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Exhibit 10.34

EMPLOYMENT CONTRACT

Between
Otis International Sàrl    hereafter referred to as Otis International
and
Bernardo Calleja Fernandez    hereafter referred to as Employee

GENERAL REMARKS
									
	TITLE:	President, Otis EMEA
	GRADE:	Executive Leadership Group (ELG) of Otis Worldwide Corporation
	ACTIVITY RATIO:	Full time (100%)
	CONTRACT PERIOD:	Open-ended
	START DATE:	November 15, 2021
	TRANSPORT MODE:	Company vehicle
	GROSS ANNUAL BASE SALARY:	540’000 CHF (paid in 13 installments)
	BONUS (STI) AT TARGET:	80% of base salary in effect at year end
	TRANSITION ALLOWANCE:	360'000 CHF (paid in installments over 3 years)
	SCHOOLING ALLOWANCE:	108'000 CHF (paid in installments over 2 years)
	TAX PREPARATION ALLOWANCE:	16’200 CHF per year
	MEDICAL COVERAGE	1 year of medical
	NON-COMPETE CLAUSE PERIOD:	2 years
	GEOGRAPHIC REACH OF THE NON-COMPETE CLAUSE:	Worldwide

1.1 FUNCTION
Employee is hired for the aforementioned function.  Employee will report to Judy Marks, CEO of Otis Worldwide Corporation (the “Parent”), or any of her successors. Both parties acknowledge that due to Employee’s activities, it is impossible to give an exhaustive enumeration of all the tasks which are Employee’s responsibility. Consequently, all tasks which are directly or indirectly necessary, or useful for the execution of his function, are part of the activities of Employee. Otis acknowledges that Employee currently serves (and may serve in the future) as a director of other Otis Group entities (i.e., any direct or indirect subsidiary or affiliate of the Parent); unless specifically agreed to the contrary, no additional compensation shall be owed to Employee in this respect. 
1.2 CONTRACT PERIOD, TRIAL PERIOD, AND NOTICE PERIOD
The present contract comes into force on the start date indicated above.  It is concluded for an open-ended period.  Either party may terminate the employment contract per the end of a month, subject to a notice period of 3 months. There is no trial period. If the employment contract is terminated, Employee may be entitled to severance subject to the terms and conditions of the Parent’s ELG Severance Plan. Any termination indemnity or severance payment paid by any Otis Group entities to Employee shall reduce his ELG severance amount.
1.3 WORKPLACE
In principle, the workplace is set at Otis EMEA’s headquarters (currently in Geneva).  However, the employee will be frequently asked to travel as part of his work and will be reimbursed for travel expenses in accordance with 
			
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applicable Otis Group policy.  Furthermore, in light of the functions of the employee, Otis International reserves the right to temporarily or permanently change his workplace. Any permanent change will only occur if the location of Otis EMEA’s headquarters change. If Employee is required to change his workplace, he will be entitled to relocation benefits in accordance with applicable Otis Group Policy for senior executives.
1.4 SALARY
1.4.1Annual base salary (540'000 CHF)
The gross annual base salary is specified above.  This gross annual base salary will be effective on the Start Date. Annual base salary shall be paid in thirteen equal installments and shall be paid monthly. The thirteenth installment shall be paid in December. The gross annual base salary shall be reviewed annually and shall not be decreased, except as part of program that impacts all Otis ELG members in similar fashion (e.g., 10% across-the-board for similarly situated executives). The salary payable to Executive shall be reduced by any salary payable to Employee by any other member of the Otis Group for the same period of service and for purposes of calculating any reduction amounts payable in € or other currency shall be converted into CHF based on the most recent conversion rate published by OANDA.
1.4.2Short-term incentive plan participation
Employee is eligible to participate in the Parent’s Executive Short-Term Incentive Plan (the “STI”), governed by Delaware law, and as amended unilaterally by the Parent from time to time. Employee’s target annual STI opportunity is 80% of his gross annual base salary in effect hereunder at the end of each applicable year and shall be calculated by reference to the gross annual base salary payable hereunder without regard to any salary reduction that may be made as a result of the last sentence of Clause 1.4.1.  The actual amount of the potential STI payment is based on the rules of the STI.
1.4.3Long-term incentive plan participation
Employee will be eligible to receive grants of equity awards, as determined annually in the sole discretion of Parent’s Compensation Committee under the Parent’s 2020 Long-Term Incentive Plan (the “LTI”) or any successor plan thereto. The LTI is a global plan governed by Delaware law and obligations and rights described in the LTI and Employee’s award agreements are not part of this contract. Otis International is in no way liable for any obligations set under the LTI (except for certain withholding obligations). 
1.4.4Nature of incentives
STI and LTI payments, if any, are optional services whose very principle, amount, and nature are fully discretionary.  The nature of these special payments remains unchanged, even if they have been made several times.  Employee does not acquire any right to be paid such incentives.
1.4.5Transition allowance 
Employee is eligible for a transition allowance in the maximum amount of 360'000 CHF (total amount for 36 months) to reflect the higher cost of living associated with living in Switzerland over his prior work location.  Subject to Employee’s continued employment with Otis International, the transition allowance will be paid in 36l monthly installments. The first twelve installment payments will each be 12’500 CHF, the next twelve installment payments will each be 10’000 CHF and the final twelve installment payments will each be 7’500 CHF.  Each installment will be made in arrears (e.g., the payment for November 2021 will be made in December, 2021). The amount of the transition allowance is a net amount, i.e., Otis International will bear any social security (employer and employee share) as well as any taxes owed on this amount.
In addition, Employee shall be eligible to receive standard executive relocation benefits to facilitate his move to Switzerland, including, but not limited to, household goods shipment, a home finding trip and a relocation lump sum of 63’000 CHF. Otis International will bear any social security (employer and employee share) as well as any taxes owed on the standard executive relocation benefits.
1.4.6School fees for child
Subject to Employee’s continued employment with Otis International, he will be reimbursed for school and boarding fees for his son for up to two school years. The total cost of such reimbursement shall not exceed a total amount of 110’000 CHF over this two-year period.  The reimbursement will be processed upon presentation of receipts. The amount paid for school and boarding fees is a net amount, i.e., Otis International will bear any social security (employer and employee share) as well as any taxes owed on this amount.
			
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1.4.7Car
Employee will be entitled to the use of a car on the same terms and conditions as is provided to the most senior executives employed by Otis International.
1.4.8Tax Preparation Services
Otis International will reimburse Employee for tax preparation services in an amount not to exceed 16’200 CHF per year while he remains employed in Switzerland by Otis International. The reimbursement will be processed upon presentation of receipts. The amount paid for the tax preparation services is a net amount, i.e., Otis International will bear any social security (employer and employee share) as well as any taxes owed on this amount.
1.4.9Medical Coverage
Otis International will provide Employee and his eligible family members with Cigna Global medical and dental coverage for a period of one year at no cost to Employee. Such coverage will commence on a date of the Employee’s choosing in 2021. As noted below in Section 2.3, it is Employee’s responsibility to secure LAMal.
1.4.10Salary deductions
Employee's share of mandatory social contributions (AVS/Al/APG/AC), as well as the contributions payable by the Employee to Otis International's pension institution, in accordance with the regulations of the latter ("LPP"), and the Employee's share of premiums for group income protection insurance against loss of earnings in the event of illness shall be deducted from the Employee's gross salary, and as necessary, from other salary payments.  Furthermore, if the Employee is subject to income tax withholding, Otis International will also withhold the corresponding amount.
Likewise, contributions that the Employee may owe (e.g., vehicle agreement, expense payments, etc.) may also be directly deducted from the salary, by an offsetting amount.
1.5 WEEKLY WORKING HOURS
As a senior executive, Employee does not have set hours and must work the number of hours required to accomplish his tasks.  As the concept of overtime is irrelevant to the supervisory function, and in consideration of the workload related to this function, Employee may not claim any compensation in terms of time or remuneration specifically for overtime.  In the event that there may be chronic work overload, it is incumbent upon Employee to inform the Parent’s CEO and to specify the reasons for this overload.
1.6 VACATION AND PUBLIC HOLIDAYS
The reference period for calculating vacation entitlement is the calendar year.  In the event that the hiring or the end of the employment relationship happens during the course of the year, vacation is calculated in proportion to time.  As a senior executive, it is incumbent upon Employee to plan and organize his vacation in consideration of the needs of the Otis International and organize the required temporary replacements.  Considering his independence and his position in the hierarchy, Employee may not express demands for potential vacation that is not taken, if this vacation exceeds eight weeks on the date that the employment relationship terminates.
Furthermore, the duration and terms of vacation are set by the regulations of Otis International.  The same applies to vacation, public holidays, and other paid absences.

			
	2. SOCIAL INSURANCE

2.1 ACCIDENT INSURANCE
Employee is insured against the risks of occupational and non-occupational accidents, and against occupational disease in compliance with the law on insurance and accidents ("Loi sur l'assurance-accidents", "LAA").  However, non-occupational accidents are only covered for employees whose weekly working hours are greater than or equal to eight hours within the meaning of the "LAA".  Furthermore, it is stated that the employer has taken out complementary "LAA" insurance.
			
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In the event of an accident, the right to a salary and other benefits is exclusively determined by the applicable legal provisions (in particular the LAA and its enforcement provisions), the provisions of the complementary LAA insurance contract, and the relevant general and additional terms and conditions.  Regarding the scope of the coverage and the benefits provided, solely the aforementioned provisions are deemed authentic.  The same applies in the event that the insurance terms are modified, or in the event that the insurance company is changed.
A copy of the complementary "LAA" insurance contract and the general and additional insurance terms and conditions are at the disposal of Employee, upon request.
For all the cases covered by the accident insurance, Otis International is released from all liability, in accordance with Article 324b(1) CO.  In other cases, solely Articles 324a(1-3) CO to 324b CO are applicable.
2.2 GROUP INCOME PROTECTION INSURANCE IN THE EVENT OF A NON-OCCUPATIONAL ILLNESS
For its employees, Otis International has taken out group income protection insurance in the event of an illness subject to the insurance contract law ("loi sur le contrat d'assurance" - "LCA").  This insurance covers 80% of the earnings made during a period of 730 days, less a waiting period during which the employer pays the salary.
Regarding the calculation of the insured income, the scope of the coverage, and the benefits provided, solely the insurance contract and the relevant general and special terms and conditions are applicable.  The same applies in the event that the insurance terms are modified, or in the event that the insurance company is changed.  A copy of the insurance contract and the relevant general and additional insurance terms and conditions shall be submitted to the employee, upon request.
Otis International pays for half of the group income protection insurance premiums, and the employee pays for the other half.
For all the cases that the income protection insurance covers, the employer is released from all other obligations, in accordance with Article 324a(4) CO.  In the other cases, Otis International; shall pay Employee his salary in accordance with Articles 324a(1-3) CO and 324b CO.
Otis International may also grant additional benefits, based on the applicable regulations of Otis International, as amended unilaterally from time to time.
2.3 HEALTH INSURANCE
Taking out mandatory health insurance within the meaning of "LAMal" and the payment of the relevant premiums are under the sole responsibility and at the sole expense of Employee.
2.4 PENSION FUND
Employee joins the Pension Fund effective as of the Start Date.

			
	3. DILIGENCE, LOYALTY, AND CONFIDENTIALITY OBLIGATIONS

3.1 EMPLOYEE'S GENERAL DUTIES AND DIRECTIVES
Employee is required to perform his functions in a diligent, conscientious, and faithful manner, conforming to the instructions of Otis International.
To allow the smooth execution of tasks entrusted to the employees of the company, Otis International may draw up instructions on work performance and conduct; it may also give special instructions to Employee.  Employee is required to comply with the said lawful directives and instructions.
3.2 OTHER ACTIVITIES
Employee dedicates all of his professional activity to Otis International and other members of the OTIS Group for which he may develop an activity.
During the period of the employment contract, Employee is not authorized to perform another professional or paid activity, unless the Parent’s CEO has provided prior written consent.  However, it is acknowledged that Employee currently provides services to Zardoya Otis S.A. and may continue to do so. Employee must not perform any activity free of charge or against payment that could damage the interests of the Otis Group, or directly or indirectly compete with it.
			
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3.3 OBLIGATION OF NON-DISCLOSURE
Employee must not use nor reveal information meant to remain confidential that he has learned of during the exercise of his activity for Otis International or any other member of the Otis Group, regardless of how he became aware of the information in question.
In particular, this obligation of non-disclosure concerns trade and business secrets, information related to clients, suppliers and other contract partners of any member of the Otis Group, the information related to employees of any member of the Otis Group (salaries, personal records, etc.), accounting and economic information of any member of the Otis Group, as well as information related to the organization of any such member.
The obligation of non-disclosure continues even after the end of the employment relationship.  Employee is wholly responsible for any prejudice due to the violation of his obligation of confidentiality.

			
	4. ENTRUSTED DOCUMENTS AND OBJECTS

4.1 DOCUMENTS
Documents in any form (paper, diskettes, CD-ROMs, DVDs, other physical or digital media, etc.) that Otis International or any member of the Otis Group gives to Employee for him to perform his work remains the exclusive property of the latter.  The same applies to documents that Employee himself may have drawn up during the performance of his work.
Employee is prohibited from reproducing the aforementioned documents for personal ends or for third parties, in any way whatsoever.  Furthermore, Employee is required to return these to the OTIS company upon the request of the latter, or, at the latest, on the last day that he actually works at the company, without keeping copies of them.
The following is a non-exhaustive list of such documents: accounts, notices, work reports, tables, sketches, drawings, manufacturing and assembly instructions, photographs, price lists, computer programs, regulations, etc.
4.2 ENTRUSTED OBJECTS
Employee commits to using instruments and other objects with care and in accordance with their purpose such as, but not restricted to GSM, tools, measurement instruments, computers, etc.  that Otis International entrusts to him to perform his work.  Unless Otis International provides prior express consent, Employee is required to use the objects solely and strictly for professional ends, exclusive of any personal use.
The instruments and objects that Employee is entrusted with remain the exclusive property of Otis International.  As such, Employee is required to return them upon the request of Otis International, or, at the latest, the last day that Employee actually works at the company.

			
	5. RIGHT TO INVENTIONS AND OTHER IMMATERIAL GOODS

5.1 INVENTIONS AND DESIGNS
The inventions of Employee and the designs that he has created, or the elaboration that he has participated in via the execution of his activity for Otis International or any member of the Otis Group, in accordance with his contractual obligations, belong as of right and exclusively to Otis International or such member of the Otis Group, whether they are protected or not, without any right for Employee to demand special remuneration.  Employee is required to immediately inform Otis International of the existence of such an invention or design.
Furthermore, Otis International expressly reserves the right to acquire inventions and designs that Employee has created in the execution of his activity for Otis International, but beyond the completion of his contractual obligations.  

			
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In the cases stipulated in the above paragraph, Employee is required to immediately inform Otis International in writing of the existence of the invention or design in writing.  Upon receipt of this information, within six months, Otis International must inform Employee in writing of whether it intends to acquire the invention or design.  If Otis International exercises its acquisition right, it will make a special equitable payment that is determined in accordance with Article 332 CO.
5.2 SOFTWARE, PLANS, AND DESIGNS
Economic and usage rights for software, plans, and drawings created by Employee in the execution of his activity for Otis International or any member of the Otis Group, and in accordance with his contractual obligations, are automatically transferred to such member, without any right for Employee to demand special remuneration on these grounds.  Employee is required to immediately inform Otis International of the existence of any such software, plan, or design.
Furthermore, Otis International expressly reserves the right to require the transfer of economic and user rights for software, plans, and designs created by Employee in the execution of his activity for OTIS International, but that is beyond the performance of his contractual obligations, as well as for the software, plans, and designs created by the employee outside of his activity for Otis International.
In the cases stipulated in the above paragraph, Employee is required to immediately inform Otis International in writing of the creation of the software, plan, or drawing.  Upon receipt of this information, within six months, Otis International must inform Employee in writing of whether it intends to acquire economic rights on the software, plan, or drawing.  If Otis International exercises its right to obtain the transfer, it will make a special equitable payment that is determined in accordance with the principles of Article 332 CO, which is applied by analogy.
In the event that the software rights are transferred to Otis International, it is expressly authorized to modify and to improve the software.  The transfer includes the transfer of the exclusive right to use and sell all of the components created, in their original or derived form, including the rights to transfer them.  The same rule applies to plans and drawings.

			
	6. NON-COMPETE CLAUSE AND HIRING BAN

Given that the Otis Group has a worldwide activity field, and important economic, technical and financial interests, and in that in his function Employee will have access to strategic information of a technical, scientific, economic or commercial nature, in the manufacture, installation, service and sales of people-moving products, such as elevators, escalators and moving walkways, Employee commits to not performing similar activities, whether directly or indirectly, on a worldwide basis while employed by Otis International and for 24 months after termination of this contract, either by running his own business, or working or consulting for a competing employer, thereby being able to harm any member of the Otis Group by using, for himself or a competitor, the knowledge of practices specific to any member of the Otis Group that he acquired. So long as this restriction is deemed legally enforceable, and unless Otis International renounces its right to the application of this post-contractual non-compete clause by providing written notice to Employee prior to the end of the employment relationship, Otis International will pay Employee a lump sum payment equal to 50% of the annual base salary Employee would have received over the 24-month restriction period. 
Furthermore, for a period of 24 months from the end of the employment relationship, Employee commits to not encourage or attempt to encourage any employees of any member of the Otis Group to terminate their employment relationship in order to directly or indirectly hire them for himself or for a third party.  If Otis International renounces its right to the application of the non-compete clause, this shall not release Employee from the obligation under this paragraph.
In the event of an infringement of the post-contractual non-compete clause and hiring ban, a contractual penalty the equivalent of six months of salary in accordance with art. 161 para. 1 Swiss Code of Obligations is agreed upon for each breach.  The reference salary is the last gross monthly salary received by Employee for his work for Otis International and includes the variable revenue and potential advantages of special bonuses.  The payment of the contractual penalty does not release Employee from the non-compete clause and hiring ban, so that Otis International may require, moreover, the effective termination of the breach and prohibit further infringements of the undertakings in Clause 6. In addition, Employee owes to Otis International full indemnifications for all actual damages for any violation of the undertakings in Clause 6.

			
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The obligations under this contract are in addition to and not in lieu of any rights the Parent may exercise if Employee violates the covenants in the Parent’s LTIP and in any underlying equity award agreement.
The obligations under this Clause 6 will not apply if this employment contract is voluntarily terminated by Employee due to Otis International’s material breach of this contract so long as Employee notifies Otis International in writing of the specifics of the material breach and provides it with a reasonable opportunity to cure the breach.  Further, the obligations under this Clause 6 will also not apply if this employment contract is terminated by written mutual consent of the parties.
			
	7. SAFETY AND PROTECTION OF THE PERSONALITY

7.1 QUALITY (Q) / ENVIRONMENT HEALTH & SAFETY (EH&S) DIRECTIVES
Employee commits to keeping high safety and quality standards.  He shall actively participate in identifying any dangerous situation that may compromise the safety and quality conditions and shall immediately inform Otis International of such situations.
He commits to scrupulously comply with all the applicable legal requirements in this area, as well as the directives issued by SUVA.  Likewise, at the latest, when he starts work, he commits to read the internal provisions in the management system and to comply with them.
The concept of safety includes the physical and psychological integrity of each employee, of colleagues, of workers of other companies intervening on a site, and users.  In particular, each employee commits to automatically inform his employer of any event or situation that may constitute a safety risk.
7.2 PSYCHOLOGICAL AND SEXUAL HARASSMENT
Otis International is committed to protecting the health of its employees.  If Employee considers that a colleague or superior has subjected him to psychological pressure or sexual harassment, he is required to immediately inform the human resources or ECO manager, to enable his employer to proceed with the required verifications, and to take protective measures as necessary.  Otis International may not be held liable for a case of harassment that it has not been informed of.
As a corollary, Employee commits to behave in a manner that respects the physical and psychological integrity of other employees, and to refrain from behaving or using language that is ill-timed or ambiguous.

			
	8. FINAL PROVISIONS

8.1 COMPANY REGULATIONS, CODE OF ETHICS, AND REGULATIONS
The regulations enacted by Otis International, and particularly the following regulations, are an integral part of the present contract:
–Company regulations for employees;
–Expense payments for administrative staff;
–General terms and conditions for the use of a company vehicle;
–Pension fund regulations;
–Data protection regulations;
–OTIS Absolutes;
–ITC 360;
By signing the present contract, Employee confirms that the aforementioned regulations have been submitted to him, that he has read, understood, and accepted them.  In the event of a contradiction between these documents and the present contract, the latter shall prevail.
When he starts working, at the latest, the employee also commits to reading the codes, regulations, norms and directives published on the intranet of Otis International and to comply with them.

			
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Insofar as the aforementioned regulations and documents constitute or include instructions or directives from the employer, they may be modified by Otis International, which shall inform the employee of their new terms.  It is incumbent upon the latter to keep himself informed.
8.2 CONTRACT MODIFICATIONS
Any modification to this contract must be in writing to be valid.
8.3 APPLICABLE LAW AND PLACE OF JURISDICTION
The present contract shall be exclusively governed by the material laws of Switzerland.
Place of jurisdiction shall be, at the choice of the claimant, either the place of domicile of the defendant or the place where the Employee habitually performs his work (art. 34 para. 1 of the Swiss Civil Procedure Code).
This contract may be signed in any number of counterparts and each counterpart shall represent a fully executed original as if signed by both parties. Delivery of an executed counterpart of a signature page to this contract in electronic format (e.g., pdf) shall be effective as delivery of a manually executed counterpart of this contract.
									
	Signature of Employee :	/s/ Bernardo Calleja Fernandez
	
			
		OTIS INTERNATIONAL	
	/s/ Ann Sandra Roger Leal Negre		/s/ Eva Grépin
	Ann Sandra Rogers Leal Negre
VP, Human Resources, EMEA		Eva Grépin
Human Resources, Director

			
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AMERICAN STATES WATER COMPANY
2016 STOCK INCENTIVE PLAN
2022 PERFORMANCE AWARD AGREEMENT 
 
THIS PERFORMANCE AWARD AGREEMENT (this “Agreement”) is dated as of [ ], 2022 by and between American States Water Company, a California corporation (the “Corporation”), and [ ] (the “Participant”).
 
W I T N E S S E T H
 
WHEREAS, pursuant to the American States Water Company 2016 Stock Incentive Plan (the “Plan”), the Corporation has granted to the Participant effective as of the date hereof (the “Award Date”), an award of Performance Awards under the Plan (the “Award”), upon the terms and conditions set forth herein and in the Plan.   
 
NOW, THEREFORE, in consideration of services rendered and to be rendered by the Participant, and the mutual promises made herein and the mutual benefits to be derived therefrom, the parties agree as follows:
 
1. Defined Terms. Capitalized terms used herein and not otherwise defined herein shall have the meaning assigned to such terms in the Plan. The following phrases shall have the following meanings:
 
“Aggregate GSWC Operating Expense Level” means the cumulative operating expenses of GSWC as reported in the Corporation’s Form 10-Ks filed with the Securities and Exchange Commission for the period beginning January 1, 2022 and ending on the last day of the Performance Period, as adjusted to remove (i) Water Supply, depreciation and amortization and maintenance expenses as reported in such Form 10-Ks, (ii) public relations, legal and other professional services expenses of GSWC during the Performance Period applicable to defending GSWC from condemnation considerations and actions applicable to GSWC, (iii) any costs of defense, costs of settlement and judgments incurred in connection with claims arising from water quality incidences accruing during the Performance Period which are incurred in connection with claims determined by the Compensation Committee to be extraordinary events, (iv) write-offs associated with decisions or actions of the CPUC applicable to the financial statements in the Performance Period for GSWC, (v) gross-up of certain surcharges authorized by the CPUC to recover previously incurred costs recorded pursuant to generally accepted accounting principles, (vi) pension cost net of any regulatory adjustment included in operating expenses resulting from the two-way pension balancing account as authorized by the CPUC, and (vii) external regulatory expenses associated with the General Rate Case and Cost of Capital proceedings at the CPUC.
 
“ASUS” means American States Utility Services, Inc., a wholly subsidiary of the Corporation.

“ASUS Cumulative Net Earnings” means the cumulative net income of ASUS and its subsidiaries for the period beginning January 1, 2022 and ending on the last day of the Performance Period, less the amount, if any, of adjustments made to our contract pricing due to the Tax Cuts and Jobs Act of 2017. 
 
“ASUS New Base Acquisition Success Rate” means the percentage that results from dividing (1) the sum of the amounts of the contract awards announced by the Department of Defense for the Targeted New Bases set forth in the Targeted New Base Acquisition Table for the Targeted New Bases awarded to ASUS during 2022-2024 plus the sum of the Initial Joint Inventory Adjustment Difference for any Targeted New Bases  (the numerator), by (2) the sum of the amount of contract awards announced by the Department of Defense during 2022-2024 for 
1

the Targeted New Bases set forth in the Targeted New Base Acquisition Table for the Targeted New Bases awarded to all competitors during 2022-2024, including ASUS, plus the sum of the Initial Joint Inventory Adjustment Difference for any Targeted New Bases (the denominator).  
 
“Board of Directors” means the Corporation’s board of directors.
 
“Compensation Committee” means the compensation committee of the Board.
 
“CPUC” means the California Public Utilities Commission.
 
“GSWC” means Golden State Water Company, a wholly owned subsidiary of the Corporation.

“Initial Joint Inventory Adjustment Difference” means, with respect to any Targeted New Base, the difference between (1) the amount of the contract award for such Targeted New Base at the time of the execution of the Bill of Sale for such Targeted New Base following a joint inventory of the assets at such Targeted New Base, and (2) the amount of the contract award for such Targeted New Base announced by the Department of Defense at the time of the contract award.
 
“Payout Percentage” means, with respect to each Performance Criteria, the percentage of the Participant’s Target Performance Award that is payable with respect to such Performance Criteria based on the degree of satisfaction of the Performance Target for such Performance Criteria.
 
“Peer Group” means the following seven companies: American Water Works Company, Inc., Essential Utilities, Inc., California Water Service Group, SJW Group, Middlesex Water Company, York Water Company and Artesian Resources Corporation.  For this purpose, total shareholder return for the Corporation and each of the other seven companies shall be calculated using the Securities and Exchange Commission guidelines for reporting financial performance.  If the stock of any of the members of the Peer Group is no longer traded or is suspended from trading as of the last business day of the Performance Period, that company shall not be included in the Peer Group.

“Performance Criteria” means ASUS Cumulative Net Earnings, ASUS New Base Acquisition Success Rate, Aggregate GSWC Operating Expense Level and Total Shareholder Return.

“Performance Period” means the period commencing on January 1, 2022 and ending on the earliest of (i) December 31, 2024, and (ii) if applicable, the date of vesting of the Performance Awards pursuant to Section 3(d); provided that the preceding clause (ii) shall not apply in the event of vesting of the Performance Awards on account of the termination of the Participant’s employment as a result of Total Disability pursuant to Section 3(d).

“Performance Target” means the specific goal established by the Compensation Committee with respect to each of the Performance Criteria set forth in Exhibit A.
 
“Retirement Age” means the time that the Participant is at least age 55 and the sum of the age of the Participant and the Participant’s years of service with the Corporation and/or one of its wholly owned subsidiaries is at least 75.
 
“Targeted New Base” means the bases set forth in the Targeted New Base Acquisition Table.
 
2

“Targeted New Base Acquisition Table” means the table presented to the Compensation Committee at its meeting on January 31, 2022.
 
“Target Performance Award” means with respect to each Performance Criteria, the number of Performance Awards set forth on Exhibit A as the target for such Performance Criteria.

“Total Shareholder Return” means the Corporation’s total shareholder return, including reinvestment of dividends, as compared to the total shareholder return, including reinvestment of dividends, of each of the members of the Peer Group.  If any of the stock of any of the members of the Peer Group is no longer traded or is suspended from trading as of the last business day in the Performance Period, the Performance Target for Total Shareholder Return set forth in subsection A of Exhibit A shall be adjusted as provided therein.
 
“Water Supply” means water purchased, power purchased for pumping, groundwater production assessment and the water supply balancing accounts.
 
2. Grant.
 
a. Amount of Award. Subject to the terms of this Agreement, the Corporation hereby grants to the Participant the performance awards set forth on Exhibit A (subject to adjustment as provided in Section 5.2 of the Plan (the “Performance Awards”).
 
b. Account. The Corporation will maintain a Performance Award bookkeeping account for the Participant (the “Account”).  The Performance Awards shall be used solely as a device for determination of the payment eventually to be made to the Participant if such Performance Awards vest pursuant to Section 3.  The Performance Awards shall not be treated as property or as a trust fund of any kind.

3. Vesting.
 
a. General. The Performance Awards (including any dividend equivalents thereon) shall vest and become nonforfeitable with respect to thirty-three percent (33%) of the total number of Performance Awards on the first Installment Vesting Date, thirty-three percent (33%) of the total number of Performance Awards on the second Installment Vesting Date and thirty-four percent (34%) of the total number of Performance Awards on the last Installment Vesting Date; provided, however, that the final number of Performance Awards (including any Performance Awards credited as dividend equivalents thereon) shall be determined only upon completion of the Performance Period in accordance with Section 4.  Except as otherwise provided in this Agreement, the first Installment Vesting Date shall be December 31, 2022, the second Installment Vesting Date shall be December 31, 2023 and the last Installment Vesting Date shall be December 31, 2024 (each an “Installment Vesting Date”). 
 
b. Termination of Employment Prior to Vesting. Notwithstanding Section 3(a), the Participant’s Performance Awards (and any Performance Awards credited as dividend equivalents thereon) shall terminate to the extent that such Performance Awards have not become vested prior to the first date the Participant is no longer employed by the Corporation or one of its Subsidiaries, regardless of the reason for the termination of the Participant’s employment with the Corporation or a Subsidiary, subject to early vesting as provided in Sections 3(d) and 3(e).  If the Participant is employed by a Subsidiary and that entity ceases to be a Subsidiary, such event shall be deemed to be a termination of employment of the Participant for the purposes of this Agreement (unless the Participant 
3

otherwise continues to be employed by the Corporation or another of its Subsidiaries following such event).
 
c. Termination of Performance Awards. If any unvested Performance Awards are terminated under Section 3(b), such Performance Awards (and any Performance Awards credited as dividend equivalents thereon) shall automatically terminate and be cancelled as of the applicable termination date without payment of any consideration by the Corporation and without any other action by the Participant or the Participant’s beneficiary or personal representative, as the case may be.
 
d. Early Vesting as a Result of Death, Disability or a Change in Control Event. Notwithstanding Section 3(a), the Participant’s Performance Awards (and any Performance Awards credited as dividend equivalents thereon), to the extent such Performance Awards are not then vested, shall either (i) become fully vested upon the termination of employment as a result of death or Total Disability of the Participant, or (ii) if Participant’s employment is terminated by the Corporation without Cause or the Participant terminates his or her employment for Good Reason upon or within twenty four months after the occurrence of a Change in Control Event, be deemed fully vested immediately prior to the first date the Participant is no longer employed by the Corporation.  In the case of any inconsistency between this Section 3(d) and Section 5.2(c) of the Plan, this Section 3(d) shall control.
 
e. Early Vesting if Attained Retirement Age. Notwithstanding Section 3(a), the Participant’s Performance Awards (and any Performance Awards credited as dividend equivalents thereon), to the extent such Performance Awards are not then vested, shall become fully vested upon the Participant attaining Retirement Age.

4. Determination of Performance Awards Payable.
 
a. Basis of Determination. The number of Performance Awards payable to the Participant (and any Performance Awards credited as dividend equivalents thereon) shall be determined on the basis of the extent to which the Performance Targets for each of the Performance Criteria have been achieved.  The number of Performance Awards payable to the Participant shall be equal to the sum of the number of Performance Awards payable to the Participant with respect to each Performance Criteria, together with any dividend equivalents credited on such Performance Awards.  The number of Performance Awards payable with respect to each Performance Criteria shall be equal to the Target Performance Award for such Performance Criteria multiplied by the Payout Percentages set forth in Exhibit A for such Performance Criteria, together with any dividend equivalents credited on such Performance Awards.
 
b. Compensation Determination and Certification. As soon as practicable following the end of the Performance Period and, if applicable, the completion of the independent auditor’s report for the last year of the Performance Period, but in no event later than March 15 of the year following the end of the Performance Period, the Compensation Committee shall determine (i) the extent to which the Performance Targets for Performance Criteria are achieved, (ii) the Payout Percentages for each of the Performance Criteria and (iii) the number of Performance Awards (including any Performance Awards credited as dividend equivalents thereon) that have been earned, which determinations shall be made in accordance with Sections 7(b)(i) and 7(b)(iii), if applicable.  For levels of achievement between target and zero and target and the maximum, the Compensation Committee shall determine the Payout Percentage by interpolation, to the extent not otherwise expressly set forth in subsection A, B, C or D of Exhibit A.   
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c. Adjustments and Limitations. Notwithstanding the foregoing, the number of Performance Awards payable to the Participant (and the Performance Awards credited as dividend equivalents thereon) shall be subject to the adjustments, limitations, the Compensation Committee’s discretionary authority to make adjustments and other terms and conditions set forth in the Plan, provided that in no event may the maximum number of shares of Common Stock subject to this Award exceed 100,000.  
 
5. Continuance of Employment. The vesting schedule requires continued employment or service through each applicable vesting date as a condition to the vesting of the applicable installment of the Award and the rights and benefits under this Agreement.  Partial employment or service, even if substantial, during any vesting period will not entitle the Participant to any proportionate vesting or avoid or mitigate a termination of rights and benefits upon or following a termination of employment or services.
  
Nothing contained in this Agreement or the Plan constitutes an employment or service commitment by the Corporation, affects the Participant’s status as an employee at will who is subject to termination without cause, confers upon the Participant any right to remain employed by or in service to the Corporation or Subsidiary, interferes in any way with the right of the Corporation or any Subsidiary at any time to terminate such employment or services, or affects the right of the Corporation or any Subsidiary to increase or decrease the Participant’s other compensation or benefits. Nothing in this paragraph, however, is intended to adversely affect any independent contractual right of the Participant without his or her consent hereto.
 
6. Dividend and Voting Rights.
 
a. Limitation of Rights Associated with Performance Awards. The Participant shall have no rights as a shareholder of the Corporation, no dividend rights (except as expressly provided in Section 6(b) with respect to dividend equivalent rights) and no voting rights, with respect to the Awards and any Common Shares underlying or issuable in respect of such Awards until such Common Shares are actually issued to and held of record by the Participant.  No adjustments will be made for dividends or other rights of a holder for which the record date is prior to the date of issuance of the Common Shares.
 
b. Dividend Equivalents. The Participant shall be entitled to be credited with dividend equivalents in the form of additional Performance Awards with respect to the Awards credited to his or her Account as the Corporation declares and pays dividends in cash on its Common Shares.  The number of Performance Awards to be credited to the Participant’s Account as a dividend equivalent will equal (1) the sum of the per share cash dividends paid by the Corporation on its Common Shares during the Performance Period multiplied by the number of Awards credited to the Participant’s Account on the last day of the Performance Period divided by (2) the average of the Fair Market Value of the Common Shares on each dividend payment date during the Performance Period.  Performance Awards credited as dividend equivalents will become vested to the same extent as the Awards to which they relate.  For purposes of clarity, no dividend equivalents shall be credited for a dividend record date with respect to any Awards that were paid or terminated prior to such dividend record date and the dividend equivalents will vest only if and to the extent that the underlying Performance Awards vest.
 
7. Timing and Manner of Distribution.
 
a. General. On or soon as administratively practicable following the end of the Performance Period, but in no event later than March 15 of the year following the end of the Performance Period, the Corporation shall deliver to the Participant (or the 
5

Participant’s Beneficiary) a number of Common Shares equal to the number of Performance Awards subject to this Award that become vested on or prior to the end of the Performance Period (including any Performance Awards credited as dividend equivalents with respect to such vested Performance Awards), unless such Performance Awards terminate prior to such Installment Vesting Date pursuant to Section 3(b).
  
b. Payment of Performance Awards upon Early Vesting as a Result of Death, Disability or Termination of Employment following a Change in Control Event.   
Notwithstanding Section 7(a):

i. Upon termination of the Participant’s employment as a result of death of the Participant, the Corporation shall deliver to the Participant or his or her Beneficiary a number of Common Shares equal to the number of Performance Awards subject to this Award that become vested in accordance with Section 3 (including any Performance Awards credited as dividend equivalents with respect to such Performance Awards) as soon as administratively practicable following such termination of employment (but in no event later than 60 days following termination of employment or, to the extent applicable, the date specified in Section 7(e)).  Notwithstanding anything to the contrary contained herein, the number of Common Shares payable under any Performance Award pursuant to this Section 7(b)(i) shall be determined at an assumed result of performance with a Payout Percentage of 100% for each Performance Criteria (i.e., Payout as a Percentage of Target of 100%).

ii. Upon termination of the Participant’s employment as a result of Total Disability of the Participant, the Corporation shall deliver to the Participant or his or her Beneficiary a number of Common Shares equal to the number of Performance Awards subject to this Award that become vested in accordance with Section 3 (including any Performance Awards credited as dividend equivalents with respect to such Performance Awards) as soon as administratively practicable following the end of the Performance Period (i.e., December 31, 2024) (but in no event later than March 15, 2025 or, to the extent applicable, the date specified in Section 7(e)). 

iii. Upon termination of Participant’s employment upon or within twenty four months after the occurrence of a Change in Control Event (A) by the Corporation without Cause or (B) by the Participant for Good Reason, in each case, then the Corporation shall deliver to the Participant a number of Common Shares equal to the number of Performance Awards vested in accordance with Section 3 (including any Performance Awards credited as dividend equivalents with respect to such Awards) as soon as administratively possible following his or her termination of employment (but in no event later than 60 days following termination of employment or, to the extent applicable, the date specified in Section 7(e)).  Notwithstanding anything to the contrary contained herein, the number of Common Shares payable under any Performance Award pursuant to this Section 7(b)(iii) shall be determined at an assumed result of performance with a Payout Percentage of 100% for each Performance Criteria (i.e., Payout as a Percentage of Target of 100%).
     
c. Termination of Performance Awards Upon Payment. A Performance Award will terminate upon the payment of that Performance Award in accordance with the terms hereof, and the Participant shall have no further rights with respect to such Performance Award.

d. Form of Payment. The Corporation may deliver the Common Shares payable to the Participant under this Section 7 either by delivering one or more certificates for 
6

such shares or by entering such shares in book entry form, as determined by the Corporation in its discretion.

e. Section 409A. Notwithstanding anything herein to the contrary, if the Corporation reasonably determines that the payment of Common Shares as a result of the Participant’s termination of employment is subject to Section 409A(a)(2)(B)(i) of the Code, such payment shall not be paid until the earlier of (i) six months after the Participant’s “separation from service” (within the meaning of Section 409A of the Code and Treasury Regulations Section 1.409A-1(h) without regard to optional alternative definitions available thereunder) and (ii) the Participant’s death.
 
8. Restrictions on Transfer. Neither the Award, nor any interest therein or amount or shares payable in respect thereof may be sold, assigned, transferred, pledged or otherwise disposed of, alienated or encumbered, either voluntarily or involuntarily.  The transfer restrictions in the preceding sentence shall not apply to (a) transfers to the Corporation, (b) transfers by will or the laws of descent and distribution, or (c) transfers pursuant to a QDRO order if approved or ratified by the Compensation Committee.
 
9. Adjustments Upon Specified Events. Upon the occurrence of certain events relating to the Corporation’s stock contemplated by Section 5.2 of the Plan, the Compensation Committee shall make adjustments if appropriate in the number of Performance Awards then outstanding and the number and kind of securities that may be issued in respect of the Award.
 
10. Tax Withholding. Upon the vesting and/or distribution of Common Shares in respect to the Performance Awards, the Corporation (or the Subsidiary last employing the Participant) shall have the right at its option to (a) require the Participant to pay or provide for payment in respect of cash of the amount of any taxes that the Corporation or any Subsidiary may be required to withhold with respect to such vesting and/or distribution, or (b) deduct from any amount payable to the Participant the amount of any taxes which the Corporation or any Subsidiary may be required to withhold with respect to such vesting and/or distribution.  In any case where a tax is required to be withheld in connection with the delivery of Common Shares under this Agreement, the Compensation Committee may, in its sole discretion, direct the Corporation or the Subsidiary to reduce the number of shares to be delivered by (or otherwise reacquire) the appropriate number of whole shares, valued at their then Fair Market Value (with the “Fair Market Value” of such shares determined in accordance with the applicable provisions of the Plan), to satisfy such withholding obligation at the minimum applicable withholding rates.
 
11. Notices. Any notice to be given under the terms of this Agreement shall be in writing and addressed to the Corporation at its principal office to the attention of the Secretary, and to the Participant at the Participant’s last address reflected on the Corporation’s records, or at such other address as either party may hereafter designate in writing to the other.  Any such notice shall be given only when received, but if the Participant is no longer an employee of the Corporation, shall be deemed to have been duly given by the Corporation when enclosed in a properly sealed envelope addressed as aforesaid, registered or certified, and deposited (postage and registry or certification fee prepaid) in a post office or branch office regularly maintained by the United States Government.

12. Plan. The Award and all rights of the Participant under this Agreement are subject to, and the Participant agrees to be bound by, all of the terms and conditions of the provisions of the Plan, incorporated herein by reference.  In the event of a conflict or inconsistency between the terms and conditions of this Agreement and of the Plan, the terms and conditions of the Plan shall govern, except as otherwise provided expressly herein.  The Participant agrees to be bound by the terms of the Plan and this Agreement. The Participant acknowledges having read and understood the Plan and this Agreement.  Unless otherwise expressly provided in other sections 
7

of this Agreement, provisions of the Plan that confer discretionary authority on the Compensation Committee do not (and shall not be deemed to) create any rights in the Participant unless such rights are expressly set forth herein or are otherwise in the sole discretion of the Compensation Committee so conferred by appropriate action of the Compensation Committee under the Plan after the date hereof.

Notwithstanding anything herein to the contrary, if pursuant to the terms of any written change in control or other agreement (the delivery of which has been authorized by the Board), between the Corporation (or any Subsidiary), on the one hand, and the Participant, on the other, the Participant’s Performance Awards hereunder would vest or become payable earlier or in a manner other than as provided in this Agreement, then (subject to Section 7(e)) the terms of such change in control or other agreement shall control the vesting and payment thereof.
 
13. Entire Agreement. This Agreement and the Plan together constitute the entire agreement and supersede all prior understandings and agreements, written or oral, of the parties hereto with respect to the subject matter hereof. The Plan and this Agreement may be amended pursuant to Section 5.6 of the Plan.  Such amendment must be in writing and signed by the Corporation.  The Corporation may, however, unilaterally waive any provision hereof in writing to the extent such waiver does not adversely affect the interests of the Participant hereunder, but no such waiver shall operate as or be construed to be a subsequent waiver of the same provision or a waiver of any other provision hereof.

 14. Limitation on Participant’s Rights. Participation in the Plan confers no rights or interests other than as herein provided.  This Agreement creates only a contractual obligation on the part of the Corporation as to amounts payable and shall not be construed as creating a trust.  Neither the Plan nor any underlying program, in and of itself, has any assets.  The Participant shall have only the rights of a general unsecured creditor of the Corporation, with respect to amounts credited and payable, if any, with respect to the Performance Awards, and rights no greater than the right to receive the Common Shares as a general unsecured creditor with respect to such Awards, as and when payable hereunder.
  
15. Counterparts. This Agreement may be executed simultaneously in any number of counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument.
 
16. Section Headings. The section headings of this Agreement are for convenience of reference only and shall not be deemed to alter or affect any provision hereof.

17. Governing Law. This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of California without regard to conflict of law principles thereunder.
 
18. Construction. It is intended that the terms of the Award will not result in the imposition of any tax liability pursuant to Section 409A of the Code.  This Agreement shall be construed and interpreted consistent with that intent.

19. Recoupment. The Award under this Agreement and the Common Shares received by the Participant upon the vesting of the Award, or the value, proceeds or other benefits received by the Participant upon the sale of such Common Shares, shall be subject to the Corporation’s Policy Regarding Recoupment of Certain Performance-Based Compensation Payments, as it may be amended from time to time, or as otherwise required by law or as may be necessary to enable the Corporation to comply with the rules of the New York Stock Exchange or the rules of any other national securities exchange or national securities association on which the securities of the Corporation or any of its subsidiaries may be listed.
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IN WITNESS WHEREOF, the Corporation has caused this Agreement to be executed on its behalf by a duly authorized officer and the Participant has hereunto set his or her hand as of the date and year first above written.
						
	  
 
	

AMERICAN STATES WATER COMPANY, a California corporation
 

		
	 
 
	By:____________________________________
 

		
	 
 
	Print Name:_____________________________
 

		
	 
 
	Its:____________________________________
 

		
	 
 
	PARTICIPANT
 

		
	 
 
	Signature: ______________________________
 

	 
 
	 
 

	 
 
	Print Name: ____________________________
 

9

CONSENT OF SPOUSE
 
In consideration of the execution of the foregoing Performance Award Agreement by American States Water Company, I, __________________, the spouse of the Participant therein named, do hereby join with my spouse in executing the foregoing Performance Award Agreement and do hereby agree to be bound by all of the terms and provisions thereof and of the Plan.
 
Dated: ______________________________
 

						
	 
 
	Signature: ____________________________________
 

	 
 
	 
 

	 
 
	Print Name: __________________________________
 

  
 

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EXHIBIT A
2022 PERFORMANCE AWARD AGREEMENT
 

																		
		Target Performance Award for Each Performance Criteria
	A.  Total Shareholder Return	B. Aggregate GSWC Operating Expense Level	C.  ASUS Cumulative Net Earnings	D.  ASUS New Base Acquisition Success Rate	Target
Total

	[     ]	[     ]	[     ]	[     ]	[     ]

A.Performance Targets and Payout Percentages for Total Shareholder Return:

1.If the Peer Group consists of seven companies at the end of the Performance Period: 

									
	Total Shareholder Return	Payout as a Percentage of Target
		≥ 7 members of the Peer Group	200%
		≥ 6 members of the Peer Group	171.43%
		≥ 5 members of the Peer Group	142.86%
		≥ 4 members of the Peer Group	114.29%
		≥ 3 members of the Peer Group	85.71%
		≥ 2 members of the Peer Group	57.14%
		≥ 1 member of the Peer Group	28.57%

2.If the Peer Group consists of six companies at the end of the Performance Period: 

									
	Total Shareholder Return	Payout as a Percentage of Target
		≥ 6 members of the Peer Group	200%
		≥ 5 members of the Peer Group	166.67%
		≥ 4 members of the Peer Group	133.33%
		≥ 3 members of the Peer Group	100%
		≥ 2 members of the Peer Group	66.67%
		≥ 1 member of the Peer Group	33.33%

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3.If the Peer Group consists of five companies at the end of the Performance Period: 
									
	Total Shareholder Return	Payout as a Percentage of Target
		≥ 5 members of the Peer Group	200%
		≥ 4 members of the Peer Group	160%
		≥ 3 members of the Peer Group	120%
		≥ 2 members of the Peer Group	80%
		≥ 1 member of the Peer Group	40%

4.If the Peer Group consists of four companies at the end of the Performance Period: 

									
	Total Shareholder Return	Payout as a Percentage of Target
		≥ 4 members of the Peer Group	200%

		≥ 3 members of the Peer Group	150%

		≥ 2 members of the Peer Group	100%

		≥ 1 member of the Peer Group	50%

5.If the Peer Group consists of three companies at the end of the Performance Period: 

									
	Total Shareholder Return	Payout as a Percentage of Target
		≥ 3 members of the Peer Group
	200%

		≥ 2 members of the Peer Group
	133.33%

		≥ 1 member of the Peer Group
	66.67%

6.If the Peer Group consists of two companies at the end of the Performance Period: 

									
	Total Shareholder Return	Payout as a Percentage of Target
		≥ 2 members of the Peer Group
	200%

		≥ 1 member of the Peer Group
	100%

7.If the Peer Group consists of one company at the end of the Performance Period: 

									
	Total Shareholder Return	Payout as a Percentage of Target
		≥ 1 member of the Peer Group
	150%

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B.Performance Targets and Payout Percentages for Aggregate GSWC Operating Expense Level
						
	Aggregate GSWC Operating Expense Level	Payout as a Percentage of Target
	≤$303.3 million	150%
	>$303.3 million and ≤$309.3 million	125%
	>$309.3 million and ≤$329.3 million	100%
	>$329.3 million and ≤$335.3 million	75%
	>$335.3 million and ≤$341.3 million	50%
	>$341.3 million	0%

C.Performance Targets and Payout Percentages for ASUS Cumulative Net Earnings

						
	ASUS Cumulative Net Earnings	Payout as a Percentage of Target
	≥$57.6 million	200%
	≥$54.6 million and <$57.6 million	150%
	≥$51.6 million and <$54.6 million	125%
	≥$45.6 million and <$51.6 million	100%
	≥$42.6 million and <$45.6 million	75%
	≥$39.6 million and <$42.6 million	50%
	<$39.6 million	0%

D.Performance Targets and Payout Percentages for ASUS New Base Acquisition Success Rate
 
						
	New Base Acquisition Success Rate	Payout as a Percentage of Target
	100.0%	250%
	77.8%	200%
	55.5%	150%
	33.3%	100%
	16.7%	50%
	0%	0%

If the U.S government does not award at least two of the Targeted New Bases to all competitors, including ASUS, during the 2022-2024 Performance Period, the payout will be at 100% of Target.

    Interpolation will be used for the payout on this metric.

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