Global Water Resources corrects RSU cash-settlement insider filing

Rhea-AI Filing Summary

Global Water Resources, Inc. (GWRS) – Form 4 overview: Executive Vice President Joanne Ellsworth disclosed three previously unreported share disposals that occurred during 2024 in connection with the cash-settlement of vested restricted share units (RSUs).

• 06/28/2024: 338 shares disposed at $12.09
• 09/30/2024: 335 shares disposed at $12.59
• 12/30/2024: 334 shares disposed at $11.50

The cumulative reduction totals 1,007 shares. Following the transactions, Ellsworth directly owns 16,552 GWRS shares, down from 17,221, a decline of roughly 3%. No derivative securities were reported.

The filing states that these dispositions were made to the issuer to settle the cash component of previously-vested RSUs and that the original Form 4 filings were inadvertently missed. The amendment restores compliance with Section 16 reporting requirements; given the modest share count involved, the disclosure is unlikely to exert a material impact on the company’s share float or signal a strategic shift.

Positive

• Transparency improved as the company corrected previously missed insider filings.
• Executive retains 16,552 shares, maintaining stake alignment with shareholders.

Negative

• Insider share disposals total 1,007 shares, though small in scale.
• Late reporting (up to one year) signals a minor compliance lapse.

Insights

Financial Analyst

TL;DR: Minor insider sale (1,007 shares) tied to RSU settlement; negligible financial impact, restores reporting compliance.

The dollar value of the three transactions is about US$12,300, insignificant relative to GWRS’s market capitalization. Because the shares were surrendered to the issuer for cash settlement, this does not represent an open-market sale that might signal insider sentiment. The executive still holds 16,552 shares, preserving alignment with shareholders. Overall, the filing is administrative rather than directional for the stock.

Corporate Governance Expert

TL;DR: Late Form 4 corrects earlier omission; slight governance concern, but transparency now restored.

Section 16 mandates prompt disclosure within two business days; reporting the 2024 transactions in June 2025 reflects a compliance lapse. However, the company has now rectified the oversight and explained the reason—RSU cash-settlement. Because the trades were issuer-facilitated and small, the risk of undisclosed personal gain is minimal. Continued monitoring of timeliness is advisable, yet the event carries limited governance risk.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

X

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Ellsworth Joanne

(Last) (First) (Middle)

C/O GLOBAL WATER RESOURCES, INC.

21410 NORTH 19TH AVENUE, SUITE 205

(Street)

PHOENIX AZ 85027

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Global Water Resources, Inc. [ GWRS ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Executive Vice President

3. Date of Earliest Transaction (Month/Day/Year)
06/28/2024

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	06/28/2024		D		338(1)	D	$12.09	17,221(1)	D
Common Stock	09/30/2024		D		335(1)	D	$12.59	16,886(1)	D
Common Stock	12/30/2024		D		334(1)	D	$11.5	16,552(1)	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. This Form 4 is being filed to report the dispositions of common stock to the issuer in connection with the cash-settlement of previously reported vesting of restricted share units ("RSUs") on each of June 28, 2024, September 30, 2024, and December 30, 2024, which the reporting person inadvertently failed to report on Form 4. The number of shares of common stock reported in Table I, Column 5 is the number of shares beneficially owned as of the date of this filing and takes into account transactions reported on Form 4 since the date of the transactions reported herein.

Remarks:

	/s/ Suzette Prante, attorney-in-fact	06/20/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did GWRS executive Joanne Ellsworth disclose in the latest Form 4?

She reported three 2024 disposals totaling 1,007 GWRS shares related to RSU cash-settlements.

How many GWRS shares does Joanne Ellsworth now own?

After the reported transactions, she directly holds 16,552 shares.

At what prices were the GWRS shares disposed?

Shares were surrendered at $12.09 (Jun 28 2024), $12.59 (Sep 30 2024) and $11.50 (Dec 30 2024).

Why were the transactions reported late on Form 4?

The filing states the executive inadvertently failed to report the RSU cash-settlements at the time and is correcting that omission.

Does the Form 4 list any derivative securities for Ellsworth?

No. No options or other derivatives were reported as acquired or disposed.