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

Rhea-AI Filing Summary

Ronnie L. Fleming, President and CEO and a director of Global Water Resources, Inc. (GWRS), reported insider transactions on 09/30/2025. Fleming received 3,767 shares via a transaction coded M at a $0 price and simultaneously disposed of 3,767 shares at $10.30, reducing his direct holdings from 106,410 to 102,643 shares. In addition, Fleming was granted 56 fully vested restricted stock units (RSUs) and 3,767 RSUs that are exercisable at vesting with no expiration date, increasing the total RSU-related underlying shares reported to 22,816 and 19,049 in different grant groupings. The Form 4 was signed by an attorney-in-fact on 10/02/2025.

Positive

• RSUs are fully vested upon grant, meaning the awards convey immediate economic value
• Transaction and holdings changes are fully disclosed under Section 16 filing requirements

Negative

• Director/CEO disposed of 3,767 shares, reducing direct holdings from 106,410 to 102,643
• Sale occurred at $10.30 per share, representing a realized disposition of insider stock

Insights

Corporate Governance Expert

TL;DR: CEO reported simultaneous receipt and sale of 3,767 shares at $0 and $10.30, with fully vested RSUs granted.

The filing shows a mixed transaction: a grant/issuance event coded M for 3,767 shares at no cash cost and an immediate disposition of the same number of shares at $10.30, reducing direct common stock holdings to 102,643. The filing explicitly states the RSUs are fully vested upon grant and exercisable with no expiration, which clarifies the economic nature of the awards.

This is governance‑relevant because it documents executive compensation delivery and an insider sale; both are disclosed facts in the Form 4 and are compliant with Section 16 reporting as signed on 10/02/2025.

Compensation Analyst

TL;DR: The CEO received fully vested RSUs (56 and 3,767) and sold 3,767 shares at $10.30, altering share counts.

The report lists two RSU groups: a 56-unit grant that vests immediately and a 3,767-unit grant exercisable at vesting, both lacking expiration dates. The director/officer's direct common stock decreased from 106,410 to 102,643 after the reported sale.

These are compensation and liquidity events disclosed in the filing; the fully vested nature means the awards convey immediate economic value as stated in the document.

10/02/2025 - 07:38 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
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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).

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)
09/30/2025

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
Common Stock	09/30/2025		M		3,767	A	$0(1)	106,410	D
Common Stock	09/30/2025		D		3,767	D	$10.3	102,643	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)	09/30/2025		A		56		(2)	(2)	Common Stock	56	$0	22,816(3)	D
Restricted Stock Units	(1)	09/30/2025		M			3,767	(4)	(4)	Common Stock	3,767	$0	19,049(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	10/02/2025
	** 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 transactions did GWRS insider Ronnie L. Fleming report on Form 4?

The Form 4 reports receipt of 3,767 shares via a transaction coded M at $0, a sale of 3,767 shares at $10.30, and grants of 56 and 3,767 RSUs on 09/30/2025.

How did Fleming's direct GWRS holdings change after these transactions?

Direct common stock holdings decreased from 106,410 shares to 102,643 shares following the reported sale.

Are the RSUs granted to Fleming subject to vesting or expiration?

The Form 4 states the RSUs are fully vested upon grant, exercisable at vesting, and do not have a set expiration date.

Who signed the Form 4 and when was it signed?

The Form 4 was signed by Suzette Prante, attorney‑in‑fact on 10/02/2025.