristen Johnson PSUDEF 14A2026-04-030001628280-26-023458Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1029646–1029652
15Section 03, Kristen Johnson RSUDEF 14A2026-04-030001628280-26-023458Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1026564–1026571
16Section 03, Kristen Johnson PSUDEF 14A2026-04-030001628280-26-023458Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1032400–1032406
17Section 03, Kristen Johnson RSUDEF 14A2026-04-030001628280-26-023458Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1035580–1035587
18Section 03, Ann Kelly RSUDEF 14A2026-04-030001628280-26-023458Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1000444–1000450
19Section 03, Ann Kelly PSUDEF 14A2026-04-030001628280-26-023458Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1003132–1003138
20Section 03, Ann Kelly RSUDEF 14A2026-04-030001628280-26-023458Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 991726–991732
21Section 03, Ann Kelly PSUDEF 14A2026-04-030001628280-26-023458Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 994738–994744
22Section 03, Ann Kelly PSUDEF 14A2026-04-030001628280-26-023458Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 997425–997431
23Section 03, Ann Kelly PSUDEF 14A2026-04-030001628280-26-023458Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1006145–1006151
24Section 03, Eric Thornburg PSUDEF 14A2026-04-030001628280-26-023458Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 962716–962723
25Section 03, Eric Thornburg RSUDEF 14A2026-04-030001628280-26-023458Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 960020–960027
26Section 03, Eric Thornburg PSUDEF 14A2026-04-030001628280-26-023458Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 965735–965742
27Section 03, Andrew Walters RSUDEF 14A2026-04-030001628280-26-023458Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 971672–971679
28Section 03, Andrew Walters PSUDEF 14A2026-04-030001628280-26-023458Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 977513–977520
29Section 03, Andrew Walters PSUDEF 14A2026-04-030001628280-26-023458Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 974431–974438
30Section 03, Andrew Walters RSUDEF 14A2026-04-030001628280-26-023458Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 980209–980216
31Section 03, Andrew Walters PSUDEF 14A2026-04-030001628280-26-023458Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 985917–985924
32Section 03, Andrew Walters PSUDEF 14A2026-04-030001628280-26-023458Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 983225–983232
33Section 07, pay ratioDEF 14A2026-04-030001628280-26-023458Section “CEO Pay Ratio”. As printed: 21 : 1. Filing ↗
34Section 08, Gregory P. LandisDEF 14A2026-04-030001628280-26-023458Section “Director Compensation”. As printed: 251,418. Filing ↗machine: span 487611–487618
35Section 08, Daniel B. MoreDEF 14A2026-04-030001628280-26-023458Section “Director Compensation”. As printed: 243,918. Filing ↗machine: span 489385–489392
36Section 08, Carol P. WallaceDEF 14A2026-04-030001628280-26-023458Section “Director Compensation”. As printed: 226,418. Filing ↗machine: span 491161–491168
37Section 08, Heather HuntDEF 14A2026-04-030001628280-26-023458Section “Director Compensation”. As printed: 218,918. Filing ↗machine: span 482281–482288
38Section 08, Mary Ann HanleyDEF 14A2026-04-030001628280-26-023458Section “Director Compensation”. As printed: 216,418. Filing ↗machine: span 480509–480516
39Section 08, Rebecca A. KleinDEF 14A2026-04-030001628280-26-023458Section “Director Compensation”. As printed: 213,918. Filing ↗machine: span 484057–484064
40Section 08, Denise L. KrugerDEF 14A2026-04-030001628280-26-023458Section “Director Compensation”. As printed: 211,418. Filing ↗machine: span 485834–485841
41Section 08, Carl GuardinoDEF 14A2026-04-030001628280-26-023458Section “Director Compensation”. As printed: 206,418. Filing ↗machine: span 478734–478741
42Section 08, Eric W. ThornburgDEF 14A2026-04-030001628280-26-023458Section “Director Compensation”. As printed: 112,500. Filing ↗
43Section 08, Nick O. RoweDEF 14A2026-04-030001628280-26-023458Section “Director Compensation”. As printed: —. Filing ↗
44Section 06, 2026 voteForm 8-K2026-05-190001628280-26-036086Item 5.07 · say-on-pay result. As reported: 97.43% (votes for as printed: 34,474,021). Filing ↗
45Section 06, 2025 voteForm 8-K2025-05-200000766829-25-000054Item 5.07 · say-on-pay result. As reported: 94.61% (votes for as printed: 26,970,198). Filing ↗
46Section 06, 2024 voteForm 8-K2024-06-210000766829-24-000062Item 5.07 · say-on-pay result. As reported: 84.67% (votes for as printed: 22,256,090). Filing ↗
47Section 03b vehicle mix (computed)ComputedcomputedRSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
48Section 09b board cost (computed)ComputedcomputedCash 1,050,000 + equity 851,344 + all other 0 = 1,901,344, summed across the director compensation table rows.machine: formula: Σ = 1,901,344
49Consolidated Edison, Inc., Section 10b CEO totalDEF 14A2026-04-080001047862-26-000078CEO total compensation as printed in Consolidated Edison, Inc.'s own proxy. As printed: 19,899,971. Filing ↗machine: r4 · c24 · span 1434489–1434499
50Exelon Corporation, Section 10b CEO totalDEF 14A2026-03-180001109357-26-000040CEO total compensation as printed in Exelon Corporation's own proxy. As printed: 15,601,905. Filing ↗machine: t122 · r2 · c8 · span 1118853–1118863
51NiSource Inc., Section 10b CEO totalDEF 14A2026-03-300001140361-26-011851CEO total compensation as printed in NiSource Inc.'s own proxy. As printed: 13,197,800. Filing ↗machine: t253 · r2 · c22 · span 1412582–1412592
52Southwest Gas Holdings, Inc., Section 10b CEO totalDEF 14A2026-03-230001692115-26-000080CEO total compensation as printed in Southwest Gas Holdings, Inc.'s own proxy. As printed: 10,029,409. Filing ↗machine: r2 · c24 · span 1094860–1094870
53Alliant Energy Corporation, Section 10b CEO totalDEF 14A2026-03-310000352541-26-000025CEO total compensation as printed in Alliant Energy Corporation's own proxy. As printed: 8,999,073. Filing ↗machine: r2 · c27 · span 489074–489084
54DTE Energy Company, Section 10b CEO totalDEF 14A2026-03-120000936340-26-000062CEO total compensation as printed in DTE Energy Company's own proxy. As printed: 6,732,386. Filing ↗machine: t121 · r3 · c12 · span 1045987–1045996
55H2O America (subject), Section 10b CEO totalDEF 14A2026-04-030001628280-26-023458CEO total compensation as printed in H2O America's own proxy. As printed: 3,065,270. Filing ↗machine: r2 · c24 · span 880926–880935
56Section 10a, Southwest Gas Holdings, Inc. reciprocityDEF 14A0001692115-26-000080Southwest Gas Holdings, Inc.'s most recent proxy was read; its disclosed peer group does not include H2O America. Filing ↗
57Section 10a, Alliant Energy Corporation reciprocityDEF 14A0000352541-26-000025Alliant Energy Corporation's most recent proxy was read; its disclosed peer group does not include H2O America. Filing ↗
58Section 10a, NiSource Inc. reciprocityDEF 14A0001140361-26-011851NiSource Inc.'s most recent proxy was read; its disclosed peer group does not include H2O America. Filing ↗
59Section 10a, DTE Energy Company reciprocityDEF 14A0000936340-26-000062DTE Energy Company's most recent proxy was read; its disclosed peer group does not include H2O America. Filing ↗
60Section 10a, Exelon Corporation reciprocityDEF 14A0001109357-26-000040Exelon Corporation's most recent proxy was read; its disclosed peer group does not include H2O America. Filing ↗
61Section 10a, Consolidated Edison, Inc. reciprocityDEF 14A0001047862-26-000078Consolidated Edison, Inc.'s most recent proxy was read; its disclosed peer group does not include H2O America. Filing ↗