Global Water (NASDAQ: GWRS) CFO reports stock vesting and tax-withheld shares

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Global Water Resources, Inc. CFO and Corporate Secretary Michael J. Liebman reported routine equity compensation activity involving restricted stock vesting and related tax withholding. On the vesting date, he received 8,333 shares of common stock as a grant or award and 2,934 shares were withheld to cover tax obligations tied to that vesting. After these transactions, he directly held 91,999 shares of common stock. The disposition was not an open-market sale but a tax-withholding mechanism.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Liebman Michael J

Role CFO and Corporate Secretary

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	8,333	$7.07	$59K
Tax Withholding	Common Stock	2,934	$7.07	$21K

Holdings After Transaction: Common Stock — 91,999 shares (Direct, null)

Footnotes (1)

Shares represent restricted shares that vested on May 8, 2026. Shares withheld to satisfy tax withholding obligation applicable to the vesting of 8,333 restricted shares.

Key Figures

Restricted shares vested: 8,333 shares Shares withheld for taxes: 2,934 shares Price per share reference: $7.07 per share +2 more

5 metrics

Restricted shares vested 8,333 shares Grant/award acquisition of common stock on May 8, 2026

Shares withheld for taxes 2,934 shares Tax-withholding disposition related to vesting of 8,333 restricted shares

Price per share reference $7.07 per share Price used for both acquisition and tax-withholding entries

Shares held after transactions 91,999 shares Direct ownership of common stock following vesting and tax withholding

Shares after tax withholding step 89,065 shares Direct holdings immediately after 2,934-share tax-withholding disposition

Key Terms

restricted shares, tax withholding obligation, grant, award, or other acquisition, tax-withholding disposition

4 terms

restricted shares financial

"Shares represent restricted shares that vested on May 8, 2026."

Restricted shares are company stock that cannot be sold or transferred immediately because they are subject to legal or contractual limits, such as a required holding period or performance conditions. They matter to investors because these locked-up shares can affect a company’s available stock for trading, future dilution, and insider incentives—imagine a gift that can’t be cashed until certain conditions are met, which changes when and how much supply can suddenly enter the market.

tax withholding obligation financial

"Shares withheld to satisfy tax withholding obligation applicable to the vesting of 8,333 restricted shares."

grant, award, or other acquisition financial

"transaction_code_description: Grant, award, or other acquisition"

tax-withholding disposition financial

"transaction_action: tax-withholding disposition"

A tax-withholding disposition is an event or transaction—such as selling or transferring securities, exercising options, or receiving compensation—that triggers a requirement to hold back part of the payment and remit it to tax authorities. It matters to investors because it reduces the cash they receive immediately and can change the timing and amount of taxable income, like a cashier taking a portion of your sale proceeds to pay taxes before you get the rest.

Form 4 Insider Transactions: What Each Field Means →

05/12/2026 - 08:18 PM

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^*

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)
05/08/2026

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	05/08/2026		A		8,333⁽¹⁾	A	$7.07	91,999	D
Common Stock	05/08/2026		F		2,934⁽²⁾	D	$7.07	89,065	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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. Shares represent restricted shares that vested on May 8, 2026.

2. Shares withheld to satisfy tax withholding obligation applicable to the vesting of 8,333 restricted shares.

Remarks:

	/s/ Suzette Prante, attorney-in-fact	05/12/2026
	** 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)

Source: View Original Filing on SEC EDGAR

FAQ

What did GWRS executive Michael J. Liebman report in this Form 4?

Michael J. Liebman reported vesting of restricted common stock and related tax withholding. He received 8,333 shares as a grant, while 2,934 shares were withheld to satisfy tax obligations, reflecting routine equity compensation activity rather than an open-market stock purchase or sale.

Was there an open-market sale of Global Water Resources (GWRS) stock in this filing?

No open-market sale occurred. The 2,934-share disposition was labeled a tax-withholding transaction, where shares were withheld to cover tax obligations on vested restricted stock, rather than sold in the market, making it a mechanistic compensation-related event.

How many GWRS shares did Michael J. Liebman receive and how many were withheld for taxes?

He received 8,333 shares of Global Water Resources common stock as a grant and 2,934 shares were withheld to satisfy tax withholding obligations tied to that vesting, leaving him with a net increase in directly held shares after the transactions.

What is Michael J. Liebman’s Global Water Resources shareholding after these transactions?

Following the reported vesting and tax withholding transactions, Michael J. Liebman directly held 91,999 shares of Global Water Resources common stock. This total reflects the impact of both the 8,333-share grant and the 2,934 shares withheld for tax obligations on the vesting date.

What do the transaction codes A and F mean in this GWRS Form 4?

Code A indicates a grant or award acquisition of stock, here representing 8,333 vested restricted shares. Code F indicates a tax-withholding disposition, where 2,934 shares were withheld to pay taxes owed on that vesting, rather than being sold in the open market.