Global Water CFO exercises 2,929 RSUs, disposes shares

Global Water Resources CFO Michael J. Liebman reported routine equity compensation activity and an internal share disposition.

Rhea-AI Filing Summary

Global Water Resources CFO Michael J. Liebman reported routine equity compensation activity and an internal share disposition. He exercised 2,929 restricted stock units (RSUs), receiving the same number of common shares at $0.00 per share, and then disposed of 2,929 common shares to the issuer at $7.24 per share, leaving 89,065 common shares held directly.

Separately, he was granted 72 new RSUs, bringing his RSU balance to 20,774 units, each economically equivalent to one share of common stock. In addition, 7,000 common shares are held indirectly in his spouse’s IRA, for which he disclaims beneficial ownership except for any pecuniary interest.

Insider Trade Summary

2,929 shares exercised/converted

Exercise 5 txns

Insider Liebman Michael J

Role CFO and Corporate Secretary

Type	Security	Shares	Price	Value
Grant/Award	Restricted Stock Units	72	$0.00	$0.00
Exercise	Restricted Stock Units	2,929	$0.00	$0.00
Exercise	Common Stock	2,929	$0.00	$0.00
Disposition	Common Stock	2,929	$7.24	$21K
holding	Common Stock	--	--	--

Holdings After Transaction: Restricted Stock Units — 17,845 contracts (Direct); Common Stock — 89,065 shares (Direct); Common Stock — 7,000 shares (Indirect, Spouse IRA)

Footnotes (5)

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. Held by spouse's IRA. Reporting person disclaims beneficial ownership except to the extent of pecuniary interest therein.
3. F3. The RSUs are exercisable at time of vesting and do not have a set expiration date.
4. F4. The RSUs are fully vested upon grant and immediately exercisable. The RSUs do not have a set expiration date.
5. F5. The total includes prior grants that have different vesting and expiration dates, as previously reported by the reporting person.

Key Figures

RSUs exercised: 2,929 units Shares disposed to issuer: 2,929 shares Direct common shares after transactions: 89,065 shares +4 more

7 metrics

RSUs exercised 2,929 units Exercised into 2,929 common shares at $0.00 per share on 2026-06-30

Shares disposed to issuer 2,929 shares Disposition to issuer at $7.24 per share on 2026-06-30

Direct common shares after transactions 89,065 shares Direct ownership following transactions on 2026-06-30

Indirect spouse IRA holdings 7,000 shares Common stock held in spouse’s IRA; beneficial ownership disclaimed

RSUs outstanding after transactions 20,774 units Total restricted stock units after grants and exercises

New RSU grant 72 units New restricted stock unit award to CFO on 2026-06-30

Disposition price $7.24 per share Price for 2,929 shares returned to issuer

Key Terms

Restricted Stock Units, Disposition to issuer, Spouse IRA, beneficial ownership

4 terms

Restricted Stock Units financial

"The RSUs are fully vested upon grant and immediately exercisable."

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.

Disposition to issuer financial

"transaction_code_description": "Disposition to issuer""

Spouse IRA financial

"Held by spouse's IRA. Reporting person disclaims beneficial ownership"

beneficial ownership financial

"Reporting person disclaims beneficial ownership except to the extent of pecuniary interest"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

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

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Accepted by SEC EDGAR 07/02/2026 - 05:01 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
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 #220

(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)
06/30/2026

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	06/30/2026		M		2,929	A	$0(1)	91,994	D
Common Stock	06/30/2026		D		2,929	D	$7.24	89,065	D
Common Stock								7,000	I	Spouse IRA(2)

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)	06/30/2026		A		72		(3)(4)	(3)(4)	Common Stock	72	$0	20,774(5)	D
Restricted Stock Units	(1)	06/30/2026		M			2,929	(3)	(3)	Common Stock	2,929	$0	17,845(5)	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. Held by spouse's IRA. Reporting person disclaims beneficial ownership except to the extent of pecuniary interest therein.

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

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

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

Remarks:

	/s/ Suzette Prante, attorney-in-fact	07/02/2026
	** 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)