SEC Contract Filing

Filing Date: 2022-01-21

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>exhibit101-retirementagree.htm
<DESCRIPTION>EX-10.1
<TEXT>
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<title>Document</title></head><body><div id="i68482d7f18f146bb9ecdd127016d21cb_1"></div><div style="min-height:91.87pt;width:100%"><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div></div><div><font><br></font></div><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;January 8, 2022</font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Bryan K. Switzer </font></div><div style="margin-bottom:12pt"><font><br></font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Dear Keith&#58; </font></div><div style="margin-bottom:12pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">This letter (this &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Agreement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) confirms our agreement with regard to your retirement from your employment with Golden State Water Company (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Company</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) effective January 14, 2022 (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Retirement Date</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;). </font></div><div style="margin-bottom:12pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">1.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:27pt">You will cease to actively participate in all benefit plans and programs of the Company and its affiliates as of the Retirement Date. Regardless of whether you enter into this Agreement, the Company agrees to pay (or has paid to you), subject to tax withholding and other authorized deductions, any accrued but unpaid salary or wages for services rendered through the Retirement Date, including accrued, but unpaid vacation time. </font></div><div style="margin-bottom:12pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">2.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;padding-left:27pt">Subject to (a) your continued employment with the Company through your Retirement Date, (b) your execution of this Agreement before your Retirement Date, and (c) your execution, and non-revocation, of the general release of claims (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Release</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;) in the form attached hereto as </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Exhibit A</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%"> on or within thirty (30) days after your Retirement Date, you will remain eligible to receive your Aggregate Bonus (as such term is defined in the American States Water Company 2021 Short-Term Incentive Program (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">2021 STIP</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#8221;)) under the 2021 STIP for the 2021 calendar year, subject to the other terms and conditions of the 2021 STIP (other than Section 10 of the 2021 STIP regarding the effect of termination of employment). Your Aggregate Bonus, if any is earned, will be paid at the same time Aggregate Bonuses would normally be paid under the terms of the 2021 STIP. Your Aggregate Bonus, if any is earned, will remain subject to American States Water Company&#8217;s policy regarding the recoupment of performance-based compensation payments, which permits the Board of Directors or Compensation Committee of American States Water Company to require reimbursement of certain performance-based payments (including payments made under the 2021 STIP) in the event of certain accounting restatements. </font></div><div style="margin-bottom:12pt;te