[Form 4] Global Water Resources, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Form 144 filing for Palo Alto Networks (PANW) discloses a planned insider sale of up to 120,774 Class A common shares through broker Goldman Sachs & Co. LLC. At the 144-estimated price the block is valued at $20.65 million and represents roughly 0.02 % of the 666.8 million shares outstanding. The sale is slated for 08 Aug 2025 on the NASDAQ.

The seller, Lee Klarich (address matches company headquarters), acquired the shares via restricted-stock units (8/20/21 & 10/20/20) and stock-option exercise (10/20/18). The form also lists Klarich’s activity over the past three months:

• 362,322 shares sold in six transactions dated 05 May, 04 Jun and 07 Jul 2025
• $70.7 million total gross proceeds

No adverse information or 10b5-1 plan details are cited in the notice.

While the dollar amount is meaningful, the proposed block is small relative to market float. Nonetheless, continuing insider monetisation totaling >$90 million in four months (including the new notice) may attract investor scrutiny regarding insider sentiment.

Positive

• None.

Negative

• Continuation of sizable insider selling: 120,774 additional shares after 362,322 already sold may be viewed as a bearish signal on valuation.

Insights

Equity Analyst

TL;DR – Insider plans another $20 M sale after $70 M recently; modest to float but signals ongoing profit-taking.

The filing extends a pattern of sizable disposals by Lee Klarich, adding 120,774 shares to 362,322 already sold since May. The cumulative $91 M liquidation is not large versus the 667 M share base, yet frequent sales can pressure sentiment, especially ahead of FY26. Lack of 10b5-1 reference implies discretionary timing. Operationally neutral; perception-wise slightly negative.

Governance Specialist

TL;DR – Recurrent insider selling raises optics concerns but does not breach ownership or reporting rules.

Form 144 shows compliance with Rule 144 volume limits (≤1 % in three months). The seller transparently reports prior trades and acquisition sources. No indication of undisclosed material info or non-cash consideration. Governance risk is low; market-psychology risk moderate.

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

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^*

Fleming Ronnie L

(Last) (First) (Middle)

C/O GLOBAL WATER RESOURCES, INC.

21410 N 19TH AVENUE #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)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	President and CEO

3. Date of Earliest Transaction (Month/Day/Year)
07/31/2025

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

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
Restricted Stock Units	(1)	07/31/2025		A		60		(2)	(2)	Common Stock	60	$0	22,700	D

Explanation of Responses:

1. Each restricted stock unit ("RSU") is the economic equivalent of one share of common stock of Global Water Resources, Inc. ("the Company").

2. The RSUs are fully vested upon grant and immediately exercisable. The RSUs do not have a set expiration date.

Remarks:

	/s/ Suzette Prante, attorney-in-fact	08/04/2025
	** 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

How many Palo Alto Networks shares are being proposed for sale in this Form 144?

120,774 Class A common shares are listed for potential sale.

What is the estimated market value of the shares in the Form 144 filing?

The filing cites an aggregate market value of approximately $20.65 million for the block.

Who is selling the shares according to the Form 144?

The seller named in the filing is Lee Klarich (address 3000 Tannery Way, Santa Clara, CA 95054).

When is the planned sale date for the shares?

The approximate sale date provided is 08 August 2025.

How many Palo Alto Networks shares are outstanding?

The Form 144 lists 666,800,000 shares outstanding.

What insider sales occurred in the last three months?

Six transactions totaling 362,322 shares generated $70.7 million in gross proceeds between 05 May and 07 July 2025.