Document:

EXHIBIT 10.2

 

AMERICAN STATES WATER COMPANY

 

2013 NON-EMPLOYEE DIRECTORS STOCK PLAN, AS AMENDED

(Effective March 24, 2016)

 

 

TABLE OF CONTENTS

 

	
 
    	
 
    	
Page
    
	
Section 1
    	
General   Description
    	
1
    
	
Section 2.
    	
Definitions
    	
1
    
	
Section 3.
    	
Effective   Date; Duration
    	
2
    
	
Section 4.
    	
Stock   Units Awards
    	
3
    
	
4.1
    	
Annual   Award
    	
3
    
	
4.2
    	
Crediting   of Dividend Equivalents to Accounts
    	
3
    
	
4.3
    	
Units   and Other Amounts Vest Immediately
    	
3
    
	
4.4
    	
Distribution   of Benefits
    	
3
    
	
Section 5.
    	
Changes   in Capital Structure
    	
4
    
	
5.1
    	
Adjustments
    	
4
    
	
5.2
    	
Corporate   Transactions-Assumption or Termination of Awards
    	
4
    
	
Section 6.
    	
Shares   Subject to the Plan; Share Limits
    	
5
    
	
6.1
    	
Shares   Available for Issuance
    	
5
    
	
6.2
    	
Share   Limits; Cut Backs
    	
5
    
	
6.3
    	
Fractional   Shares; Minimum Issue
    	
5
    
	
Section 7.
    	
Administration
    	
5
    
	
7.1
    	
The   Administrator
    	
5
    
	
7.2
    	
Committee   Action
    	
5
    
	
7.3
    	
Rights   and Duties; Delegation and Reliance; Decisions Binding
    	
5
    
	
Section 8.
    	
Amendment   and Termination; Shareholder Approval
    	
6
    
	
8.1
    	
Amendment   and Termination
    	
6
    
	
8.2
    	
Shareholder   Approval
    	
6
    
	
Section 9.
    	
Miscellaneous
    	
6
    
	
9.1
    	
Limitation   on Participants’ Rights
    	
6
    
	
9.2
    	
Beneficiaries
    	
7
    
	
9.3
    	
Non-Transferability
    	
7
    
	
9.4
    	
Obligations   Binding Upon Successors
    	
7
    
	
9.5
    	
Governing   Law; Severability
    	
8
    
	
9.6
    	
Compliance   with Laws
    	
8
    
	
9.7
    	
Limitations   on Rights Associated with Units
    	
8
    
	
9.8
    	
Plan   Construction
    	
8
    
	
9.9
    	
Headings   Not Part of Plan
    	
8
    
	
9.10
    	
Section 409A
    	
8
    
				

 

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AMERICAN STATES WATER COMPANY

2013 NON-EMPLOYEE DIRECTORS STOCK PLAN

 

 

Section 1.                               General Description

 

The American States Water Company 2013 Non-Employee Directors Stock Plan (the “Plan”) provides for grants of stock units to non-employee directors.  The purposes of the Plan are (a) to attract, motivate and retain eligible directors of the Company by providing to them stock-based compensation, and (b) to encourage directors to increase their stock ownership in the Company.

 

Section 2.                               Definitions

 

Whenever the following terms are used in this Plan they shall have the meaning specified below unless the context clearly indicates to the contrary:

 

“Account” means the bookkeeping account maintained by the Company on behalf of each Participant that is credited with Award Units and Dividend Equivalents in accordance with Section 4.

 

“Award Units” means Stock Units credited pursuant to Sections 4.1 and any Dividend Equivalents credited thereon pursuant to Section 4.2.

 

“Board” means the Board of Directors of the Company.

 

“Code” means the Internal Revenue Code of 1986, as amended.

 

“Common Stock” means the Common Shares of the Company, subject to adjustment pursuant to Section 5.

 

“Committee” means the Board, the Compensation Committee or any other Committee of the Board acting under delegated authority from the Board.

 

“Company” means American States Water Company, a California corporation, and its successors and assigns.

 

“Dividend Equivalent” means, with respect to a Participant’s Account, the amount of cash dividends or other cash distributions paid by the Company on that number of shares of Common Stock that is equal to the number of Stock Units then credited to the Participant’s Account as of the applicable measurement date for the dividend or other distribution, which amount shall be allocated as additional Stock Units to the Participant’s Account pursuant to Section 4.2.

 

“Distribution Date” means the date that is ninety days following the date of each grant.

 

“Effective Date” means May 21, 2013, subject to shareholder approval at the 2013 annual meeting of shareholders.

 

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“Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time.

 

“Fair Market Value” on any date means (1) if the stock is listed or admitted to trade on a national securities exchange, the closing price of the stock listed on The Wall Street Journal website (www.online.wsj.com), of the principal national securities exchange on which the stock is so listed or admitted to trade, on such date, or, if there is no trading of the stock on such date, then the closing price of the stock as quoted on such website on the next preceding date on which there was trading in such shares; (2) if the stock is not listed or admitted to trade on a national securities exchange, the last price for the stock on such date, as furnished by the National Association of Securities Dealers, Inc. (“NASD”) through the NASDAQ National Market Reporting System or a similar organization if the NASD is no longer reporting such information; (3) if the stock is not listed or admitted to trade on a national securities exchange and is not reported on the National Market Reporting System, the mean between the bid and asked price for the stock on such date, as furnished by the NASD or a similar organization; or (4) if the stock is not listed or admitted to trade on a national securities exchange, is not reported on the National Market Reporting System and if bid and asked prices for the stock are not furnished by the NASD or a similar organization, the value as established by the Committee at such time for purposes of this Plan.

 

“Non-Employee Director” means a member of the Board who is not an officer or employee of the Company or a subsidiary.

 

“Participant” means any person who has been granted Award Units under this Plan.

 

“Plan” means the American States Water Company 2013 Non-Employee Directors Stock Plan.

 

“Securities Act” means the Securities Act of 1933, as amended.

 

“Stock” means a share of Common Stock.

 

“Stock Unit or Unit” means a non-voting unit of measurement which is deemed for bookkeeping and payment purposes to represent one outstanding share of Common Stock of the Company solely for purposes of determining benefits under this Plan, established pursuant to the grant of Award Units under Sections 4.1, or in respect of Dividend Equivalents under Section 4.2, and payable solely in a share of Stock, on a one-for-one basis.

 

“2013 Annual Meeting”  means the Company’s 2013 annual meeting of shareholders.

 

Section 3.                               Effective Date; Duration

 

The effective date of the Plan is May 21, 2013, subject to approval of the Company’s shareholders at their 2013 annual meeting.  No awards may be granted under the Plan after May 20, 2023.  The Plan shall continue in effect until all matters relating to Stock Units and the administration of the Plan have been completed and all payments of benefits have been made.

 

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Section 4.                               Stock Units Awards

 

4.1                            Annual Award.

 

(a)                               As of the date of each annual meeting of the shareholders commencing in 2013, the Account of each Non-Employee Director in office immediately following the annual meeting shall be credited with a number of Stock Units (the “Compensation Stock Units”) equal to (1) two times the amount of the then-current annual retainer payable by the Company for services rendered as a director for such year (or, if there is no such annual retainer, the average amount of cash compensation received by such Non-Employee Director during the prior fiscal year), divided by (2) the Fair Market Value of Common Stock on the last trading date prior to such annual meeting.

 

(b)                              Annual grants that would otherwise exceed the maximum number of shares allotted for issuance under the Plan contained in Section 6.1 shall be prorated within such limitation pursuant to Section 6.2.

 

4.2                            Crediting of Dividend Equivalents to Accounts.

 

(a)                               As of each dividend payment date, a Non-Employee Director’s Account shall be credited with additional Stock Units in an amount equal to the Dividend Equivalents representing dividends payable as of such dividend payment date on a number of shares equal to the aggregate number of Units credited to the Participant’s Account divided by the Fair Market Value of a share of Common Stock on the dividend payment date.

 

(b)                              Stock Units credited in respect of Dividend Equivalents shall be paid in Stock at the same time and the same manner as the Stock Units to which they relate.

 

4.3                            Units and Other Amounts Vest Immediately.  All Units or other amounts credited to a Non-Employee Director’s Account shall be at all times fully vested and not subject to a risk of forfeiture ninety days after the date of grant.

 

4.4                            Distribution of Benefits.  Notwithstanding anything herein to the contrary, the portion of a Non-Employee Director’s Account attributable to Stock Units granted pursuant to Section 4.1 (and any Dividend Equivalents attributable to such Stock Units) shall be distributed in accordance with this Section 4.4.

 

(a)                               Commencement of Benefits Distribution.  With respect to each grant of Stock Units to a Non-Employee Director, the Non-Employee Director shall be entitled to receive such Stock Units (including Dividend Equivalents applicable to such Stock Units) on the Distribution Date.

 

(b)                              Manner of Distribution.  Upon the Distribution Date for each grant, the Company shall, subject to Section 6.2, deliver to the Participant (or his or her Beneficiary, as applicable) a number of shares of Stock equal to the number of Stock Units (as adjusted pursuant to Section 5, if applicable) to which the Participant is then entitled under the terms of Section 4.4.  Such distribution shall be made in a lump sum as soon as administratively practicable, but no later than 30 days, following the applicable Distribution Date.

 

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Section 5.                               Changes in Capital Structure

 

5.1                            Adjustments.  Upon (or, as may be necessary to effect the adjustment, immediately prior to):  any reclassification, recapitalization, stock split (including a stock split in the form of a stock dividend) or reverse stock split; any merger, combination, consolidation, or other reorganization; any spin-off, split-up, or similar extraordinary dividend distribution in respect of the Common Stock; or any exchange of Common Stock or other securities of the Corporation, or any similar, unusual or extraordinary corporate transaction in respect of the Common Stock; then the Committee shall equitably and proportionately adjust (1) the number and type of shares of Common Stock (or other securities) that thereafter may be made the subject of awards (including the specific share limits, maximums and numbers of shares set forth elsewhere in this Plan), (2) the number, amount and type of shares of Common Stock (or other securities or property) subject to any outstanding awards, (3) the grant of any outstanding awards, and/or (4) the securities, cash or other property deliverable upon payment of any outstanding awards, in each case to the extent appropriate to preclude the enlargement or dilution of rights and benefits under such awards.

 

It is intended that, if possible, any adjustments contemplated by the preceding paragraph be made in a manner that satisfies applicable legal, tax (including, without limitation and as applicable in the circumstances, Section 424 of the Code, Section 409A of the Code and Section 162(m) of the Code) and accounting (so as to not trigger any charge to earnings with respect to such adjustment) requirements.

 

Without limiting the generality of Section 7.3, any good faith determination by the Committee pursuant to this Section 5.1 shall be conclusive and binding on all persons.

 

5.2                            Corporate Transactions-Assumption or Termination of Awards.  Upon the occurrence of any of the following:  any merger, combination, consolidation, or other reorganization; any exchange of Common Stock or other securities of the Corporation; a sale of all or substantially all the business, stock or assets of the Corporation; a dissolution of the Corporation; or any other event in which the Corporation does not survive (or does not survive as a public company in respect of its Common Stock); then the Committee may make provision for a cash payment in settlement of, or for the assumption, substitution or exchange of any or all outstanding share-based awards or the cash, securities or property deliverable to the holder of any or all outstanding share-based awards, based upon, to the extent relevant under the circumstances, the distribution or consideration payable to holders of the Common Stock upon or in respect of such event.

 

The Committee may adopt such valuation methodologies for outstanding awards as it deems reasonable in the event of a cash or property settlement.

 

In any of the events referred to in this Section 5.2, the Committee may take such action contemplated by this Section 5.2 prior to such event (as opposed to on the occurrence of such event) to the extent that the Committee deems the action necessary to permit the participant to realize the benefits intended to be conveyed with respect to the underlying shares.

 

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Without limiting the generality of Section 7.3, any good faith determination by the Committee pursuant to its authority under this Section 5.2 shall be conclusive and binding on all persons.

 

Section 6.                               Shares Subject to the Plan; Share Limits

 

6.1                            Shares Available for Issuance.  Subject to adjustment under Section 5, the aggregate number of shares of Stock that may be issued or delivered under the Plan shall not exceed 500,000 shares, and the aggregate number of shares of Stock that may be delivered to any individual in a calendar year shall not exceed 5,000 shares.  Stock delivered by the Company under the Plan shall be shares of authorized and unissued shares of Stock and shall be fully paid and non-assessable when issued.

 

6.2                            Share Limits; Cut Backs.  If any award or crediting of Stock Units would cause the sum of the shares of Stock previously issued and shares issuable under outstanding awards under the Plan to exceed the maximum number of shares authorized under the Plan, the Company shall prorate among the Non-Employee Directors the award of Stock Units.  If and for so long as no available share authorization remains, no additional Stock Units shall be credited and cash shall be paid in lieu of dividend equivalents under Section 4.2 for such duration.

 

6.3                            Fractional Shares; Minimum Issue.  Fractional share interests may be accumulated but shall not be issued.  Cash will be paid or transferred in lieu of any fractional share interests that remain upon a distribution under the Plan.

 

Section 7.                               Administration

 

7.1                            The Administrator.  The Administrator of this Plan shall be the Compensation Committee; provided that the Board may from time to time appoint the Board as a whole or any other Committee to serve as administrator of this Plan.  The participating members of any Committee so acting shall include, as to decisions in respect of participants who are subject to Section 16 of the Exchange Act, only those members who are Non-Employee Directors (as defined in Rule 16b-3 promulgated under the Exchange Act).  Members of any Committee so acting shall not receive any additional compensation for administration of this Plan.

 

7.2                            Committee Action.  A member of the Committee shall not vote or act upon any matter which relates solely to himself or herself as a Participant in this Plan.  Action of the Committee with respect to the administration of this Plan shall be taken pursuant to a majority vote or (assuming compliance with Section 7.1) by unanimous written consent of its members.

 

7.3                            Rights and Duties; Delegation and Reliance; Decisions Binding.  Subject to the limitations of this Plan, the Committee shall be charged with the general administration of this Plan and the responsibility for carrying out its provisions, and shall have powers necessary to accomplish those purposes, including, but not by way of limitation, the following:

 

(a)                               To construe and interpret this Plan;

 

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(b)                              To resolve any questions concerning the amount of benefits payable to a Participant (except that no member of the Committee shall participate in a decision relating solely to his or her own benefits);

 

(c)                               To make adjustments under Section 5 and all other determinations required by this Plan;

 

(d)                             To maintain all the necessary records for the administration of this Plan; and

 

(e)                               To make and publish forms, rules and procedures for the administration of this Plan.

 

The determination of the Committee made in good faith as to any disputed question or controversy and the Committee’s determination of benefits payable to Participants, including decisions as to adjustments under Section 5, shall be conclusive and binding for all purposes of this Plan.  In performing its duties, the Committee shall be entitled to rely on information, opinions, reports or statements prepared or presented by:  (i) officers or employees of the Company whom the Committee believes to be reliable and competent as to such matters; and (ii) counsel (who may be employees of the Company), independent accountants and other persons as to matters which the Committee believes to be within such persons’ professional or expert competence.  The Committee shall be fully protected with respect to any action taken or omitted by it in good faith pursuant to the advice of such persons.  The Committee may delegate ministerial, bookkeeping and other non-discretionary functions to individuals who are officers or employees of the Company.

 

Section 8.                               Amendment and Termination; Shareholder Approval

 

8.1                            Amendment and Termination.  Subject to Section 8.2, the Board shall have the right to amend this Plan in whole or in part from time to time or may at any time suspend or terminate this Plan; provided, however, that, except as contemplated by Section 5, no amendment or termination shall cancel or otherwise adversely affect in any way, without his or her written consent, any Participant’s rights with respect to Stock Units credited to his or her Account.  Any amendments authorized hereby shall be stated in an instrument in writing, and all Participants shall be bound by such amendment.  Changes contemplated by Section 5 shall not be deemed to constitute changes or amendments for purposes of this Section 8.1.

 

8.2                            Shareholder Approval.  The Plan, any grant, action, crediting or vesting prior to shareholder approval, shall be subject to approval of the Plan by the shareholders of the Company and, to the extent required under applicable law or listing agency rule, required by the provisions of Section 8.1, or deemed necessary or advisable by the Board, any amendment to the Plan shall be subject to shareholder approval.

 

Section 9.                               Miscellaneous

 

9.1                            Limitation on Participants’ Rights.  Participation in this Plan shall not give any person the right to continue to serve as a member of the Board or any rights or interests other than as expressly provided herein.  This Plan shall create only a contractual obligation on the part

 

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of the Company as to such amounts and shall not be construed as creating a trust or fiduciary relationship between the Company, the Board, the Committee, and any Participant or other person.  This Plan, in and of itself, has no assets.  Participants shall have only the rights of a general unsecured creditor of the Company with respect to amounts credited and benefits payable, if any, on their Accounts, and rights no greater than the right to receive the Common Stock (or equivalent value as a general unsecured creditor) with respect to Accounts.  Participants shall not be entitled to receive actual dividends or to vote Shares until after delivery of the Shares.

 

9.2                            Beneficiaries.

 

(a)                               Beneficiary Designation.  Upon forms provided by the Company each Non-Employee Director may designate in writing the Beneficiary or Beneficiaries (as defined in Section 9.2(b)) whom such Non-Employee Director desires to receive any amounts payable under the Plan after his or her death.  Beneficiary designation forms shall be effective on the date that the form is received by the Corporate Secretary.  A Non-Employee Director may from time to time change his or her designated Beneficiary or Beneficiaries without the consent of such Beneficiary or Beneficiaries by filing a new designation in writing with the Corporate Secretary.  However, if a married Non-Employee Director wishes to designate a person other than his or her spouse as Beneficiary, such designation shall be consented to in writing by the spouse.  The Non-Employee Director may change any election designating a Beneficiary or Beneficiaries without any requirement of further spousal consent if the spouse’s consent so provides.  Notwithstanding the foregoing, spousal consent shall not be necessary if it is established that the required consent cannot be obtained because the spouse cannot be located or because of other circumstances prescribed by the Committee.  The Company and the Committee may rely on the Non-Employee Director’s designation of a Beneficiary or Beneficiaries last filed in accordance with the terms of the Plan.

 

(b)                              Definition of Beneficiary.  A Participant’s “Beneficiary” or “Beneficiaries” shall be the person, persons, trust or trusts (or similar entity) designated by the Participant or, in the absence of a designation, entitled by will or the laws of descent and distribution to receive the Participant’s benefits under this Plan in the event of the Participant’s death, and shall mean the Participant’s executor or administrator if no other Beneficiary is identified and able to act under the circumstances.

 

9.3                            Non-Transferability.  A Participant’s rights and interests under the Plan in respect to Stock Units, including amounts payable or Stock deliverable under or in respect thereof, may not be assigned, pledged, or transferred except in the event of a Participant’s death, to a designated beneficiary as provided in Section 9.2(b) above, or in the absence of such designation, by will or the laws of descent and distribution.

 

The above transfer restrictions shall not apply to transfers to the Company or transfers pursuant to a court order.

 

9.4                            Obligations Binding Upon Successors.  Obligations of the Company under this Plan shall be binding upon successors of the Company.

 

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9.5                            Governing Law; Severability.  The validity of this Plan and any agreements entered into under the Plan or any of its provisions shall be construed, administered and governed in all respects under the laws of the State of California.  If any provisions of this Plan shall be held by a court of competent jurisdiction to be invalid or unenforceable, the remaining provisions hereof shall continue to be fully effective.

 

9.6                            Compliance with Laws.  This Plan and the offer, issuance and delivery of shares of Common Stock and/or the payment of benefits under this Plan are subject to compliance with all applicable federal and state laws, rules and regulations (including but not limited to state and federal securities law) and to such approvals by any listing, agency or any regulatory or governmental authority as may, in the opinion of counsel for the Company, be necessary or advisable in connection therewith.  Any securities delivered under this Plan shall be subject to prior registration or such restrictions as the Company may deem necessary or desirable to assure compliance with all applicable legal requirements, and the person acquiring such securities shall, if requested by the Company, provide such assurances and representations to the Company as it may reasonably request to assure such compliance.

 

9.7                            Limitations on Rights Associated with Units.  A Non-Employee Director’s Account shall be a memorandum account on the books of the Company.  The Units credited to a Non-Employee Director’s Account shall be used solely as a device for the determination of the number of shares of Stock to be distributed to the Participant in accordance with this Plan.  The Units shall not be treated as property or as a trust fund of any kind.  No Participant shall be entitled to any voting or other shareholder rights with respect to Units credited under this Plan.  The number of Units credited to a Participant’s Account shall be subject to adjustment in accordance with Section 5 and the terms of this Plan.

 

9.8                            Plan Construction.  It is the intent of the Company that transactions pursuant to this Plan satisfy and be interpreted in a manner that satisfies the applicable conditions for exemption under Rule 16b-3 promulgated under the Exchange Act (“Rule 16b-3”) so that, to the extent consistent therewith, the crediting of Units and the payment of Stock will be entitled to the benefits of Rule 16b-3 or other exemptive rules under Section 16 of the Exchange Act and will not be subjected to avoidable liability thereunder.

 

9.9                            Headings Not Part of Plan.  Headings and subheadings in this Plan are inserted for reference only and are not to be considered in the construction of the provisions hereof.

 

9.10                    Section 409A.  It is the intent that the payments under this Plan shall comply with or be exempt from Internal Revenue Code Section 409A and the regulations and guidance promulgated thereunder (collectively, “Code §409A”), and accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be in compliance with or exempt from Code §409A.  A termination of service shall not be deemed to have occurred for purposes of this Plan unless such termination is also a “separation from service” within the meaning of Code §409A.  Notwithstanding any other payment schedule provided herein to the contrary, if the Non-Employee Director is deemed on the date of termination to be a “specified employee” within the meaning of that term under Code §409A, then to the extent required under Code §409A such payment shall be delayed until the six month anniversary of such termination or the Non-Employee Director’s death.

 

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AMENDMENT TO 2013 NON-EMPLOYEE DIRECTORS STOCK PLAN

 

This Amendment to the American States Water Company 2013 Non-Employee Directors Stock Plan (as amended, amended and restated or otherwise modified from time to time, the “Plan”), is made by the Board of Directors (the “Board”) of American States Water Company (the “Company”), effective as of May 20, 2014 (the “Effective Date”).  Capitalized terms used but not otherwise defined herein shall have the respective meanings assigned to such terms in the Plan.

 

Section 1.  Amendment.  Pursuant to Section 8.1 of the Plan, the Plan is hereby amended by deleting and replacing Section 4.1 with the following:

 

4.1                            Annual Award.

 

(a)                               As of the date of each annual meeting of the shareholders in 2013 and 2014, the Account of each Non-Employee Director in office immediately following the annual meeting shall be credited with a number of Stock Units equal to (1) two times the amount of the then-current annual cash retainer payable by the Company for services rendered as a director for such year (or, if there is no such annual cash retainer, the average amount of cash compensation received by such Non-Employee Director during the prior fiscal year) divided by (2) the Fair Market Value of Common Stock on the last trading day prior to such annual meeting.

 

(b)                              As of the date of each annual meeting of the shareholders commencing in 2015, the Account of each Non-Employee Director in office immediately following the annual meeting shall be credited with a number of Stock Units equal to (1) an amount established by the Board of Directors prior to such annual meeting divided by (2) the Fair Market Value of Common Stock on the last trading day prior to such annual meeting; provided that, in no event, may such amount exceed two times the amount of the then-current annual retainer payable by the Company for services rendered as a director for such year (or, if there is no such annual retainer, the average amount of cash compensation received by such Non-Employee Director during the prior fiscal year).

 

(c)                               Annual grants that would otherwise exceed the maximum number of shares allotted for issuance under the Plan contained in Section 6.1 shall be prorated within such limitation pursuant to Section 6.2.

 

Section 2. Effect of Amendment.  On and after the effectiveness of this Amendment, each reference in the Plan to “this Plan,” “hereunder,” “hereof,” or words of like import referring to the Plan, shall mean and be a reference to the Plan, as amended by this Amendment.  Except as amended hereby, the Plan continues and shall remain in full force and effect in all respects.

 

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AMENDMENT NO. 2 TO 2013 NON-EMPLOYEE DIRECTORS STOCK PLAN

 

This Amendment to the American States Water Company 2013 Non-Employee Directors Stock Plan (as amended, amended and restated or otherwise modified from time to time, the “Plan”), is made by the Board of Directors (the “Board”) of American States Water Company (the “Company”), effective as of March 24, 2016 (the “Effective Date”).  Capitalized terms used but not otherwise defined herein shall have the respective meanings assigned to such terms in the Plan.

 

Section 1.  Amendment.  Pursuant to Section 8.1 of the Plan, the Plan is hereby amended by deleting and replacing Section 6.1 with the following:

 

6.1 Shares Available for Issuance.  Subject to adjustment under Section 5, the aggregate number of shares of Stock that may be issued or delivered under the Plan shall not exceed 200,000 shares, and the aggregate number of shares of Stock that may be delivered to an individual in a calendar year shall not exceed 2,500 shares. Stock delivered by the Company under the Plan shall be shares of authorized and unissued shares of Stock and shall be fully paid and non-assessable when issued.

 

Section 2. Effect of Amendment.  On and after the effectiveness of this Amendment, each reference in the Plan to “this Plan,” “hereunder,” “hereof,” or words of like import referring to the Plan, shall mean and be a reference to the Plan, as amended by this Amendment.  Except as amended hereby, the Plan continues and shall remain in full force and effect in all respects.

 

10EXHIBIT 10.3

 

AMERICAN STATES WATER COMPANY

 

2016 SHORT-TERM INCENTIVE PROGRAM

 

1.                                    Purpose of 2016 Short-Term Incentive Program

 

American States Water Company, a California corporation, (the “Corporation”) has adopted the American States Water Company Performance Incentive Plan (the “Plan”) to promote the success of the Corporation by (a) motivating executives selected to participate in the Plan to maximize the performance of the Corporation both from a financial perspective and in serving its customers and (b) rewarding them with cash Objective Bonuses directly related to such performance.  The Corporation’s board of directors recognizes that the ability of the Corporation and its subsidiaries to attract capital at a low cost is based on its financial performance and that the Corporation’s customers benefit through its ability to attract low cost capital.  This 2016 Short-Term Incentive Program (the “2016 STIP”) sets forth the names of the individuals selected to be Participants who are eligible to earn Objective Bonuses under the Plan for the 2016 calendar year and the applicable Business Criteria, Performance Targets, and Payout Percentages for the 2016 calendar year.  The 2016 STIP also provides for Discretionary Bonuses, which when added to the Objective Bonuses under the Plan, equal the Aggregate Bonuses payable under the 2016 STIP for the 2016 calendar year.

 

2.                                    Term of 2016 STIP

 

The Performance Period covered by the 2016 STIP (the “Term”) began on January 1, 2016 and will end on December 31, 2016.

 

3.                                    Relationship to American States Water Company Performance Incentive Plan

 

The Objective Bonuses based on the Business Criteria payable under Awards granted under the 2016 STIP are granted under the authority of the Plan and are subject to all of the terms and conditions of the Plan, as it may be amended from time to time, and any rules adopted by the Committee in accordance with the terms of the Plan, as such rules are in effect from time to time.  The Discretionary Bonuses are granted under the general authority of the Compensation Committee to determine the compensation payable to Executives.

 

4.                                    Definitions

 

Capitalized terms used and not otherwise defined herein have the meanings set forth in the Plan.  In addition, the following phrases shall have the meanings specified below:

 

“Adjusted EPS - ASUS” means the EPS of ASUS for 2016 adjusted to remove the general office allocation to ASUS related to any transaction fees and/or gain or loss on sale recognized in the financial statements in 2016 associated with a sale of any of the Corporation’s business units or the acquisition of any new businesses.

 

“Adjusted EPS - AWR Consolidated” means the Corporation’s EPS for 2016 adjusted to remove 1) any write-offs associated with the CPUC’s 2014 procurement audit of GSWC

 

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arising out of the settlement of claims approved by the CPUC in December 2011 related to the capital projects contracting matter and 2) any transaction fees and/or gain or loss on sale recognized in the financial statements in 2016 associated with a sale of any of the Corporation’s business units or the acquisition of any new businesses.

 

“Adjusted EPS - Regulated Utilities” means the sum of the EPS of each of the Regulated Utilities for 2016 adjusted to remove 1) any write-offs associated with the CPUC’s 2014 procurement audit of GSWC arising out of the settlement of claims approved by the CPUC in December 2011 related to the capital projects contracting matter and 2) any transaction fees and/or gain or loss on sale recognized in the financial statements in 2016 associated with a sale of any of the Corporation’s business units or the acquisition of any new businesses.

 

“Aggregate Bonus” means the combination of a Participant’s Objective Bonus and his or her Discretionary Bonus.

 

“ASUS” means American States Utility Services, Inc., a California corporation, and wholly owned subsidiary of the Corporation, and its wholly owned subsidiaries.

 

“Award Agreement” means a written agreement setting forth the material terms and conditions of the Award as determined by the Committee consistent with the express limitations of the Plan and the 2016 STIP.

 

“Base Salary” means the Participant’s rate of annual base pay on the date the Committee approves the Business Criteria and Performance Targets.

 

“Board of Directors” means the Corporation’s board of directors.

 

“Budget” or “Budgeted” means in the case of Adjusted EPS for the Corporation, the Regulated Utilities or ASUS, as the case may be, the projected Adjusted EPS for 2016 as set forth in the Operating Budget and for Construction Revenues – ASUS, and Direct Construction Margin – ASUS, the amounts included for these metrics in the Operating Budget.

 

“Business Criteria” means Adjusted EPS-AWR Consolidated, Adjusted EPS- Regulated Utilities, Adjusted EPS-ASUS, Customer Complaints-RU, Customer Complaint Standards-RU, Capital Expenditures-RU, Construction Revenues-ASUS, Direct Construction Margin-ASUS, G&A Rate-ASUS, SOX Deficiencies-RU, SOX Deficiencies-ASUS, Economic Value of Redeterminations-ASUS, Field Office Overhead Rate-ASUS, Safety-Recordable Work Incidents-RU,  Satisfaction of Customers-Small Business Utilization (SBU)-ASUS and Supplier Diversity-RU.

 

“CAB” means the CPUC Consumer Affairs Branch.

 

“Capital Expenditures - RU” means the dollar amount of capital expenditures for 2016 for the Regulated Utilities.

 

2

 

“Construction Revenues – ASUS” – means the total revenues from the construction segment of ASUS during 2016 for the military bases served by subsidiaries of ASUS on December 31, 2015.

 

“Committee” means the Compensation Committee of the Board of Directors.

 

“CPUC” means the California Public Utilities Commission.

 

“Customer Complaint Standards - RU” means the number of complaints on all matters on GSWC received by CAB in 2016 divided by the average number of customers served by GSWC during 2016.

 

“Customer Complaints - RU” means the number of water quality, pressure, service, and leak complaints received from water customers by GSWC divided by the average number of water customers served by GSWC during 2016.

 

“Direct Construction Margin – ASUS” means a percentage determined by dividing total construction revenues less ASUS construction costs (reported as expenses in the Company’s Form 10-K for 2016 filed with the Securities and Exchange Commission) by total construction revenues.

 

“Discretionary Bonus” means a bonus payable to a Participant based on that Participant’s Individual Performance Measures.

 

“Economic Value of Redeterminations - ASUS” means the increase in the monthly combined amount of operations and maintenance and renewal and replacement billings at December 31, 2016 completed as a result of Redeterminations for the military bases served by subsidiaries of ASUS at December 31, 2015, which are projected to be completed during 2016.

 

“EPS” means fully diluted earnings per share as reported in the Corporation’s consolidated financial statements for 2016.

 

“Field Office Overhead Rate – ASUS” means negotiated rate for field offices for each of the subsidiaries of ASUS, other than Fort Bliss Water Services Company as of December 31, 2015 for renewal and replacement projects.

 

“G&A Rate – ASUS” means the number of 50-year contracts for subsidiaries of ASUS as of December 31, 2015 that have adopted during the performance period the general and administrative rate at December 31, 2015 negotiated with the Defense Logistics Agency – Energy (DLA) for New Capital Upgrade Projects.

 

“GSWC” means Golden State Water Company, a California corporation and wholly owned subsidiary of the Corporation.

 

“Individual Performance Measures” means the criteria or goals utilized to determine the amounts of each Participant’s Discretionary Bonus.

 

3

 

“Objective Bonus” means a bonus based on the degree of achievement of the Performance Targets for the Business Criteria.

 

“Operating Budget” means the Company’s operating budget for 2016 as presented to the Board of Directors at its January 26, 2016 meeting.

 

“New Capital Upgrade Projects” means the capital upgrade projects awarded to subsidiaries of ASUS in 2015.

 

“Payout Percentage” means the percentage of a Participant’s Target Aggregate Bonus that is payable based on the degree of satisfaction of a Performance Target or the Individual Performance Measures.

 

“Performance Measures” means the Business Criteria and Individual Performance Measures.

 

“Performance Target” means a specific goal established by the Committee with respect to the Business Criteria as set forth in Section 6.

 

“Redeterminations” means redeterminations pursuant to filings by subsidiaries of ASUS for price redeterminations, economic price adjustments and asset transfers.

 

“Regulated Utilities” means GSWC and any other utility acquired by the Corporation which is designated a “regulated utility” by the Committee.

 

“Safety-Recordable Work Incidents - RU” means the number of work-related injuries and illnesses as reported on the OSHA Form 300 for GSWC.

 

“Satisfaction of Customers - Small Business Utilization (SBU) - ASUS” means the percentage of total contract awards during 2016 by subsidiaries of ASUS with qualified small business vendors for the purpose of meeting the requirements of the U.S. government’s small business utilization program divided by the total expenditures incurred with all vendors. Qualified vendors are 1) Service Disabled Veteran-owned, Small Business, 2) Veteran-owned Small Business, 3) Historically Underutilized Business Zones, 4) Women-owned small business, 5) Small Disadvantaged Business and 6) Small Business.

 

“SOX” means the Sarbanes-Oxley Act of 2002.

 

“SOX Deficiencies - ASUS” means the number of “control deficiencies” (each a “CD”), “significant deficiencies” (each an “SD”) and “material weaknesses” (each a “MW”) reported for ASUS in the independent auditor’s report for 2016 pursuant to Section 404 of SOX.

 

“SOX Deficiencies - RU” means the number of CDs, SDs and MWs reported for the Regulated Utilities in the independent auditor’s report for 2016 pursuant to Section 404 of SOX.

 

“Supplier Diversity - RU” means the percentage reported by GSWC to the CPUC annually by March 1 in its General Order 156 Compliance Filing.  The percentage is calculated by taking GSWC’s total procurement dollars for the reporting period with CPUC qualified

 

4

 

women-owned, minority-owned, and disabled veteran-owned business enterprises divided by GSWC’s total procurement dollars (net of exclusions allowed under the General Order 156 Compliance Filing for the reporting period, such as payments for purchased water, purchased power, pump taxes, income taxes, franchise fees, and postage).

 

“Target Aggregate Bonus” means the amount of bonus that would be payable if each of the Performance Targets were met at the targeted level and the Participant’s Individual Performance Measures were met at the targeted level.

 

5.                                    Participation and Individual Awards

 

The individuals who have been selected as Participants in the 2016 STIP are set forth below together with the amount of their Target Aggregate Bonuses as a percentage of Base Salary:

 

	
 
    	
Participant 

 
    	
Target
   Aggregate Bonus 

 
    
	
 

GSWC   Officers

 
    
	
Administrative
   and General
    	
Robert   J. Sprowls
    	
70.0%
    
	
Eva   G. Tang
    	
30.5%
    
	
Gladys   M. Farrow
    	
25.0%
    
	
Operations
    	
Denise   L. Kruger
    	
30.5%
    
	
Paul   J. Rowley
    	
19.0%
    
	
Patrick   R. Scanlon
    	
25.0%
    
	
William   C. Gedney
    	
25.0%
    
	
Bryan   K. Switzer (Keith)
    	
25.0%
    
	
 
    	
 
    	
 
    
	
 

ASUS   Officers

 
    
	
 
    	
James   C. Cotton III
    	
50.0%
    
	
 
    	
Granville   R. Hodges, Jr. (Rusty)
    	
25.0%
    
	
 
    	
James   B. Gallagher
    	
25.0%
    

 

For purposes of this 2016 STIP, the GSWC officers will be divided into (1) Administrative and General Officers and (2) Operations Officers.

 

The Corporation will enter into an Award Agreement with each Participant that (a) describes his or her Individual Performance Measures and sets forth his or her Target Aggregate Bonus, (b) sets forth his or her threshold, target and maximum Performance Targets and (c) incorporates the terms and conditions of the Plan and this 2016 STIP by reference.  The Target Aggregate Bonus amount set forth above shall represent the aggregate amount of up to two separate bonuses: an Objective Bonus under the Plan, and a Discretionary Bonus.

 

5

 

6.                                    Performance Targets for Objective Bonuses

 

The threshold, target and maximum Performance Targets for the 2016 STIP are set forth in Exhibit A to this 2016 STIP.

 

7.                                    Determination of Participants’ Aggregate Bonuses

 

The Aggregate Bonus payable to each Participant shall be determined on the basis of the extent to which the Performance Targets for the Business Criteria and that Participant’s Individual Performance Measures are achieved.  The amount of Aggregate Bonus payable is equal to the amount of the Target Aggregate Bonus multiplied by the sum of the Payout Percentages for each of the Performance Measures as determined pursuant to the tables in (a) Section B of Exhibit A for Participants that are Administrative and General Officers employed by GSWC, (b) Section C for Participants that are Operations Officers employed by GSWC and (c) Section D for Participants employed by ASUS.

 

As soon as practicable following the end of the Term of the 2016 STIP and the completion of the independent auditor’s report for 2016, the Committee shall determine the extent to which the Performance Targets for the Business Criteria are achieved and the extent to which the Individual Performance Measures are achieved, and determine the Payout Percentage for each of the Performance Measures.  In order for a Participant to receive any payment with respect to the Participant’s Discretionary Bonus, the Participant must meet the standards established for the Participant’s position, which standards shall be one of the components of the Participant’s Individual Performance Measures.  The determination of whether the standards established for the Participant’s position are achieved shall be made by the Committee, which (other than for the Company’s President and Chief Executive Officer) determination shall be based on the recommendations of the President and Chief Executive Officer or other direct supervisor of the Participant.

 

For levels of achievement between threshold and maximum, the Committee shall determine the Payout Percentage by interpolation.  Subject to Section 8 below, the Aggregate Bonus for each Participant shall be the sum of the Payout Percentages determined with respect to each Performance Measure multiplied by the amount of Participant’s Target Aggregate Bonus.

 

8.                                    Payment of Accounts

 

At the time the Committee makes the determinations described in Section 7, it shall certify, in accordance with Section 4.8 of the Plan, the amounts of the Objective Bonuses payable to Participants.  The Committee shall, at the same time, determine the amount of the Discretionary Bonus payable to Participants.  Payment of such bonuses (the Aggregate Bonuses) shall be made as soon as practicable following the Committee’s determination and certification, but in no event later than December 31, 2017.

 

Notwithstanding the foregoing, any Objective Bonus otherwise payable to any Participant under this 2016 STIP shall be subject to the adjustments, limitations (including the dollar limitation under Section 4.3 of the Plan), Committee’s discretionary authority to make downward adjustments and other terms and conditions set forth in the Plan.  Any Discretionary Bonus otherwise payable under this 2016 STIP shall be subject to any adjustments, limitations, upward

 

6

 

or downward adjustments in amounts and any other terms or conditions that the Committee may impose in its sole discretion.

 

9.         Effect of Termination of Employment

 

Except as otherwise provided in an employment agreement, memorandum of understanding, other contract between a Participant and the Corporation or one of its Subsidiaries, or by the Committee in its sole discretion, the bonuses payable under a Participant’s Award will be forfeited, and the Participant will not be entitled to any bonus payments with respect to such Award if the Participant ceases to be employed by the Corporation or one of its Subsidiaries for any reason prior to the date the bonus payments under the 2016 STIP are paid to Participants.

 

10.       Recoupment of Bonuses

 

Any payment of an Objective Bonus, Discretionary Bonus or Aggregate Bonus under this 2016 STIP is subject to recoupment pursuant to the Corporation’s Policy Regarding the Recoupment of Certain Performance-Based Compensation Payments as in effect from time to time, or as otherwise be required by law and a Participant shall promptly make any reimbursement requested by the Board of Directors or the Committee pursuant to such policy with respect to any such bonuses.  Further, each Participant shall agree, by accepting an Award under the 2016 STIP and executing an Award Agreement, that the Corporation and/or any of its affiliates may deduct from any amounts it may owe the Participant from time to time (such as wages or other compensation) any and all amounts the Participant is required to reimburse the Corporation pursuant to such policy with respect to the Award.

 

7

 

EXHIBIT A

 

2016 STIP

 

PERFORMANCE TARGETS AND PAYOUT PERCENTAGES

 

A.        PERFORMANCE TARGETS FOR OBJECTIVE BONUSES

 

	
 

Performance
   Measure
    	
 

Performance Targets

 
    
	
 

Threshold

 
    	
 

Target

 
    	
 

Maximum

 
    
	
Adjusted EPS - AWR Consolidated

 
    	
76% Budget

 
    	
100% Budget

 
    	
124% Budget

 
    
	
Adjusted EPS - Regulated Utilities (RU)

 
    	
75% Budget

 
    	
100% Budget

 
    	
125% Budget

 
    
	
Adjusted EPS - ASUS

 
    	
80% Budget

 
    	
100% Budget

 
    	
130% Budget

 
    
	
Customer Complaints - RU
    	
< 0.25%

 
    	
< 0.215%

 
    	
< 0.18%

 
    
	
Customer Complaint Standards - RU

 
    	
Rate of Complaints to
   the CAB < 0.04%

 
    	
Rate of Complaints to
   the CAB < 0.0275%

 
    	
Rate of Complaints to
   the CAB < 0.02%

 
    
	
Capital Expenditures - RU

 
    	
> $67.5   million

 
    	
> $85 million

 
    	
> $95.6

 
    
	
Supplier Diversity - RU

 
    	
> 18.0%

 
    	
> 21.5%

 
    	
> 25.0%

 
    
	
Safety - Recordable Work Incidents - RU

 
    	
23

 
    	
17

 
    	
13

 
    
	
SOX Deficiencies - RU

 
    	
No MW, No SD & No
   more than 5 CDs

 
    	
No MW, No SD & No
   more than 3 CDs

 
    	
No MW, No SD & No
   more than 1 CD

 
    
	
SOX Deficiencies - ASUS

 
    	
No MW, No SD & No
   more than 2 CDs

 
    	
No MW, No SD & No
   more than 1 CD

 
    	
No MW, No SD & No
   CD

 
    
	
Economic Value of Redeterminations - ASUS

 
    	
> $660,200

 
    	
>$878,237

 
    	
> $1,045,321

 
    
	
Construction Revenues - ASUS

 
    	
90% of Budget

 
    	
100% of Budget

 
    	
110% of Budget

 
    
	
Satisfaction of Customers - Small Business Utilization (SBU) - ASUS

 
    	
> 75%

 
    	
> 78%

 
    	
> 80% and 2%   in Hub (1)
   zone

 
    
	
G&A Rate – ASUS

 
    	
1 Contract

 
    	
2 Contracts

 
    	
3 Contracts

 
    
	
Field Office Overhead Rate – ASUS

 
    	
1 Contract

 
    	
3 Contracts

 
    	
5 Contracts

 
    
	
Direct Construction Margin - ASUS

 
    	
> Budget less   100 basis
   points

 
    	
At Budget

 
    	
> Budget plus   100 basis
   points

 
    

 

(1) HUB Zone – Historically Underutilized Business Zone

 

A-1

 

B.        PAYOUT PERCENTAGES FOR PERFORMANCE MEASURES - GSWC ADMINISTRATIVE AND GENERAL OFFICERS

 

	
 

Performance
   Measure
    	
 

Payout Percentage

 
    
	
 

Threshold

 
    	
 

Target

 
    	
 

Maximum

 
    
	
Adjusted EPS - AWR Consolidated  (1)

 
    	
15.0%

 
    	
20.0%

 
    	
25.0%

 
    
	
Adjusted EPS - Regulated Utilities (RU) (2)

 
    	
16.5%

 
    	
20.0%

 
    	
23.5%

 
    
	
Adjusted EPS - ASUS 

 
    	
5.0%

 
    	
10.0%

 
    	
18.5%

 
    
	
Customer Complaints - RU
    	
1.5%

 
    	
5.0%

 
    	
7.0%

 
    
	
Customer Complaint Standards - RU

 
    	
1.5%

 
    	
5.0%

 
    	
7.0%

 
    
	
Capital Expenditures - RU

 
    	
4.0%

 
    	
10.0%

 
    	
15.0%

 
    
	
SOX Deficiencies - RU

 
    	
2.0%

 
    	
5.0%

 
    	
7.0%

 
    
	
SOX Deficiencies - ASUS

 
    	
2.0%

 
    	
5.0%

 
    	
7.0%

 
    
	
Objective Bonus Total

 
    	
47.5%

 
    	
80.0%

 
    	
110.0%

 
    
	
Individual Performance Measure
    (Discretionary Bonus)

 
    	
12.5%

 
    	
20.0%

 
    	
35.0%

 
    
	
Aggregate Bonus

 
    	
60.0%

 
    	
100.0%

 
    	
145.0%

 
    

 

(1)      For the Adjusted EPS-AWR Consolidated performance measure, the payout may be reduced, at the sole discretion of the Compensation Committee, based upon adverse information concerning the actions of an officer obtained by the Company in the procurement audit being conducted by the CPUC.

(2)      For the Adjusted EPS-Regulated Utilities (RU) performance measure, the payout may be reduced, at the sole discretion of the Compensation Committee, based upon adverse information concerning the actions of an officer obtained by the Company in the procurement audit being conducted by the CPUC.

 

A-2

 

C.        PAYOUT PERCENTAGES FOR PERFORMANCE MEASURES - GSWC OPERATIONS OFFICERS

 

	
 

Performance
   Measure
    	
 

Payout Percentage

 
    
	
 

Threshold

 
    	
 

Target

 
    	
 

Maximum

 
    
	
Adjusted EPS - Regulated Utilities (RU) (1)

 
    	
30.0%

 
    	
40.0%

 
    	
50.0%

 
    
	
Customer Complaints - RU 

 
    	
2.0%

 
    	
5.0%

 
    	
7.0%

 
    
	
Customer Complaint Standards - RU
    	
2.0%

 
    	
5.0%

 
    	
7.0%

 
    
	
Capital Expenditures - RU

 
    	
7.5%

 
    	
15.0%

 
    	
20.0%

 
    
	
Supplier Diversity - RU

 
    	
2.0%

 
    	
5.0%

 
    	
7.0%

 
    
	
Safety - Recordable Work Incidents - RU

 
    	
2.0%

 
    	
5.0%

 
    	
7.0%

 
    
	
SOX Deficiencies - RU

 
    	
2.0%

 
    	
5.0%

 
    	
7.0%

 
    
	
Objective Bonus Total

 
    	
47.5%

 
    	
80.0%

 
    	
105.0%

 
    
	
Individual Performance Measure
    (Discretionary Bonus)

 
    	
12.5%

 
    	
20.0%

 
    	
35.0%

 
    
	
Aggregate Bonus

 
    	
60.0%

 
    	
100.0%

 
    	
140.0%

 
    

 

(1)      For the Adjusted EPS-Regulated Utilities (RU) performance measure, the payout may be reduced, at the sole discretion of the Compensation Committee, based upon adverse information concerning the actions of an officer obtained by the Company in the procurement audit being conducted by the CPUC.

 

A-3

 

D.        PAYOUT PERCENTAGES FOR PERFORMANCE MEASURES - ASUS

 

	
 

Performance
   Measure
    	
 

Payout Percentage

 
    
	
 

Threshold

 
    	
 

Target

 
    	
 

Maximum

 
    
	
Adjusted EPS - ASUS 

 
    	
17.5%

 
    	
40.0%

 
    	
70.0%

 
    
	
SOX Deficiencies - ASUS

 
    	
2.5%

 
    	
5.0%

 
    	
7.5%

 
    
	
Economic Value of Redeterminations - ASUS

 
    	
5.0%

 
    	
9.0%

 
    	
15.0%

 
    
	
Construction Revenues - ASUS

 
    	
4.5%

 
    	
9.0%

 
    	
15.0%

 
    
	
Satisfaction of Customers (SBU) - ASUS

 
    	
1.0%

 
    	
2.0%

 
    	
3.5%

 
    
	
G&A Rate - ASUS

 
    	
1.0%

 
    	
5.0%

 
    	
9.0%

 
    
	
Field Office Overhead Rate - ASUS

 
    	
1.0%

 
    	
3.0%

 
    	
5.0%

 
    
	
Direct Construction Margin

 
    	
5.0%

 
    	
7.0%

 
    	
10.0

 
    
	
Objective Bonus Total

 
    	
37.5%

 
    	
80.0%

 
    	
135.0%

 
    
	
Individual Performance Measure
   (Discretionary Bonus)

 
    	
12.5%

 
    	
20.0%

 
    	
35.0%

 
    
	
Aggregate Bonus

 
    	
50.0%

 
    	
100.0%

 
    	
170.0%

 
    

 

A-4

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