GWRS CFO reports RSU grant and share disposition

Global Water Resources, Inc. CFO Michael J. Liebman reported routine equity compensation activity.

Rhea-AI Filing Summary

Global Water Resources, Inc. CFO Michael J. Liebman reported routine equity compensation activity. He received a grant of 78 restricted stock units, each equal to one share of common stock. On the same date, he exercised 2,846 RSUs into 2,846 shares of common stock and then returned those 2,846 shares to the company in a disposition to the issuer at $7.59 per share. After these transactions, he directly holds 83,666 shares of common stock and 20,557 RSUs, which include prior grants with different vesting dates.

Insider Trade Summary

2,846 shares exercised/converted

Exercise 4 txns

Insider Liebman Michael J

Role CFO and Corporate Secretary

Type	Security	Shares	Price	Value
Grant/Award	Restricted Stock Units	78	$0.00	$0.00
Exercise	Restricted Stock Units	2,846	$0.00	$0.00
Exercise	Common Stock	2,846	$0.00	$0.00
Disposition	Common Stock	2,846	$7.59	$22K

Holdings After Transaction: Restricted Stock Units — 20,557 contracts (Direct); Common Stock — 83,666 shares (Direct)

Footnotes (4)

1. F1. Each restricted stock unit ("RSU") is the economic equivalent of one share of common stock of Global Water Resources, Inc. ("the Company").
2. F2. The RSUs are fully vested upon grant and immediately exercisable. The RSUs do not have a set expiration date.
3. F3. The total includes prior grants that have different vesting and expiration dates, as previously reported by the reporting person.
4. F4. The RSUs are exercisable at time of vesting and do not have a set expiration date.

Key Figures

RSU grant: 78 units RSUs exercised: 2,846 units Disposition price: $7.59 per share +3 more

6 metrics

RSU grant 78 units Restricted stock units granted to CFO on 2026-03-31

RSUs exercised 2,846 units RSUs exercised into common stock on 2026-03-31

Disposition price $7.59 per share Price for 2,846 shares disposed to issuer

Common shares held 83,666 shares Direct holdings after transactions

RSUs held after exercise 20,557 units Total RSUs following RSU exercise

Total RSUs including new grant 23,403 units Total RSUs after 78-unit grant before exercise step

Key Terms

Restricted Stock Units, Exercise or conversion of derivative security, Disposition to issuer, economic equivalent

4 terms

Restricted Stock Units financial

"Each restricted stock unit ("RSU") is the economic equivalent of one share of common stock"

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

Exercise or conversion of derivative security financial

"transaction_code_description: "Exercise or conversion of derivative security""

Disposition to issuer financial

"transaction_code_description: "Disposition to issuer""

economic equivalent financial

"Each restricted stock unit ("RSU") is the economic equivalent of one share of common stock"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transactions did GWRS CFO Michael J. Liebman report on this Form 4?

Michael J. Liebman reported a grant of 78 restricted stock units, the exercise of 2,846 RSUs into common stock, and the disposition of 2,846 common shares back to Global Water Resources, Inc. at $7.59 per share in a routine compensation-related set of transactions.

How many Global Water Resources (GWRS) shares does the CFO hold after these transactions?

After the reported transactions, Michael J. Liebman directly holds 83,666 shares of Global Water Resources common stock. He also holds 20,557 restricted stock units, which represent additional potential shares subject to their respective vesting and exercisability terms previously disclosed.

What restricted stock unit (RSU) activity did the GWRS CFO report?

The CFO received 78 new restricted stock units and exercised 2,846 existing RSUs into an equal number of Global Water Resources common shares. The RSUs are fully vested upon grant or at vesting, are immediately exercisable, and do not have a set expiration date, according to the disclosures.

Was this GWRS Form 4 an open-market stock sale by the CFO?

No, the filing reports an issuer disposition, not an open-market sale. The 2,846 common shares acquired from RSU exercises were then disposed of to Global Water Resources, Inc. itself at $7.59 per share, making this a transaction with the issuer rather than public market selling.

What price was used for the CFO’s share disposition to Global Water Resources (GWRS)?

The 2,846 common shares disposed of by the CFO to Global Water Resources, Inc. were valued at $7.59 per share. This amount is disclosed as the transaction price for the disposition to the issuer, following the exercise of an equal number of restricted stock units into common stock.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 04/02/2026 - 07:13 PM Learn about SEC filing dates

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
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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^*

Liebman Michael J

(Last) (First) (Middle)

C/O GLOBAL WATER RESOURCES, INC.

21410 N 19TH AVENUE #205

(Street)

PHOENIX ARIZONA 85027

(City) (State) (Zip)

UNITED STATES

(Country)

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)
	CFO and Corporate Secretary

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/31/2026

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

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

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

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	03/31/2026		M		2,846	A	$0(1)	86,512	D
Common Stock	03/31/2026		D		2,846	D	$7.59	83,666	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
Restricted Stock Units	(1)	03/31/2026		A		78		(2)	(2)	Common Stock	78	$0	23,403(3)	D
Restricted Stock Units	(1)	03/31/2026		M			2,846	(4)	(4)	Common Stock	2,846	$0	20,557(3)	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.

3. The total includes prior grants that have different vesting and expiration dates, as previously reported by the reporting person.

4. The RSUs are exercisable at time of vesting and do not have a set expiration date.

Remarks:

	/s/ Suzette Prante, attorney-in-fact	04/02/2026
	** 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.
* Form 4: SEC 1474 (03-26)