<SEC-DOCUMENT>0001140361-21-011605.txt : 20210405
<SEC-HEADER>0001140361-21-011605.hdr.sgml : 20210405
<ACCEPTANCE-DATETIME>20210405163229
ACCESSION NUMBER:		0001140361-21-011605
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		18
CONFORMED PERIOD OF REPORT:	20210518
FILED AS OF DATE:		20210405
DATE AS OF CHANGE:		20210405

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AMERICAN STATES WATER CO
		CENTRAL INDEX KEY:			0001056903
		STANDARD INDUSTRIAL CLASSIFICATION:	WATER SUPPLY [4941]
		IRS NUMBER:				954676679
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14431
		FILM NUMBER:		21805842

	BUSINESS ADDRESS:	
		STREET 1:		630 E FOOTHILL BLVD
		CITY:			SAN DIMAS
		STATE:			CA
		ZIP:			91773-9016
		BUSINESS PHONE:		9093943600

	MAIL ADDRESS:	
		STREET 1:		630 E FOOTHILL
		CITY:			SAN DIMAS
		STATE:			CA
		ZIP:			91773-9016
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>nc10022307x1_def14a.htm
<DESCRIPTION>FORM DEF 14A
<TEXT>
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      <hr style="border: none; border-bottom: 1px solid black; border-top: 4px solid black; height: 10px; color: #ffffff; background-color: #ffffff; margin-left: auto; margin-right: auto;" align="center">UNITED STATES</div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 14pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold;">WASHINGTON, DC 20549</div>
    <div style="font-family: 'Times New Roman',Times,serif;"><br>
    </div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">SCHEDULE 14A</div>
    <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(Rule 14a-101)</div>
    <div style="font-family: 'Times New Roman',Times,serif;"><br>
    </div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">INFORMATION REQUIRED IN</div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">PROXY STATEMENT</div>
    <div style="font-family: 'Times New Roman',Times,serif;"><br>
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    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 18pt; font-weight: bold;">SCHEDULE 14A INFORMATION</div>
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    </div>
    <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Proxy Statement Pursuant to Section 14(a) of the</div>
    <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Securities Exchange Act of 1934 (Amendment No. )</div>
    <div style="font-family: 'Times New Roman',Times,serif;"><br>
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    <div style="margin-bottom: 4pt; font-family: 'Times New Roman', Times, serif;">Filed by the Registrant &#9746;</div>
    <div style="margin-bottom: 4pt; font-family: 'Times New Roman', Times, serif;">Filed by a Party other than the Registrant &#9744;</div>
    <div style="margin-bottom: 4pt; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Check the appropriate box:</div>
    <div style="margin-bottom: 4pt; font-family: 'Times New Roman', Times, serif;"><font style="font-family: 'Times New Roman',Times,serif;">&#9744;</font><font style="font-family: 'Times New Roman',Times,serif;"> Preliminary Proxy Statement</font></div>
    <div style="margin-bottom: 4pt; font-family: 'Times New Roman', Times, serif;"><font style="font-family: 'Times New Roman',Times,serif;">&#9744;</font><font style="font-family: 'Times New Roman',Times,serif;"> Confidential, For Use of the Commission Only (as
        permitted by Rule 14a-6(e)(2))</font></div>
    <div style="margin-bottom: 4pt; font-family: 'Times New Roman', Times, serif;"><font style="font-family: 'Times New Roman',Times,serif;">&#9746;</font><font style="font-family: 'Times New Roman',Times,serif;"> Definitive Proxy Statement</font></div>
    <div style="margin-bottom: 4pt; font-family: 'Times New Roman', Times, serif;"><font style="font-family: 'Times New Roman',Times,serif;">&#9744;</font><font style="font-family: 'Times New Roman',Times,serif;"> Definitive Additional Materials</font></div>
    <div style="font-family: 'Times New Roman', Times, serif;"><font style="font-family: 'Times New Roman',Times,serif;">&#9744;</font><font style="font-family: 'Times New Roman',Times,serif;"> Soliciting Material Under Rule 14a-12</font></div>
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    <div style="font-family: 'Times New Roman', Times, serif;">
      <div style="text-align: center; font-weight: bold;"><font style="font-size: 24pt;">AMERICAN STATES WATER COMPANY</font>
        <hr style="height: 2px; color: #000000; background-color: #000000; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"></div>
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    <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">(Name of Registrant as Specified In Its Charter)</div>
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    </div>
    <div style="font-family: 'Times New Roman',Times,serif;">
      <div style="text-align: center; font-weight: bold;">N/A
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    <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">(Name of Person(s) Filing Proxy Statement, if Other Than the Registrant)</div>
    <div style="font-family: 'Times New Roman',Times,serif;"><br>
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    <div style="margin-bottom: 6pt; font-family: 'Times New Roman', Times, serif;">Payment of Filing Fee (Check the appropriate box):</div>
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            <div>&#9744;</div>
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            <div>&#160;Fee computed on table below per Exchange Act Rules 14a-6(i)(4) and 0-11.</div>
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          <td style="width: 0.5in; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#160;</td>
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            <div>(1)</div>
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            <div>&#160;Title of each class of securities to which transaction applies:</div>
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          <td rowspan="1" style="width: 0.5in; vertical-align: top; font-family: 'Times New Roman',Times,serif; padding-bottom: 2px;">&#160;</td>
          <td rowspan="1" style="width: auto; vertical-align: top; font-family: 'Times New Roman',Times,serif; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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          <td style="width: 0.5in; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#160;</td>
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            <div>&#160;Aggregate number of securities to which transaction applies:</div>
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            <div>Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):</div>
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            <div>Proposed maximum aggregate value of transaction:</div>
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            <div>(5)</div>
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            <div>Total fee paid:</div>
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            <div>Fee paid previously with preliminary materials:</div>
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            <div>&#9744;</div>
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            <div>Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the form or
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            <div>&#160;Amount previously paid:</div>
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            <div>&#160;Form, Schedule or Registration Statement No.:</div>
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            <div>(3)</div>
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            <div>&#160;Filing Party:</div>
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            <div>(4)</div>
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            <div>&#160;Date Filed:</div>
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  <img src="nc10022307x1_def14a-img001.jpg" alt="">&#160;
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></font></p>
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        <td>&#160;</td>
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        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><u>Notice of 2021 Annual Meeting of Shareholders</u></b></font></td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 1.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Date:</b></font></td>
        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">May 18, 2021 </font></td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 1.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Time:</b></font></td>
        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10:00 a.m., Pacific Time</font></td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 1.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Location:</b></font></td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 1.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Record Date:</b></font></td>
        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">March 19, 2021</font></td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 1.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Agenda:</b></font></td>
        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To elect the following directors to class I of the board of directors to serve until the annual meeting in 2024 or until their successors are duly elected and qualified:</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 1.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></font></td>
        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Advisory vote to approve the compensation of our named executive officers;</font></td>
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        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To ratify the appointment of PricewaterhouseCoopers LLP as the independent registered public accounting firm; and</font></td>
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        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To transact any other business which may properly come before the 2021 annual meeting or any adjournment thereof.</font></td>
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        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By order of the board of directors:</font></td>
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        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Eva G. Tang</font></td>
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        <td style="width: 1.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></font></td>
        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Eva G. Tang</font></td>
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        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">San Dimas, California</font></td>
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        <td style="width: 1.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></font></td>
        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">April 5, 2021</font></td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Important Notice Regarding the Availability of Proxy Materials </b></font></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For the Shareholders Meeting to Be Held on May 18, 2021</b></font></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></font></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Pursuant to rules adopted by the Securities and Exchange Commission, we have elected to
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          our shareholders a Notice of Internet Availability of Proxy Materials. This Notice contains instructions on how to access our proxy materials over the Internet and how to request a paper copy of our proxy materials. On or about April 5, 2021, we
          are mailing to all our remaining shareholders a paper copy of our proxy materials. If, however, we are unable to mail a paper copy to a shareholder because the shareholder lives in an area where the common carrier has suspended mail service, we
          will make a good faith effort to deliver the proxy materials to you</b>. <b>Shares must be voted either by telephone, Internet or by completing and returning a proxy card as provided in our proxy statement. Shares cannot be voted by marking,
          writing on and/or returning this Notice or any other notice regarding our proxy materials. </b></font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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      of record at the close of business on March 19, 2021, the record date, will be entitled to participate in the virtual annual meeting. American States Water Company shareholders of record may attend the virtual annual meeting by entering their
      16-digit control number at <font style="color: black"><u>www.virtualshareholdermeeting.com/AWR2021</u>. Beneficial owners may also participate in the annual meeting if the owner&#8217;s broker, bank or other shareholder of record provides that option to
        you. </font>The control number is included with the proxy card or notice previously provided to you. Online access to the meeting will begin at 9:45 a.m., Pacific Time on May 18, 2021 and the meeting will start at 10:00 a.m., Pacific Time. During
      the meeting, shareholders will have an opportunity to vote and submit questions electronically.</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;<img src="nc10022307x1_def14a-img002.jpg" alt=""></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></font></p>
  <p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>American States Water Company</b></font></p>
  <p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></font></p>
  <p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Proxy Statement for 2021 Annual Meeting </b></font></p>
  <p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></font></p>
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TABLE OF CONTENTS</font></p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&#160;</p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"></p>
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      <tr style="vertical-align: top">
        <td style="width: 95%; text-align: left; text-indent: -0.125in; padding-left: 0.125in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
        <td style="width: 5%; text-align: right; text-indent: 0in; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><u>Page</u></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
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        <td style="text-align: left; padding-left: 0.375in; text-indent: -0.3in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a001">INFORMATION ABOUT THE 2021 ANNUAL MEETING</a></font></td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</font></td>
      </tr>
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        <td style="text-align: left; text-indent: -0.125in; padding-left: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a002">What is the purpose of the 2021 annual meeting?</a></font></td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</font></td>
      </tr>
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        <td style="text-align: left; text-indent: -0.125in; padding-left: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a003">Who may attend the 2021 annual meeting?</a></font></td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</font></td>
      </tr>
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        <td style="text-align: left; text-indent: -0.125in; padding-left: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a004">How may I vote my shares at the 2021 annual meeting?</a></font></td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</font></td>
      </tr>
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        <td style="text-align: left; text-indent: -0.125in; padding-left: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a005">How may I vote my shares without attending the 2021 annual meeting?</a></font></td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</font></td>
      </tr>
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        <td style="text-align: left; text-indent: -0.125in; padding-left: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a006">How may I cast my vote?</a></font></td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</font></td>
      </tr>
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        <td style="text-align: left; text-indent: -0.125in; padding-left: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a007">May I cumulate my votes for a director?</a></font></td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</font></td>
      </tr>
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        <td style="text-align: left; text-indent: -0.125in; padding-left: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a008">How does the board recommend that I vote at the 2021 annual meeting?</a></font></td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</font></td>
      </tr>
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        <td style="text-align: left; text-indent: -0.125in; padding-left: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a009">How will the named proxies vote if I send in my proxy without voting instructions?</a></font></td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</font></td>
      </tr>
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        <td style="text-align: left; text-indent: -0.125in; padding-left: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a010">How will the named proxies vote if a nominee is unable to serve as director?</a></font></td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</font></td>
      </tr>
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        <td style="text-align: left; text-indent: -0.125in; padding-left: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a011">What vote is required to approve each of the proposals?</a></font></td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</font></td>
      </tr>
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        <td style="text-align: left; text-indent: -0.125in; padding-left: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a012">What happens if cumulative voting for directors occurs?</a></font></td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</font></td>
      </tr>
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        <td style="text-align: left; text-indent: -0.125in; padding-left: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a013">What is the quorum requirement for the 2021 annual meeting?</a></font></td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</font></td>
      </tr>
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        <td style="text-align: left; text-indent: -0.125in; padding-left: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a014">Who bears the costs of proxy distribution and solicitation?</a></font></td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</font></td>
      </tr>
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        <td style="text-align: left; text-indent: -0.125in; padding-left: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a015">What does it mean if I receive more than one proxy or voting instruction card?</a></font></td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</font></td>
      </tr>
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        <td style="text-align: left; text-indent: -0.125in; padding-left: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a016">Who will serve as inspector of election?</a></font></td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td style="text-align: left; text-indent: -0.125in; padding-left: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a017">How is an annual meeting adjourned?</a></font></td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td style="text-align: left; padding-left: 0.375in; text-indent: -0.3in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a018">BOARD STRUCTURE AND COMMITTEES</a></font></td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td style="text-align: left; text-indent: -0.125in; padding-left: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a019">Overview of the board</a></font></td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td style="text-align: left; text-indent: -0.125in; padding-left: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a020">How is the board of directors structured?</a></font></td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td style="text-align: left; text-indent: -0.125in; padding-left: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a021">How does the board oversee enterprise risks?</a></font></td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td style="text-align: left; text-indent: -0.125in; padding-left: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a022">What is the board&#8217;s role in succession planning and management of human resources?</a></font></td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td style="text-align: left; text-indent: -0.125in; padding-left: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a023">What are the procedures for changing the number of directors?</a></font></td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td style="text-align: left; text-indent: -0.125in; padding-left: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a024">How are vacancies filled on the board of directors?</a></font></td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td style="text-align: left; text-indent: -0.125in; padding-left: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a025">Under what circumstances may a director be removed from the board?</a></font></td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td style="text-align: left; text-indent: -0.125in; padding-left: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a026">What standing committees does the board of directors have?</a></font></td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td style="text-align: left; text-indent: -0.125in; padding-left: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a027">How often did the board and each of the standing committees meet during 2020?</a></font></td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td style="text-align: left; padding-left: 0.375in; text-indent: -0.3in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a028">NOMINATING AND GOVERNANCE COMMITTEE</a></font></td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td style="text-align: left; text-indent: -0.125in; padding-left: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a029">What are the functions of the nominating and governance committee?</a></font></td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td style="text-align: left; text-indent: -0.125in; padding-left: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a030">How does the nominating and governance committee assess candidates to fill vacancies
              on the board?</a></font></td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</font></td>
      </tr>

  </table>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&#160;</p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"></p>
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&#160;</p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"></p>
  <table style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse" cellpadding="0" cellspacing="0">

      <tr style="vertical-align: top">
        <td style="text-align: left; text-indent: 0in; padding-left: 0.375in; width: 95%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a031">What is the role of the board in the nomination process?</a></font></td>
        <td style="width: 5%; text-align: right; text-indent: 0in; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td style="text-align: left; text-indent: 0in; padding-left: 0.375in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a032">Who are the members of the nominating and governance committee?</a></font></td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td style="text-align: left; text-indent: 0in; padding-left: 0.375in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a033">How may a shareholder nominate a person to serve on the board?</a></font></td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td style="text-align: left; text-indent: 0in; padding-left: 0.375in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a034">Have we paid fees to any third party to assist us in evaluating or identifying potential
              nominees to the board?</a></font></td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td style="text-align: left; text-indent: 0in; padding-left: 0.375in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a035">Did we receive any nominations for director from certain large beneficial owners of our
              common shares?</a></font></td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td style="text-align: left; padding-left: 0.375in; text-indent: -0.3in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a036">AUDIT AND FINANCE COMMITTEE</a></font></td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td style="text-align: left; text-indent: 0in; padding-left: 0.375in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a037">Who are the members of the audit and finance committee?</a></font></td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td style="text-align: left; text-indent: 0in; padding-left: 0.375in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a038">Does the audit and finance committee have any audit committee financial experts?</a></font></td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td style="text-align: left; text-indent: 0in; padding-left: 0.375in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a039">Audit and Finance Committee Report</a></font></td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td style="text-align: left; padding-left: 0.375in; text-indent: -0.3in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a040">COMPENSATION COMMITTEE</a></font></td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td style="text-align: left; text-indent: 0in; padding-left: 0.375in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a041">What are the functions of the compensation committee?</a></font></td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td style="text-align: left; text-indent: 0in; padding-left: 0.375in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a042">What fees have we paid for services provided by our compensation consultant and its
              affiliates?</a></font></td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">18</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td style="text-align: left; text-indent: 0in; padding-left: 0.375in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a043">Is our compensation consultant independent?</a></font></td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">18</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td style="text-align: left; text-indent: 0in; padding-left: 0.375in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a044">Compensation Committee Interlocks and Insider Participation</a></font></td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">18</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td style="text-align: left; text-indent: 0in; padding-left: 0.375in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a045">How does the board and each of its committees assess performance?</a></font></td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td style="text-align: left; padding-left: 0.375in; text-indent: -0.3in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a046">GOVERNANCE OF THE COMPANY</a></font></td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td style="text-align: left; text-indent: 0in; padding-left: 0.375in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a047">Is each of our board and committee members and nominee independent?</a></font></td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td style="text-align: left; text-indent: 0in; padding-left: 0.375in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a048">Do we have any relationships with any executive officers?</a></font></td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td style="text-align: left; text-indent: 0in; padding-left: 0.375in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a049">What procedures do we use for reviewing and approving transactions between us and our
              directors, nominee and executive officers?</a></font></td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">21</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td style="text-align: left; text-indent: 0in; padding-left: 0.375in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a050">Have any of our directors, nominee, executive officers, or affiliates been involved in
              certain legal proceedings during the past ten years?</a></font></td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">21</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td style="text-align: left; text-indent: 0in; padding-left: 0.375in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a051">What is our policy regarding attendance by board members at our annual meetings?</a></font></td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">22</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td style="text-align: left; text-indent: 0in; padding-left: 0.375in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a052">What is the process for shareholders and other interested persons to send communications
              to our board?</a></font></td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">22</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td style="text-align: left; text-indent: 0in; padding-left: 0.375in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a053">What are the requirements for submission of shareholder proposals?</a></font></td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">22</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td style="text-align: left; padding-left: 0.375in; text-indent: -0.3in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a054">ENVIRONMENTAL STEWARDSHIP AND CORPORATE SOCIAL RESPONSIBILITY</a></font></td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td style="text-align: left; text-indent: 0in; padding-left: 0.375in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a055">Highlights of our environmental policies and practices</a></font></td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td style="text-align: left; text-indent: 0in; padding-left: 0.375in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a056">Highlights of our social responsibility policies and practices</a></font></td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td style="text-align: left; padding-left: 0.375in; text-indent: -0.3in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a057">STOCK OWNERSHIP</a></font></td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td style="text-align: left; text-indent: 0in; padding-left: 0.375in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a058">Are there any large owners of our common shares?</a></font></td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25</font></td>
      </tr>

  </table>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&#160;</p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"></p>
  <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
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    <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
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  </div>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&#160;</p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"></p>
  <table style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse" cellpadding="0" cellspacing="0">

      <tr style="vertical-align: top">
        <td style="text-align: left; text-indent: 0in; padding-left: 0.375in; width: 95%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a059">How much stock do directors, nominee and executive officers own?</a></font></td>
        <td style="width: 5%; text-align: right; text-indent: 0in; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">26</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td style="text-align: left; text-indent: 0in; padding-left: 0.375in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a060">Delinquent Section 16(a) Reports</a></font></td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">26</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td style="text-align: left; padding-left: 0.375in; text-indent: -0.3in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a061">PROPOSAL 1: ELECTION OF DIRECTORS</a></font></td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">27</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td style="text-align: left; text-indent: 0in; padding-left: 0.375in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a062">What is the experience of each nominee for election as a director?</a></font></td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">27</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td style="text-align: left; text-indent: 0in; padding-left: 0.375in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a063">What is the experience of our other directors?</a></font></td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td style="text-align: left; text-indent: 0in; padding-left: 0.375in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a064">How did we compensate our directors in 2020?</a></font></td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td style="text-align: left; text-indent: 0in; padding-left: 0.375in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a065">What are our stock ownership guidelines for directors?</a></font></td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">38</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td style="text-align: left; padding-left: 0.375in; text-indent: -0.3in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a066">EXECUTIVE OFFICERS</a></font></td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">39</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td style="text-align: left; text-indent: 0in; padding-left: 0.375in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a067">What has been the business experience of our executive officers during the past five
              years?</a></font></td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">39</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td style="text-align: left; text-indent: 0in; padding-left: 0.375in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a068">Compensation Discussion and Analysis</a></font></td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td style="text-align: left; text-indent: 0in; padding-left: 0.375in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a069">Compensation Committee Report</a></font></td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">57</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td style="text-align: left; text-indent: 0in; padding-left: 0.375in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a070">How were certain of our named executive officers compensated in 2020?</a></font></td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">58</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td style="text-align: left; text-indent: 0in; padding-left: 0.375in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a071">What plan-based awards did we make to these named executive officers in 2020?</a></font></td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">65</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td style="text-align: left; text-indent: 0in; padding-left: 0.375in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a072">What equity awards granted to these named executive officers were outstanding at the end
              of the year?</a></font></td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">67</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td style="text-align: left; text-indent: 0in; padding-left: 0.375in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a073">Did any named executive officers exercise options or have other stock awards vest in
              2020?</a></font></td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">68</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td style="text-align: left; text-indent: 0in; padding-left: 0.375in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a074">What pension benefits are payable to these named executive officers?</a></font></td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">69</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td style="text-align: left; text-indent: 0in; padding-left: 0.375in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a075">Do any named executive officers participate in a non-qualified deferred compensation
              plan?</a></font></td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">70</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td style="text-align: left; text-indent: 0in; padding-left: 0.375in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a076">What are the terms of the change in control agreement with named executive officers?</a></font></td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">71</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td style="text-align: left; text-indent: 0in; padding-left: 0.375in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a077">What do we estimate we will pay each of our named executive officers in the event his or
              her employment is terminated because of a change in control?</a></font></td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">73</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td style="text-align: left; text-indent: 0in; padding-left: 0.375in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a078">What is our CEO to median employee pay ratio?</a></font></td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">74</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td style="text-align: left; padding-left: 0.375in; text-indent: -0.3in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a079">PROPOSAL 2: ADVISORY VOTE TO APPROVE COMPENSATION OF OUR NAMED EXECUTIVE OFFICERS</a></font></td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">75</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td style="text-align: left; padding-left: 0.375in; text-indent: -0.3in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a080">PROPOSAL 3: RATIFY THE APPOINTMENT OF PRICEWATERHOUSECOOPERS LLP AS THE INDEPENDENT
              REGISTERED PUBLIC ACCOUNTING FIRM</a></font></td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">76</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td style="text-align: left; text-indent: 0in; padding-left: 0.375in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a081">What are the audit and finance committee&#8217;s pre-approval policies and procedures?</a></font></td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">76</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td style="text-align: left; text-indent: 0in; padding-left: 0.375in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a082">Principal Accounting Fees and Services</a></font></td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">77</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td style="text-align: left; padding-left: 0.375in; text-indent: -0.3in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a083">OTHER MATTERS</a></font></td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">78</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td style="text-align: left; padding-left: 0.375in; text-indent: -0.3in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a084">OBTAINING ADDITIONAL INFORMATION FROM US</a></font></td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">78</font></td>
      </tr>

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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"></p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"></p>
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  <!--PROfilePageNumberReset%Num%1%%%-->
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>April 5, 2021&#160;</b></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>American States Water Company</b></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>630 East Foothill Blvd.</b></font></p>
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      allow us to elect to use the Internet as our primary means of furnishing our proxy statement, electronic proxy card and our Annual Report on Form 10-K for the year ended December 31, 2020 to our shareholders. As a result, on or about April 5, 2021,
      we are mailing to most of our shareholders a Notice of Internet Availability of Proxy Materials referred to herein as the Notice. The Notice contains instructions on how to access our proxy materials over the Internet at www.proxyvote.com and how to
      request a paper copy of our proxy materials. The proxy materials will be posted on the Internet no later than the date we begin mailing the Notice. On or about April 5, 2021, we are mailing to all remaining shareholders a paper copy of our proxy
      materials. If, however, we are unable to mail a paper copy to a shareholder because the shareholder lives in an area where the common carrier has suspended mail service, we will make a good faith effort to deliver the proxy materials to you. We are
      sending a Notice or proxy materials to each of our shareholders of record in connection with the solicitation by our board of directors of proxies to be voted at our 2021 annual meeting and any adjournments thereof.</font></p>
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      vote at the 2021 annual meeting as of the close of business on March 19, 2021. As of March 19, 2021, we had 36,913,017 common shares outstanding. We do not have any other outstanding equity securities. Each of our common shares is entitled to one
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a name="a001"></a>INFORMATION ABOUT THE 2021 ANNUAL MEETING</b><br>
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      directors to class I who will serve until our annual meeting of shareholders in 2024 or until our shareholders duly elect their qualified successors. We are seeking advisory votes on the compensation that we pay our named executive officers, commonly
      referred to as a &#8220;say-on-pay&#8221; proposal. In addition, we will ask shareholders to ratify the appointment of PricewaterhouseCoopers LLP as the company&#8217;s independent registered public accounting firm and to vote on any other matter, which may properly
      come before the 2021 annual meeting.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Even if you can attend the Webcast 2021 annual meeting, we encourage you
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a name="a003"></a>Who may attend the 2021 annual meeting? </b></font></p>
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      annual meeting through a virtual meeting format by electronic transmission via Webcast. As always, we encourage you to vote your shares prior to the annual meeting. You are a shareholder of record if your shares are registered directly in your name.
      We mailed this proxy statement or the Notice directly to you if you are a shareholder of record.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To attend our 2021 annual meeting, please visit <font style="color: black">www.virtualshareholdermeeting.com/AWR2021</font>. Shareholders or their legal proxies must enter the 16-digit control number found on the proxy card, voting instruction form or other proxy materials. Online access to the annual meeting will
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      </tr>

  </table>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">submit questions germane to the matters to be voted at the 2021 annual meeting, and</font></td>
      </tr>

  </table>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

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        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">vote or change a previously submitted vote.</font></td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a name="a004"></a>How may I vote my shares at the 2021 annual meeting?</b><br>
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      vote your shares by entering your 16-digit control number at <font style="color: black"><u>www.virtualshareholdermeeting.com/AWR2021</u></font>. The control number is included with the proxy card or notice previously provided to you. <font style="color: windowtext">Participants in Golden State Water Company&#8217;s 401(k) plan may not vote their 401(k) shares at the 2021 annual meeting since the 401(k) plan trustee is the shareholder of record of these shares. </font></font></p>
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      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Voting by Telephone</b></font></p>
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  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Votes submitted by telephone must be received by 11:59 p.m., Eastern Time, on May 17, 2021 to be voted at the 2021 annual meeting.
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      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>
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      401(k) plan shares by mail, phone or Internet as described above. Votes submitted by telephone or using the Internet must be received by 11:59 p.m., Eastern Time, on May 13, 2021 in order for us to forward your instructions to the 401(k) plan
      trustee. The trustee will vote 401(k) plan shares as to which no directions are received in the same ratio as 401(k) plan shares with respect to which directions are received from other participants in the 401(k) plan, unless contrary to the Employee
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#8220;FOR ALL&#8221;</b> of the nominees,</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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        <td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9632;</font></td>
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      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9632;</font></td>
        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#8220;AGAINST</b>,<b>&#8221; </b>or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9632;</font></td>
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      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a name="a007"></a>May I cumulate my votes for a director?</b></font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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        <td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9632;</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9632;</font></td>
        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">prior to the voting, gives notice of an intention to cumulate votes at the 2021 annual meeting.</font></td>
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  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If you or any other shareholder gives notice prior to voting of an
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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    <div style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: normal; color: rgb(0, 0, 0); font-style: normal;">3</font>&#160;</div>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a name="a008"></a>How does the board recommend that I vote at the 2021 annual meeting? </b></font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top">
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        <td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9632;</font></td>
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#8220;FOR ALL&#8221;</b> of the nominees for class I director,</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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        <td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9632;</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

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        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#8220;FOR&#8221; </b>the proposal to ratify the appointment of PricewaterhouseCoopers LLP as our independent registered public accounting firm.</font></td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a name="a009"></a>How will the named proxies vote if I send in my proxy without voting instructions?</b></font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a name="a010"></a>How will the named proxies vote if a nominee is unable to serve as director?</b></font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><u>Proposal 1&#160;</u></b></font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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      compensation rules of the SEC, including the compensation discussion and analysis, compensation tables and any related material disclosed in this proxy statement will be approved upon an affirmative vote of a majority of our common shares represented
      in person or by proxy and voting, provided that the shares voting affirmatively also constitute at least a majority of the required quorum at the 2021 annual meeting. Abstentions on this proposal will not be considered as a vote cast for or against
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><u>Proposal 3&#160;</u></b></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The appointment of PricewaterhouseCoopers LLP, as our independent registered
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"></font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">provided that the shares voting affirmatively also constitute at least a majority of the required
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a name="a012"></a>What happens if cumulative voting for directors occurs?</b><br>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If we conduct voting for directors by cumulative voting, then you may
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9632;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

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        <td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9632;</font></td>
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  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

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        <td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9632;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0">

      <tr style="vertical-align: top">
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a name="a013"></a>What is the quorum requirement for the 2021 annual meeting? </b></font></p>
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      entitled to vote on the record date are present at the 2021 annual meeting, either in person or by proxy. We will count shares represented by proxies that reflect abstentions and broker non-votes as present and entitled to vote for purposes of
      determining the presence of a quorum. The term &#8220;broker non-vote&#8221; refers to shares held by brokers or nominees who have not received instructions on how to vote from the beneficial owners or persons entitled to vote if the broker or nominee indicates
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a name="a014"></a>Who bears the costs of proxy distribution and solicitation? </b></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We will bear the entire cost of preparing, assembling, printing and
      mailing proxy statements and the costs of any additional materials, which the board may furnish to you. We may solicit proxies by U.S. mail in the case of beneficial owners that own 1,000 or more shares or, in the case of all other shareholders,
      brokers, banks and other nominees, by mailing a notice containing instructions on how to access our proxy materials and vote. We have engaged the services of Morrow Sodali LLC, 470 West Avenue, Stamford, Connecticut 06902 for $8,000 to assist us in
      soliciting proxies. We may also solicit proxies by telephone, or personally, by directors, officers and regular employees of the company who will receive no extra compensation for performing these services.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a name="a015"></a>What does it mean if I receive more than one proxy or voting instruction card? </b></font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif"><b></b></font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a name="a016"></a>Who will serve as inspector of election?</b><br>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The board of directors has appointed Broadridge Financial Solutions,
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a name="a017"></a>How is an annual meeting adjourned? </b></font></p>
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      majority of the shares represented at the annual meeting, in person or by proxy, even if a quorum is not present. In the absence of a quorum at the 2021 annual meeting, no business may be transacted at the 2021 annual meeting other than an
      adjournment.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We are not required to give you notice of an adjournment of an annual
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a name="a018"></a>BOARD STRUCTURE AND COMMITTEES </b></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a name="a019"></a>Overview of the board </b></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><u>Composition and Independence</u></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.25in"></td>
        <td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total of nine current directors - all independent directors, except for president and chief executive officer</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

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        <td style="width: 0.25in"></td>
        <td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.25in"></td>
        <td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.25in"></td>
        <td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.25in"></td>
        <td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.25in"></td>
        <td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.25in"></td>
        <td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><u>Accountability</u></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.25in"></td>
        <td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.25in"></td>
        <td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8226;</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><u>Other board characteristics</u> <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></font></p>
  <p style="color: Red; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.25in"><img src="nc10022307x1_def14a-img003.jpg" alt=""></p>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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        <td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></font></td>
        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based on composition of the board after the 2021 annual meeting, assuming that all the nominees of class I are elected.</font></td>
      </tr>

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a name="a020"></a>How is the board of directors structured? </b></font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The board of directors currently consists of nine directors, with an
      independent non-management director serving as its chair. The board is divided into three classes (class I, class II and class III). Shareholders elect directors in each class to serve for a three-year staggered term expiring in successive years or
      until shareholders duly elect their successors. The term of the class II directors will expire at the 2022 annual meeting. The term of the class III directors will expire at the 2023 annual meeting. The term of the directors elected to class I at
      this annual meeting will expire at the 2024 annual meeting.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ms. Holloway, the chair of the board, is a non-voting ex-officio member
      of all committees of the board, is the presiding director for executive sessions of the board and acts as lead director of the board.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The board holds&#160;executive sessions of the board following regularly
      scheduled meetings and on an as-needed basis. Some of these sessions are non-management executive sessions. Currently, Mr. Sprowls, who is also president and chief executive officer of the company, is the only employee director that&#160;participates
      in&#160;executive sessions of the board. He does not participate in non-management executive sessions. The board held six executive sessions of the board in 2020, one of which&#160;included a non-management executive session.</font></p>
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      2020, other than Mr. Sprowls, were independent directors of the company. The board believes that this leadership structure, in which the chair is an independent director acting as the lead director, ensures a greater role for the other independent
      directors in the oversight of the company and active participation of the independent directors in setting agendas and establishing priorities and procedures for the board. The board further believes that this leadership structure is preferred by a
      significant number of our shareholders. The board has used this leadership structure since the formation of the company as a holding company in 1998.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a name="a021"></a>How does the board oversee enterprise risks?</b></font></p>
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      risk management, or ERM, performed under the direction of the senior management team. The board satisfies this responsibility by obtaining information from each committee chair regarding the committee&#8217;s risk oversight activities and the ERM liaison
      and from regular reports directly from officers, the management sustainability oversight team and other key management personnel responsible for risk identification, risk management and risk mitigation strategies. The reporting processes are designed
      to provide visibility to the board about the identification, assessment and management of critical risks and management&#8217;s risk mitigation strategies.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On a quarterly basis, management discusses critical risks including any
      newly identified critical risks and implementation status of plans to mitigate these risks, with the ERM liaison and the committees that are in charge of the risks within their areas of responsibility. Each committee chair and the ERM liaison provide
      a report to the full board regarding the critical risks discussed, management&#8217;s mitigation plans and implementation of the ERM program and other matters relevant to the risk oversight responsibilities of the board, including without limitation,
      COVID-19 risks, regulatory, accounting, tax and cybersecurity risks. On an annual basis, management also provides to the ERM liaison, each committee and the board an updated list of all critical and medium risks identified by management, an
      assessment of the company&#8217;s financial exposure should the risk not be mitigated and management&#8217;s assessment of the probability of an event occurring given the company&#8217;s mitigation plans. Each committee and the ERM liaison reviews and comments on this
      information. Thereafter, each committee chair and the ERM liaison reports to the full board on the results of its consideration of enterprise risks within its area of responsibility.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The audit and finance committee considers financial risks and exposures,
      particularly financial reporting, tax, accounting, disclosure and internal control over financial reporting, financial policies, investment guidelines, credit and liquidity matters and the company&#8217;s retirement plans, and the design and performance of
      the internal audit, ethics and compliance functions. The audit and finance committee also oversees our insurance risk management policies and programs and makes recommendations to the board regarding the structure and renewal of our directors&#8217; and
      officers&#8217; liability insurance program. The audit and finance committee receives regular reports from the internal auditor of the company to assist it in overseeing financial risks and has direct authority over the company&#8217;s independent registered
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The nominating and governance committee considers risks and exposures
      relating to corporate governance and succession planning for the board and the chief executive officer. The nominating and governance committee is also responsible for making recommendations regarding the delegation of risk oversight responsibilities
      to committees of the board and the policies and procedures for coordinating the risk oversight responsibilities of the board, the ERM liaison and each of the committees and the board.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The compensation committee considers risks associated with executive and
      employee compensation programs, with a particular focus on performance-based compensation. We discuss further how this committee assesses the risks associated with the different components of executive compensation under the heading &#8220;Compensation
      Discussion and Analysis-Risk Considerations.&#8221;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The ASUS committee was established by the board to oversee the risks and
      exposures associated with the company&#8217;s contracted services operations at American States Utility Services, Inc. and its subsidiaries, or ASUS. Golden State Water Company, or GSWC, established a safety and operations committee to oversee risks
      associated with GSWC&#8217;s electric utility operations as required by the California Public Utilities Commission, including oversight of the implementation of GSWC&#8217;s wildfire mitigation plan. Following the transfer of GSWC&#8217;s electric utility operations
      in July 2020 to Bear Valley Electric Service, Inc., or BVESI, a wholly-owned subsidiary of the company, these risks have been overseen by the safety and operations committee of BVESI. Both of these committees (or, in the case of BVESI, the President
      of BVESI) report at least quarterly to the full board.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The board, with the assistance of the compensation and nominating and
      governance committees, oversees succession planning and leadership development of the chief executive officer and other officers, directors and managers of the company. In addition to reviewing the company&#8217;s succession planning processes, the
      compensation committee reviews the development plans that are being utilized to strengthen the skills and qualifications of candidates for leadership positions in the company. The compensation committee recommends to the board actions that the
      committee believes should be taken in light of the operations needs of the company and its talent pool to enable the company to attract, motivate and retain the right people in the right positions now and into the future. The compensation committee
      also considers actions that should be taken in the event of a sudden loss of the chief executive officer or other officers, directors or managers.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The director of the human capital management department reports to the
      compensation committee quarterly on the hiring of new employees, employee terminations, vacancies, employees eligible for retirement and the use of temporary employees. The director also provides information to the board on the diversity demographics
      of the company and the company&#8217;s equitable pay practices.</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The nominating and governance committee is responsible for matters
      related to board succession planning. You may find additional information on characteristics that the nominating committee considers </font><font style="font: 10pt Times New Roman, Times, Serif">in nominating a candidate for the board under the
      heading &#8220;Nominating and Governance Committee-How does the nominating and governance committee assess candidates to fill vacancies on the board?&#8221;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif"></font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a name="a023"></a>What are the procedures for changing the number of directors? </b></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under our bylaws, the board of directors may increase the authorized
      number of directors up to eleven without obtaining shareholder approval so long as we list our common shares on the New York Stock Exchange. We currently have nine directors on our board. The board of directors may also decrease the number of
      authorized directors to no less than six without obtaining shareholder approval. If the number of authorized directors is decreased to six, then the board will cease to be classified; provided, that the decrease in the number of directors cannot
      shorten the term of any incumbent director.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless otherwise approved by our shareholders, the board of directors
      will cease to be classified if our common shares are not listed on the New York Stock Exchange.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a name="a024"></a>How are vacancies filled on the board of directors? </b></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></font></p>
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      except those existing because of a removal of a director, though less than a quorum. If the board consists of only one director, the sole remaining director may fill all vacancies on the board. Each director so elected will hold office until the end
      of the term of the director who has been removed, or until the director&#8217;s successor has been duly elected and qualified. Our shareholders also have the right to elect a director or directors at any time to fill any vacancy or vacancies not filled by
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under California law, a member of the board of directors may be removed:</font></p>
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      <tr style="vertical-align: top">
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        <td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9632;</font></td>
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">by the board of directors as the result of a felony conviction or court declaration of unsound mind,</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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        <td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9632;</font></td>
        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">by the shareholders without cause, or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9632;</font></td>
        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">by court order for fraudulent or dishonest acts or gross abuse of authority or discretion.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Generally, shareholders may not remove a director if the votes cast
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9632;</font></td>
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  </table>
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  </table>
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      </tr>

  </table>
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  </table>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Every board member attended all of the meetings of the board in 2020.
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviews its charter and assesses its own performance annually.</font></td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">business acumen, business or governmental experience and an ability to exercise sound business judgment in matters that relate to our current
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  </table>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"></font></p>
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  </table>
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  </table>
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  </table>
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  </table>
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      other information provided by Mr. Davis. After consideration of this information, the board determined that it was desirable for each of the directors who had not yet interviewed Mr. Davis to meet electronically with him prior to the board
      considering whether to nominate Mr. Davis as a director of the company and GSWC. Following these interviews, the board, upon recommendation of the nominating and governance committee, nominated him to serve as a class I director of the company. No
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a name="a036"></a>AUDIT AND FINANCE COMMITTEE</b></font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">appropriate that may affect the independence of such consultants, counsel or advisers. Unless otherwise
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></font></p>
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      to as the engagement). The aggregate amount of fees paid to Pearl Meyer in 2020 in connection with the engagement was $100,173. The compensation committee had the sole authority to appoint Pearl Meyer, oversee the compensation services provided by
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      </tr>

  </table>
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      </tr>

  </table>
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      </tr>

  </table>
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      <tr style="vertical-align: top">
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  </table>
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  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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  </table>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
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      officer or employee of the company or any of its subsidiaries. None of the executive officers of the company is (or has been during the past three years) a member of the board of directors or the compensation committee of any company on which any of
      our directors serves as an executive officer, director or member of the compensation committee. No compensation committee member during 2020 or any entity in which such member has a 5% or more interest or by whom such member is employed has received
      any consulting, advisory or other compensatory fees paid by the company or any of its subsidiaries, other than fees received by such member for serving on our board of directors, serving on or attending meetings of committees of our board, acting as
      a liaison between the board and/or its committees and management on matters specified by the board or otherwise working on matters specified by the board. We are not aware of any facts or circumstances that would make any member of the compensation
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      are any strategic aspects of the company&#8217;s business that might merit additional board attention. The results of this assessment are summarized by outside counsel and then distributed to the nominating and governance committee and the board for
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a name="a046"></a>GOVERNANCE OF THE COMPANY</b></font></p>
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      otherwise independent under the corporate governance standards of the New York Stock Exchange. We have not adopted any other categorical standards for determining whether a board member is independent.</font></p>
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      </tr>

  </table>
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      <tr style="vertical-align: top">
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      </tr>

  </table>
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      <tr style="vertical-align: top">
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"></font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in"><font style="font: 10pt Times New Roman, Times, Serif">compensation from us, other than compensation for serving as a director, serving as a
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  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">none of these directors or Mr. Davis has accepted, either directly or indirectly, any consulting, advisory or other compensatory fee from us,
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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      </tr>

  </table>
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  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top">
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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      declare that all such relationships during the prior year have been disclosed. We also asked Mr. Davis to disclose any such relationship that he had with us during 2020. Our board did not consider any transactions in which any member of the board or
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a name="a050"></a>Have any of our directors, nominee, executive officers or affiliates
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif"></font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> We adopted a policy that each director should make every reasonable
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <i></i>You or any interested person may, at any time, communicate in
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      East Foothill Boulevard, San Dimas, California 91773. We will provide copies of written communications received at this address to the relevant director or the non-management directors as a group unless the corporate secretary, in her reasonable
      judgment, considers the communications to be improper for submission to the intended recipient(s). Examples of communications considered improper for submission include customer complaints, solicitations, ordinary work employee grievances,
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Your notice to our corporate secretary must include for each matter you
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  </table>
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  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

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      </tr>

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      </tr>

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      </tr>

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      </tr>

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      </tr>

  </table>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a name="a059"></a>How much stock do directors, nominee and executive officers own?</b></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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        <td style="vertical-align: top; text-align: right; width: 12%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15,896</font></td>
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        <td style="vertical-align: bottom; border-right: Black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Steven D. Davis</font></td>
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        <td style="vertical-align: bottom; border-right: Black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">John R. Fielder</font></td>
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        <td style="vertical-align: bottom; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</font></td>
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        <td style="vertical-align: bottom; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</font></td>
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        <td style="vertical-align: bottom; border-right: Black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mary Ann Hopkins</font></td>
        <td style="vertical-align: top; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,056</font></td>
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        <td style="vertical-align: bottom; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</font></td>
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        <td style="vertical-align: bottom; border-right: Black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">C. James Levin</font></td>
        <td style="vertical-align: top; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,110</font></td>
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        <td style="vertical-align: bottom; border-right: Black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Janice F. Wilkins</font></td>
        <td style="vertical-align: top; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">17,938</font></td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1) </sup>&#160;&#160;&#160;&#160;&#160;&#160;&#160;None






      of our directors or Mr. Davis have any rights to acquire any of our common shares through the exercise of stock options or the payout of restricted stock units on or prior to May 28, 2021. We have not included in this table common shares relating to
      dividend equivalents that may be received by our directors and executive officers with respect to dividends declared by the board after March 29, 2021 or restricted stock units which the directors and Mr. Davis, if he is elected as a director, will
      have a right to acquire on the date of the 2021 annual meeting pursuant to the 2013 directors plan.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)&#160;&#160;&#160;&#160;&#160;&#160;&#160;</sup>Percent







      of class is calculated based upon the number of our common shares outstanding on March 29, 2021, plus any shares a person has the right to acquire on or prior to May 28, 2021.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<b>&#160;</b></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a name="a060"></a>Delinquent Section 16(a) Reports</b></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We have adopted procedures to assist our directors and executive
      officers in complying with Section 16(a) of the Securities Exchange Act of 1934, including assisting directors and executive officers with preparing and filing statements on Form 3, Form 4 and, if applicable, Form 5. We believe, on the basis of our
      review of the statements filed by directors and executive officers in 2020 that the following statements on Form 4 were filed late:</font></p>
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      </tr>

  </table>
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  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

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        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr. Harrison filed Form 4 two days late with respect to restricted stock units granted to him on July 27, 2020.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a name="a061"></a>PROPOSAL 1: ELECTION OF DIRECTORS</b></font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We have provided information below about each of our directors and
      nominee, including his or her age, years of service as a director of the company, educational background, business experience, service on other boards and community service activities. The process used by the board in nominating directors is a
      subjective one and is based on the recommendations of the nominating and governance committee, the background, qualifications and age of each of the other members of the board, considered as a group, and, if applicable, the evaluation of the
      performance of each director based on previous service on the board, board committees and as liaisons between management and the board or a committee or otherwise working on matters specified by the board.</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a name="a062"></a>What is the experience of each nominee for election as a director?</b></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our board of directors has nominated three persons as class I directors
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>THE BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS THAT YOU VOTE
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" cellpadding="0" cellspacing="0">

      <tr style="vertical-align: top">
        <td rowspan="7" style="width: 18%"><img src="nc10022307x1_def14a-img004.jpg" alt=""><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
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      </tr>
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      </tr>
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      </tr>
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      <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade"> </div>
  </div>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a name="a064"></a>How did we compensate our directors in 2020?</b></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We paid fees to each of our directors quarterly in cash and made awards
      of restricted stock units to our directors in 2020 pursuant to the terms of the 2013 directors plan as more particularly described below. We also reimbursed each of our directors in 2020 for expenses incurred in the performance of his or her duties
      as a director.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>DIRECTOR<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1) </sup>COMPENSATION






        FOR 2020&#160;</b></font></p>
  <table style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" cellpadding="0" cellspacing="0">

      <tr>
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        <td style="vertical-align: bottom; width: 21%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fees Paid or
              Earned in Cash ($)</b></font></td>
        <td style="vertical-align: bottom; width: 20%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Stock Awards
              ($)</b><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></font></td>
        <td style="vertical-align: top; width: 20%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>All Other
              Compensation ($)</b><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></font></td>
        <td style="vertical-align: bottom; width: 15%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total ($)</b></font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="border-right: Black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Anne M. Holloway</font></td>
        <td style="border-right: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;$208,500</font></td>
        <td style="border-right: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$40,000</font></td>
        <td style="border-right: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;$102</font></td>
        <td style="text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$248,602</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="border-right: Black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">James L. Anderson</font></td>
        <td style="border-right: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;130,500</font></td>
        <td style="border-right: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;40,000</font></td>
        <td style="border-right: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;102</font></td>
        <td style="text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;170,602</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="border-right: Black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sarah J. Anderson</font></td>
        <td style="border-right: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;127,500</font></td>
        <td style="border-right: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;40,000</font></td>
        <td style="border-right: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;102</font></td>
        <td style="text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;167,602</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="border-right: Black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dr. Diana M. Bont&#225;</font></td>
        <td style="border-right: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;126,500</font></td>
        <td style="border-right: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;40,000</font></td>
        <td style="border-right: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;102</font></td>
        <td style="text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;166,602</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="border-right: Black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">John R. Fielder</font></td>
        <td style="border-right: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;134,005</font></td>
        <td style="border-right: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;40,000</font></td>
        <td style="border-right: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;102</font></td>
        <td style="text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;174,107</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="border-right: Black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mary Ann Hopkins</font></td>
        <td style="border-right: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;119,500</font></td>
        <td style="border-right: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;40,000</font></td>
        <td style="border-right: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;102</font></td>
        <td style="text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;159,602</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="border-right: Black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">C. James Levin<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(4)</sup></font></td>
        <td style="border-right: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;&#160;&#160;77,285</font></td>
        <td style="border-right: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;40,000</font></td>
        <td style="border-right: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;&#160;&#160;55</font></td>
        <td style="text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;117,340</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="border-right: Black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">James F. McNulty<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(5)</sup></font></td>
        <td style="border-right: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;&#160;&#160;55,625</font></td>
        <td style="border-right: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</font></td>
        <td style="border-right: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;&#160;&#160;47</font></td>
        <td style="text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;&#160;55,672</font></td>
      </tr>
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        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Janice F. Wilkins</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;126,000</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;40,000</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;315</font></td>
        <td style="border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;166,315</font></td>
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  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1) &#160;&#160;&#160;&#160;&#160;&#160;&#160;</sup>Mr.






      Sprowls, the president and chief executive officer of the company in 2020, was also a director of the company. We did not pay him any additional compensation for his services as a director or member of any committee.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2) &#160;&#160;&#160;&#160;&#160;&#160;&#160;</sup>The






      amounts in this column reflect the aggregate grant date fair value of the awards on the grant date, computed in accordance with FASB&#8217;s accounting guidance ASC Topic 718. We provide information regarding the assumptions used in calculation of these
      amounts in Note 13 to our audited financial statements for the year ended December 31, 2020 in our Annual Report on Form 10-K filed with the SEC. We did not make any other form of stock award to any director in 2020.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)&#160;&#160;&#160;&#160;&#160;&#160;&#160;</sup>We







      provide our board members and executive officers a blanket accident insurance policy. The policy is intended to provide coverage for traveling on company business or on assignment for the benefit of our company. We allocated one&#8211;third of the
      three-year premium of $5,844 for coverage under the blanket accident insurance policy equally to our board members and executive officers. The full year cost was $102 per person in 2020. We also reimburse our board members for the related cost of
      travel and meals of their spouses when attending regular board and committee meetings.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(4)&#160;&#160;&#160;&#160;&#160;&#160;&#160;</sup>Mr.







      Levin was elected as a director for the first time on May 19, 2020.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(5)&#160;&#160;&#160;&#160;&#160;&#160;&#160;</sup>Mr.







      McNulty retired from the board on May 19, 2020.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"></font></p>
  <!-- Field: Rule-Page -->
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Director Fees</i></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9632;</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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        <td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9632;</font></td>
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">to Ms. Holloway, an additional annual retainer of $100,000 for her services as chair of the board and $3,500 for her services as a member of
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      </tr>

  </table>
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  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"></font></p>
  <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
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  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

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      </tr>

  </table>
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  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<i>&#160;</i></font></p>
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      date of the annual meeting as shown on <i>The Wall Street Journal </i>website (<u>www.wsj.com</u>). The amount of the grants by the board to directors in 2020 was $40,000 or 38% of the annual retainer fee in effect on the date of the grant.</font></p>
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      grant date. In addition, until vested, each non-employee director is entitled to receive restricted stock units on the dividend record date in an amount equal to the cash dividends payable on this date on a number of shares equal to the aggregate
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      aggregate number of undistributed restricted stock units credited to each non-employee director&#8217;s restricted stock unit account divided by the closing price of our common shares on the dividend record date, as shown on <i>The Wall Street Journal
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>&#160;</i></font></p>
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  <table style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse" cellpadding="0" cellspacing="0">

      <tr>
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      </tr>
      <tr>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under our director stock ownership guidelines, as amended in July 2018,
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      value to at least three times his or her annual retainer for board service. Non-employee directors are also prohibited from selling or transferring common shares acquired by vesting of restricted stock units until he or she satisfies these
      requirements. The nominating and governance committee may suspend or adjust these guidelines if the nominating and governance committee determines that the guidelines are unduly burdensome by reason of personal circumstances affecting a director, are
      unduly affected by temporary declines in the price of our common shares or there has been a recent change in the compensation of directors. We have not exempted any of our directors from compliance with these guidelines. We consider these guidelines
      to have been satisfied once the minimum ownership requirements have been satisfied regardless of subsequent changes in the market value of our common shares. Each current member of our board, other than Ms. Hopkins, owns common shares, restricted
      stock units or other equity equivalents granted by the company at least equal in value to three times his or her annual retainer. Ms. Hopkins was elected to the board at the 2019 annual meeting and does not yet meet this threshold. As a result, she
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a name="a067"></a>What has been the business experience of our executive officers during the past five years?</b></font></p>
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        <td style="vertical-align: top; border-right: Black 1pt solid; padding-left: 5.4pt">&#160;</td>
        <td style="vertical-align: bottom; border-right: Black 1pt solid; padding-left: 5.4pt">&#160;</td>
        <td style="vertical-align: top; border-right: Black 1pt solid; text-align: center">&#160;</td>
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        <td style="border-right: Black 1pt solid; padding-left: 5.4pt">&#160;</td>
        <td style="border-right: Black 1pt solid; padding-left: 5.4pt">&#160;</td>
        <td style="border-right: Black 1pt solid; text-align: center">&#160;</td>
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        <td style="vertical-align: top; border-right: Black 1pt solid; padding-left: 5.4pt">&#160;</td>
        <td style="vertical-align: bottom; border-right: Black 1pt solid; padding-left: 5.4pt">&#160;</td>
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          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vice President &#8211; Regulatory Affairs of Golden State Water Company&#160;</font></p>
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      <tr style="vertical-align: top">
        <td style="border-right: Black 1pt solid; padding-left: 5.4pt">&#160;</td>
        <td style="border-right: Black 1pt solid; padding-left: 5.4pt">&#160;</td>
        <td style="border-right: Black 1pt solid; text-align: center">&#160;</td>
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          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vice President &#8211; Finance, Treasurer and Assistant Secretary of Golden State Water Company and Treasurer
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        <td style="vertical-align: top; border-right: Black 1pt solid; padding-left: 5.4pt">&#160;</td>
        <td style="vertical-align: bottom; border-right: Black 1pt solid; padding-left: 5.4pt">&#160;</td>
        <td style="vertical-align: top; border-right: Black 1pt solid; text-align: center">&#160;</td>
        <td style="vertical-align: top; padding-left: 5.4pt">&#160;</td>
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          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vice President &#8211; Operations of American States Utility Services, Inc. and its subsidiaries from January
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      </tr>
      <tr style="vertical-align: top">
        <td style="border-right: Black 1pt solid; padding-left: 5.4pt">&#160;</td>
        <td style="border-right: Black 1pt solid; padding-left: 5.4pt">&#160;</td>
        <td style="border-right: Black 1pt solid">&#160;</td>
        <td style="padding-left: 5.4pt">&#160;</td>
      </tr>
      <tr style="vertical-align: top">
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          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Senior Vice President of American States Utility Services, Inc. and its subsidiaries; Senior Vice
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        <td style="border-right: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60</font></td>
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      <tr style="vertical-align: top">
        <td style="border-right: Black 1pt solid; padding-left: 5.4pt">&#160;</td>
        <td style="border-right: Black 1pt solid; padding-left: 5.4pt">&#160;</td>
        <td style="border-right: Black 1pt solid; text-align: center">&#160;</td>
        <td style="padding-left: 5.4pt">&#160;</td>
      </tr>
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      </tr>

  </table>
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      </tr>

  </table>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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      </tr>

  </table>
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      </tr>

  </table>
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      </tr>

  </table>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional facts regarding the company&#8217;s financial performance can be
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Copyright&#169; S&amp;P Capital IQ, a division of The McGraw-Hills Companies Inc. All rights reserved.</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Approach to Compensation</i></font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Executive Compensation Practices at a Glance</i></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></font></p>
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      </tr>
      <tr style="vertical-align: top">
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              for Performance Absolute and Relative: </b>We link pay to performance and shareholder and customer interests by weighting a portion of total direct compensation to the achievement of a balanced mix of performance metrics, both internal and
            relative to our peers, established in advance by the compensation committee </font></td>
        <td style="border-bottom: Black 1pt solid; text-align: justify; width: 3%; padding-left: 5.4pt; padding-top: 5pt; padding-bottom: 5pt"><font style="font-family: Wingdings; font-size: 10pt">&#251; </font></td>
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      </tr>
      <tr style="vertical-align: top">
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      </tr>
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              Company Securities: </b>We have a policy generally prohibiting pledges of company securities by our executives and directors unless the nominating and governance committee approves in advance.&#160;&#160;No officer or director has pledged shares since
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        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify; padding-right: 5.4pt; padding-top: 5pt; padding-bottom: 5pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stock Ownership
            Guidelines: Executives are subject to stock ownership guidelines equal to a multiple of their annual base salaries (3x for the CEO, 1.5x for senior vice presidents and 1x for vice presidents); directors are also subject to stock ownership
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        <td style="border-bottom: Black 1pt solid; text-align: justify; padding-left: 5.4pt; padding-top: 5pt; padding-bottom: 5pt"><font style="font-family: Wingdings; font-size: 10pt">&#251; </font></td>
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      </tr>
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        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify; padding-right: 5.4pt; padding-top: 5pt; padding-bottom: 5pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Clawback&#8221; Policy:
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        <td style="border-bottom: Black 1pt solid; text-align: justify; padding-left: 5.4pt; padding-top: 5pt; padding-bottom: 5pt"><font style="font-family: Wingdings; font-size: 10pt">&#251; </font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify; padding-right: 5.4pt; padding-top: 5pt; padding-bottom: 5pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>No Guaranteed
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      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></font></p>
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      salary, annual cash incentives, a portion of which is based on achieving financial, operational and customer service objectives during the year, and annual equity grants, a portion of which is based on achieving financial and operational performance
      objectives during a three-year performance period. We refer to the combination of these elements of compensation as total direct compensation.</font></p>
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      charts below for each component of total direct compensation in 2020 based on 26 pay periods, assuming that each named executive officer would earn the aggregate target during the year in annual cash incentives and at the target level following the
      end of the three-year performance period for the performance stock awards. As these charts show, approximately 71% and 37% of target total direct compensation (salary, bonus and equity) is variable (or &#8220;at-risk&#8221;) for our CEO and other named executive
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="color: Red; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img src="nc10022307x1_def14a-img015.jpg" alt=""></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*The sum of the percentages does not total due to rounding.</font></p>
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      compensation, the compensation committee considered the practices of our current peer group, how well the company&#8217;s pay levels are aligned with performance compared to the company&#8217;s current peer group, the views and practices of the California Public
      Utilities Commission, or CPUC, in setting rates, the practices of the two water utilities regulated by the CPUC that are members of our current peer group, the preference of proxy advisory firms for significant portions of total direct compensation
      to consist of variable pay based on the satisfaction of objective performance targets and the prior year&#8217;s performance of the executive officer. The compensation committee also believes that it is generally important for more of the compensation of
      the chief executive officer to be dependent on performance than that of the other executive officers.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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      received by a named executive officer (which does not include the actuarial calculation of the change in pension value or other compensation shown in the Summary Compensation Table) may be different from the target mix depending upon a variety of
      factors, the value of some of which cannot yet be determined. The factors affecting actual total direct compensation awarded in 2020 that have not yet been determined include:</font></p>
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  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the company&#8217;s financial and operational performance for the three-year performance period with respect to the performance measures set forth
            in the executive&#8217;s applicable performance stock award agreement for this period;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the value of the company&#8217;s common shares upon the vesting of time vested restricted stock units awarded to the executive in 2020 and the value
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"></font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
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        <td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9632;</font></td>
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the value of the company&#8217;s common shares following the determination of the number of common shares to be received by a named executive
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      </tr>

  </table>
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      January 2020 and January 2021, our consultant (Pearl Meyer) reviewed the relationship between realizable total direct compensation of our CEO and our performance for the three three-year periods ended December 31, 2018, December 31, 2019 and
      December&#160;31,&#160;2020. These reviews were conducted to assist the compensation committee in understanding the degree of alignment between realizable total direct compensation delivered to the CEO during these three-year periods and our performance
      relative to our peer group. For purposes of this review, company performance is defined as total shareholder return (including reinvested dividends) over the respective three-year period. For the three-year period ended December 31, 2019, total
      direct peer group realizable compensation is defined as the sum of:</font></p>
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      </tr>

  </table>
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      </tr>

  </table>
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        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cumulative &#8220;in-the-money&#8221; value as of December 31, 2019 of any stock options granted over the prior three-year period;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

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      </tr>

  </table>
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      </tr>

  </table>
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      using realizable pay from January 1, 2018 to December 31, 2020 compared to total shareholder return (including reinvested dividends) over the same period. Peer company pay is based on 2018 and 2019 actual pay with an estimate of 2020 pay equal to
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse" cellpadding="0" cellspacing="0">

      <tr style="vertical-align: bottom">
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        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">91<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st
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  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</sup>Comparison






      to the current peer group and El Paso Electric Company for pay period 2016-2018. Comparison to the current peer group for the 2017-2019 and 2018-2020 pay periods. El Paso Electric Company is no longer included in the company&#8217;s pay group since it is
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font: 10pt Times New Roman, Times, Serif"></font></p>
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  <!-- Field: /Rule-Page -->
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font: 10pt Times New Roman, Times, Serif"></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following chart further illustrates the pay for performance analysis
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  <p style="color: Red; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>
  <p style="color: Red; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img src="nc10022307x1_def14a-img016.jpg" alt="">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Compensation Committee Process</i></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The compensation committee annually reviews our executive compensation
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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      compensation consultant to the committee. After a consideration of the merits of engaging a new compensation consultant compared to the benefits of retaining Pearl Meyer and an independence assessment of Pearl Meyer, the committee decided to extend
      the engagement of Pearl Meyer for 2020. In conducting its independence assessment, the <font style="color: windowtext">compensation committee concluded that no conflicts of interest existed between the company and Pearl Meyer (or any individuals
        working </font>on the company&#8217;s account on behalf of Pearl Meyer). We provide additional information regarding this assessment under the heading &#8220;Compensation Committee - Is our compensation consultant independent?&#8221;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top">
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        <td style="text-align: justify; width: 40%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Northwestern Corporation</font></td>
      </tr>

  </table>
  <table style="width: 80%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in" border="0" cellpadding="0" cellspacing="0">

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        <td style="text-align: justify; width: 40%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Otter Tail Corporation</font></td>
      </tr>

  </table>
  <table style="width: 80%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in" border="0" cellpadding="0" cellspacing="0">

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        <td style="text-align: justify; width: 40%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">California Water Service Group </font></td>
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      </tr>

  </table>
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        <td style="text-align: justify; width: 40%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">South Jersey Industries, Inc.</font></td>
      </tr>

  </table>
  <table style="width: 80%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in" border="0" cellpadding="0" cellspacing="0">

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      annual revenues between $418 million and $1.52 billion), our current peer companies were selected based on similarity in industry (water, gas and electric utilities) and size. The compensation committee considered compensation information for this
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      these companies for executive talent and is subject to similar regulatory oversight. In addition, the compensation committee believes that the financial and operational performance of these companies and the compensation programs of these companies
      are particularly relevant since the ability of these companies to earn their authorized rate of return and to obtain rate adjustments for changes in employee compensation are also affected to some extent by the rules, regulations and practices of the
      CPUC. These companies are, to some extent, also affected by the same weather, climate and economic conditions as the company. The other companies in our current peer group are utilities or utility holding companies.</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pearl Meyer noted in the competitive assessment provided to the
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      <tr style="vertical-align: top">
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      </tr>

  </table>
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  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

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      </tr>

  </table>
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  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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      </tr>

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      provide for determination of whether the performance criteria have been satisfied after the end of a three-year performance period, subject to limited exceptions. In addition, we may not repurchase any options granted to any executive officers or
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      </tr>

  </table>
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      </tr>

  </table>
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      </tr>

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      established, to the satisfaction of the nominating and governance committee, that the officer or director is able to repay the loan without resorting to the pledged securities. Each of our officers and directors has represented to us that he or she
      has not purchased any financial instrument designed to hedge or offset any decrease in the market value of any company common shares held, directly or indirectly, by such officer or director, held any of our securities in a margin account or pledged
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></font></p>
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      </tr>

  </table>
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  </table>
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      </tr>

  </table>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9632;</font></td>
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20% of each executive&#8217;s target incentive based on a subjective assessment by the compensation committee of the executive officer&#8217;s performance
            in 2020 following the end of the year.</font></td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The table below outlines the range of cash incentives approved by the
      compensation committee in 2020 for each named executive officer under the plan.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse" cellpadding="0" cellspacing="0">

      <tr style="vertical-align: bottom">
        <td style="width: 24%; border: Black 1pt solid; text-align: center; padding-left: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name</b></font></td>
        <td style="width: 26%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Threshold Cash Incentive as % of
              Base Salary</b></font></td>
        <td style="width: 25%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Target Cash Incentive as % of Base
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        <td style="width: 25%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Maximum Cash Incentive as % of Base
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      </tr>
      <tr style="vertical-align: bottom">
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; padding-left: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Robert J. Sprowls</b></font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">45.00%</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">90.00%</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">139.50%</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; padding-left: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Eva G. Tang</b></font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">16.75%</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">33.50%</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">51.93%</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; padding-left: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Denise L. Kruger</b></font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">16.75%</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">33.50%</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50.25%</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; padding-left: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Bryan K. Switzer</b></font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.80%</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">27.60%</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">41.40%</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; padding-left: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Gladys M. Farrow</b></font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.80%</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">27.60%</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42.78%</font></td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under this program, the compensation committee approves specific
      performance metrics for each named executive officer for the objective cash incentive depending on his or her responsibilities within the company, established minimums, targets and maximums for each objective, and weights each executive&#8217;s goals so
      that target achievement of all performance metrics will result in target cash incentive payout for the year for the objective portion of the award. The compensation committee may, in its discretion, reduce an award below the level earned for each of
      the criteria or upon the failure to satisfy other objective criteria, but, may not in any event, increase the amount of the bonus above the level specified for that criteria. The maximum amount that may be payable to any named executive officer under
      this program is $1,250,000.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>
  <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: normal; color: rgb(0, 0, 0); font-style: normal;">50</font>&#160;</div>
    <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade"> </div>
  </div>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The performance goals for 2020 applicable to our named executive
      officers are set forth in the table below along with the level of achievement in 2020.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PERFORMANCE GOALS</b></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" cellpadding="0" cellspacing="0">

      <tr style="vertical-align: bottom; background-color: white">
        <td rowspan="2" style="border: Black 1pt solid; text-align: center; padding-left: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Performance Measure</b></font></td>
        <td colspan="3" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Performance Targets</b></font></td>
        <td rowspan="2" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Actual Performance</b></font></td>
      </tr>
      <tr style="vertical-align: bottom; background-color: white">
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Threshold</b></font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Target</b></font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Maximum</b></font></td>
      </tr>
      <tr>
        <td style="width: 32%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Adjusted EPS - AWR Consolidated<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></font></td>
        <td style="width: 17%; border-bottom: Black 1pt solid; border-right: Black 1pt solid">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80% of Budget</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
        </td>
        <td style="width: 17%; border-bottom: Black 1pt solid; border-right: Black 1pt solid">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100% of Budget</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
        </td>
        <td style="width: 17%; border-bottom: Black 1pt solid; border-right: Black 1pt solid">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">120% of Budget</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
        </td>
        <td style="width: 17%; border-bottom: Black 1pt solid; border-right: Black 1pt solid">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">104.1% of</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Adjusted Budget</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$2.30</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
        </td>
      </tr>
      <tr>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Adjusted EPS - Regulated Utilities (RU)<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80% of Budget</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
        </td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100% of Budget</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
        </td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">120% of Budget</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
        </td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">107.7% of</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Adjusted Budget</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$1.82</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
        </td>
      </tr>
      <tr>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Adjusted EPS - Regulated Water Utilities (RWU)<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80% of Budget</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
        </td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100% of Budget</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
        </td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">120% of Budget</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
        </td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">104.5% of</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Adjusted Budgeted</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$1.61</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
        </td>
      </tr>
      <tr>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Adjusted EPS - ASUS<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(4)</sup></font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80% of Budget</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
        </td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100% of Budget</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
        </td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">130% of Budget</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
        </td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">96.0% of</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Adjusted Budget</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$0.48</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
        </td>
      </tr>
      <tr>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Customer Complaints -&#160;&#160;RWU<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(5)</sup></font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8804; 0.12%</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8804; 0.08%</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8804; 0.04%</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.06%</font></td>
      </tr>
      <tr>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Supplier Diversity - RU<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(6)</sup></font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><u>&gt; </u>15.5%</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><u>&gt; </u>21.5% </font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><u>&gt; </u>27.5% </font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">27.7%&#160;&#160;&#160;</font></td>
      </tr>
      <tr>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Supplier Diversity - RWU<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(7)</sup></font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><u>&gt; </u>15.5%</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><u>&gt; </u>21.5% </font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><u>&gt; </u>27.5% </font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">26.5%&#160;&#160;&#160;</font></td>
      </tr>
      <tr>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Safety - Recordable Work Incidents - RWU<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(8)</sup></font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">21</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</font></td>
      </tr>
      <tr>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SOX Deficiencies - RU<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(9)</sup></font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No MW, No SD &amp; No more than 4 CDs</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No MW, No SD &amp; No more than 2 CDs</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No MW, No SD &amp; No CD </font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No MW, No SD <br>
            and No CD</font></td>
      </tr>
      <tr>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SOX Deficiencies - ASUS<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(10)</sup></font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No MW, No SD &amp; No more than 1 CD</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No MW, No SD &amp; No CD</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No MW, No SD and No CD</font></td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#8220;Adjusted







      EPS - AWR Consolidated&#8221; means the Corporation&#8217;s EPS for 2020 adjusted to remove 1) any write-offs associated with the CPUC&#8217;s 2020 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, 2) any transaction fees and/or gain or loss on sale recognized in the financial statements in 2020 associated with a sale or restructuring of any of the Corporation&#8217;s business units or the acquisition of any new
      businesses, 3) expenses associated with new business development at Regulated Utilities, 4) the performance of the Rabbi Trust assets to support retirement benefits, and 5) the impact of COVID-19 on the EPS of AWR Consolidated for 2020 as an
      extraordinary or nonrecurring item determined in accordance with generally accepted accounting principles or another objective method of measurement.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#8220;Adjusted







      EPS - Regulated Utilities&#8221; means the sum of the EPS of each of the Regulated Utilities for 2020 adjusted to remove 1) any write-offs associated with the CPUC&#8217;s 2020 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, 2) any transaction fees and/or gain or loss on sale recognized in the financial statements in 2020 associated with a sale or restructuring of any of the Corporation&#8217;s business
      units or the acquisition of any new businesses, 3) expenses associated with new business development, 4) the performance of the Rabbi Trust assets to support retirement benefits, and 5) the impact of COVID-19 on the EPS of Regulated Utilities for
      2020 as an extraordinary or nonrecurring item determined in accordance with generally accepted accounting principles or another objective method of measurement. The term &#8220;Regulated Utilities&#8221; refers to GSWC and the electric service business of AWR.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#8220;Adjusted







      EPS &#8211; Regulated Water Utilities&#8221; means the EPS of Regulated Water Utilities for 2020 adjusted to remove 1) any write-offs associated with the CPUC&#8217;s 2020 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, 2) any transaction fees and/or gain or loss on sale recognized in the financial statements in 2020 associated with a sale or restructuring of any of the Corporation&#8217;s business units or
      the acquisition of any new businesses, 3) expenses associated with new business development, 4) the performance of the Rabbi Trust assets to support retirement benefits, and 5) the impact of COVID-19 on the EPS of the company for 2020 as an
      extraordinary or nonrecurring item determined in accordance with generally accepted accounting principles or another objective method of measurement.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"></font></p>
  <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
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  </div>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(4) </sup>&#160;&#160;&#160;&#160;&#160;&#160;&#160;






      &#8220;Adjusted EPS - ASUS&#8221; means the EPS of ASUS for 2020 adjusted to remove 1) the general office allocation to ASUS related to any transaction fees and/or gain or loss on sale recognized in the financial statements in 2020 associated with a sale of any
      of the Corporation&#8217;s business units or the acquisition of any new businesses, 2) the general office allocation to ASUS related to new business development at Regulated Utilities, and 3) the impact of COVID-19 on the EPS of ASUS for 2020 as an
      extraordinary or non-recurring item determined in accordance with generally accepted accounting principles or another objective method of measurement.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(5) </sup>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#8220;Customer






      Complaints - RWU&#8221; means the number of water quality, pressure, and leak complaints received from water customers by GSWC divided by the average number of water customers served by GSWC during 2020.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(6) </sup>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#8220;Supplier






      Diversity - RU&#8221; means the percentage reported by the Regulated Utilities to the CPUC annually by March 1 in its General Order 156 Compliance Filing. The percentage is calculated by taking the Regulated Utilities&#8217; total procurement dollars for the
      reporting period with CPUC qualified women-owned, minority-owned, disabled veteran-owned, and lesbian, gay, bisexual and transgender-owned business enterprises divided by the Regulated Utilities&#8217; 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).</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(7)&#160;&#160;&#160;&#160; &#160;&#160;&#160;</sup>&#8220;Supplier






      Diversity - RWU&#8221; means the percentage reported by the Regulated Utilities to the CPUC annually by March&#160;1 in its General Order 156 Compliance Filing. The percentage is calculated by taking the Regulated Water Utilities&#8217; total procurement dollars for
      the reporting period with CPUC qualified women-owned, minority-owned, disabled veteran-owned, and lesbian, gay, bisexual and transgender-owned business enterprises divided by the Regulated Water Utilities&#8217; 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 for pumping, pump taxes, income taxes, franchise fees, and postage).</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(8) </sup>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#8220;Safety-Recordable






      Work Incidents - RWU&#8221; means the number of work-related injuries and illnesses as reported on OSHA Form 300s for GWSC&#8217;s water operations, other than work-related injuries and illnesses related to COVID-19.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(9) </sup>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#8220;SOX






      Deficiencies - RU&#8221; means the number of &#8220;control deficiencies&#8221; (each a &#8220;CD&#8221;), &#8220;significant deficiencies&#8221; (each an &#8220;SD&#8221;) and &#8220;material weaknesses&#8221; (each a &#8220;MW&#8221;) reported for Regulated Utilities in the independent auditor&#8217;s report for 2020 pursuant to
      Section 404 of the Sarbanes-Oxley Act of 2002.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(10) </sup>&#160;&#160;&#160;&#160;&#160;&#160;&#8220;SOX






      Deficiencies - ASUS&#8221; means the number of CDs, SDs and MWs reported for ASUS in the independent auditor&#8217;s report for 2020 pursuant to Section 404 of SOX.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <!-- Field: Rule-Page -->
  <div style="margin-top: 3pt; margin-bottom: 3pt" align="LEFT">
    <div style="font-size: 1pt; border-top: Black 1pt solid; width: 20%">&#160;</div>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based on the performance measures and weighting of those performance
      measures determined by the compensation committee in the first quarter of the fiscal year, the objective bonus payout under short-term cash incentive awards made to Mr. Sprowls, Ms. Tang and Ms. Farrow for 2020 was 117.5% of the target aggregate
      objective award. The objective bonus payout under short-term cash incentive awards made to Ms. Kruger and Mr. Switzer for 2020 was 120.3% of the target aggregate objective award. As permitted in the <font style="color: windowtext">2020 short-term
        incentive program, </font>adjustments were made for the impact of COVID-19 on the company&#8217;s business. These adjustments resulted in a reduction to the objective bonus payouts from that which would have been paid if such adjustments had not been
      made. No other adjustments were made that were not defined in the footnotes to the table above. In each case, the objective bonus payout was less than the maximum objective bonus payable under each named executive officer&#8217;s award agreement.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The compensation committee recognizes that these objective measures do
      not encompass all the objectives of the company in a given year and may not fully reflect the company&#8217;s performance depending on outside factors such as weather, water quality and water supply. As a result, the payout structure includes a limited
      discretionary bonus component based on a subjective assessment of the performance of each executive officer by the compensation committee after the end of the year, taking into account the assessment of each executive officer by the independent
      directors after considering the chief executive officer&#8217;s assessment of the performance of each of the other executive officers during the year and the total overall compensation of the named executive officer.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The discretionary bonus payout under short-term cash incentive awards
      made to Mr. Sprowls for 2020 was 164.7% of the target aggregate discretionary reward. The discretionary bonus payout under short-term cash incentive awards made to Ms. Tang and Ms. Farrow was 139.5% of the target aggregate </font><font style="font: 10pt Times New Roman, Times, Serif">discretionary award. The discretionary bonus payout under short-term cash incentive awards made to Ms. Kruger for 2020 was 143.5% of the target aggregate discretionary award. The discretionary bonus payout under
      short-term cash incentive awards made to Mr. Switzer for 2020 was 118.5% of the target aggregate discretionary award.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif"></font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font>
  </p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">You can find additional information on the short-term cash incentive
      plan and the amounts paid to the named executive officers in 2020 under the heading &#8220;How were certain of our named executive officers compensated in 2020? Non-Equity Incentive Compensation.&#8221;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Equity Awards</i></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The compensation committee considered the following factors in
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  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9632;</font></td>
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the past practices of the committee in awarding equity,</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9632;</font></td>
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a desire to have a higher percentage of the compensation of the chief executive officer of the company consist of equity, and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9632;</font></td>
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the market study prepared by Pearl Meyer which indicated that the company&#8217;s long-term incentives for its named executive officers were below
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      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The policy of the compensation committee is generally to grant all
      equity awards to named executive officers through a combination of time-vested restricted stock units and performance stock awards in order to base a higher portion of compensation on achieving objective performance goals established by the
      compensation committee. Information regarding the objective performance goals can be found under the heading &#8220;How were certain of our named executive officers compensated in 2020? - Equity Compensation&#8221; and &#8220;Grants of Plan-Based Awards in 2020.&#8221;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The compensation committee also concluded in January 2020 that 75% of
      the value of Mr. Sprowls&#8217; equity awards should be based upon the satisfaction of performance conditions and that approximately 50% of the value of equity awards to Ms. Tang, Ms. Kruger, Mr. Switzer and Ms. Farrow should be subject to the satisfaction
      of performance conditions. The compensation committee determined the amount of these equity awards based on the target equity value and determined the number of shares based on the average closing price of the company&#8217;s common shares for the
      thirty&#160;days ending on January 24, 2020.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each equity award granted in 2020 generally vests over a three-year
      period, provided that, with respect to performance stock awards the performance criteria have been satisfied at the end of the three-year performance period. The compensation committee believes that granting equity awards with three-year vesting
      periods creates a substantial retention incentive and encourages the named executive officers to focus on the company&#8217;s long-term business objectives and stock performance. A summary of exceptions to this general rule is set forth under the heading
      &#8220;How were certain of our named executive officers compensated in 2020? - Equity Compensation.&#8221;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each time-vested restricted stock unit and performance stock award
      accumulate dividend equivalent rights through the service or performance period and are paid only to the extent the employee vests in the underlying restricted stock unit or performance stock award. The compensation committee believes that granting
      stock units with dividend equivalent rights helps align the interests of the named executive officers with the interests of the shareholders of a utility holding company who, in many cases, </font><font style="font: 10pt Times New Roman, Times, Serif">purchase and retain the stock of the holding company based on the dividends that the holding company consistently pays. Dividends have also historically been an important component of our total shareholder return.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif"></font></p>
  <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: normal; color: rgb(0, 0, 0); font-style: normal;">53</font>&#160;</div>
    <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade"> </div>
  </div>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160; <br>
    </font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the named executive officer&#8217;s employment is terminated because of a
      change in control event (other than for cause, death or disability) or the executive terminates his or her employment for good reason, in each case, within two years following the change in control, each restricted stock unit and performance stock
      award will vest upon termination of employment free of restrictions. The compensation committee believes that the vesting of equity awards permits named executive officers whose employment will be terminated as a result of the change in control to
      share in the value that they created for shareholders at the same time that the shareholders recognize that value upon a change in control. The performance period under the performance stock awards granted in 2018-2020 will also end and the
      performance awards will be paid out at target.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For our performance stock awards issued in 2018 for the period 2018 to
      2020, the performance criteria applicable to the named executive officers in 2018 who were granted performance stock awards included total shareholder return relative to a defined peer group, GSWC&#8217;s water segment operating expense level and ASUS
      cumulative net earnings criteria. The compensation committee defined for each named executive officer the proportion of performance stock awards allocated to each performance criteria based on their role within the company. In March 2021, the
      compensation committee certified the company&#8217;s performance against the performance conditions for the 2018 performance stock award.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: normal; color: rgb(0, 0, 0); font-style: normal;">54</font>&#160;</div>
    <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade"> </div>
  </div>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The tables below set forth the mix of performance criteria and number of
      restricted stock units earned by each named executive officer based upon satisfaction of the performance criteria set forth in each named executive officer&#8217;s 2018 performance award agreement.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2018 PERFORMANCE AWARDS</b></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table style="font: 10pt Times New Roman, Times, Serif; width: 70%; border-collapse: collapse" align="CENTER" cellpadding="0" cellspacing="0">

      <tr style="vertical-align: bottom">
        <td colspan="5" style="border: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Mix of Performance Criteria for Performance Award</b></font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="width: 22%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; padding-left: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Executive</b></font></td>
        <td style="width: 12%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total Shareholder Return <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></b></font></td>
        <td style="width: 12%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Aggregate GSWC Operating Expense Levels <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></b></font></td>
        <td style="width: 12%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ASUS Cumulative Net Earnings <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></b></font></td>
        <td style="width: 12%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total</b></font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Robert J. Sprowls</font></td>
        <td style="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25.0%</font></td>
        <td style="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50.0%</font></td>
        <td style="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25.0%</font></td>
        <td style="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100.0%</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Eva G. Tang</font></td>
        <td style="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25.0%</font></td>
        <td style="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50.0%</font></td>
        <td style="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25.0%</font></td>
        <td style="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100.0%</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Denise L. Kruger</font></td>
        <td style="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25.0%</font></td>
        <td style="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">75.0%</font></td>
        <td style="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</font></td>
        <td style="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100.0%</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bryan K. Switzer</font></td>
        <td style="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25.0%</font></td>
        <td style="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">75.0%</font></td>
        <td style="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</font></td>
        <td style="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100.0%</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gladys M. Farrow</font></td>
        <td style="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25.0%</font></td>
        <td style="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50.0%</font></td>
        <td style="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25.0%</font></td>
        <td style="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100.0%</font></td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;&#160;</b></font></p>
  <table style="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse" align="CENTER" cellpadding="0" cellspacing="0">

      <tr style="vertical-align: bottom">
        <td colspan="6" style="border: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Percent of Shares Earned Relative to Target Shares</b></font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="width: 20%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; padding-left: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Executive</b></font></td>
        <td style="width: 12%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total Shareholder Return <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></b></font></td>
        <td style="width: 12%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Aggregate GSWC Operating Expense Levels <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></b></font></td>
        <td style="width: 12%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ASUS Cumulative Net Earnings <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></b></font></td>
        <td style="width: 12%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(4)</sup></b></font></td>
        <td style="width: 12%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Number of Shares Earned</b></font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Robert J. Sprowls</font></td>
        <td style="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">28.6%</font></td>
        <td style="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">62.5%</font></td>
        <td style="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25.0%</font></td>
        <td style="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">116.1%</font></td>
        <td style="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15,433</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Eva G. Tang</font></td>
        <td style="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">28.6%</font></td>
        <td style="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">62.5%</font></td>
        <td style="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25.0%</font></td>
        <td style="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">116.1%</font></td>
        <td style="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,241</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Denise L. Kruger</font></td>
        <td style="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">28.6%</font></td>
        <td style="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">93.8%</font></td>
        <td style="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</font></td>
        <td style="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">122.4%</font></td>
        <td style="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,308</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bryan K. Switzer</font></td>
        <td style="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">28.6%</font></td>
        <td style="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">93.8%</font></td>
        <td style="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</font></td>
        <td style="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">122.3%</font></td>
        <td style="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;937</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gladys M. Farrow</font></td>
        <td style="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">28.6%</font></td>
        <td style="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">62.5%</font></td>
        <td style="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25.0%</font></td>
        <td style="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">116.1%</font></td>
        <td style="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;889</font></td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&#160;</p>
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      company&#8217;s total shareholder return in 2020 exceeded four members of its peer group resulting in a payout percentage of 114.3% of target. The total shareholder return criteria refers to total shareholder return during the performance period, including
      the reinvestment of dividends. The defined peer group for this purpose consists of the following water utilities:&#160; American Water Works Company, Inc., Essential Utilities, Inc. (formerly Aqua America, Inc.), Artesian Resources Corporation, California
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      ending on the last day of the performance period, as permitted to be adjusted for (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 the water segment, (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 the water segment, and (v) gross-up of certain surcharges authorized by the CPUC to recover previously incurred costs recorded pursuant to generally accepted accounting
      principles. Under the 2016 Stock Incentive Plan, the compensation committee is also required to make adjustments to performance targets or business criteria to eliminate the effects of the divestiture of one or more business units, the effect of
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      cumulative net earnings were $50.6 million resulting in a payout percentage of 100% of target. The ASUS cumulative net earnings criteria refers to the cumulative net income of ASUS and its subsidiaries during the performance period. Under the 2016
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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      executive officers and to assist in the retention of our named executive officers. The change in the pension value of each named executive officer may, however, differ markedly from that of members of our current peer group due to differences in the
      age and time of service of the executive officers of the company compared to that of executives in comparable positions in members of our peer group. Changes in pension value also differ by executive due to differences in cash compensation, the age
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      changes in pension values under our pension plan and supplemental retirement plan. Mr. Sprowls&#8217; total compensation, increased by $930,438 in 2020 including an increase of $642,681 in the change in pension values compared to last year even though we
      made no changes in the terms of our pension plan or supplemental retirement plan. Excluding the change in pension value, Mr. Sprowls&#8217; total compensation in 2020 increased by $287,757 due primarily to an increase in his &#8220;at-risk&#8221; related compensation
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      officers compensated in 2020?&#8221; and in this section, we provide the same benefits to named executive officers as we provide to other employees of the company.</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></font></p>
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        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.0 time his or her annual salary for Mr. Switzer and Ms. Farrow, who are vice presidents, and each of our other vice presidents.</font></td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a name="a069"></a>Compensation Committee Report</b></font></p>
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        <td style="width: 8%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt">
          <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>Salary</b></font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>($)</b><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></font></p>
        </td>
        <td style="width: 8%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2pt; padding-left: 2pt">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>&#160;</b></font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>Bonus</b></font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>($)</b><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></font></p>
        </td>
        <td style="width: 10%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2pt; padding-left: 2pt">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.2pt 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>Stock Awards</b></font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>($)</b><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(4)</sup></font></p>
        </td>
        <td style="width: 9%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2pt; padding-left: 2pt">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>Non-Equity Incentive Plan Compen-sation</b></font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>($)</b><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(5)</sup></font></p>
        </td>
        <td style="width: 10%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2pt; padding-left: 2pt">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>Change in Pension Value and Non-Qualified Deferred Compen-sation Earnings</b></font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>($)</b><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(6)</sup></font></p>
        </td>
        <td style="width: 9%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2pt; padding-left: 2pt">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>All </b></font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>Other Compen-sation</b></font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>($)</b><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(7)</sup></font></p>
        </td>
        <td style="width: 10%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2pt; padding-left: 2pt">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>Total</b></font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>($)</b></font></p>
        </td>
        <td style="width: 10%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 2pt; padding-left: 2pt">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>Total Excluding Change in Pension Value and Non-Qualified Deferred Compen-sation
                Earnings</b></font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>($)</b></font></p>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 4pt">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>Robert J. Sprowls</b></font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 9pt">President and Chief Executive Officer</font></p>
        </td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 9pt">2020</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 9pt">2019</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 9pt">2018</font></p>
        </td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">
          <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, Serif; font-size: 9pt">$860,409</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, Serif; font-size: 9pt">796,155</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, Serif; font-size: 9pt">771,635</font></p>
        </td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 4pt">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 9pt">$246,000</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 9pt">217,000</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 9pt">175,500</font></p>
        </td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 4pt">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 9pt">$1,249,773</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,083,802</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 9pt">986,385</font></p>
        </td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 4pt">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 9pt">$702,180</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 9pt">670,286</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 9pt">521,600</font></p>
        </td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 4pt">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 9pt">$2,841,864</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 9pt">2,199,183</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 9pt">532,453</font></p>
        </td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 4pt">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 9pt">$25,911</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 9pt">29,273</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 9pt">18,464</font></p>
        </td>
        <td style="border-bottom: Black 1pt solid; padding-right: 4pt">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 9pt">$5,926,137</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 9pt">4,995,699</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 9pt">3,006,037</font></p>
        </td>
        <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 4pt">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 9pt">$3,084,273</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 9pt">2,796,516</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 9pt">2,473,584</font></p>
        </td>
      </tr>
      <tr>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 4pt">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>Eva G. Tang</b></font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Senior Vice President-Finance, Chief Financial Officer, Corporate Secretary and Treasurer</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</font></p>
        </td>
        <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 9pt">2020</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 9pt">2019</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 9pt">2018</font></p>
        </td>
        <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">
          <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, Serif; font-size: 9pt">498,127</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, Serif; font-size: 9pt">461,158</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, Serif; font-size: 9pt">441,192</font></p>
        </td>
        <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 4pt">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 9pt">44,910</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 9pt">42,042</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 9pt">38,993</font></p>
        </td>
        <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 4pt">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 9pt">130,186</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 9pt">118,264</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 9pt">118,958</font></p>
        </td>
        <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 4pt">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 9pt">151,309</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 9pt">157,808</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 9pt">132,438</font></p>
        </td>
        <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 4pt">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 9pt">983,479</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 9pt">816,130</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 9pt">38,600</font></p>
        </td>
        <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 4pt">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 9pt">19,616</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 9pt">23,580</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 9pt">18,792</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</font></p>
        </td>
        <td style="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 4pt">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,827,627</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,618,982</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 9pt">788,973</font></p>
        </td>
        <td style="vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 4pt">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 9pt">844,148</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 9pt">802,852</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 9pt">750,373</font></p>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 4pt">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>Denise L. Kruger</b></font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Senior Vice President- Regulated Water Utility of Golden State Water Company</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</font></p>
        </td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 9pt">2020</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 9pt">2019</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 9pt">2018</font></p>
        </td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">
          <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, Serif; font-size: 9pt">495,743</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, Serif; font-size: 9pt">459,051</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, Serif; font-size: 9pt">441,446</font></p>
        </td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 4pt">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 9pt">45,977</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 9pt">41,842</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 9pt">38,993</font></p>
        </td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 4pt">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 9pt">130,186</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 9pt">118,264</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 9pt">118,958</font></p>
        </td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 4pt">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 9pt">154,110</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 9pt">152,424</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 9pt">130,767</font></p>
        </td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 4pt">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,221,559</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,017,728</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</font></p>
        </td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 4pt">
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          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>Bryan K. Switzer</b></font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Vice President- Regulatory Affairs of Golden State Water Company <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(8)</sup></font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</font></p>
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          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</font></p>
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          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Vice President- Finance, Treasurer and Assistant Secretary of Golden State Water Company <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(9)</sup></font></p>
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      did not grant any stock option awards during the past three years.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup>&#160;&#160;&#160;&#160;
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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      column sets forth the amounts paid to a named executive officer as a discretionary bonus for 2018, 2019 and 2020 under the short-term cash incentive plan.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
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      earn performance stock awards at the target level with a value of $937,307, $65,138, $65,138, $46,874 and $46,874 for Mr.&#160;Sprowls, Ms. Tang, Ms. Kruger, Mr. Switzer and Ms. Farrow, respectively. If each named executive officer was instead to earn
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(5)&#160;&#160;&#160;&#160;&#160;&#160;&#160;</sup>Each







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      for 2020 was $2,602,005, $735,651, $766,702, $360,477 and $370,961 for each of Mr. Sprowls, Ms. Tang, Ms. Kruger, Mr. Switzer and Ms. Farrow, respectively. See the Pension Benefits Table for additional information regarding the retirement age
      assumptions used in making these calculations. We provide additional information regarding the assumptions used to calculate the change in pension value in Note 12 to our audited financial statements in our Form 10-K for the year ended December 31,
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(8)</sup>&#160;&#160;&#160;&#160;&#160;&#160;&#160;Mr.







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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(9)</sup>&#160;&#160;&#160;&#160;&#160;&#160;&#160;Ms.







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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table provides information regarding the amount and types of benefits included
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          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></font></p>
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          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></font></p>
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        </td>
        <td style="width: 12%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2pt; padding-left: 2pt">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Personal Use of Company Car </b></font></p>
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        </td>
        <td style="width: 12%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2pt; padding-left: 2pt">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Other Compen-sation</b></font></p>
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        </td>
        <td style="width: 12%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2pt; padding-left: 2pt">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total</b></font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>All Other Compensation</b></font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>($)</b></font></p>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left; padding-left: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Robert J. Sprowls</b></font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2020&#160;</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2019&#160;</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2018&#160;</font></p>
        </td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 4pt">
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          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12,150&#160;</font></p>
        </td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 4pt">
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        </td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 4pt">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$&#160;&#160; 2,421&#160;</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,510&#160;</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,719&#160;</font></p>
        </td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 4pt">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$&#160;&#160; 169&#160;</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,897&#160;</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">169&#160;</font></p>
        </td>
        <td style="border-bottom: Black 1pt solid; padding-right: 4pt">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$&#160;&#160; 25,911&#160;</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">29,273&#160;</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">18,464&#160;</font></p>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left; padding-left: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Eva G. Tang</b></font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2020&#160;</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2019&#160;</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2018&#160;</font></p>
        </td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 4pt">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12,600&#160;</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12,375&#160;</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12,150&#160;</font></p>
        </td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 4pt">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,087&#160;</font></p>
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          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,065&#160;</font></p>
        </td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 4pt">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,760&#160;</font></p>
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          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,408&#160;</font></p>
        </td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 4pt">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">169&#160;</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,923&#160;</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">169&#160;</font></p>
        </td>
        <td style="border-bottom: Black 1pt solid; padding-right: 4pt">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19,616&#160;</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23,580&#160;</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">18,792&#160;</font></p>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left; padding-left: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Denise L. Kruger</b></font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2020&#160;</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2019&#160;</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2018&#160;</font></p>
        </td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 4pt">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12,600&#160;</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12,375&#160;</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12,150&#160;</font></p>
        </td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 4pt">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,107&#160;</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,197&#160;</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">606&#160;</font></p>
        </td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 4pt">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,342&#160;</font></p>
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          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,264&#160;</font></p>
        </td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 4pt">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">169&#160;</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,575&#160;</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">169&#160;</font></p>
        </td>
        <td style="border-bottom: Black 1pt solid; padding-right: 4pt">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20,218&#160;</font></p>
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          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">21,189&#160;</font></p>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left; padding-left: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Bryan K. Switzer<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(4)</sup></b></font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2020&#160;</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2019&#160;</font></p>
        </td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 4pt">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12,600&#160;</font></p>
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        </td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 4pt">
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          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,274</font></p>
        </td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 4pt">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,311&#160;</font></p>
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        </td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 4pt">
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          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">210&#160;</font></p>
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        <td style="border-bottom: Black 1pt solid; padding-right: 4pt">
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        </td>
      </tr>
      <tr style="vertical-align: top">
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left; padding-left: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Gladys M. Farrow<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(5)</sup></b></font></td>
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      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)&#160;&#160;&#160;&#160;&#160;&#160;&#160;</sup>We







      provide group term life insurance to each of our employees and their families. In the event of the death of an employee or a family member, his or her beneficiary is entitled to receive up to $50,000 under the group life insurance policy. We also
      provide each employee with $50,000 of accidental death and dismemberment insurance, which pays additional benefits if an employee suffers a covered accidental loss resulting in death, dismemberment or paralysis. The cost of $139 per employee was
      determined by equally allocating to each of our employees, including the executive officers, the total cost of the policy. In addition, we provide our board members and executive officers a blanket accident insurance policy. The policy is intended to
      provide coverage for traveling on company business or on assignment for the benefit of our company. We allocated one&#8211;third of the premium of $5,844 (three-year premium) for coverage under the blanket accident insurance policy equally to our board
      members and executive officers. The cost was $102 per person in 2020, $108 per person in 2019 and $106 in 2018. An executive officer may elect to participate in a term life insurance program, which pays beneficiaries of the policy an amount equal to
      approximately two times the executive officer&#8217;s salary in the event of his or her death. The cost in 2020 for each of Mr. Sprowls, Ms. Tang, Ms. Kruger, Mr. Switzer and Ms. Farrow was $10,480, $1,846, $866, $5,205 and $679, respectively.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup>&#160;&#160;&#160;&#160;&#160;&#160;&#160;The







      value is based on an estimate of the aggregate incremental costs incurred by us for the personal use of company-provided automobiles by each of our named executive officers.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)&#160;&#160;&#160;&#160;&#160;&#160;&#160;</sup>The







      amounts in this column include, among other things, a holiday bonus paid to each of our active employees, anniversary grant to Mr. Switzer based upon his years of service of twenty years and reimbursement of our CEO and senior executive officers for
      participating in a physical examination.&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(4)</sup>&#160;&#160;&#160;&#160;&#160;&#160;&#160;Mr.







      Switzer was not a named officer in 2018.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>
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      however, some exceptions to this rule in certain circumstances following termination of employment for death, disability, change in control or retirement. Employment must be terminated within two years after the change in control (other than for
      cause) or the named executive officer has terminated his or her employment for good reason within two years after the change in control in order for the change in control exception to apply. The named executive officer must be at least 55 years of
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      awards in the form of restricted stock units that vest at the rate of 33% one year after the grant date, 33% two years after the grant date and 34% three years after the grant date, subject to the satisfaction of the performance conditions set forth
      in the award agreement. There are, however, some exceptions to this rule in certain circumstances following termination of employment for death, disability, change in control or retirement. Employment must be terminated within two years after the
      change in control (other than for cause) or the named executive officer has terminated his or her employment for good reason within two years after the change in control in order for the change in control exception to apply. The named executive
      officer must be at least 55 years of age and the sum of the employee&#8217;s age and years of service must be equal to or greater than 75 at the time of retirement in order for the retirement exception to apply. All the performance stock awards granted to
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      2020, the performance criteria applicable to the named executive officers in 2018 who were granted performance stock awards included total shareholder return relative to a defined peer group, GSWC&#8217;s water segment operating expense level and ASUS
      cumulative net earnings criteria. The compensation committee defined for each named executive officer the proportion of performance stock awards allocated to each performance criteria based on his or her role within the company. In March 2021, the
      compensation committee certified the company&#8217;s performance against the performance conditions for the 2018 performance stock award. You can find information regarding the number of restricted stock units earned by each named executive officer based
      upon satisfaction of the performance criteria set forth in each named executive officer&#8217;s 2018 performance award agreement under the heading &#8220;Compensation, Discussion and Analysis-Equity Awards.&#8221;</font></p>
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      units in an amount equal to the quarterly cash dividends payable on our common shares times the number of restricted stock units or performance awards granted to the named executive officer, but not yet payable pursuant to the terms of his or her
      restricted stock unit or performance stock award agreement divided by the closing price of our common shares on the dividend payment date as provided in the 2016 plan. We refer to these types of awards as dividend equivalent rights. Restricted stock
      units awarded pursuant to dividend equivalent rights vest and are payable on the same basis as the underlying restricted stock units on which these restricted stock units were earned.</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>&#160;</i></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">You can find information regarding the performance conditions applicable to the awards
      granted in 2020 following the &#8220;Grants of Plan-Based Awards&#8221; table. You may also find information regarding the performance goals for each of these performance criteria for performance stock awards granted in 2020 under the heading &#8220;What plan-based
      awards did we make to these named executive officers in 2020?&#8221;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
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      received short-term cash incentive awards based upon achieving objective financial, operations and customer service performance goals set at target, threshold and maximum levels under our short-term cash incentive program. The objective bonus of each
      named executive officer is determined based on payout percentages established by the compensation committee in March of each year for each performance measure. The performance measures and payout percentages vary depending upon whether the named
      executive is an administrative officer of GSWC or an operations officer of GSWC. Mr. Sprowls, Ms. Tang and Ms. Farrow are administrative officers of GSWC. Ms. Kruger and Mr. Switzer are operations officers of GSWC.</font></p>
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      bonus based upon a subjective assessment of the individual performance of each named executive officer by the compensation committee. 80% of the target aggregate bonus is based upon satisfaction of the performance goals described under the heading
      &#8220;Compensation Discussion and Analysis-Short-Term Cash Incentives&#8221; and 20% of the target aggregate bonus is based upon the subjective assessment of individual performance by the compensation committee. The amount of the bonus for 2020 based upon the
      objective performance criteria is set forth in the Non-Equity Incentive Plan Compensation column in the Summary Compensation Table for each named executive officer. The amount of the discretionary bonus for 2020 is disclosed in the Bonus column in
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      each named executive officer as a percentage of the base salary of each named executive officer and made changes in 2020 based on an assessment of each officer&#8217;s compensation relative to market. Target bonuses for each named executive officer during
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        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">33.5% in 2020, 32.5% in 2019 and 31.5% in 2018 for the senior vice presidents, and</font></td>
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        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">27.6% in 2020, 26.8% in 2019 and 26.0% in 2018 for all other named executive officers.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The payout percentages for the satisfaction of the performance criteria
      are set forth below. The sum of the actual payout percentages differs from the objective bonus total due to rounding.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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              Payout Percentage</b></font></td>
        <td style="vertical-align: top; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Payout Percentage</b></font></td>
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        <td style="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Target</b></font></td>
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        <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Actual</b></font></td>
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      <tr>
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        <td style="vertical-align: top; width: 15%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.0%</font></td>
        <td style="vertical-align: top; width: 10%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20.0%</font></td>
        <td style="vertical-align: top; width: 12%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">35.0%</font></td>
        <td style="vertical-align: top; width: 13%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.1%</font></td>
      </tr>
      <tr>
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            EPS &#8211; RU</font></td>
        <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.5%</font></td>
        <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20.0%</font></td>
        <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">29.0%</font></td>
        <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.5%</font></td>
      </tr>
      <tr>
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            EPS &#8211; ASUS</font></td>
        <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.0%</font></td>
        <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.0%</font></td>
        <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20.0%</font></td>
        <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.0%</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; padding-left: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Customer Complaints &#8211; RWU</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.0%</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.0%</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.0%</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.5%</font></td>
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        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; padding-left: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Supplier Diversity &#8211; RU </font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.0%</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.0%</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.5%</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.5%</font></td>
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        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.0%</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.0%</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.5%</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.5%</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; padding-left: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SOX Deficiencies &#8211; ASUS</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.0%</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.0%</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.0%</font></td>
      </tr>
      <tr>
        <td style="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; text-align: justify; padding-left: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Objective Bonus Total</b></font></td>
        <td style="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>37.5%</b></font></td>
        <td style="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>80.0%</b></font></td>
        <td style="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>120.0%</b></font></td>
        <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;&#160;94.0%*</b></font></td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*Line item does not total due to rounding.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PAYOUT PERCENTAGES FOR GSWC OPERATIONS OFFICERS&#160;</b></font></p>
  <table style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" cellpadding="0" cellspacing="0">

      <tr style="background-color: white">
        <td rowspan="2" style="vertical-align: bottom; border: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Performance Measure</b></font></td>
        <td colspan="3" style="vertical-align: bottom; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Target
              Payout Percentage</b></font></td>
        <td style="vertical-align: top; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Payout Percentage</b></font></td>
      </tr>
      <tr style="background-color: white">
        <td style="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Threshold</b></font></td>
        <td style="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Target</b></font></td>
        <td style="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Maximum</b></font></td>
        <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Actual</b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td style="width: 50%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Adjusted EPS &#8211; RWU </font></td>
        <td style="width: 15%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20.0%</font></td>
        <td style="width: 10%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40.0%</font></td>
        <td style="width: 12%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60.0%</font></td>
        <td style="width: 13%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">44.5%</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Customer Complaints &#8211; RWU </font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.5%</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.0%</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.0%</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.5%</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Supplier Diversity &#8211; RWU </font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.5%</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.0%</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.0%</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.2%</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Safety - Recordable Work Incidents &#8211; RWU&#160;&#160;</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.5%</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.0%</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.0%</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.0%</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SOX Deficiencies &#8211; RU </font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.0%</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.0%</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.0%</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.0%</font></td>
      </tr>
      <tr>
        <td style="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Objective








              Bonus Total</b></font></td>
        <td style="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>37.5%</b></font></td>
        <td style="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>80.0%</b></font></td>
        <td style="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>115.0%</b></font></td>
        <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>96.2%</b></font></td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>
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      and 2018 were based on similar types of performance criteria. The objective bonus payout under short-term cash incentive awards made to Mr. Sprowls and Ms. Tang in 2019 and 2018 was 105.1% and 95.1% as compared to the objective bonus target. The
      objective bonus payout under short-term cash incentive awards made to Ms. Kruger and Mr. Switzer in 2019 was 102.0% as compared to the objective bonus target. The objective bonus payout in 2018 for Ms. Kruger was 93.9% as compared to the objective
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">You can find additional information regarding our short-term cash
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Other Compensation</i></font></p>
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      their pay, up to a maximum amount prescribed by law. We provide matching contributions for each of our employees who participate in the plan of 100% up to the first 3% of eligible compensation deferred and 50% of the next 3% of eligible compensation
      deferred. Each of our named executive officers is entitled to participate in this plan on the same basis as other employees, subject to the limits imposed by the Internal Revenue Code.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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      paralysis, except for certain employees at subsidiaries of ASUS. We also have employee assistance, an anniversary award for reaching certain years of service and holiday bonus programs. Each of our named executive officers is entitled to these
      benefits on the same basis as other employees. In addition, in 2020 we offered a term life insurance program to all officers of the company and <font style="color: windowtext">its subsidiaries with premiums payable by the company. Under this
        program, the officer&#8217;s primary beneficiaries are entitled to a benefit in an amount equal to approximately two-times the officer&#8217;s base salary in the event of the officer&#8217;s death. All of the named executive officers elected to participate in this
        program.</font></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif"></font></p>
  <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: normal; color: rgb(0, 0, 0); font-style: normal;">63</font>&#160;</div>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All active full-time employees at GSWC and ASUS and all active managers
      and exempt-employees at subsidiaries of ASUS, receive time off with pay for vacation, holiday and sick leave in accordance with company policy. Other employees at ASUS subsidiaries have different benefit packages. Executives receive vacation accrual
      based on the number of their continuous months of service, with 1 to 60 months of service earning 20 days per year of vacation; 61 to 120 months of continuous service earning 25 days of vacation per year and 121 or more months of continuous service
      earning 26 days of vacation per year. Named executive officers receive sick leave benefits on the same basis as all other employees. Accrued vacation days that are not used in any year are carried over to the next year, provided that, effective
      January 1, 2012, the number of accrued and unused vacation days for each employee is subject to a cap equal to the total number of vacation days that such employee can accrue over a two-year period. When an employee reaches the cap, vacation accruals
      for the employee will cease until vacation days are used. When an employee&#8217;s accrual rate increases because of increased service with the company, the employee&#8217;s cap will increase accordingly. All employees are entitled to a cash payment, based on
      their then current salary, for any accrued, but unused, vacation days upon termination of employment as required by California law.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each of our named executive officers is entitled to the benefits of a
      travel insurance policy provided by the company and the use of a company-owned car. Upon termination of employment, each named executive is entitled to purchase his or her company-owned car at the wholesale price for such car taking into account the
      mileage on the car.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under the company&#8217;s relocation policy, the company will reimburse named
      executive officers for covered relocation expenses, subject to specified limits. Under the terms of this policy, an officer is required to reimburse us for any expenses paid by us if the officer resigns or is terminated for misconduct and/or poor
      performance within 24 months after having commenced work at a new assigned work location. The compensation committee believes that it is appropriate for us to claw back any relocation expenses paid to an officer under these circumstances. No
      relocation expenses were paid to any named executive officer during the past three years.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under the terms of a senior executive health examination program, the
      chief executive officer and each of our senior vice presidents and vice presidents is entitled to be reimbursed for the costs of an executive physical examination at least once every two years. The maximum permitted reimbursement for physical
      examination was $2,500 at least once every two years in 2018 and 2019. Effective October 1, 2019, the maximum permitted reimbursement under this program was increased to $4,000 at least once every two years.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Total Compensation</i></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The proportion of salary, bonus and non-equity incentive plan
      compensation to total compensation set forth in the Summary Compensation Table for Mr. Sprowls, Ms. Tang, Ms. Kruger, Mr. Switzer and Ms. Farrow was 30.5%, 38.0%, 33.7%, 38.6% and 33.5% of total compensation, respectively. The proportion of equity
      compensation to total compensation set forth in the Summary Compensation Table for </font><font style="font: 10pt Times New Roman, Times, Serif">2020 for Mr. Sprowls, Ms. Tang, Ms. Kruger, Mr. Switzer and Ms. Farrow was 21.1%, 7.1%, 6.3%, 8.4% and
      7.7% of total compensation, respectively. The compensation committee has not adopted any policy regarding the allocation of total compensation among the various components of total compensation.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif"></font></p>
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  <br>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a name="a071"></a>What plan-based awards did we make to these named
        executive officers in 2020?</b></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We granted restricted stock units for both time-vested and
      performance-based equity awards to each of our named executive officers in 2020 as more particularly described below. Each of the named executive officers also received a cash award under our short-term performance incentive plan based upon the
      satisfaction of certain performance criteria. The amount of this award is reflected in the Summary Compensation Table under the Non-Equity Incentive Compensation column and the award terms are summarized under the non-equity incentive compensation
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>GRANTS OF PLAN-BASED AWARDS IN 2020</b></font></p>
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          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></font></p>
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        </td>
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        <td style="width: 10%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center">
          <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1/28/20</font></p>
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        <td style="width: 13%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 4pt">
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        <td style="width: 13%; border-bottom: Black 1pt solid; padding-right: 4pt">
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      </tr>
      <tr style="vertical-align: top">
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Eva G. Tang</b></font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">
          <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1/28/20</font></p>
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        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">
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        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 4pt">
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        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 4pt">
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  </table>
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      calculations assume that (i) the number of members of the company&#8217;s peer group at the end of the performance period will be seven, (ii) the compensation committee will not make any downward adjustment in the amount of the award following the end of
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(4)</sup>&#160;&#160;&#160;&#160;&#160;&#160;&#160;This







      calculation assumes that the named executive officer will achieve the maximum performance level established by the compensation committee for each performance condition set forth in the performance stock award granted to the named executive officer
      in 2020. The performance required to achieve the total shareholder return maximum condition, the aggregate GSWC water segment operating expense level maximum condition and the ASUS cumulative net earnings maximum condition is 200%, 150% and 200% of
      the target performance level, respectively.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(5)</sup>&#160;&#160;&#160;&#160;&#160;&#160;&#160;We







      provide information regarding the assumptions used to calculate the value of time-vested restricted stock units and performance stock granted on January 28, 2020 pursuant to the 2016 plan in Note 13 to our audited financial statements in our Form
      10-K for the year ended December 31, 2020.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr. Sprowls, Ms. Tang and Ms. Farrow can earn between 0% to 175.0%, and
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      consist of the following metrics: 25% of the performance stock awards granted are based on the company&#8217;s total shareholder return compared to the total shareholder return of the company&#8217;s defined peer group, referred to as the total shareholder
      return criteria and 75% of the performance stock awards will be earned based upon the satisfaction of one or more of the following performance conditions: aggregate GSWC water segment operating expense level and ASUS cumulative net earnings. The
      performance period commenced on January 1, 2020 and ends on December 31, 2022. The performance goals for Mr. Sprowls, Ms. Tang and Ms. Farrow are based on the total shareholder return, the aggregate GSWC water segment operating expense level and the
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <table style="font: 10pt Times New Roman, Times, Serif; width: 85%; border-collapse: collapse; margin-left: 0.5in" cellpadding="0" cellspacing="0">

      <tr>
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      </tr>
      <tr>
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      </tr>
      <tr>
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      </tr>
      <tr>
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      </tr>
      <tr>
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      </tr>
      <tr>
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8805; 3 members of the Peer Group</font></td>
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">85.71%</font></td>
      </tr>
      <tr>
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        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">57.14%</font></td>
      </tr>
      <tr>
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8805; 1 member of the Peer Group</font></td>
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      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup>&#160;&#160;&#160;&#160;&#160;&#160;&#160;The total shareholder return criteria refer to total shareholder return during the performance period, including the reinvestment of dividends. The defined peer group for this purpose consists of the following water
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p>
  <!-- Field: Rule-Page -->
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
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      <tr>
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      <tr style="vertical-align: top">
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        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</font></td>
      </tr>
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        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50%</font></td>
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        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&gt;$310.5 million</font></td>
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0%</font></td>
      </tr>

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      period beginning January 1, 2020 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 the Water Segment, (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 the Water Segment, and (v) gross-up of certain surcharges authorized by the CPUC to recover previously incurred costs recorded
      pursuant to generally accepted accounting principles.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <!-- Field: Rule-Page -->
  <div style="margin-top: 3pt; margin-bottom: 3pt" align="LEFT">
    <div style="font-size: 1pt; border-top: Black 1pt solid; width: 20%">&#160;</div>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"></font></p>
  <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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      <tr>
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      </tr>

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <!-- Field: Rule-Page -->
  <div style="margin-top: 3pt; margin-bottom: 3pt" align="LEFT">
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table style="font: 10pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse" align="CENTER" cellpadding="0" cellspacing="0">

      <tr>
        <td style="vertical-align: bottom; border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center; padding-left: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
        <td colspan="4" style="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; padding-right: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Stock Awards</b></font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="width: 18%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 2pt; padding-left: 2pt">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name</b></font></p>
        </td>
        <td style="width: 18%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Number of Shares or Units
              That Have Not Vested (#)</b></font></td>
        <td style="width: 18%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Market Value of Shares or
              Units That Have Not Vested ($)</b><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></font></td>
        <td style="width: 18%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Equity Incentive Plan
              Awards; Number of Unearned Shares, Units or Rights or Other Rights That Have Not Vested</b><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(8)</sup></font></td>
        <td style="width: 18%; border-bottom: Black 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Equity Incentive Plan Awards; Market or Payout Value of
              Unearned Shares, Units or Rights That Have Not Vested</b><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)(8)</sup></font></td>
      </tr>
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        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify; padding-left: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Robert J. Sprowls</b></font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">33,169</font></td>
        <td style="border-bottom: Black 1pt solid; text-align: right; padding-right: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$2,637,267</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify; padding-left: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Eva G. Tang</b></font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(4)</sup></font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(4)</sup></font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,379</font></td>
        <td style="border-bottom: Black 1pt solid; text-align: right; padding-right: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">189,154</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Denise L. Kruger</b></font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(5)</sup></font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(5)</sup></font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,261</font></td>
        <td style="border-bottom: Black 1pt solid; text-align: right; padding-right: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">179,772</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Bryan K. Switzer</b></font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(6)</sup></font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(6)</sup></font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,623</font></td>
        <td style="border-bottom: Black 1pt solid; text-align: right; padding-right: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">129,045</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Gladys M. Farrow</b></font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,398<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(7)</sup></font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$111,155</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,707</font></td>
        <td style="border-bottom: Black 1pt solid; text-align: right; padding-right: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">135,724</font></td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup>&#160;&#160;&#160;&#160;&#160;&#160;&#160;All







      options held by the named executive officers have been exercised as of December 31, 2020.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup>&#160;&#160;&#160;&#160;&#160;&#160;&#160;We







      determined the market value of restricted stock units and performance stock awards that have not vested by multiplying the number of unvested restricted stock units and unvested performance stock awards outstanding on December 31, 2020 by the closing
      price of our common shares on December 31, 2020, as reported on <i>The Wall Street Journal</i> website (www.wsj.com). The closing price of our common shares on December&#160;31,&#160;2020, as so reported, was $79.51.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup>&#160;&#160;&#160;&#160;&#160;&#160;&#160;
      <font style="color: windowtext">Restricted stock unit awards made to Mr. Sprowls in the amount of 7,995 shares have vested pursuant to the Rule of 75 but had not yet been paid out.&#160; At December 31, 2020, these awards had a market value of $635,682. </font></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(4)&#160;&#160;&#160;&#160;&#160;&#160;&#160; </sup>Restricted






      stock unit awards made to Ms. Tang in the amount of 1,746 shares have vested pursuant to the Rule of 75 but had not yet been paid out.&#160; At December 31, 2020, these awards had a market value of $138,824.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(5)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</sup>Restricted






      stock unit awards made to Ms. Kruger in the amount of 1,746 shares have vested pursuant to the Rule of 75 but had not yet been paid out.&#160; At December 31, 2020, these awards had a market value of $138,824.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(6) &#160;&#160;&#160;&#160;&#160;&#160;&#160;</sup>Restricted






      stock unit awards made to Mr. Switzer in the amount of 1,254 shares have vested pursuant to the Rule of 75 but had not yet been paid out.&#160; At December 31, 2020, these awards had a market value of $99,706.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(7) &#160;&#160;&#160;&#160;&#160;&#160;&#160;</sup>Of






      this amount, 175 restricted stock units vested on January 27, 2021, 222 restricted stock units vested on January 28, 2021, 273 restricted stock units vested on January 29, 2021, 71 restricted stock units vested on March 10, 2021, 175 restricted stock
      units will vest on January 27, 2022, 229 restricted stock units will vest on January 28, 2022, 73 restricted stock units will vest on March 10, 2022 and the remainder will vest on January 27, 2023.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: normal; color: rgb(0, 0, 0); font-style: normal;">67</font>&#160;</div>
    <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
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  </div>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: windowtext"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(8)</sup>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;We assumed for the purpose of this disclosure that each named executive officer would earn performance stock awards at the maximum level for the 2019 grant and at the target level for the 2020 grant. The value listed
      includes dividend equivalent rights granted as of December 31, 2020 on these awards. Although the performance stock awards granted to Mr. Sprowls, Ms. Tang, Ms. Kruger and Mr. Switzer have vested pursuant to </font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the Rule of 75, they have not been earned since the performance conditions have not been met and will only be determined at the end of the performance period.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <!-- Field: Rule-Page -->
  <div style="margin-top: 3pt; margin-bottom: 3pt" align="LEFT">
    <div style="font-size: 1pt; border-top: Black 1pt solid; width: 20%">&#160;</div>
  </div>
  <!-- Field: /Rule-Page -->
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a name="a073"></a>Did any named executive officers exercise options or have other stock awards vest in 2020?</b></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All our named executive officers had outstanding awards of restricted
      stock units vest in 2020. No restricted stock or stock options vested in 2020. No options were exercised in 2020.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>OPTION EXERCISES AND STOCK VESTED IN 2020<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></b></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table style="width: 40%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse" align="CENTER" cellpadding="0" cellspacing="0">

      <tr style="vertical-align: bottom">
        <td rowspan="2" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name</b></font></td>
        <td colspan="2" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; padding-right: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Stock Awards</b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; padding-right: 2pt; vertical-align: bottom; padding-left: 2pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>No. of Shares
              Acquired on Vesting (#)</b><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></font></td>
        <td style="border-bottom: Black 1pt solid; padding-right: 2pt; padding-left: 2pt">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Value Realized on Vesting ($)</b><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)(2)</sup></font></p>
        </td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="width: 16%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Robert J. Sprowls</b></font></td>
        <td style="width: 12%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: right; padding-right: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;&#160;&#160;29,002<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></font></td>
        <td style="width: 12%; border-bottom: Black 1pt solid; text-align: center; padding-right: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$1,589,030</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Eva G. Tang</b></font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,209<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(4)</sup></font></td>
        <td style="border-bottom: Black 1pt solid; text-align: center; padding-right: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;&#160;196,258</font></td>
      </tr>
      <tr>
        <td style="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Denise L. Kruger</b></font></td>
        <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,522<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(5)</sup></font></td>
        <td style="vertical-align: top; border-bottom: Black 1pt solid; text-align: center; padding-right: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;&#160;222,775</font></td>
      </tr>
      <tr>
        <td style="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Bryan K. Switzer</b></font></td>
        <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;&#160;&#160;3,252<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(6)</sup></font></td>
        <td style="vertical-align: top; border-bottom: Black 1pt solid; text-align: center; padding-right: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;&#160;160,342</font></td>
      </tr>
      <tr>
        <td style="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Gladys M. Farrow</b></font></td>
        <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,926</font></td>
        <td style="vertical-align: top; border-bottom: Black 1pt solid; text-align: center; padding-right: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;&#160;153,675</font></td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup>&#160;&#160;&#160;&#160;&#160;&#160;&#160;We







      determined the value realized on vesting of restricted stock units based on the closing market price of our common shares on the date of vesting as reported on <i>The Wall Street Journal</i> website (<u>www.wsj.com</u>).</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)&#160;&#160;&#160;&#160;&#160;&#160;&#160;</sup>Includes







      performance stock award granted in 2018 which vested in 2020.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup>&#160;&#160;&#160;&#160;&#160;&#160;&#160;Out







      of 29,002 shares fully vested in 2020, Mr. Sprowls acquired 4,725 common shares on February 5, 2020, upon the payout of restricted stock units with a market value of $417,990 on the date of acquisition. Mr. Sprowls is entitled to acquire the
      remaining 24,277 common shares, which were not payable during 2020, because of the immediate vesting of these common shares under the rule of 75. Mr. Sprowls acquired 4,167 of these common shares on February 5, 2021 with a market value of $332,518 on
      the date of acquisition. On March 11, 2021, Mr. Sprowls acquired 16,283 of these common shares (including 76 common shares with respect to dividends declared on February 2, 2021 pursuant to dividend equivalent rights on these shares) with an
      aggregate market value of $1,171,040 on the date of acquisition. Mr. Sprowls was entitled to acquire the remaining 3,827 common shares, which were not payable during 2020, because of the vesting of these common shares under the Rule of 75. Mr.
      Sprowls has the right to acquire 1,462 of these common shares within 30 days from January 28, 2022, 1,165 of these common shares within 30 days from January 27, 2022 and 1,200 of these common shares within 30 days from January 27, 2023 as a result of
      the previous vesting of the 3,827 restricted stock units, the value of which was not realized during 2020, plus common shares with respect to dividends declared after December 31, 2020 on these common shares pursuant to dividend equivalent rights on
      these shares until the date of acquisition of these shares.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(4)</sup>&#160;&#160;&#160;&#160;&#160;&#160;&#160;Out







      of 4,209 shares fully vested in 2020, Ms. Tang acquired 1,154 common shares on February 5, 2020, upon the payout of restricted stock units with a market value of $102,092 on the date of acquisition. Ms. Tang is entitled to acquire the remaining 3,055
      common shares, which were not payable during 2020, because of the immediate vesting of these common shares under the rule of 75. Ms. Tang acquired 934 of these common shares on February 5, 2021 with a market value of $74,531 on the date of
      acquisition. On March 11, 2021, Ms. Tang acquired 1,309 of these common shares (including 6 common shares with respect to dividends declared on February 2, 2021 pursuant to dividend equivalent rights on these shares) with an aggregate market value of
      $94,166 on the date of acquisition. Ms. Tang was entitled to acquire the remaining 812 common shares, which were not payable during 2020, because of the vesting of these common shares under the Rule of 75. Ms. Tang has the right to acquire 319 of
      these common shares within 30 days from January 28, 2022, 243 of these common shares within 30 days from January 27, 2022 and 250 of these common shares within 30 days from January 27, 2023 as a result of the previous vesting of the 812 restricted
      stock units, the value of which was not realized during 2020, plus common shares with respect to dividends declared after December 31, 2020 on these common shares pursuant to dividend equivalent rights on these shares until the date of acquisition of
      these shares.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(5)</sup>&#160;&#160;&#160;&#160;&#160;&#160;&#160;Out







      of 4,522 shares fully vested in 2020, Ms. Kruger acquired 1,396 common shares on February 5, 2020, upon the payout of restricted stock units with a market value of $123,525 on the date of acquisition. Ms. Kruger is entitled to acquire the remaining
      3,126 common shares, which were not payable during 2020, because of the immediate vesting of these common shares under the rule of 75. Ms. Kruger acquired 934 of these common shares on February 5, 2021 with a market value of $74,531 on the date of
      acquisition. On March 11, 2021, Ms. Kruger acquired 1,380 of these common shares (including 6 common shares with respect to dividends declared on February 2, 2021 pursuant to dividend equivalent rights on these shares) with an aggregate market value
      of $99,250 on the date of acquisition. Ms. Kruger was entitled to acquire the remaining 812 common shares, which were not payable during 2020, because of the vesting of these common shares under the Rule of 75. Ms. Kruger has the right to acquire 319
    </font><font style="font: 10pt Times New Roman, Times, Serif">of these common shares within 30 days from January 28, 2022, 243 of these common shares within 30 days from January 27, 2022 and 250 of these common shares within 30 days from January 27,
      2023 as a result of the previous vesting of the 812 restricted stock units, the value of which was not realized during 2020, plus common shares with respect to dividends declared after December 31, 2020 on these common shares pursuant to dividend
      equivalent rights on these shares until the date of acquisition of these shares.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"></font></p>
  <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: normal; color: rgb(0, 0, 0); font-style: normal;">68</font>&#160;</div>
    <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade"> </div>
  </div>
  <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(6)&#160;&#160;&#160;&#160;&#160;&#160;&#160;</sup>Out







      of 3,252 shares fully vested in 2020, Mr. Switzer acquired 1,009 common shares on February 5, 2020, upon the payout of restricted stock units with a market value of $89,243 on the date of acquisition. Mr. Switzer is entitled to acquire the remaining
      2,243 common shares, which were not payable during 2020, because of the immediate vesting of these common shares under the rule of 75. Mr. Switzer acquired 670 of these common shares on February 5, 2021 with a market value of $53,482 on the date of
      acquisition. On March 11, 2021, Mr. Switzer acquired 989 of these common shares (including 5 common shares with respect to dividends declared on February 2, 2021 pursuant to dividend equivalent rights on these shares) with an aggregate market value
      of $71,099 on the date of acquisition. Mr. Switzer was entitled to acquire the remaining 584 common shares, which were not payable during 2020, because of the vesting of these common shares under the Rule of 75. Mr. Switzer has the right to acquire
      229 of these common shares within 30 days from January 28, 2022, 175 of these common shares within 30 days from January 27, 2022 and 180 of these common shares within 30 days from January 27, 2023 as a result of the previous vesting of the 584
      restricted stock units, the value of which was not realized during 2020, plus common shares with respect to dividends declared after December&#160;31, 2020 on these common shares pursuant to dividend equivalent rights on these shares until the date of
      acquisition of these shares.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <!-- Field: Rule-Page -->
  <div style="margin-top: 3pt; margin-bottom: 3pt" align="LEFT">
    <div style="font-size: 1pt; border-top: Black 1pt solid; width: 20%">&#160;</div>
  </div>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a name="a074"></a>What pension benefits are payable to these named executive officers?</b></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We provide information in the table below reflecting the present value
      of the accumulated retirement benefits provided to each of our named executive officers as of December 31, 2020.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PENSION BENEFITS</b><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup>&#160;</font></p>
  <table style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse" cellpadding="0" cellspacing="0">

      <tr style="vertical-align: bottom">
        <td style="width: 27%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; padding-left: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name</b></font></td>
        <td style="width: 30%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; padding-left: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Plan Name</b></font></td>
        <td style="width: 18%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 4pt; padding-left: 4pt">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Number of Years of Credited Service </b></font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(#)</b></font></p>
        </td>
        <td style="width: 25%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 4pt; padding-left: 4pt">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Present Value of Accumulated Benefit</b></font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>($)</b><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></font></p>
        </td>
      </tr>
      <tr>
        <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Robert J. Sprowls</b><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></font></td>
        <td style="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 4pt">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pension Plan</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Supplemental Retirement Plan</font></p>
        </td>
        <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 4pt; padding-left: 4pt">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">16</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">16</font></p>
        </td>
        <td style="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 4pt; padding-left: 4pt">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$1,290,861</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,108,933</font></p>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Eva G. Tang</b><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 4pt">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pension Plan</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Supplemental Retirement Plan</font></p>
        </td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 4pt; padding-left: 4pt">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</font></p>
        </td>
        <td style="border-bottom: Black 1pt solid; padding-right: 4pt; padding-left: 4pt">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,983,588</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,128,102</font></p>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Denise L. Kruger</b><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 4pt">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pension Plan</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Supplemental Retirement Plan</font></p>
        </td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 4pt; padding-left: 4pt">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">28</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">28</font></p>
        </td>
        <td style="border-bottom: Black 1pt solid; padding-right: 4pt; padding-left: 4pt">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,217,356</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,438,985</font></p>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Bryan K. Switzer</b><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 4pt">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pension Plan</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Supplemental Retirement Plan</font></p>
        </td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 4pt; padding-left: 4pt">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20</font></p>
        </td>
        <td style="border-bottom: Black 1pt solid; padding-right: 4pt; padding-left: 4pt">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,599,956</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,679,440</font></p>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Gladys M. Farrow</b><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 4pt">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pension Plan</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Supplemental Retirement Plan</font></p>
        </td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 4pt; padding-left: 4pt">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">18</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">18</font></p>
        </td>
        <td style="border-bottom: Black 1pt solid; padding-right: 4pt; padding-left: 4pt">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,357,427</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,235,689</font></p>
        </td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup>&#160;&#160;&#160;&#160;&#160;&#160;&#160;The







      present value of the accumulated benefit for each of our named executive officers is based on the age when he or she would be eligible to retire with full benefits, which is at 62 (or current age if later) except for Mr. Sprowls. The present value of
      the accumulated benefit is based on the age of 63 and 10 months for Mr. Sprowls, which is the age on which he is eligible to retire with full benefits. If we had assumed that each of them would retire at age 65, the normal retirement age under each
      of these plans, the present value of the accumulated benefit under the pension plan as of December 31, 2020 would instead be $1,212,418, $1,983,588, $1,905,865, $1,496,102 and $1,166,737 for Mr. Sprowls, Ms. Tang, Ms. Kruger, Mr. Switzer and Ms.
      Farrow, respectively, and the present value of the accumulated benefit under the supplemental retirement plan as of December 31, 2020 would be $9,504,193, $4,128,102, $2,961,772, $1,572,131 and $1,064,218 for Mr. Sprowls, Ms. Tang, Ms. Kruger, Mr.
      Switzer and Ms. Farrow, respectively.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup>&#160;&#160;&#160;&#160;&#160;&#160;&#160;Mr.







      Sprowls, Ms. Kruger and Ms. Farrow were eligible to retire with an 8.33%, 26.25% and 44.17% reduction in benefits, respectively, at December 31, 2020. Ms. Tang and Mr. Switzer are eligible to retire with full benefits. If we had assumed that Mr.
      Sprowls, Ms. Kruger and Ms. Farrow retired at December 31, 2020, the present value of accumulated benefits for the pension plan would be $1,214,897, $2,090,895 and $994,607, respectively, and the present value of accumulated benefit for the
      supplemental retirement plan would be $9,509,999, $3,234,244 and $902,716, respectively.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup>&#160;&#160;&#160;&#160;&#160;&#160;&#160;We







      used the same assumptions to calculate the change in pension value in Note 12 to our audited financial statements in our Form 10-K for the year ended December 31, 2020, except that retirement age is assumed to be the earliest date on which any of the
      named executive officers, may retire under the plan without any benefit reduction due to age. We ignored for the purpose of this calculation what actuaries refer to as pre-retirement decrements.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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      plan. This plan is a defined benefit pension plan available to all eligible employees hired prior to January 1, 2011 who are 21 years or older and have completed 1,000 hours of service in the first year of employment or in any subsequent plan year.
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      Normal retirement age is 65. An employee must have five years of service in order to receive benefits under this plan. For purposes of this plan, compensation includes a named executive officer&#8217;s salary and all other reportable compensation received
      by the executive, except bonuses, the imputed value of the personal use of company-owned vehicles, unused vacation pay, severance pay and long-term incentive program payments, up to the maximum amount permitted under the Internal Revenue Code (which
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      benefits under the supplemental retirement plan. Each named executive officer has the right to receive a benefit under the terms of this plan equal to the sum of 2% of compensation for each year of service before 2006 plus 3% of compensation for each
      year of service after 2005, up to a combined maximum of 60% of compensation, less a percentage of primary social security benefits and amounts payable to the executive under the pension plan. For purposes of this plan, compensation includes all
      compensation included under the pension plan, cash incentive compensation and dividend equivalent rights on options granted prior to 2006. For participants who were employed by the company on January&#160;1, 2006, the benefit is the greater of the benefit
      under the formula described in the previous sentence or the benefit under the previous formula. Under the previous formula, each executive was entitled to receive a benefit equal to the sum of 2% of compensation for each year of service, up to a
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      will depend upon the employee&#8217;s age at the date payment of his or her benefits begins and whether the sum of his or her age and completed years of service, as of the date of his or her termination, is equal to or greater than 80. An employee who
      retires at or after age 62 but before age 65 will also receive benefits reduced for early commencement based on his or her age at retirement unless the sum of his or her age and completed years of service, as of the date of his or her termination, is
      equal to or greater than 80, in which case the employee will be entitled to full, unreduced benefits. Under the terms of the supplemental retirement plan, an employee who is vested will begin receiving benefits within 60 days following the later of
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a name="a075"></a>Do any named executive officers participate in a non-qualified deferred compensation plan?</b></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a name="a076"></a>What are the terms of the change in control agreement with named executive officers?</b></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each of our named executive officers is a party to a change in control
      agreement which provides for certain benefits in the event of a change in control of the company if the executive officer&#8217;s employment is terminated (other than for cause, death or disability) or the executive terminates employment for good reason,
      in each case, within two years following the change in control event. A change in control under these agreements will generally include:</font></p>
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        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any sale or other change in ownership of substantially all our assets, unless our business is continued by another entity in which the holders
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      </tr>

  </table>
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      </tr>

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      </tr>

  </table>
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        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a change of one-half or more of the members of our board of directors within a 12-month period, unless at least two-thirds of the directors
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      </tr>

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        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the executive is assigned duties inconsistent in any respect with the executive&#8217;s position, authority, duties or responsibilities (or any
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      </tr>

  </table>
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        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the executive&#8217;s salary or benefits are reduced (including the elimination of any cash incentive or other cash bonus plan or any equity
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      </tr>

  </table>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any successor to all or substantially all the business and/or assets of the company does not assume or agree to perform the change in control
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      </tr>

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition, all unvested restricted stock units (including performance
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      officers, a change in control will occur under the same circumstances described in his or her change in control agreement.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under the terms of the change in control agreements, each named
      executive officer is entitled to an amount equal to 2.99 times the sum of the executive&#8217;s annual base salary at the highest rate in effect in any year of the three calendar years immediately preceding the date of termination of employment, including
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      cash lump sum within 10 days of the date of termination of employment of the executive&#8217;s base salary and accrued but unpaid vacation pay through such date and (b) cash at the end of each four month period during the twelve months immediately
      following the date of termination of employment, an amount equal to the sum of the excess of the accrued benefits under the pension plan and the supplemental retirement plan if the executive was credited with an additional three years of credited
      service over the actuarial equivalent of the executive&#8217;s vested benefits under the pension plan, such sum divided by three, provided that the executive has not breached his or her one-year non-competition and non-solicitation agreement with the
      company. Each of these executives is also entitled to coverage under our health and welfare benefit plans for a period of two years after termination of employment (three years for Mr. Sprowls and Ms. Tang).</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If it is determined that any amount payable to any named executive
      officer under a change in control agreement would give rise to an excise tax under Section 4999 of the Internal Revenue Code, then the amount payable to the executive will be reduced to the extent necessary so that no portion of the payments will be
      subject to the excise tax, provided that such reduction will only be made if it would result in the executive retaining a greater amount of payments on an after-tax basis (after taking into account federal, state and local income, excise and payroll
      taxes).</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If we are unable to deduct any payments we make under a change in
      control agreement due to the limitations imposed by Section 162(m) of the Internal Revenue Code, we will defer such payments to the extent necessary to enable us to deduct the payments. Each named executive officer will be entitled to interest on any
      deferred payments at the applicable federal tax rate under the Internal Revenue Code (which changes monthly). Under Section 162(m) of the Internal Revenue Code, we generally may not deduct for federal income tax purposes annual compensation more than
      $1,000,000 paid to any named executive officer.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition, if we are required to make any payment under a change in
      control agreement which would be subject to Section 409A of the Internal Revenue Code, we will defer these payments until the later of six months following the date of termination of the named executive officer&#8217;s employment and the payment or
      commencement date specified in the change in control agreement.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a name="a077"></a>What do we estimate we will pay each of our named executive officers
        in the event his or her employment is terminated because of a change in control? </b></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assuming that the employment of each of our named executives was
      terminated on December 31, 2020, a change in control occurred on that date under the change in control agreements and the 2016 plan and based on the assumptions set forth in the footnotes below, we estimate that we would have made the following
      payments to our named executive officers:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CHANGE IN CONTROL BENEFITS</b><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup>&#160;</font></p>
  <table style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" cellpadding="0" cellspacing="0">

      <tr style="vertical-align: bottom">
        <td style="width: 35%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Payments








              and Benefits</b></font></td>
        <td style="width: 13%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Robert








              J. Sprowls</b></font></td>
        <td style="width: 13%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2pt; padding-left: 2pt">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Eva G.</b></font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tang</b></font></p>
        </td>
        <td style="width: 13%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Denise








              L. Kruger</b></font></td>
        <td style="width: 13%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Bryan K. Switzer</b></font></td>
        <td style="width: 13%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Gladys








              M. Farrow</b></font></td>
      </tr>
      <tr>
        <td style="border-right: Black 1pt solid; padding-left: 7.9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><u>Payments</u></b></font></td>
        <td style="vertical-align: bottom; border-right: Black 1pt solid; text-align: center; padding-right: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
        <td style="vertical-align: bottom; border-right: Black 1pt solid; text-align: center; padding-right: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
        <td style="vertical-align: bottom; border-right: Black 1pt solid; text-align: center; padding-right: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
        <td style="vertical-align: bottom; text-align: center; padding-right: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
        <td style="vertical-align: bottom; border-left: Black 1pt solid; text-align: center; padding-right: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
      </tr>
      <tr>
        <td style="vertical-align: bottom; border-right: Black 1pt solid; text-indent: 9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Base Salary Benefit</font></td>
        <td style="vertical-align: top; border-right: Black 1pt solid; text-align: right; padding-right: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$2,481,700</font></td>
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        <td style="vertical-align: top; text-align: right; padding-right: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$937,066</font></td>
        <td style="vertical-align: top; border-left: Black 1pt solid; text-align: right; padding-right: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$889,525</font></td>
      </tr>
      <tr>
        <td style="vertical-align: bottom; border-right: Black 1pt solid; padding-left: 8.1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bonus Benefit</font></td>
        <td style="vertical-align: top; border-right: Black 1pt solid; text-align: right; padding-right: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,233,530</font></td>
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        <td style="vertical-align: top; text-align: right; padding-right: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">258,630</font></td>
        <td style="vertical-align: top; border-left: Black 1pt solid; text-align: right; padding-right: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">245,509</font></td>
      </tr>
      <tr>
        <td style="vertical-align: bottom; border-right: Black 1pt solid; padding-left: 0.25in; text-indent: -9.9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pension Plan and Supplemental Retirement Plan Benefits<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></font></td>
        <td style="vertical-align: top; border-right: Black 1pt solid; text-align: right; padding-right: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,157,407</font></td>
        <td style="vertical-align: top; border-right: Black 1pt solid; text-align: right; padding-right: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8211;</font></td>
        <td style="vertical-align: top; border-right: Black 1pt solid; text-align: right; padding-right: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">198,276</font></td>
        <td style="vertical-align: top; text-align: right; padding-right: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">255,126</font></td>
        <td style="vertical-align: top; border-left: Black 1pt solid; text-align: right; padding-right: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">346,981</font></td>
      </tr>
      <tr>
        <td style="vertical-align: bottom; border-right: Black 1pt solid; padding-left: 7.9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><u>Benefits</u></b></font></td>
        <td style="vertical-align: top; border-right: Black 1pt solid; padding-right: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
        <td style="vertical-align: top; border-right: Black 1pt solid; text-align: right; padding-right: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
        <td style="vertical-align: top; border-right: Black 1pt solid; text-align: right; padding-right: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
        <td style="vertical-align: top; text-align: right; padding-right: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
        <td style="vertical-align: top; border-left: Black 1pt solid; text-align: right; padding-right: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
      </tr>
      <tr>
        <td style="vertical-align: bottom; border-right: Black 1pt solid; padding-left: 8.1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Welfare and Fringe Benefits<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></font></td>
        <td style="vertical-align: top; border-right: Black 1pt solid; text-align: right; padding-right: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">105,390</font></td>
        <td style="vertical-align: top; border-right: Black 1pt solid; text-align: right; padding-right: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">79,485</font></td>
        <td style="vertical-align: top; border-right: Black 1pt solid; text-align: right; padding-right: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;64,066 </font></td>
        <td style="vertical-align: top; text-align: right; padding-right: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">54,534</font></td>
        <td style="vertical-align: top; border-left: Black 1pt solid; text-align: right; padding-right: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">63,751</font></td>
      </tr>
      <tr>
        <td style="vertical-align: bottom; border-right: Black 1pt solid; padding-left: 8.1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Purchase of Automobile Benefit<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(4)</sup></font></td>
        <td style="vertical-align: top; border-right: Black 1pt solid; text-align: right; padding-right: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,468</font></td>
        <td style="vertical-align: top; border-right: Black 1pt solid; text-align: right; padding-right: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,309</font></td>
        <td style="vertical-align: top; border-right: Black 1pt solid; text-align: right; padding-right: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;4,641 </font></td>
        <td style="vertical-align: top; text-align: right; padding-right: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,343</font></td>
        <td style="vertical-align: top; border-left: Black 1pt solid; text-align: right; padding-right: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,796</font></td>
      </tr>
      <tr>
        <td style="vertical-align: bottom; border-right: Black 1pt solid; padding-left: 8.1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Restricted Stock Units Benefit<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(5)</sup></font></td>
        <td style="vertical-align: top; border-right: Black 1pt solid; text-align: right; padding-right: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">635,682</font></td>
        <td style="vertical-align: top; border-right: Black 1pt solid; text-align: right; padding-right: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">138,824</font></td>
        <td style="vertical-align: top; border-right: Black 1pt solid; text-align: right; padding-right: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">138,824</font></td>
        <td style="vertical-align: top; text-align: right; padding-right: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">99,706</font></td>
        <td style="vertical-align: top; border-left: Black 1pt solid; text-align: right; padding-right: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">111,155</font></td>
      </tr>
      <tr>
        <td style="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 8.1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Performance Stock Awards<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(6)</sup></font></td>
        <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,867,936</font></td>
        <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">133,149</font></td>
        <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">133,149</font></td>
        <td style="vertical-align: top; border-bottom: Black 1pt solid; text-align: right; padding-right: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">95,582</font></td>
        <td style="vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: right; padding-right: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">95,582</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total</b></font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$9,484,113</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$2,273,755</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$2,447,763<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(7)</sup></font></td>
        <td style="border-bottom: Black 1pt solid; text-align: right; padding-right: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$1,703,987<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(7)</sup></font></td>
        <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: right; padding-right: 4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$1,756,299<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(7)</sup></font></td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup>&#160;&#160;&#160;&#160;&#160;&#160;&#160;We







      have assumed, for purposes of preparing this table, that we make all change in control payments to each named executive officer in July 2021, although the actual payment amounts and timing may vary if deferred under the provisions related to Section
      162(m). We have excluded for the purpose of this calculation, amounts paid to each named executive officer for accrued, but unpaid base salary and vacation pay payable within ten days after termination of employment.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup>&#160;&#160;&#160;&#160;&#160;&#160;&#160;In







      calculating the single sum actuarial equivalent, we used an interest rate equal to 2.56% and the mortality table named and described in detail in Section A.1 of the pension plan, after reduction, if any, of the benefit using the &#8220;Regular Factors&#8221;
      under Section A.4 of the pension plan, and each named executive officer&#8217;s age at December 31, 2020, less a percentage of primary social security benefits.&#160; Ms. Tang has already accrued the maximum percentage that may be accrued under the supplemental
      retirement plan so a change in control will have no impact on her supplemental retirement plan benefits.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup>&#160;&#160;&#160;&#160;&#160;&#160;&#160;Welfare







      benefits&#160;include (i) 85% of dental, medical and vision insurance premiums paid by the company for each named executive officer, under the insurance plans currently offered by the company, (ii) each named executive officer&#8217;s pro rata share of the
      group term life insurance and accidental death and dismemberment premiums, (iii)&#160;reimbursement of&#160;health club dues for each named executive officer, up to a maximum of&#160;$1,800 a year, (iv) reimbursement for a health examination for each named
      executive officer, up to a maximum of $4,000 biannually, and (v) executive life insurance policy for each of the named executive officers. Welfare benefit amounts were calculated based on these benefits for a period of three years after termination
      of employment&#160;for Mr.&#160;Sprowls and Ms. Tang and two years after termination of employment for each of the other named executive officers. We assumed, for the purposes of this table, that each executive officer would be reimbursed up to the maximum
      amount for health club benefits and biannual health examination.</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(4)&#160;&#160;&#160;&#160;&#160;&#160;&#160;</sup>We







      estimated the value of this benefit as the difference between (i) the wholesale value of the company car which the named executive officer has the right to purchase at the wholesale value, and (ii) the retail value of the car as shown in a national
      auto research publication.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(5)&#160;&#160;&#160;&#160;&#160;&#160;&#160;</sup>We







      measured the fair value of restricted stock units which were not converted to shares at December 31, 2020 assuming the price of our common shares on the date of each executive&#8217;s termination of employment was $79.51.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(6)&#160;&#160;&#160;&#160;&#160;&#160;&#160;</sup>We







      measured the fair value of 2019 and 2020 performance stock award units which were not converted to shares as of December 31, 2020 assuming the price of our common shares on the date of each named executive officer&#8217;s termination of employment was
      $79.51.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(7)&#160;&#160;&#160;&#160;&#160;&#160;&#160;</sup>This







      named executive officer&#8217;s payment will be reduced to the extent necessary so that no portion of such payment will be subject to excise tax under Section 4999 of the Internal Revenue Code, provided that the reduction will result in the executive
      retaining a greater amount of the payment on an after-tax basis (after taking into account federal, state and local income taxes and payroll taxes).</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a name="a078"></a>What is our CEO to median employee pay ratio? </b></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We estimated the median of the 2020 total annual compensation of our
      employees, excluding Mr. Sprowls, to be $82,058, using a new median employee identified in 2020. We selected our median employee based on the annual gross wages reflected in our payroll records in 2020 for each of our employees on December 31, 2020.
      We annualized the compensation of employees who did not work a full year, but did not make any other adjustments to our calculation of annual compensation. We then computed the new median employee&#8217;s 2020 total annual compensation using the same
      methodology used in calculating Mr. Sprowls&#8217; total annual compensation in the Summary Compensation Table, including the calculation of the actuarial change in pension value.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We changed the methodology used in selecting the median employee in 2020
      from the non-annualized approach used for 2017 to the annualized approach for 2020. Two median employees were identified using the non-annualized approach for 2020, one of whom left the company in January 2021 and the other who was hired mid-year. As
      a result, neither of these employees will be a median employee in 2021. We therefore concluded that neither of these employees was representative of the company&#8217;s workforce, which is relatively stable, and that it was therefore preferable to select a
      median employee using the annualized approach.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The 2020 total annual compensation of Mr. Sprowls set forth on the
      Summary Compensation Table is $5,926,137. The ratio of the total annual compensation of Mr. Sprowls to the estimated total annual compensation of our median employee in 2020 was 72.2 to 1. We believe this pay ratio is a reasonable estimate calculated
      in a manner consistent with SEC rules.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This ratio is very sensitive to whether the median employee is a
      participant in the defined benefit pension plan, which in turn is sensitive to changes in actuarial assumptions, such as changes in mortality and discount rates. All employees hired before January 1, 2011, are enrolled in our defined benefit
      retirement plan. All employees hired on or after January 1, 2011, participate in our defined contribution 401(k) plan. Under SEC rules, the inclusion of the change in pension value only applies to employees who are participants in the pension plan.
      It does not apply to changes in participant&#8217;s value in a defined contribution plan. Mr. Sprowls is a participant in the pension plan, not the defined contribution plan. The person who was identified as the median employee this year is a participant
      in the defined contribution plan, not the pension plan. The person who was identified as a median employee in prior years was a participant in the pension plan. In fact, the ratio of the total annual compensation of Mr. Sprowls to the estimated total
      annual compensation of our median employee in 2019 (for the 2020 Proxy Statement) was 35.6 to 1.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The primary reason for the increase in the pay ratio this year from the
      pay ratio of the median employee last year is due to differences in the year in which the median employee was hired. If we eliminated the actuarial change in pension value from our calculation for Mr. Sprowls&#8217; total annual compensation, the ratio of
      the total annual compensation of Mr. Sprowls to the estimated total annual compensation of our median employee would be 37.6 to 1 compared to last year&#8217;s pay ratio, excluding the change in pension value, which was 35.9 to 1.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because the SEC rules for identifying the median employee and
      calculating the pay ratio based on that employee&#8217;s total annual compensation allow companies to use a variety of methodologies, to apply certain exclusions and to make reasonable estimates and assumptions that reflect their employee populations and
      compensation practices, the pay ratio reported by other companies may not be comparable to our pay ratio, as other companies may utilize different methodologies, exclusions, estimates and assumptions in calculating their pay ratios. These companies
      may also operate in different industries and different geographic locations, be of a different size, have different revenues, earnings and market capitalization and be subject to different regulation than the company.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b><a name="a079"></a>PROPOSAL 2: ADVISORY VOTE
        TO APPROVE COMPENSATION OF OUR NAMED EXECUTIVE OFFICERS </b></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This proposal to approve the compensation of our named executive
      officers, commonly referred to as a &#8220;say-on-pay&#8221; proposal, is provided pursuant to section 14A of the Securities Exchange Act of 1934 and gives our shareholders the opportunity to express their views on the compensation of our named executive
      officers as described in this proxy statement.&#160; This vote is not binding and is not intended to address any specific item of compensation, but rather the overall compensation of our named executive officers and the philosophy, policies and practices
      described in this proxy statement.&#160; Accordingly, we will ask our shareholders to vote &#8220;<b>FOR</b>&#8221; the following resolution at the 2021 annual meeting:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RESOLVED, that the compensation of our named executive officers, as disclosed
      pursuant to the compensation disclosure rules of the Securities and Exchange Commission, including the compensation discussion and analysis, compensation tables and related material disclosed in this proxy statement, is hereby APPROVED.&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Target aggregate total direct compensation of Mr. Sprowls, Ms. Tang, Ms.
      Kruger and Mr. Switzer increased modestly in 2020. Ms. Farrow was not a named executive officer in 2018 or 2019. Actual aggregate total direct compensation of the named executive officers of the company (using 2020 salaries,&#160;bonuses and the value of
      2020 equity grants) were below the market median determined by Pearl Meyer based on 2020 proxy statement information for members of the current peer group approved by the compensation committee, blended with data obtained by Pearl Meyer from three
      industry surveys.&#160;&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based upon an assessment of the realizable direct compensation of our
      CEO compared to CEOs in our current peer group, our CEO&#8217;s realizable compensation rank was at the 73<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup> percentile rank when assessing 2017 to 2019 pay and performance
      and the 64<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> percentile rank when assessing 2018 to 2020 pay and performance. Our total shareholder return rank (including reinvestment dividends) was at the 100<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th </sup>percentile rank for the 2017-2019 period and the 91<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> percentile rank for the 2018 to
      2020 period. As a result, our CEO pay rank remains below our total shareholder return rank. Further information regarding the alignment of our CEO&#8217;s pay with total shareholder return is provided under &#8220;Compensation Discussion and Analysis - Alignment
      of CEO Pay with Performance.&#8221;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In recent years, the compensation committee has made an increasing
      percentage of the total compensation of an executive officer in the form of equity awards. Approximately 75% of the value of all stock awards made to Mr. Sprowls and approximately 50% of the value of stock awards made to Ms. Tang, Ms. Kruger, Mr.
      Switzer and Ms. Farrow in 2020 were also dependent upon the satisfaction of performance criteria over a three-year performance period. The remainder of the stock awards were time vesting awards, which vest over a three-year period.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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      proposal in 2020 were cast in favor of the compensation of our named executive officers, as disclosed pursuant to the compensation disclosure rules of the SEC, including the compensation discussion and analysis, compensation tables and related
      materials disclosed in our 2020 proxy statement. Abstentions were not counted as a vote either for or against this proposal.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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      compensation committee or the board.&#160; However, the board and the compensation committee intend to review the voting results and will seek to determine the causes of a negative vote, if significant.&#160; Shareholders who wish to communicate with the board
      of directors or management regarding our executive compensation program or other matters may do so in the manner described under &#8220;Governance of the Company-What is the process for shareholders and other interested persons to send communications to
      our board?&#8221;&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in"></p>
  <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">&#160;</p>
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      card, the named proxies will vote &#8220;<b>FOR</b>&#8221; this proposal.&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>THE BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS A VOTE &#8220;FOR&#8221; APPROVAL OF THE COMPENSATION OF
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></font></p>
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        REGISTERED PUBLIC ACCOUNTING FIRM</b></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The audit and finance committee has appointed PricewaterhouseCoopers
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  </table>
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      </tr>

  </table>
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  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  </table>
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      </tr>

  </table>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><a name="a081"></a><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>What are the audit and finance committee&#8217;s pre-approval policies and procedures?</b></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The audit and finance committee has adopted a policy statement regarding
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      public accounting firm and complying with Sections 201 and 202 of the Sarbanes-Oxley Act of 2002 and the related rules and regulations promulgated by the SEC. The audit and finance committee administers this policy statement. The policy statement
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        <td style="text-align: right; padding-right: 2pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$1,544,073</font></td>
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        <td style="text-align: right; padding-right: 2pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">900</font></td>
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      the SEC, audits of the company&#8217;s subsidiaries and other services normally provided by our accountants in connection with statutory or regulatory filings and engagements. The audit fees also include out-of-pocket expenses incurred in providing audit
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      pre-approves a specific quarterly limit on the amount of audit-related fees for non-audit services. Management is also required to report the specific engagements to the committee and obtain specific pre-approval from the committee. We did not incur
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      on Form 10-K for the year ended December 31, 2020 as filed with the SEC, including our financial statements and schedules. You should address your requests to the corporate secretary at American States Water Company, 630 East Foothill Boulevard, San
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      vote. If we are mailing a paper copy of our proxy materials, each shareholder at the shared address receives a separate proxy card. We will, however, deliver promptly a separate copy of this proxy statement to a shareholder at a shared address to
      which a single copy of this proxy statement was delivered, upon written or oral request. You may direct this request to us at the address or telephone number listed above. If you share an address with another shareholder and wish to receive a single
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            <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.35in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><i>AMERICAN STATES WATER COMPANY <br>
                  630 EAST FOOTHILL BOULEVARD <br>
                  SAN DIMAS, CA 91773</i></font><br>
              <br>
              <br>
            </p>
            <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><b><i>&#160;</i></b></font></p>
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              <font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><i>Before The Meeting - Go to</i> <b><u>www.proxyvote.com</u></b></font></p>
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                of information. Vote by 11:59 p.m. Eastern Time on May 17, 2021 for shares held directly and by 11:59 p.m. Eastern Time on May 13, 2021 for shares held in a Plan. Have your proxy card in hand when you access the web site and follow the
                instructions to obtain your records and to create an electronic voting instruction form.</font></p>
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            <p style="margin: 0pt 0">&#160;</p>
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            <p style="font: 10pt ___WRD_EMBED_SUB_325,sans-serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#160;</font></p>
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    <p style="margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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          <td style="width: 50%;"><font style="font: 8pt Arial, Helvetica, Sans-Serif">TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS:</font></td>
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          <td style="border-bottom: 1pt dashed #000000; width: 25%;"><font style="font: 8pt Arial, Helvetica, Sans-Serif">D40258-P50752</font></td>
          <td style="border-bottom: 1pt dashed Black; text-align: right; width: 25%;"><font style="font: 8pt Arial, Helvetica, Sans-Serif">KEEP THIS PORTION FOR YOUR RECORDS</font></td>
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          <td style="text-align: right; width: 25%;"><font style="font: 8pt Arial, Helvetica, Sans-Serif">DETACH AND RETURN THIS PORTION ONLY</font></td>
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          <td colspan="5"><font style="font: 7pt Arial, Helvetica, Sans-Serif"><b>AMERICAN STATES WATER COMPANY</b></font></td>
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          <td style="text-align: center; vertical-align: bottom"><font style="font: 7pt Arial, Helvetica, Sans-Serif"><b>For</b></font></td>
          <td style="text-align: center; vertical-align: bottom"><font style="font: 7pt Arial, Helvetica, Sans-Serif"><b>Withhold</b></font></td>
          <td style="text-align: center; vertical-align: bottom"><font style="font: 7pt Arial, Helvetica, Sans-Serif"><b>For All</b></font></td>
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            <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font: 7pt Arial, Helvetica, Sans-Serif">To withhold authority to vote for any individual nominee(s), mark &#8220;For All Except&#8221; and write the
                number(s) of the nominee(s) on the line below.</font></p>
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          <td colspan="6" style="padding-top: 6pt"><font style="font: 7pt Arial, Helvetica, Sans-Serif"><b>The Board of Directors recommends you vote FOR</b></font><br>
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          <td style="text-align: center"><font style="font: 7pt Arial, Helvetica, Sans-Serif"><b>&#9744;</b></font></td>
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          <td><font style="font: 7pt Arial, Helvetica, Sans-Serif">1.</font></td>
          <td colspan="2"><font style="font: 7pt Arial, Helvetica, Sans-Serif">Election of Class I Directors</font></td>
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          <td colspan="2"><font style="font: 7pt Arial, Helvetica, Sans-Serif"><b>Nominees:</b></font></td>
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            <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><font style="font: 7pt Arial, Helvetica, Sans-Serif">01)</font></p>
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          <td colspan="4"><font style="font: 7pt Arial, Helvetica, Sans-Serif">Ms. Sarah J. Anderson</font></td>
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          <td><font style="font: 7pt Arial, Helvetica, Sans-Serif">02)</font></td>
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          <td><font style="font: 7pt Arial, Helvetica, Sans-Serif">03)</font></td>
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          <td colspan="9" style="text-align: justify"><font style="font: 7pt Arial, Helvetica, Sans-Serif"><b>The Board of Directors recommends you vote FOR the following proposals:</b></font></td>
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          <td style="vertical-align: top;"><font style="font: 7pt Arial, Helvetica, Sans-Serif">2.</font></td>
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          <td style="text-align: center; vertical-align: middle"><font style="font: 7pt Arial, Helvetica, Sans-Serif"><b>&#9744;</b></font></td>
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          <td style="vertical-align: top;"><font style="font: 7pt Arial, Helvetica, Sans-Serif">3.</font></td>
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          <td colspan="9" style="text-align: justify"><font style="font: 8pt Arial, Helvetica, Sans-Serif">Please sign exactly as your name(s) appear(s) hereon. When signing as attorney, executor, administrator, or other fiduciary, please give full title
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            <p style="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: center"><b>AMERICAN STATES WATER COMPANY</b></p>
            <p style="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: center"><b>2021 ANNUAL MEETING OF SHAREHOLDERS</b></p>
            <p style="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: center"><b>May 18, 2021</b></p>
            <p style="font: 10pt Arial,sans-serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>This Proxy is solicited on behalf of the Board of Directors</b></p>
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            <p style="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><font style="font-weight: normal">The undersigned hereby appoints Anne M. Holloway and James L. Anderson, and each or any of them, proxies of the undersigned, each with
                full power of substitution, to vote in their discretion at the Annual Meeting of Shareholders of the Company (the "Annual Meeting") and any adjournments thereof. The Annual Meeting will be held virtually on Tuesday, May 18, 2021 at 10:00
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                proxies will, in their sole discretion, vote such shares on any other matters that may properly come before the meeting or any adjournments thereof. </font><b>If no direction is made, this proxy will be voted FOR the listed Nominees and
                FOR proposals 2 and 3. </b><font style="font-weight: normal">Further, if cumulative voting rights for the Election of Directors (Item 1) are exercised at the meeting, the proxies will cumulatively vote their shares as provided in the proxy
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>nc10022307x1_def14a-img004.jpg
<TEXT>
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<DOCUMENT>
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<SEQUENCE>9
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<DOCUMENT>
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<FILENAME>nc10022307x1_def14a-img009.jpg
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>12
<FILENAME>nc10022307x1_def14a-img011.jpg
<TEXT>
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<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>15
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<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>17
<FILENAME>nc10022307x1_def14a-img016.jpg
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<DOCUMENT>
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<SEQUENCE>18
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
